出版社：“Victor Slăvescu‿Centre for Financial and Monetary Research
摘要：The paper deals with the issue of access to finance for small and medium-sized enterprises (SMEs) in the euro area and explores whether the linkages among the euro area financial markets do affect the capital structure of the SMEs in the same area. Using a logit model specification, aggregate country-level data and several price and quantity-based measures of financial integration, the results reveal statistically significant positive effects of increased financial markets integration on SMEs’ debt ratio. The impact of sovereign debt crisis in GIPSI countries is also investigated and significant evidence of its impact is documented.
关键词：cross-border loans; interest rate spread; GIPSI;debt ratio
