کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5069542 | 1476990 | 2015 | 11 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Credit rationing for Portuguese SMEs Credit rationing for Portuguese SMEs](/preview/png/5069542.png)
- This study examines the importance of credit demand and supply-related factors.
- The model was estimated for Portuguese SMEs in the period between 2010 and 2012.
- We used a disequilibrium model where the interest rate may not clear credit market.
- The results suggest that a large fraction of Portuguese SMEs were credit rationed.
This study examines the importance of credit demand and credit supply-related factors in explaining the evolution of credit granted to Portuguese SMEs. The results suggest that the interest rate is a strong driver of SMEs' demand for bank loans, as well as their internal financing capacity. On the other hand, credit supply mostly depends on the firms' ability to generate cash-flows and reimburse their debt, and on the amount of collateral. The model was estimated for the period between 2010 and 2012. The results suggest that a considerable fraction of Portuguese SMEs were affected by credit rationing in this period.
Journal: Finance Research Letters - Volume 14, August 2015, Pages 167-177