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Do macroprudential policies make SMEs more-or-less discouraged to apply for a bank loan?

Author

Listed:
  • Dimitris Anastasiou

    (Athens University of Economics and Business)

  • Fotios Pasiouras

    (Montpellier Business School, France.)

  • Anastasios Rizos

    (Bank of Greece)

  • Artemis Stratopoulou

    (Athens University of Economics and Business)

Abstract

This paper investigates the effect of macroprudential policies (MAPs) on discouraged small and medium-sized firms (bank borrowers). Employing confidential firm-level survey data for the Euro area countries and estimating Probit models, we find that several MAPs significantly reduce SMEs discouragement for applying for a bank loan. The marginal effects are, in most cases, highly significant, while the economic magnitude of implementing financial institutions-targeted MAPs is also significant. However, this finding is highly dependent on the degree of a firm’s credit quality. Our results are driven by the demand side; a more stable and better-capitalized banking system could make SMEs less discouraged from applying for a bank loan.

Suggested Citation

  • Dimitris Anastasiou & Fotios Pasiouras & Anastasios Rizos & Artemis Stratopoulou, 2024. "Do macroprudential policies make SMEs more-or-less discouraged to apply for a bank loan?," Working Papers 333, Bank of Greece.
    • Handle: RePEc:bog:wpaper:333
    DOI: 10.52903/wp2024333
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    More about this item

    Keywords

    Discouraged Borrowers; Credit Rationing; Macroprudential Policy; Eurozone SMEs;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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