文章基本信息

标题：Informal Financing of Small – Medium Enterprise Sector: The Case of Greece
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作者：Panagiotis Petrakis ; Konstantinos Eleftheriou
期刊名称：Journal of Service Science and Management
印刷版ISSN：1940-9893
电子版ISSN：1940-9907
出版年度：2009
卷号：2
期号：4
页码：378-383
DOI：10.4236/jssm.2009.24045
出版社：Scientific Research Publishing
摘要：In this paper, we attempt to find a “channel” through which Greek economy can exhibit a relative “resistance” in a credit crunch. For this purpose, we specify an error correction model so as to test the relationship between corporate bank loans and commercial papers comprised of post-dated cheques and bills of exchange. The results show that corporate bank loans and cheques - bills of exchange are substitutes. This finding combined with the fact that in Greece, the issuance of these papers is positively connected with the informal economic activity which in turn rises during economic downturns, has a strong economic implication regarding the ability of Greek economy to partly “amortize” the shocks connected with the current financial crisis.
关键词：Corporate Finance; Credit Crunch; Shadow Financing