Using Open-End Mutual Fund Resources to Finance SMEs: The Potential Market Share of ELTIFs

Fabrizio Crespi ()
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Fabrizio Crespi: University of Cagliari

Chapter 11 in Access to Bank Credit and SME Financing, 2017, pp 287-311 from Palgrave Macmillan

Abstract: Abstract The Italian asset management sector is in a rather favourable period, and open-end mutual fund AUM levels have reached a record value of 818 billion euro (+95% from 2011 to 2015). This increasing demand for open-end mutual funds from retail investors has been motivated by a search for more interesting returns under conditions of mostly zero/negative interest rates and by the decreasing dependence of commercial banks on bond funding. However, how much of these financial resources are used by mutual funds to finance SMEs? This topic should be of great interest to researchers and authorities, especially in the current period of credit-crunching and with the birth of a new investment vehicle, ELTIFs, which are specifically designed to stimulate SME financing.

Keywords: SMEs; Open-end funds; Financial markets; ELTIF (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-319-41363-1_11

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DOI: 10.1007/978-3-319-41363-1_11

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