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Capital Market Union and Growth Prospects for Small and Medium Enterprises

Giorgio Barba Navaretti (), Giacomo Calzolari (), Gianmarco Ottaviano and Alberto Pozzolo ()

No 449, Development Working Papers from Centro Studi Luca d'Agliano, University of Milano

Abstract: One of the key aims of the CMU is easing the access of SMEs to credit and capital markets. This paper examines the role of SMEs in the European economy and their financial structure. It looks at the potential effects of the CMU, by specifically focusing on the informational market failures affecting SMEs finance. A fully integrated European Capital market will be beneficial to SMEs, and the European economy, if it does entice adequate large-scale technologies and actions to solve market failures related to informational issues. Otherwise, it may generate core-periphery outcomes, with peripheral regions and weakers SMEs further excluded from crucial sources of finance.

Pages: 27
Date: 2019-04-29
New Economics Papers: this item is included in nep-ent and nep-fdg
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Handle: RePEc:csl:devewp:449