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Small and Medium Size Enterprises, Credit Supply Shocks, and Economic Recovery in Europe

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by Nir Klein
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Small and Medium Size Enterprises, Credit Supply Shocks, and Economic Recovery in Europe by Nir Klein

The limited access to bank credit in recent years has increased the pressure on small and medium size enterprises (SMEs), forcing them to scale down investment plans and production. This paper, which explores the macroeconomic implications of this channel, finds evidence that countries with high prevalence of SMEs tended to recover more slowly from the global financial crisis than their peers, implying that the interaction of the economic structure and access to bank financing plays a critical role in episodes of economic recovery. This conclusion is reinforced by a VAR estimation, which demonstrates that a negative credit supply shock applied to SMEs has an adverse effect on economic activity, and this impact is amplified in countries that have a high share of SMEs.

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Ebook Details
Pages: 73
Size: 2.7 MB
Publisher: INTERNATIONAL MONETARY FUND
Date published:   2014
ISBN: 9781498361538 (DRM-EPUB)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

This author has products in the following categories:

Nonfiction > Business & Economics
Nonfiction > Business & Economics > Banks & Banking
Nonfiction > Business & Economics > Inflation
Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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05/23/2017
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