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Credit constrained firms and government subsidies: evidence from a European Union program

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by Eszter Balogh, Adám Banai, Tirupam Goel, Péter Lang, Martin Stancsics, Előd Takáts and Álmos Telegdy
Using rejected subsidy applicants as control group and bank queries to the credit-registry to identify firms that applied for but did not receive a loan, we show that subsidies generate a sizeable incremental impact on asset growth of constrained firms relative to unconstrained businesses.

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Credit constrained firms and government subsidies: evidence from a European Union program

by Eszter Balogh, Adám Banai, Tirupam Goel, Péter Lang, Martin Stancsics, Előd Takáts and Álmos TelegdyUsing rejected subsidy applicants as control group and bank