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    UK credit and discouragement during the GFC

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    Authors
    Cowling, M
    Liu, W
    Minniti, M
    Zhang, N.
    Affiliation
    University of Brighton
    Issue Date
    06/06/2016
    
    Metadata
    Show full item record
    Abstract
    The availability of credit to entrepreneurs with good investment opportunities is an important facilitator of economic growth. Under normal economic conditions, most entrepreneurs who requested loans receive them. In a global financial crisis, popular opinion is that banks are severely restricting lending to smaller businesses. This assumes that low levels of investment are caused by supply-side restrictions in the credit market. Little is said about potential changes in the demand for credit and how it is influenced by entrepreneurs’ perceptions about supply-side restrictions. One particularly interesting, and under-researched, group of small businesses is that who have potentially good investment opportunities, but are discouraged from applying for external funding as they fear rejection. In this study, we question whether these entrepreneurs were correct in their assumptions. We find that levels of discouragement are quite low in general at 2.7 % of the total smaller business population. Further analysis implies that 55.6 % of discouraged borrowers would have got loans had they applied.
    Citation
    Cowling, M., Liu, W., Minniti, M. and Zhang, N., (2016). 'UK credit and discouragement during the GFC'. Small Business Economics, 47(4), pp.1049-1074. DOI: 10.1007/s11187-016-9745-6.
    Publisher
    Springer
    Journal
    Small Business Economics
    URI
    http://hdl.handle.net/10545/624071
    DOI
    10.1007/s11187-016-9745-6
    Additional Links
    https://link.springer.com/article/10.1007%2Fs11187-016-9745-6
    Type
    Article
    Language
    en
    ISSN
    0921898X
    EISSN
    15730913
    ae974a485f413a2113503eed53cd6c53
    10.1007/s11187-016-9745-6
    Scopus Count
    Collections
    Derby Business School

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