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Financing SMEs in Europe

Contents:

Editor Info

  • Morten Balling
    ()
  • Beat Bernet
  • Ernest Gnan

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Author Info

  • Rym Ayadi
  • Beat Bernet
  • Simona Bovha-Padilla
  • Tom Franck
  • Nancy Huyghebaert
  • Vitor Gaspar
  • Reinhilde Veugelers

Abstract

Small and medium-sized enterprises are a centrepiece of Europe’s economy. Due to their limited size and their generally lower creditworthiness, their access to financial market instruments is more limited than for large enterprises, which benefit from more elaborate Treasury operations, economies of scale also in their financing operations and, in particular, from access to securitized lending and stock markets. These limitations for SMEs may seriously limit their expansion potential and, in particular when it comes to lack of risk capital, their innovation and R&D activity. Against this background, a conference on "Financing SMEs in Europe" was jointly organised by SUERF and the Banque de France on 11 and 12 September 2008 in Paris. The conference addressed three issues: First, major theories of SMEs’ financing behaviour were presented and evaluated. Second, the nexus between financing constraints and the growth and profitability of SMEs was investigated empirically on the basis of cross-country and a number of individual country case studies. Third, the special role of bank credit for SMEs, the consequences of Basel II on credit risk analysis and SMEs’ possible strategic replies were discussed. This article aims to provide an overview of major lines of argument and insights derived from the conference, and draws some conclusions for the current financial crisis and economic downturn and for the longer-term.

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Bibliographic Info

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This book is provided by SUERF - The European Money and Finance Forum in its series SUERF Studies with number 2009/3 and published in 2009.

ISBN: 978-3-902109-48-4
Handle: RePEc:erf:erfstu:55

Contact details of provider:
Postal: SUERF c/o OeNB, Otto-Wagner-Platz 3, A-1090 Vienna, Austria
Phone: +43/1/404 20 7216
Fax: +43/1/404 20 7298
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Web page: http://www.suerf.org
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Postal: SUERF c/o OeNB, Otto-Wagner-Platz 3, A-1090 Vienna, Austria
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Related research

Keywords: Banks Rating Models; SME Financing; Ex-ante Risk Classification; Basel Capital Accord (Basel II); Capital Requirements Directive (CRD); capital structure; business start-ups; innovation; young innovative companies;

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References

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  1. Jacobson, Tor & Linde, Jesper & Roszbach, Kasper, 2006. "Internal ratings systems, implied credit risk and the consistency of banks' risk classification policies," Journal of Banking & Finance, Elsevier, vol. 30(7), pages 1899-1926, July.
  2. Leonard I. Nakamura & Kasper Roszbach., 2010. "Credit ratings and bank monitoring ability," Working Papers 10-21, Federal Reserve Bank of Philadelphia.
  3. Amato, Jeffery D. & Furfine, Craig H., 2004. "Are credit ratings procyclical?," Journal of Banking & Finance, Elsevier, vol. 28(11), pages 2641-2677, November.
  4. Poon, Winnie P. H., 2003. "Are unsolicited credit ratings biased downward?," Journal of Banking & Finance, Elsevier, vol. 27(4), pages 593-614, April.
  5. Ingo Fender & John Kiff, 2004. "CDO rating methodology: Some thoughts on model risk and its implications," BIS Working Papers 163, Bank for International Settlements.
  6. Krahnen, Jan Pieter & Weber, Martin, 2000. "Generally accepted rating principles: A primer," CFS Working Paper Series 2000/02, Center for Financial Studies (CFS).
  7. Cantor, Richard & Packer, Frank, 1997. "Differences of opinion and selection bias in the credit rating industry," Journal of Banking & Finance, Elsevier, vol. 21(10), pages 1395-1417, October.
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Citations

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Cited by:
  1. Allegrezza, Serge & Ben Aoun-Peltier, Leila & Dubrocard, Anne & Larue, Solène, 2013. "Access to finance of independent SMEs in Luxembourg. The consequences of the crisis," MPRA Paper 49330, University Library of Munich, Germany.

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