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：2012
出版社：European Central Bank
摘要：Based on survey data covering 8,387 firms in 20 countries we compare credit demand and credit supply for firms inE astern Europe to ht ose for firms in selected Western European countries. We find that firms in Eastren Europe have a higher need for credit than firms in Western Europe, and that a higher share of firms is discouraged from applying for a loan. The higher rate of discouraged firms in Eastern Europe is driven more by the presence of foreign banks than by the macroeconomic environment or the lack of creditor protection. We find no evidence that foreign bank presence leads to stricter loan approval decisions. Finally, credit constraints do have a rela cost in tha tfirms whcih are denied credit or dsicouraged from applying are less likely to invest in R&D and introduce new products.
