Access to Credit and Unconventional Monetary policy in the Eurozone after the Financial Crisis
Petr Korab ()
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Petr Korab: Department of Finance, Faculty of Business and Economics, Mendel University in Brno
No 2016-68, MENDELU Working Papers in Business and Economics from Mendel University in Brno, Faculty of Business and Economics
This paper investigates the availability of bank credit to enterprises in the Eurozone after the recent financial crisis. The analysis draws from a rich firm-level dataset on perceived credit availability of micro, small and medium-sized, and large enterprises in 11 countries in the Euro Area during the time horizon 2010 â€“ 2014. Employing probit and logit estimators, the empirical results suggest that GDP growth is a significant factor improving availability to small and medium-sized and large firms in the post-crisis period. On the contrary, the asset-purchase programmes of the European Central Bank did not show a significant impact on credit availability to micro and small and medium-sized enterprises. The findings support the decision of the ECB to further intensify asset purchasing and officially introduce the program of quantitative easing in 2015.
Keywords: credit availability; credit rationing; credit constraints; credit supply; financial crisis recovery (search for similar items in EconPapers)
JEL-codes: E51 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac, nep-mon and nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:men:wpaper:68_2016
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