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By Stefania Rossi

This ebook explores how the worldwide monetary and ecu sovereign debt crises have pressured small-and-medium-sized companies (SMEs) to re-evaluate and adapt their investment techniques. on the center of the problem is the worsening entry to financial institution credits for such agencies. via this dialogue we learn the way an important an figuring out of SME-financing is to coverage makers, in gentle of the truth that SMEs dominate the company panorama in Europe and are the most drivers of employment, progress and innovation within the eu economic system. Contributing chapters current specialist research and examine many subject matters together with the issues confronted by means of SMEs in getting access to financial institution credits and the price of investment and its determinants. specific awareness can also be given to how credit-constrained organizations might reformulate their investment ideas by way of making use of substitute, non-bank, monetary assets, and the way regulators may perhaps help SMEs in broadening and enhancing their investment opportunities.

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2005) and shows that the overall supply of credit in developing countries increases subsequent to changes in collateral laws and bankruptcy laws (Haselmann et al. 2010). In line with these findings, Liberti and Mian (2010) suggest that in countries with stronger creditor rights and better information-sharing mechanisms, collateral spreads are smaller. Beck et al. (2005) investigate the impact of the adaptability of a country’s legal system and the political independence 2 Neither a Borrower Nor a Lender Be!...

Review of Financial Studies, 23(5), 1909–1940. , & McCann, F. (2013). SME financing conditions in Europe: Credit crunch or fundamentals? National Institute Economic Review, 225(1), R52–R67.  M. (2007). The determinants of financial structure: New insights from business start-ups. European Financial Management, 13(1), 101–133. , & Russell, T. (1976). Imperfect information, uncertainty, and credit rationing. The Quaterly Journal of Economics, 90(4), 651–666.  M. (2009). Public policy support for the informal venture capital market in Europe: A critical review.

Overall, the results show that the type of credit constraints that affect firms matters for them when looking for alternative sources of finance. 6 Conclusions Overall, the findings in this analysis confirm that market-based financing sources are used infrequently by euro area non-financial corporations and used to an even lesser extent by SMEs. Although capital markets represent an important alternative source of financing for non-financial corporations, they are accessible mainly to larger firms with high credit ratings and which are generally located in larger countries with more developed financial markets.

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