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Non-standard monetary policy: what impact on small and medium-sized enterprises financing?

Christophe Cahn () and Anne Duquerroy ()

Rue de la Banque, 2018, issue 65

Abstract: Following the 2011 crisis, the European Central Bank lent massively to Eurosystem banks while extending the range of assets accepted as collateral for these loans. This Rue de la Banque shows that, by targeting a particular asset class, the easing of the collateral policy has made it possible to increase the supply of private financing to French small and medium-sized enterprises, in particular those with a single bank. The measure has also reduced the contagion effects of financial distress without encouraging excessive risk-taking.

Date: 2018
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