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Muller, Patrice [Mitwirkende:r]; Devnani, Shaan [Mitwirkende:r]; Ladher, Rohit [Mitwirkende:r]; Cleary, Andrew [Mitwirkende:r] ; European Commission Directorate-General for Financial Stability, Financial Services and Capital Markets Union, London Economics Europe, IPSOS

Real economy financing survey

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  • Medientyp: E-Book
  • Titel: Real economy financing survey : final report
  • Beteiligte: Muller, Patrice [Mitwirkende:r]; Devnani, Shaan [Mitwirkende:r]; Ladher, Rohit [Mitwirkende:r]; Cleary, Andrew [Mitwirkende:r]
  • Körperschaft: European Commission, Directorate-General for Financial Stability, Financial Services and Capital Markets Union ; London Economics Europe ; IPSOS
  • Erschienen: Luxembourg: Publications Office, 2015
  • Umfang: 1 Online-Ressource (73 p.); Illustrationen (farbig)
  • Sprache: Englisch
  • DOI: 10.2874/176352
  • ISBN: 9789279460371
  • Identifikator:
  • Schlagwörter: corporate finance ; credit policy ; economic policy ; sample survey ; financial legislation ; economic recession ; financing method
  • Entstehung:
  • Anmerkungen: Bibl. : p. 45-47
    Summary in French
  • Beschreibung: Since the onset of the global financial crisis, the financing of the real economy in Europe has been a concern because of the impact of poor economic conditions and new financial regulatory measures on the banking sector, and its capacity to extend credit to non-financial firms. The present study develops a methodology to collect systematic evidence on the extent of so-called bank dis-intermediation in the EU. The main challenge in identifying causally the drivers behind bank dis-intermediation is distinguishing contractions in bank credit supply from reductions in credit demand, as economic conditions that cause shocks to the supply of bank credit also cause shocks to credit demand. Empirically, plausibly exogenous bank characteristics are used to capture a broad set of channels for the contraction in bank credit to the non-financial sector unrelated to credit demand, and firm fixed effects are used to control for credit demand. Changes in the credit exposures a firm has to different banks are then used to assess the drivers behind bank dis-intermediation. A survey questionnaire is developed to collect information on the financing of mid-sized non-financial firms in the EU, which are the focus of the study. In addition, a representative sample of firms for the analysis is proposed.
  • Zugangsstatus: Freier Zugang