ACCESS TO CREDIT AND UNCONVENTIONAL MONETARY POLICY IN THE EUROZONE AFTER THE FINANCIAL CRISIS
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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.
520 – 533
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