Trade Credit, the Financial Crisis, and SME Access to Finance

Santiago Carbó‐valverde, Francisco Rodríguez‐fernández and Gregory F. Udell
Authors registered in the RePEc Author Service: Francisco Rodríguez Fernández () and Santiago Carbo Valverde

Journal of Money, Credit and Banking, 2016, vol. 48, issue 1, 113-143

Abstract: Mounting evidence indicates that firms, particularly SMEs, suffered from a significant credit crunch during this crisis. We analyze for the first time whether trade credit provided an alternative source of external finance to SMEs during the crisis. Using firm‐level Spanish data we find that credit constrained SMEs depend on trade credit, but not bank loans, and that the intensity of this dependence increased during the financial crisis. Unconstrained firms, in contrast, are dependent on bank loans but not on trade credit.

Date: 2016
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Citations: View citations in EconPapers (126)

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https://doi.org/10.1111/jmcb.12292

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Persistent link: https://EconPapers.repec.org/RePEc:wly:jmoncb:v:48:y:2016:i:1:p:113-143

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