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Drivers of diverging financing conditions across Member States

Author

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  • Anton Jevcak
  • Lucian Briciu

Abstract

The dispersion both of bank lending rates to the non-financial private sector and of overall financing costs for the corporate sector has increased considerably across the euro area throughout the recent crisis period. Such divergence has occurred despite the existence of a single monetary policy implemented through the provision of liquidity to the euro area banking sector under the principle of equal treatment. It does not seem to have been significantly affected by the ECB's new OMT programme. Available evidence suggests that greater cross-country variation in some structural characteristics of national banking systems, such as the quality of loan portfolios, profitability or the size of capital buffers, together with divergent financial positions of non-financial private sectors and sovereign funding costs, contributed to the increase in dispersion of bank lending rates at the country level.

Suggested Citation

  • Anton Jevcak & Lucian Briciu, 2013. "Drivers of diverging financing conditions across Member States," Quarterly Report on the Euro Area (QREA), Directorate General Economic and Financial Affairs (DG ECFIN), European Commission, vol. 12(1), pages 19-25, March.
    • Handle: RePEc:euf:qreuro:0121-02
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    File URL: http://ec.europa.eu/economy_finance/publications/qr_euro_area/2013/pdf/qrea1_section_1_en.pdf
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    Cited by:

    1. José Bilau & Soumodip Sarkar, 2016. "Financing innovative start-ups in Portuguese context: what is the role of business angels networks?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 7(4), pages 920-934, December.

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    Keywords

    financing conditions;

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