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dc.contributor.authorArtola, Conchaen_US
dc.contributor.authorGenre, Veroniqueen_US
dc.description.abstractDuring the recent financial crisis, euro area firms, and especially Small and Medium-sized Enterprises, have been reporting acute problems of access to external finance. Using firm-level replies to the SME survey on access to finance, we use two indicators of financing constraints based on perceptions on the one side and on experienced financing constraints on the other and run probit and multinomial regressions model to determine which firms', sectoral or national characteristics drove perceptions and experienced financial constraints during the recent financial turmoil. We find that perceptions of financing crunch was broadly based across firms but those firms who really experienced a credit crunch tended to be small and young, confirming the fact that SMEs tend to suffer more when credit standards are tightened.en_US
dc.publisherCenter for Economic Studies and Ifo Institute (CESifo) Munichen_US
dc.relation.ispartofseriesCESifo working paper: Monetary Policy and International Finance 3650en_US
dc.subject.keywordfinancial crisisen_US
dc.subject.keywordfinancing constraintsen_US
dc.subject.keywordcredit rationingen_US
dc.subject.keywordsmall and medium-sized enterprisesen_US
dc.subject.keywordsurvey dataen_US
dc.titleEuro area SMEs under financial constraints: Belief or reality?en_US
dc.typeWorking Paperen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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