Access to Credit and Unconventional Monetary Policy in the Eurozone after the Financial Crisis
Access to Credit and Unconventional Monetary Policy in the Eurozone after the Financial Crisis
Author(s): Petr KorábSubject(s): Economy, Supranational / Global Economy, EU-Accession / EU-DEvelopment, Financial Markets
Published by: Ekonomický ústav SAV a Prognostický ústav SAV
Keywords: credit availability; credit rationing; credit constraints; credit supply; financial crisis recovery;
Summary/Abstract: This paper investigates the availability of bank credit to enterprises in the Eurozone after the recent financial crisis. The analysis draws from a rich firm- -level dataset on perceived credit availability of micro-, small- and medium-sized, and large enterprises in 11 countries in the Eurozone during the time horizon 2010 – 2014. Employing probit and logit estimators, the empirical results suggest that GDP growth is a significant factor improving availability to small and medium-sized, and large firms. I also find evidence on the heterogeneous impact of quantitative easing conducted by the European Central Bank within the Euro area. The non-standard measures improve credit availability in the central economies, while my estimates do not show an effect in the Eurozone periphery.
Journal: Ekonomický časopis
- Issue Year: 65/2017
- Issue No: 06
- Page Range: 520-533
- Page Count: 14
- Language: English