IDEAS home Printed from
   My bibliography  Save this paper

Corporate finance and economic activity in the euro area


  • Task Force of the Monetary Policy Committee of the ESCB
  • Diego Rodriguez-Palenzuela
  • Matthieu Darracq-Pariès
  • Giacomo Carboni
  • Annalisa Ferrando
  • Petra Köhler Ulbrich
  • Marie-Denise Zachary
  • Felix Geiger
  • Manuel Rupprecht
  • Taavi Raudsaar
  • Fergal McCann
  • Vasileios Georgakopoulos
  • Carmen Martínez-Carrascal
  • Juan Carluccio
  • Guillaume Horny
  • Paolo Finaldi Russo
  • Demetris Kapatais
  • Ladislav Wintr
  • Elaine Caruana Briffa
  • Paul Metzemakers
  • Koen van der Veer
  • Walter Waschiczek
  • Luisa Farinha
  • Uroš Herman
  • Alexander Karšay
  • Petri Mäki-Fränti
  • François Servant
  • Antonio De Socio
  • Fiorella De Fiore
  • Andreas Hertkorn
  • Michele Lenza
  • Giovanni Vitale
  • Branislav Karmazin


This report analyses and reviews the corporate finance structure of non-financial corporations (NFCs) in the euro area, including how they interact with the macroeconomic environment. Special emphasis is placed on the crisis that began in 2007-08, thus underlining the relevance of financing and credit conditions to investment and economic activity in turbulent times. When approaching such a broad topic, a number of key questions arise. How did the corporate sector’s capital structure, internal and external financing sources, and its tendency to leverage, evolve in the euro area over the last decade and in the run-up to the financial crisis in particular? Did these developments contribute to and/or exacerbate the financial crisis? Did the corporate sector’s response to various shocks and vulnerabilities support or encumber the euro area economy, both during the financial crisis and in its aftermath? JEL Classification: E0, E5

Suggested Citation

  • Task Force of the Monetary Policy Committee of the ESCB & Diego Rodriguez-Palenzuela & Matthieu Darracq-Pariès & Giacomo Carboni & Annalisa Ferrando & Petra Köhler Ulbrich & Marie-Denise Zachary & Fel, 2013. "Corporate finance and economic activity in the euro area," Occasional Paper Series 151, European Central Bank.
  • Handle: RePEc:ecb:ecbops:20130151

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Repullo, Rafael & Suarez, Javier, 2000. "Entrepreneurial moral hazard and bank monitoring: A model of the credit channel," European Economic Review, Elsevier, vol. 44(10), pages 1931-1950, December.
    2. Moritz Schularick & Alan M. Taylor, 2012. "Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870-2008," American Economic Review, American Economic Association, vol. 102(2), pages 1029-1061, April.
    3. Whited, Toni M, 1992. " Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data," Journal of Finance, American Finance Association, vol. 47(4), pages 1425-1460, September.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Grjebine, Thomas & Szczerbowicz, Urszula & Tripier, Fabien, 2018. "Corporate debt structure and economic recoveries," European Economic Review, Elsevier, vol. 101(C), pages 77-100.
    2. McCann, Fergal, 2014. "Profiling the indebtedness of Irish SMEs," Economic Letters 03/EL/14, Central Bank of Ireland.

    More about this item


    corporate finance;

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecb:ecbops:20130151. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Official Publications). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.