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<p>Macroprudential policies have attracted a lot of attention, and there are many studies concerning their effectiveness in curbing the credit cycle and enhancing financial stability. However, there exists a gap in the literature concerning the influence of macroprudential policies on corporate behavior. This paper aims to fill this gap by investigating the effect of macroprudential policies (MAPs) on discouraged small- and medium-sized firms (bank borrowers). Employing firm-level survey data for the Euro area countries and estimating Probit models, we find that several MAPs significantly reduce SMEs’ discouragement for applying for a bank loan. Our results show that the marginal effects are, in most cases, highly significant, while the economic magnitude of implementing several MAPs is also significant. Our results are driven by the demand side; a more stable and better-capitalized banking system could make SMEs less discouraged from applying for a bank loan. Moreover, changes in corporate credit quality appear to play an important role.</p>

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Macroprudential policies and discouraged borrowers: evidence from European SMEs

  • 期刊论文

  • 发表日期：

    2025年6月9日

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  • Dimitris Anastasiou,
  • Fotios Pasiouras,
  • Anastasios Rizos,
  • Artemis Stratopoulou

摘要

Macroprudential policies have attracted a lot of attention, and there are many studies concerning their effectiveness in curbing the credit cycle and enhancing financial stability. However, there exists a gap in the literature concerning the influence of macroprudential policies on corporate behavior. This paper aims to fill this gap by investigating the effect of macroprudential policies (MAPs) on discouraged small- and medium-sized firms (bank borrowers). Employing firm-level survey data for the Euro area countries and estimating Probit models, we find that several MAPs significantly reduce SMEs’ discouragement for applying for a bank loan. Our results show that the marginal effects are, in most cases, highly significant, while the economic magnitude of implementing several MAPs is also significant. Our results are driven by the demand side; a more stable and better-capitalized banking system could make SMEs less discouraged from applying for a bank loan. Moreover, changes in corporate credit quality appear to play an important role.