文章基本信息

标题：Article: The real effects of credit constraints
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作者：Miguel García-Posada
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2018
出版社：European Central Bank
摘要：This article reviews the existing literature on financial constraints and their effect oninvestment. It also provides new evidence on this issue using a large sample of firmsfrom 12 European countries for the period 2014-17. The data come from the ECBand European Commission survey on the access to finance of enterprises (SAFE),which focuses specifically on small and medium-sized enterprises (SMEs). Theavailable evidence suggests that credit constraints play a crucial role in theinvestment decisions of non-financial corporations.