IDEAS home Printed from https://ideas.repec.org/p/zbw/eifwps/201850.html
   My bibliography  Save this paper

European Small Business Finance Outlook: June 2018

Author

Listed:
  • Kraemer-Eis, Helmut
  • Botsari, Antonia
  • Gvetadze, Salome
  • Lang, Frank
  • Torfs, Wouter

Abstract

This European Small Business Finance Outlook (ESBFO) provides an overview of the main markets relevant to EIF (equity, guarantees, securitisation, microfinance). It is an update of the December 2017 ESBFO edition. We start by discussing the general market environment, then look at the main aspects of equity finance and guarantees/SME Securitisation (SMESec). Finally, before we conclude, we briefly highlight some important aspects of microfinance and Fintech in Europe.

Suggested Citation

  • Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2018. "European Small Business Finance Outlook: June 2018," EIF Working Paper Series 2018/50, European Investment Fund (EIF).
  • Handle: RePEc:zbw:eifwps:201850
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/180655/1/1026699843.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Anginer, Deniz & de la Torre, Augusto & Ize, Alain, 2014. "Risk-bearing by the state: When is it good public policy?," Journal of Financial Stability, Elsevier, vol. 10(C), pages 76-86.
    2. Andrei Dubovik & Joep Steegmans, 2017. "The Performance of Publicly Managed Venture Capital Funds," CPB Discussion Paper 355, CPB Netherlands Bureau for Economic Policy Analysis.
    3. George J. Borjas, 1995. "The Economic Benefits from Immigration," Journal of Economic Perspectives, American Economic Association, vol. 9(2), pages 3-22, Spring.
    4. Ryan, Robert M. & O’Toole, Conor M. & McCann, Fergal, 2014. "Does bank market power affect SME financing constraints?," Journal of Banking & Finance, Elsevier, vol. 49(C), pages 495-505.
    5. Ugo Albertazzi & Margherita Bottero & Leonardo Gambacorta & Steven Ongena, 2016. "Asymmetric information and the securitization of SME loans," Temi di discussione (Economic working papers) 1091, Bank of Italy, Economic Research and International Relations Area.
    6. Fabio Bertoni & Massimo Colombo & Anita Quas, 2015. "The patterns of venture capital investment in Europe," Small Business Economics, Springer, vol. 45(3), pages 543-560, October.
    7. Joseph E. Stiglitz, 1972. "Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs," Bell Journal of Economics, The RAND Corporation, vol. 3(2), pages 458-482, Autumn.
    8. Bengt Holmstrom & Jean Tirole, 1997. "Financial Intermediation, Loanable Funds, and The Real Sector," The Quarterly Journal of Economics, Oxford University Press, vol. 112(3), pages 663-691.
    9. Steven N. Kaplan & Josh Lerner, 2016. "Venture Capital Data: Opportunities and Challenges," NBER Chapters, in: Measuring Entrepreneurial Businesses: Current Knowledge and Challenges, pages 413-431, National Bureau of Economic Research, Inc.
    10. Fabio Bertoni & Diego D’Adda & Luca Grilli, 2016. "Cherry-picking or frog-kissing? A theoretical analysis of how investors select entrepreneurial ventures in thin venture capital markets," Small Business Economics, Springer, vol. 46(3), pages 391-405, March.
    11. Berger, Allen N. & Udell, Gregory F., 2006. "A more complete conceptual framework for SME finance," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2945-2966, November.
    12. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    13. Arrow, Kenneth J, 1985. "Informational Structure of the Firm," American Economic Review, American Economic Association, vol. 75(2), pages 303-307, May.
