| Description |
1 online resource (27 pages) : color illustrations |
| Series |
IMF working paper ; WP/14/98 |
|
IMF working paper ; WP/14/98.
|
| Contents |
Cover; Contents; I. Introduction; Figures; Figure 1. SME: Shares in the Non-Fiscal Business Employment and Value Added, 2012; Figure 2. Spread Between Interest Rate on New Loan and Policy Rate; Figure 3. SMEs: Banks' Lending Standards; Figure 4. Value Added and Employment by Firm Size, EU27; Figure 5. The Change in Real Value Added and Employment, Non-Financial Business Sector, 2008-12; II. Economic Activity Since 2008 and the Prevalence of SMEs; Figure 6. The Prevalence of SMEs and Economic Recovery; Tables; Table 1. Prevalence of SMEs and Economic Recovery, 2002Q1-2012Q4, Specification A |
|
Figure 7. Real GDP Growth in the EUTable 2. Prevalence of SMEs and Economic Recovery, 2002Q1-2012Q4, Specification B; III. The Macroeconomic Implications of Credit Supply Shocks to SMEs; Figure 8. Credit to the Private Non-Financial Corporations and the Prevalence of SMEs, 2008-12; Figure 9. Impulse Responses to Adverse Credit Supply Shock Applied to SMEs; Figure 10. Impulse Responses to Adverse Credit Supply Shock Applied to SMEs, Alternative Specifications; Figure 11. The Share of SMEs in the Non-Financoal Business Sector's Value Added |
|
Figure 12. Cumulative Response of Real GDP Growth to Adverse Credit Supply Shock Faced by SMEsIV. Conclusions; References; Annexes |
| Summary |
"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"--Abstract |
| Notes |
"European Department"--Page 2 of pdf |
|
"June 2014"--Page 2 of pdf |
| Bibliography |
Includes bibliographical references |
| Notes |
Online resource; title from pdf title page (IMF.org Web site, viewed June 17, 2014) |
| Subject |
Small business -- Europe
|
|
Credit -- Europe
|
|
Recessions -- Europe
|
|
Global Financial Crisis, 2008-2009.
|
|
Value added -- Europe
|
|
Financial crises -- Europe.
|
|
Credit
|
|
Financial crises
|
|
Recessions
|
|
Small business
|
|
Value added
|
|
Europe
|
| Form |
Electronic book
|
| Author |
International Monetary Fund. European Department, issuing body.
|
| ISBN |
1498368085 |
|
9781498368087 |
|
