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The European Central Bank and the Financing Conditions of Small and Medium-Sized Enterprises in Europe

Author

Listed:
  • Ansgar Belke

    (University of Duisburg-Essen-(IBES); IZA Bonn)

  • Florian Verheyen

    (University of Duisburg-Essen-(IBES))

Abstract

Small and medium-sized enterprises (SMEs) play a crucial role in innovation, economic growth and job creation. Generally, SMEs face special problems when trying to access funding. Their situation is further complicated by the European economic crisis and a fragmentation of financial markets in the euro area. Funding conditions differ between the countries of the euro area. Claims have emerged that the ECB should more explicitly address the financing problems of SMEs. In this contribution we provide an overview of the current situation of SMEs and evaluate whether it should be the central bank that helps to overcome their funding difficulties.

Suggested Citation

  • Ansgar Belke & Florian Verheyen, 2014. "The European Central Bank and the Financing Conditions of Small and Medium-Sized Enterprises in Europe," Rivista di Politica Economica, SIPI Spa, issue 2, pages 199-215, April-Jun.
  • Handle: RePEc:rpo:ripoec:y:2014:i:2:p:199-215
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    Cited by:

    1. Belke, Ansgar & Kronen, Dominik, 2017. "Exchange rate bands of inaction and hysteresis in EU exports to the global economy: The role of uncertainty," Ruhr Economic Papers 695, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.

    More about this item

    Keywords

    credit crunch; small and medium-sized enterprises; ECB; access to finance;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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