Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/175739
Authors: 
Moder, Isabella
Bonifai, Niccolò
Year of Publication: 
2017
Series/Report no.: 
ECB Occasional Paper 197
Abstract: 
Limited access to finance is one of the main obstacles for firms located in the Western Balkans and hampers economic growth as well as the transmission of monetary policy. The aim of this paper is to undertake an in-depth analysis of access to finance constraints in this region, where countries as EU candidates or potential candidates have a prospect of joining the European Union. Besides touching upon macroeconomic and banking sector indicators that influence access to finance, this paper empirically assesses firm-level factors that determine whether a firm operating in the Western Balkans is credit-constrained, both in actual and perceived terms. In line with the literature, the results suggest that size, age, location, being audited, having outstanding loans and expectations about future performance matter for actual credit availability. The econometric analysis is complemented by a review of the Western Balkan countries' Economic Reform Programmes, which indicate that financing constraints are tackled by most national authorities through specific policy measures, mostly for small and medium-sized enterprises.
Subjects: 
financing constraints
SMEs
economic development
JEL: 
E22
G30
O16
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-2859-5
Document Type: 
Research Report

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