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CREDIT RATIONING AND FIRMS’SIZE: EXPLORATORY ANALYSIS OF THE EFFECT OF THE GREAT RECESSION (2010-2016) IN ITALY

100%
Ferrara M., Marzano E., Rubinacci R.
Metody Ilościowe w Badaniach Ekonomicznych
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2018
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vol. 19
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issue 4
347-354
EN
In this paper we investigate the evidence of credit rationing in Italy during the period 2010-2016 characterized by evere distress in the banking system. The role of banks in the Italian economic system is crucial, since the Italian financial system can be classified as a bank oriented one. In addition, Italian economy is characterized by a very large share of small and medium sized enterprises (SMEs). This aspect adds value to our analysis given that literature usually assumes that the smaller the firms size the larger they suffer from credit rationing. By using a unique data set, provided by Bank of Italy, we get a twofold result. First, in Italy, the last economic and financial crisis has reduced the access to banking loans for SMEs, since there is a clear hump-shaped pattern in the time series of our measures of credit rationing. Differently, for large firms, it seems to have caused a larger volatility rather than a veritable credit rationing. Second, and this is our main result, matching micro and macro data, we do find support to the intuition that different banking crises exert different effects on firms’ financing conditions.
2
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Credit Market Imperfections in the Theory of Credit Rationing

100%
Ślązak E.
Finansowy Kwartalnik Internetowy e-Finanse
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2011
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vol. 7
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issue 4
76-91
EN
The article aims at comparative analysis of the nature and dimensions of credit rationing on the grounds of theory of finance. The paper identifies the essence of credit rationing through the prism of its most important endogenous and exogenous prerequisites, assuming the lack of adequate instruments that could be used by banks to individually select borrowers (the so-called screening devices) in conditions of their heterogeneous risk-related breakdown. The paper points out the scope of idiosyncratic attributes of the credit market which prevent it from achieving a state of Walrasian equilibrium, which leads to petrification of credit market imperfections (credit market failure).
3

Zależności miedzy wykorzystaniem kredytu handlowego i bankowego w świetle teorii i badań

51%
Ziętek-Kwaśniewska K.
Roczniki Ekonomii i Zarządzania
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2013
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vol. 5(41)
171-190
EN
This article deals with the problems related to the use of trade credit in financing business operation against the background of the other source of external capital – bank credit. The article is a review of selected literature on the relationship between the two above-mentioned forms of financing. Analysing the literature of the subject, one can conclude that trade credit can be a substitute for bank credit. There are also a growing number of publications that pinpoint an informational role of trade credit, which can be used by banks to update their assessment of the creditworthiness of a business. For the sake of topicality, special emphasis has been paid to the relationship between the use of trade credit and bank credit in selected cases of financial crisis.
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