    14. Carroll, James & McCann, Fergal, 2016. "Understanding SME interest rate variation across Europe," Quarterly Bulletin Articles, Central Bank of Ireland, pages 60-76, March.
    15. Honohan, Patrick, 2010. "Partial credit guarantees: Principles and practice," Journal of Financial Stability, Elsevier, vol. 6(1), pages 1-9, April.
    16. Daniel Nepelski & Giuseppe Piroli & Giuditta De Prato, 2016. "European Start-up Hotspots: An Analysis based on VC-backed Companies," JRC Working Papers JRC101215, Joint Research Centre (Seville site).
    17. Wagenvoort, Rien J.L.M. & Ebner, André & Morgese Borys, Magdalena, 2011. "A factor analysis approach to measuring European loan and bond market integration," Journal of Banking & Finance, Elsevier, vol. 35(4), pages 1011-1025, April.
    18. Kraemer-Eis, Helmut & Battazzi, Francesco & Charrier, Remi & Natoli, Marco & Squilloni, Matteo, 2014. "Institutional non bank lending and the role of debt funds," EIF Working Paper Series 2014/25, European Investment Fund (EIF).
    19. W. Moore & R. Craigwell, 2003. "The relationship between commercial banks' interest rates and loan sizes: evidence from a small open economy," Applied Financial Economics, Taylor & Francis Journals, vol. 13(4), pages 257-266.
    20. Uhde, André & Heimeshoff, Ulrich, 2009. "Consolidation in banking and financial stability in Europe: Empirical evidence," Journal of Banking & Finance, Elsevier, vol. 33(7), pages 1299-1311, July.
    21. Chatzouz, Moustafa & Gereben, Áron & Lang, Frank & Torfs, Wouter, 2017. "Credit guarantee schemes for SME lending in Western Europe," EIB Working Papers 2017/02, European Investment Bank (EIB).
    22. Shekhar Aiyar & Ali J Al-Eyd & Bergljot B Barkbu & Andreas Jobst, 2015. "Revitalizing Securitization for Small and Medium-Sized Enterprises in Europe," IMF Staff Discussion Notes 15/7, International Monetary Fund.
    23. Bertoni, Fabio & Tykvová, Tereza, 2012. "Which form of venture capital is most supportive of innovation?," ZEW Discussion Papers 12-018, ZEW - Leibniz Centre for European Economic Research.
    24. Tobias Berg & Daniel Streitz & Michael Wedow, 2015. "Real Effects of Securitization," BAFFI CAREFIN Working Papers 1514, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    25. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
    26. Jean Tirole, 2006. "The Theory of Corporate Finance," Post-Print hal-00173191, HAL.
    27. Lars Hornuf & Armin Schwienbacher, 2016. "Crowdinvesting: angel investing for the masses?," Chapters, in: Hans Landström & Colin Mason (ed.), Handbook of Research on Business Angels, chapter 15, pages 381-398, Edward Elgar Publishing.
    28. Massimiliano Affinito & Fabio Farabullini, 2009. "Does the Law of One Price Hold in Euro-Area Retail Banking? An Empirical Analysis of Interest Rate Differentials across the Monetary Union," International Journal of Central Banking, International Journal of Central Banking, vol. 5(1), pages 5-37, March.
    29. Arping, Stefan & Lóránth, Gyöngyi & Morrison, Alan D., 2010. "Public initiatives to support entrepreneurs: Credit guarantees versus co-funding," Journal of Financial Stability, Elsevier, vol. 6(1), pages 26-35, April.
    30. Oecd, 2006. "The SME Financing Gap: Theory and Evidence," Financial Market Trends, OECD Publishing, vol. 2006(2), pages 89-97.
    Full references (including those not matched with items on IDEAS)

    Citations

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


    Cited by:

