Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/228239
Authors: 
Corbisiero, Giuseppe
Faccia, Donata
Year of Publication: 
2020
Series/Report no.: 
ECB Working Paper No. 2361
Abstract: 
This paper uses a unique dataset where credit rejections experienced by euro area firms are matched with firm and bank characteristics. This allows us to study simultaneously the role that bank and firm weakness had in the credit reduction observed in the euro area during the sovereign debt crisis, and in credit developments characterising the post-crisis recovery. Compared with the existing literature matching borrowers' and lenders' characteristics, our dataset provides a better representation of euro area firms of small and medium size. Our findings suggest that, while firm balance sheet factors have been strong determinants of credit rejections, in the crisis period bank weakness made it harder to obtain external finance for firms located in stressed countries of the euro area.
Subjects: 
Credit supply
Bank lending
Credit crunch
European sovereign debt crisis
JEL: 
E44
F36
G01
G21
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-4004-7
Document Type: 
Working Paper

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