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Non-Bank Financing for Euro Area Companies During the Crisis

In: Access to Bank Credit and SME Financing

Author

Listed:
  • Annalisa Ferrando

    (European Central Bank)

  • Emmanouil Mavrakis

    (European Central Bank)

Abstract

During the recent financial crisis the strong dependency of euro area non-financial corporations—and in particular SMEs—on bank financing has left them exposed to the weaknesses and deleveraging needs of the EU banking sector. This chapter examines the extent to which the available non-bank funding sources—from grants/subsidized loans, trade credit, other loans, and leasing to market-based finance—were accessible to companies when bank loans dried up, pointing to differences across firms and countries. Results signal that, during the crisis period, firms reporting they were constrained in their access to bank loans tended to switch more often to trade credit and leasing, but firms in those countries most affected by the crisis faced more difficulties carrying out this switch in financing.

Suggested Citation

  • Annalisa Ferrando & Emmanouil Mavrakis, 2017. "Non-Bank Financing for Euro Area Companies During the Crisis," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Stefania Rossi (ed.), Access to Bank Credit and SME Financing, chapter 1, pages 3-28, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-41363-1_1
    DOI: 10.1007/978-3-319-41363-1_1
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    Cited by:

    1. Gupta, Jairaj & Gregoriou, Andros, 2018. "Impact of market-based finance on SMEs failure," Economic Modelling, Elsevier, vol. 69(C), pages 13-25.

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