    1. Bertoni, Fabio & Colombo, Massimo G. & Quas, Anita, 2018. "The effects of EU-funded guarantee instruments of the performance of small and medium enterprises: Evidence from France," EIF Working Paper Series 2018/52, European Investment Fund (EIF).
    2. Torfs, Wouter, 2020. "The EIF SME Access to Finance Index - September 2020 Update," EIF Working Paper Series 2020/68, European Investment Fund (EIF).
    3. Meslier, Céline & Sauviat, Alain & Yuan, Dian, 2020. "Comparative advantages of regional versus national banks in alleviating SME's financial constraints," International Review of Financial Analysis, Elsevier, vol. 71(C).
    4. Torfs, Wouter, 2019. "EIF SME Access to Finance Index - June 2019 Update," EIF Working Paper Series 2019/58, European Investment Fund (EIF).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2019. "European Small Business Finance Outlook: December 2019," EIF Working Paper Series 2019/61, European Investment Fund (EIF).
    2. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2018. "European Small Business Finance Outlook: December 2018," EIF Working Paper Series 2018/53, European Investment Fund (EIF).
    3. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2019. "European Small Business Finance Outlook: June 2019," EIF Working Paper Series 2019/57, European Investment Fund (EIF).
    4. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2017. "European Small Business Finance Outlook: December 2017," EIF Working Paper Series 2017/46, European Investment Fund (EIF).
    5. Kraemer-Eis, Helmut & Lang, Frank & Torfs, Wouter & Gvetadze, Salome, 2016. "European Small Business Finance Outlook: December 2016," EIF Working Paper Series 2016/37, European Investment Fund (EIF).
    6. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2020. "European Small Business Finance Outlook 2020: The impact of COVID-19 on SME financing markets," EIF Working Paper Series 2020/67, European Investment Fund (EIF).
    7. Kraemer-Eis, Helmut & Lang, Frank & Torfs, Wouter & Gvetadze, Salome, 2016. "European Small Business Finance Outlook: June 2016," EIF Working Paper Series 2016/35, European Investment Fund (EIF).
    8. Chatzouz, Moustafa & Gereben, Áron & Lang, Frank & Torfs, Wouter, 2017. "Credit guarantee schemes for SME lending in Western Europe," EIB Working Papers 2017/02, European Investment Bank (EIB).
    9. Kraemer-Eis, Helmut & Lang, Frank & Torfs, Wouter & Gvetadze, Salome, 2017. "European Small Business Finance Outlook: June 2017," EIF Working Paper Series 2017/43, European Investment Fund (EIF).
    10. Kraemer-Eis, Helmut & Lang, Frank & Torfs, Wouter & Gvetadze, Salome, 2015. "European Small Business Finance Outlook: December 2015," EIF Working Paper Series 2015/32, European Investment Fund (EIF).
    11. Michiel Bijlsma & Wim Suyker, 2008. "The credit crisis and the Dutch economy... in eight frequently asked questions," CPB Memorandum 210.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    12. Michiel Bijlsma & Jeroen Klomp & Sijmen Duineveld, 2010. "Systemic risk in the financial sector; a review and synthesis," CPB Document 210.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    13. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    14. Bernini, Michele & Montagnoli, Alberto, 2017. "Competition and financial constraints: A two-sided story," Journal of International Money and Finance, Elsevier, vol. 70(C), pages 88-109.
    15. Henk Kox & George van Leeuwen, 2012. "Dynamic market selection in EU business services," CPB Discussion Paper 210.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    16. Peter Hennecke & Doris Neuberger & Dirk Ulbricht, 2019. "The economic and fiscal benefits of guarantee banks in Germany," Small Business Economics, Springer, vol. 53(3), pages 771-794, October.
    17. Elmas Yaldiz Hanedar & Eleonora Broccardo & Flavio Bazzana, 2012. "Collateral Requirements of SMEs:The Evidence from Less–Developed Countries," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0034, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    18. Gozzi, Juan Carlos & Schmukler, Sergio, 2016. "Public Credit Guarantees and Access to Finance," Economic Research Papers 269324, University of Warwick - Department of Economics.
    19. Hennecke, Peter & Neuberger, Doris & Ulbricht, Dirk, 2017. "The economic and fiscal value of German guarantee banks," Thuenen-Series of Applied Economic Theory 152, University of Rostock, Institute of Economics.
    20. Thomas Philippon & Vasiliki Skreta, 2012. "Optimal Interventions in Markets with Adverse Selection," American Economic Review, American Economic Association, vol. 102(1), pages 1-28, February.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    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:zbw:eifwps:201850. 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: . General contact details of provider: https://edirc.repec.org/data/eifunlu.html .

    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 bibliographic 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/eifunlu.html .

    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.