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SMEs’ Access to Finance: An European Perspective

Author

Listed:
  • Vasile DEDU

    (The Bucharest Academy of Economic Studies)

  • Dan Costin NIŢESCU

    (The Bucharest Academy of Economic Studies)

  • Ciprian Sebastian TURCAN

    (The Bucharest Academy of Economic Studies)

Abstract

The paper presents a complex analysis regarding a top European priority: European SMEs and their access to finance. The first part of the paper reflects the macroeconomic situation and the challenges faced by the European SMEs in financing their activities. Relevant aspects from the related literature and research are included in the first part. The second part of the paper presents the research data and methodology, based on the Value at Risk analysis and two relevant surveys, developed by the European Commission and the European Central Bank (Bank Lending Survey and SAFE). The third part of the paper shows the analysis and empirical results of the quantitative study, based on two categories of factors (macroeconomic and business sector level), for a selection of six European countries (Austria, France, Germany, Italy, Portugal, Spain), during a period of eleven years (from 2003 to 2014). The paper also adds a qualitative analysis in the third part, by mixing quatitative and qualitative instruments. The last part reflects our concluding remarks, which may support future policy actions. SMEs represent a strategic sector, both for every individual European economy and for Europe. Improving the SMEs’ access to finance represents a catalyst for growth.

Suggested Citation

  • Vasile DEDU & Dan Costin NIŢESCU & Ciprian Sebastian TURCAN, 2019. "SMEs’ Access to Finance: An European Perspective," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 114-127, March.
    • Handle: RePEc:rjr:romjef:v::y:2019:i:1:p:114-127
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    References listed on IDEAS

    as
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    Cited by:

    1. Lisana B. Martinez & M. Belén Guercio & Aurelio F. Bariviera, 2022. "A meta‐analysis of SMEs literature based on the survey on access to finance of enterprises of the European central bank," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 1870-1885, April.

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    More about this item

    Keywords

    debt finance; financial crisis; banks; European Union policies; stock markets; SMEs access to finance;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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