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Saving the Job Creators in the Pandemic Context in Europe. The Role of Multilateral Development Banks

Author

Listed:
  • Sorin Gabriel Anton

    (“Alexandru Ioan Cuza†University of Iași)

  • Anca Elena Afloarei Nucu

    (“Alexandru Ioan Cuza†University of Iași,\)

Abstract

Small and medium-sized enterprises (SMEs) represent the backbone of global economic development because they account for creating private initiatives, innovation, and employment. In the wake of the Coronavirus outbreak, the SMEs were strongly affected, both from the demand and supply of products and services, tightening the ability to gather financial resources in order to meet short term liquidity demands and working capital requirements. Since the onset of the COVID-19 pandemic, many governments and multilateral development banks (MDBs) have provided financial resources to SMEs in order to tackle the effects of lockdown. This paper aims to characterize and assess current measures and initiatives adopted by MDBs to support SMEs. We highlight that international financial institutions act countercyclically in securing businesses and supporting jobs. The paper underlines the importance of transparency, a correct evaluation of risks and fiscal costs, and strong governance while dealing with MDBs support.

Suggested Citation

  • Sorin Gabriel Anton & Anca Elena Afloarei Nucu, 2020. "Saving the Job Creators in the Pandemic Context in Europe. The Role of Multilateral Development Banks," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 24-30, August.
    • Handle: RePEc:ovi:oviste:v:xx:y:2020:i:1:p:24-30
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    File URL: http://stec.univ-ovidius.ro/html/anale/RO/2020/Section%201/3.pdf
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    References listed on IDEAS

    as
    1. Alexander W. Bartik & Marianne Bertrand & Zoë B. Cullen & Edward L. Glaeser & Michael Luca & Christopher T. Stanton, 2020. "How Are Small Businesses Adjusting to COVID-19? Early Evidence from a Survey," NBER Working Papers 26989, National Bureau of Economic Research, Inc.
    2. Anah� Briozzo & Clara Cardone-Riportella, 2016. "Spanish SMEs' Subsidized and Guaranteed Credit during Economic Crisis: A Regional Perspective," Regional Studies, Taylor & Francis Journals, vol. 50(3), pages 496-512, March.
    3. Eggers, Fabian, 2020. "Masters of disasters? Challenges and opportunities for SMEs in times of crisis," Journal of Business Research, Elsevier, vol. 116(C), pages 199-208.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Coronavirus crisis; Europe; multilateral development banks; SMEs;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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