Following the global financial crisis, policy makers’ attention has focused on lending to SMEs, as these were among the most affected when the credit cycle turned. Governments have introduced various measures that may alleviate short-term funding constraints but are unlikely to be a long-term solution. So is there a way to protect entrepreneurs in a more structural way from the cyclicality of credit?
In this Working Paper Ralph De Haas, EBRD; Thorsten Beck, Cass Business School; Hans Degryse, KU Leuven; and Neeltje van Horen, De Nederlandsche Bank, analyse how banks’ lending techniques affect funding to SMEs over the business cycle.
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