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Austria's Small and Medium-sized Enterprises in the Financial Market Crisis


  • Werner Hölzl



The global financial crisis, which had its origins in the bursting of the real estate bubble in the USA, has affected the confidence in the functionality of the modern banking and financial system. Such a situation poses the threat of a reduction of credit supply, which can lead to an outright credit crunch. As a result of insufficient access to capital markets, small and medium-sized enterprises would be particularly vulnerable to a credit crunch. In Austria, a section of small and medium-sized enterprises has been hit by the decrease in demand and deterioration of financing conditions. However, this does not constitute an overall credit crunch for small enterprises.

Suggested Citation

  • Werner Hölzl, 2010. "Austria's Small and Medium-sized Enterprises in the Financial Market Crisis," Austrian Economic Quarterly, WIFO, vol. 15(1), pages 121-126, April.
  • Handle: RePEc:wfo:wquart:y:2010:i:1:p:121-126

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    References listed on IDEAS

    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
    2. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
    3. Ewald Walterskirchen, 2006. "The Effect of House Prices on Growth," Austrian Economic Quarterly, WIFO, vol. 11(4), pages 173-179, December.
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