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    EIB Working Paper 2021/09 - Market finance as a spare tyre? Corporate investment and access to bank credit in Europe

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    Author(s)
    European Investment Bank
    Collection
    Knowledge Unlatched (KU)
    Language
    English
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    Abstract
    We estimate a FAVAR with Bayesian techniques in order to investigate the impact of loan supply conditions on euro area corporate investment and its financing structure. We identify shocks to overall demand and loan supply with sign and impact restrictions. Although tightened financial conditions have adversely impacted corporate investment during and after the sovereign debt crisis, the resulting impediments in loan supply, illustrated by lower loan volumes and higher spreads, have been partly alleviated by strengthened corporate debt issuance. We show that (1) part of the protracted increase in debt to loan ratio since the crisis reflects bottlenecks in the provision of bank credit and (2) the tightened loan supply has been more adverse for small corporations with limited market access. Overall, our analysis of macro-financial developments suggests the need for policy actions to deepen the European corporate debt market and enhance market access for smaller corporates.
    URI
    https://library.oapen.org/handle/20.500.12657/51528
    Keywords
    Business & Economics; Investments & Securities
    DOI
    https://doi.org/10.2867/243881
    ISBN
    9789286150777
    Publisher
    European Investment Bank
    Publisher website
    https://www.eib.org/en/publications/index.htm
    Publication date and place
    2021
    Grantor
    • Knowledge Unlatched
    Imprint
    European Investment Bank
    Classification
    Investment & securities
    Rights
    https://creativecommons.org/licenses/by-nc-nd/4.0/
    • Harvested from KU

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    Credits

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    • logo EU
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    • This project received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 683680, 810640, 871069 and 964352.

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