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Financial Integration In The Euro Area And Smes’ Access To Finance: Evidence Based On Aggregate Survey Data

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  • MOSCALU, Maricica

    (Department of Finance, Bucharest University of Economic Studies)

Abstract

The paper deals with the issue of access to finance for small and medium-sized enterprises (SMEs) in the euro area and explores whether the linkages among the euro area financial markets do affect the capital structure of the SMEs in the same area. Using a logit model specification, aggregate country-level data and several price and quantity-based measures of financial integration, the results reveal statistically significant positive effects of increased financial markets integration on SMEs’ debt ratio. The impact of sovereign debt crisis in GIPSI countries is also investigated and significant evidence of its impact is documented.

Suggested Citation

  • MOSCALU, Maricica, 2015. "Financial Integration In The Euro Area And Smes’ Access To Finance: Evidence Based On Aggregate Survey Data," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 19(2), pages 51-66.
  • Handle: RePEc:vls:finstu:v:19:y:2015:i:2:p:51-66
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    References listed on IDEAS

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    1. Giorgio Barba Navaretti & Giacomo Calzolari & Gianmarco Ottaviano & Alberto Franco Pozzolo, 2019. "Capital Market Union and Growth Prospects for Small and Medium Enterprises," Development Working Papers 449, Centro Studi Luca d'Agliano, University of Milano.

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    More about this item

    Keywords

    cross-border loans; interest rate spread; GIPSI; debt ratio;
    All these keywords.

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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