Research Results

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Financing Gap and SME Employment Growth: Beyond Access to Finance

The key aim of our research was to investigate the relation between the perceived changes in financing gap and employment growth by SMEs in the EU. The paper builds on and extends the analysis of SAFE survey data, in order to focus on the question of employment creation which is at the core of the current economic policy debate in the EU. The main finding emerging is that changes in the financing gap do not appear to constrain employment growth, but are strongly correlated with job destruction. This innovative research analyzed the role of the perception of external finance accessibility, whereas many other papers study the influence of the actual availability or actual constraints; as such this study points to an important relationship between the opinion of business owners and actual business growth.

Measuring Financial Inclusion in the EU: Financial Inclusion Score Approach

The paper presents a radical new approach to measuring financial inclusion in the EU: a financial inclusion score that treats financial inclusion as the efficiency with which a financial system transforms the conditions of access (infrastructure, regulations, etc) into the actual use of financial services. Why is this so important? Because it allows us to see which countries are the most efficient - and in case of efficiency laggards, the extent to which financial service use can realistically be increased, given existing conditions.


Rozdizał 4.3. Zasobność materialna 


Rynek pracy i wykluczenie społeczne w kontekście percepcji Polaków Diagnoza Społeczna 2015
Piąty tematyczny raport ukazujący zagadnienia związane z rynkiem pracy i
wykluczeniem społecznym w kontekście percepcji Polaków.
MFC Policy Paper No. 4: Too Little or Too Much Credit: Small Business Indebtedness in the EU

The paper reviews the potential reasons for small business indebtedness and proposes action steps to develop better understanding of the size and scale of this phenomenon in the EU.

Access to finance for small businesses draws a lot of policy attention based on the premise that small businesses face credit constraints more than larger firms.  While this may be true for some types of small businesses, it is also true that small businesses over-borrow and over-invest which may lead to business closures and bankruptcies. So far this aspect of small business borrowing has attracted little attention.