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This paper investigates the impact of intermediated funding provided by the EIB on the performance of SMEs in the EU between 2008 and 2014. Using statistical analysis of firm-level data, it finds that EIB lending had a positive effect on employment, firm size, investment and innovation capacity, and also increased firms' leverage. The impact of EIB funding was higher in the countries of Central and Eastern Europe and also in Southern Europe, while somewhat smaller, yet still significant, in West and North Europe.
Business & Economics / Finance --- Economics --- Economic theory --- Political economy --- Social sciences --- Economic man
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The factors behind the pre-crisis growth model of the Central, Eastern and South-Eastern European EU countries (CESEE) region - skilled yet affordable labour force, foreign direct investment, imports of productivity-enhancing technology - are having less effect, but are yet to be substituted. This paper proposes a new growth model centred around a shift towards more home-grown innovation, digitalisation, climate change mitigation and a strong focus on skills, labour and social inclusion, to leave the middle-income trap behind for good and to boost economies' growth prospects in a post-COVID world. Based on analysis of firm-level data, it highlights the prerequisites of making this transition happen.
Business & Economics / Finance --- Economics --- Economic theory --- Political economy --- Social sciences --- Economic man
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IFIs provide funding for SMEs, but what impact does this actually have on these firms? This working paper assesses the impact of funding by the EIB on the performance of more than 5,000 SMEs in eight countries in Central and Eastern Europe during 2008-2014. Using propensity score matching and difference-in-difference estimation exercises, it indicates that EIB lending has had a positive effect on employment, revenues and profitability. This holds whether or not the economy is in a period of crisis or recovery.
Business & Economics / Finance --- Economics --- Economic theory --- Political economy --- Social sciences --- Economic man --- Business & Economics --- Finance --- General
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Using a representative sample of European firms, this paper studies whether and to what extent financing constraints affect employers' decisions to invest in employee training. It combines survey data on investment activities with administrative data on financial statements to develop an index of financing constraints. It estimates that a 10 percent increase in this index reduces investment in training as a share of fixed assets by 2.9 to 4.5 percent and investment in training per employee by 1.8 to 2.5 percent. The paper documents that lower investment in training reduces productivity, and show that firms facing tighter financing constraints cut back the investment in training and tangible assets less than investment in R&D and software and data.
Business & Economics / Finance --- Economics --- Economic theory --- Political economy --- Social sciences --- Economic man
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