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Is lack of funds the main obstacle to growth? The EBRD’s experience with small and medium-sized businesses in central and eastern Europe

Author

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  • Francesca Pissarides

    (European Bank for Reconstruction and Development)

Abstract

This paper discusses the shortcomings of the financial system in the countries of central and eastern Europe and their implications in terms of the severity of the liquidity constraint for SMEs in transition. The paper analyses the fundamental principles on which EBRD policy to finance SMEs is based. These principles are: a preference for reaching the SMEs via local financial intermediaries; a commercial approach to the provision of finance; and lastly a focus on development of the local financial system as a whole. The paper also outlines the various financial instruments so far employed by the EBRD and presents selected case studies.

Suggested Citation

  • Francesca Pissarides, 1998. "Is lack of funds the main obstacle to growth? The EBRD’s experience with small and medium-sized businesses in central and eastern Europe," Working Papers 33, European Bank for Reconstruction and Development, Office of the Chief Economist.
    • Handle: RePEc:ebd:wpaper:33
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    More about this item

    Keywords

    Small and medium-sized enterprises; financial intermediaries; central and eastern Europe;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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