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Non-standard monetary policy: what impact on small and medium-sized enterprises financing?

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  • Christophe CAHN
  • Anne DUQUERROY

Abstract

Following the 2011 crisis, the European Central Bank lent massively to Eurosystem banks while extending the range of assets accepted as collateral for these loans. This Rue de la Banque shows that, by targeting a particular asset class, the easing of the collateral policy has made it possible to increase the supply of private financing to French small and medium-sized enterprises, in particular those with a single bank. The measure has also reduced the contagion effects of financial distress without encouraging excessive risk-taking.

Suggested Citation

  • Christophe CAHN & Anne DUQUERROY, 2018. "Non-standard monetary policy: what impact on small and medium-sized enterprises financing?," Rue de la Banque, Banque de France, issue 65, June.
    • Handle: RePEc:bfr:rueban:2018:65
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    References listed on IDEAS

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    1. Jean‐Stéphane Mésonnier & Charles O'Donnell & Olivier Toutain, 2022. "The Interest of Being Eligible," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(2-3), pages 425-458, March.
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    3. Daniel Paravisini & Veronica Rappoport & Philipp Schnabl, 2015. "Specialization in Bank Lending: Evidence from Exporting Firms," NBER Working Papers 21800, National Bureau of Economic Research, Inc.
    4. Frederic Boissay & Reint Gropp, 2013. "Payment Defaults and Interfirm Liquidity Provision," Review of Finance, European Finance Association, vol. 17(6), pages 1853-1894.
    5. Cahn, Christophe & Duquerroy, Anne & Mullins, William, 2017. "Unconventional Monetary Policy and Bank Lending Relationships," SocArXiv vgk25, Center for Open Science.
    6. V. Bignon & F. Boissay & C. Cahn & L.-M. Harpedanne de Belleville, 2016. "Extended eligibility of credit claims for Eurosystem refinancing Consequences for the supply of credit to companies," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 43, pages 15-23, Autumn.
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