Dimelis, Sophia, Giotopoulos, Ioannis and Louri, Helen (2015) Can firms grow without credit?: evidence from the Euro Area, 2005-2011: a quantile panel analysis. GreeSE papers (89). Hellenic Observatory, European Institute, London, UK.
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Abstract
This paper explores the effects of bank credit on firm growth before and after the recent financial crisis, taking into account different structural characteristics of banking sectors and domestic economies. Panel quantile analysis is used on a sample of 2075 euro area firms in 2005-2011. The post-2008 credit crunch is found to seriously affect only small, slow-growth firms and especially those operating in concentrated and domestic-dominated banking systems, and in riskier and less financially developed economies. Large, high-growth firms seem to be able to find alternative financial sources and, thus, may act as carriers and facilitators of a credit-less recovery.
| Item Type: | Monograph (Discussion Paper) |
|---|---|
| Official URL: | http://www.lse.ac.uk/europeanInstitute/home.aspx |
| Additional Information: | © 2015 The Authors |
| Divisions: | Hellenic Observatory |
| Subjects: | H Social Sciences > HG Finance |
| JEL classification: | E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E51 - Money Supply; Credit; Money Multipliers L - Industrial Organization > L1 - Market Structure, Firm Strategy, and Market Performance L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L25 - Firm Performance: Size, Diversification and Scope, Age, Profit, and Sales |
| Date Deposited: | 09 Mar 2015 16:24 |
| Last Modified: | 13 Sep 2024 20:30 |
| URI: | http://eprints.lse.ac.uk/id/eprint/61157 |
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