We investigate the effect of sovereign stress and of unconventional monetary policy on small firms’ financing patterns during the euro area debt crisis. We find that after the crisis started, firms in stressed countries were more likely to be credit rationed, both in the quantity and in the...

SME investment opportunities depend on the level of financing constraints that firms face. Earlier research has mainly focused on the controversial argument that cash flow-investment correlations increase with the level of these constraints. We focus on bank loans rather than cash flow. Our...

To date, little research has focused on female entrepreneurship in the context of transitioning countries. This paper compares from an institutional perspective two countries at different stages in the process of transformation. Lithuania followed a rapid transitional path leading to European...

Nach mehr als fünf Jahren der Wirtschaftsreformen und der Privatisierungsbemühungen in den osteuropäischen Transformationsländern untersucht der vorliegende Artikel die Ergebnisse im Bereich der klein- und mittelständischen Unternehmen. Anhand makroökonomischer Zahlen wird die Bedeutung...