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- Title
SMALL‐ AND MEDIUM‐SIZED ENTERPRISE FINANCING AND SECURITIZATION: FIRM‐LEVEL EVIDENCE FROM THE EURO AREA.
- Authors
Kaya, Orçun; Masetti, Oliver
- Abstract
This paper analyzes the impact of securitization on access to finance for small and medium‐sized enterprises (SMEs) in the euro area. Using firm‐level survey data on SME financing conditions, we show that an increase in securitization issuance reduces the probability of SMEs facing credit constraints and decreases the costs of bank financing for nonconstrained firms. Our results reveal that in addition to the volume of securitization, its type and quality matter for credit extension to SMEs. The paper thus provides empirical support for recent initiatives to revive securitization in Europe and for effective monetary policy transmission in the euro area.
- Subjects
ASSET backed financing; SMALL business finance; MONETARY policy; CORPORATE finance; RISK aversion
- Publication
Economic Inquiry, 2019, Vol 57, Issue 1, p391
- ISSN
0095-2583
- Publication type
Article
- DOI
10.1111/ecin.12691