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|a Firms' expectations on access to finance at the early stages of the Covid-19 pandemic
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|a This paper provides novel information on the propagation of the pandemic-induced real shock to firms' financial conditions. It uses firm-level survey data from end February to early April 2020 for a large sample of euro area SMEs and large firms. Firms' expectations on the availability of credit lines, bank loans and trade credit deteriorated significantly in the first half of March. Firms mostly expected to be affected if they had previously difficulties in securing finance, had higher indebtedness and, hence, less capacity to deal with a liquidity shock. Conditional on these factors, firm size does not seem to matter, except for trade credit, in which case SMEs had more positive conditional expectations. Together with the overall deterioration of expectations, there seems to have also been a reallocation of opportunities to access finance amidst the crisis. Small firms were more likely to have conditional expectations of improvement in their access to finance.
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Ferrando, Annalisa, Ganoulis, Ioannis |
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Ferrando, Annalisa, Ganoulis, Ioannis |
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This paper provides novel information on the propagation of the pandemic-induced real shock to firms' financial conditions. It uses firm-level survey data from end February to early April 2020 for a large sample of euro area SMEs and large firms. Firms' expectations on the availability of credit lines, bank loans and trade credit deteriorated significantly in the first half of March. Firms mostly expected to be affected if they had previously difficulties in securing finance, had higher indebtedness and, hence, less capacity to deal with a liquidity shock. Conditional on these factors, firm size does not seem to matter, except for trade credit, in which case SMEs had more positive conditional expectations. Together with the overall deterioration of expectations, there seems to have also been a reallocation of opportunities to access finance amidst the crisis. Small firms were more likely to have conditional expectations of improvement in their access to finance. |
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Frankfurt am Main, Germany, European Central Bank, [2020] |
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Ferrando, Annalisa VerfasserIn (DE-588)17130957X (DE-627)061497347 (DE-576)132112949 aut, Firms' expectations on access to finance at the early stages of the Covid-19 pandemic Annalisa Ferrando, Ioannis Ganoulis, Frankfurt am Main, Germany European Central Bank [2020], 1 Online-Ressource (circa 46 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2446 (July 2020), This paper provides novel information on the propagation of the pandemic-induced real shock to firms' financial conditions. It uses firm-level survey data from end February to early April 2020 for a large sample of euro area SMEs and large firms. Firms' expectations on the availability of credit lines, bank loans and trade credit deteriorated significantly in the first half of March. Firms mostly expected to be affected if they had previously difficulties in securing finance, had higher indebtedness and, hence, less capacity to deal with a liquidity shock. Conditional on these factors, firm size does not seem to matter, except for trade credit, in which case SMEs had more positive conditional expectations. Together with the overall deterioration of expectations, there seems to have also been a reallocation of opportunities to access finance amidst the crisis. Small firms were more likely to have conditional expectations of improvement in their access to finance., Ganoulis, Ioannis VerfasserIn (DE-588)171430743 (DE-627)061630942 (DE-576)132225670 aut, Europäische Zentralbank Working paper series no 2446 (July 2020) 2446 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2446~67ffac1759.en.pdf Verlag kostenfrei, https://doi.org/10.2866/057681 Resolving-System kostenfrei, http://hdl.handle.net/10419/229060 Resolving-System kostenfrei, https://doi.org/10.2866/057681 LFER, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2446~67ffac1759.en.pdf LFER, LFER 2020-08-08T21:09:25Z |
| spellingShingle |
Ferrando, Annalisa, Ganoulis, Ioannis, Firms' expectations on access to finance at the early stages of the Covid-19 pandemic, Europäische Zentralbank, Working paper series, no 2446 (July 2020), This paper provides novel information on the propagation of the pandemic-induced real shock to firms' financial conditions. It uses firm-level survey data from end February to early April 2020 for a large sample of euro area SMEs and large firms. Firms' expectations on the availability of credit lines, bank loans and trade credit deteriorated significantly in the first half of March. Firms mostly expected to be affected if they had previously difficulties in securing finance, had higher indebtedness and, hence, less capacity to deal with a liquidity shock. Conditional on these factors, firm size does not seem to matter, except for trade credit, in which case SMEs had more positive conditional expectations. Together with the overall deterioration of expectations, there seems to have also been a reallocation of opportunities to access finance amidst the crisis. Small firms were more likely to have conditional expectations of improvement in their access to finance. |
| title |
Firms' expectations on access to finance at the early stages of the Covid-19 pandemic |
| title_auth |
Firms' expectations on access to finance at the early stages of the Covid-19 pandemic |
| title_full |
Firms' expectations on access to finance at the early stages of the Covid-19 pandemic Annalisa Ferrando, Ioannis Ganoulis |
| title_fullStr |
Firms' expectations on access to finance at the early stages of the Covid-19 pandemic Annalisa Ferrando, Ioannis Ganoulis |
| title_full_unstemmed |
Firms' expectations on access to finance at the early stages of the Covid-19 pandemic Annalisa Ferrando, Ioannis Ganoulis |
| title_in_hierarchy |
no 2446 (July 2020). Firms' expectations on access to finance at the early stages of the Covid-19 pandemic ([2020]) |
| title_short |
Firms' expectations on access to finance at the early stages of the Covid-19 pandemic |
| title_sort |
firms expectations on access to finance at the early stages of the covid 19 pandemic |
| url |
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2446~67ffac1759.en.pdf, https://doi.org/10.2866/057681, http://hdl.handle.net/10419/229060 |
