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• W121295736 abstract "Credit rationing is by many Keynesian economists nowadays seen as one of the most important examples of market failure in a modern capitalistic economy. Credit rationing occurs if in equilibrium the demand for loans exceeds the supply at the ruling price (interest rate). Since SMEs in a bank-based financial system like Belgium, heavily rely on bank finance, this restricted access to bank finance could have a negative effect on the investment in new profitable projects and growth of the economy. We study the empirical significance of credit rationing for SMEs in a Belgian context by means of an extensive panel data set consisting of 2.698 SMEs reporting data over the period 1993-2001. The novelty of our research is twofold. First, we make the distinction between credit rationing for long and short term bank debt, of which the relevance was suggested in a theoretical model by Das (2004). Second, in contrast to the numerous previous studies, pioneered by Fazzari et al. (1988), we opt for an endogenous classification into ‘credit rationed’ and ‘non credit rationed’ firms, allowing for switching between both groups throughout time. Our results, based on an instrumental variable technique being 3SLS, suggest that, over the entire period, more than 50% of the Belgian SMEs are credit rationed. In most years, long term bank debt is being slightly more rationed than short term bank debt, except in 2001. The results reveal that credit rationed firms for short term bank debt are smaller, faster growing firms with less financial strength and much less current assets to offer as collateral. For long term bank debt, credit rationed firms are in general smaller and younger, low growth firms with low cash flow to assets ratios and much less tangible assets to offer as collateral even though they have a higher added value and return on assets ratio than unconstrained firms. We can conclude from both analyses that constrained Belgian SMEs can be mainly characterized as young, small SMEs with little internal financial resources and a lack of assets to guarantee the repayment of debt. EFM classification codes: 140; 800" @default.
• W121295736 created "2016-06-24" @default.
• W121295736 creator A5026706439 @default.
• W121295736 date "2004-01-01" @default.
• W121295736 modified "2023-09-27" @default.
• W121295736 title "CREDIT RATIONING FOR SME’S IN THE CORPORATE BANK LOAN MARKET OF A BANK-BASED ECONOMY Prof. dr" @default.
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