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：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：The global financial crisis put focus on the impact of loan supply on GDP growth – but since then credit to firms has also been increasingly supplied via debt securities. In the euro area, the credit supplied to non-financial corporations (NFCs) via debt securities, i.e. through market-based debt financing, has doubled from around 10% of total external debt financing to NFCs in 1999 to around 20% in 2020. [1] This structural shift raises the question of the extent to which market-based credit to NFCs, and disruptions in the supply of such credit, play a role in explaining GDP growth – a topic for which there is little empirical evidence so far.
