ACCESS TO CREDIT AND UNCONVENTIONAL MONETARY POLICY IN THE EUROZONE AFTER THE FINANCIAL CRISIS

• Authors: Koráb Petr
• Languages of publication: EN

Abstracts

EN

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.

Keywords

EN

CREDIT AVAILABILITY; CREDIT RATIONING; CREDIT CONSTRAINTS; CREDIT SUPPLY; FINANCIAL CRISIS; EUROZONE

• Publisher: Institute of Slovak and World Economics and Institute for Forecasting, Slovak Academy of Sciences
• Journal: Ekonomický časopis (Journal of Economics)
• Year: 2017
• Volume: 65
• Issue: 6
• Pages: 520 – 533

Contributors

author

Koráb Petr

• Mendel University in Brno, Faculty of Business and Economics, Department of Finance and Research Centre, Zemědělská 1, 613 00 Brno, Czech Republic