Accès au crédit des PME depuis la grande crise financière : quels effets des nouvelles politiques monétaires et prudentielles ?

In this paper, we analyze the effects of monetary and prudential policies on access to credit for SMEs in the eurozone and more specifically in France. First, we propose a review of the main measures that may have had an effect on loans made to SMEs over the last decade. We then present the results of a number of studies based on granular data, the experience of the crisis, and economic policy decisions that followed in order to reassess estimates of these effects. Non-conventional monetary policy operations have had a positive effect on lending to the least risky large firms and SMEs. In a highly capital constrained period, the increase in bank capital had a general depressive effect on the amount of loans made. However, as far as SMEs are concerned, this effect was limited by a targeted reduction in bank capital linked to their exposure. The positive effect of this relief is most visible for medium-sized SMEs and even very small enterprises in a number of cases where analysis has been possible. JEL Classification: C05, E05, G21, G38.