Do SMEs Benefit from Unconventional Monetary Policy and How? Microevidence from the Eurozone
研究欧洲央行直接货币交易计划宣布后，欧元区八国中小企业信贷可得性改善，尤其对持有高主权债风险敞口的银行借款企业效果显著，并提升了企业投资和盈利能力。
Abstract We study the impact of the announcement of the European Central Bank's (ECB's) Outright Monetary Transactions Program on small firms’ access to finance using a matched firm‐bank data set from eight Eurozone countries. We find that following the announcement, credit access improved relatively more for firms borrowing from banks with high balance sheet exposures to impaired sovereign debt, with such firms less likely to be refused a loan or to be price rationed. Loan terms also improved as manifested by lengthening of loan maturities. Unconventional monetary policy has a positive impact on firms’ investment and profitability, while its effect on firm innovation is weaker.