Werner Hölzl, Austria's Small and Medium-sized Enterprises in the Financial Market Crisis

Austrian Economic Quarterly, 2010, 15(1), S.121-126
The global financial crisis, which had its origins in the bursting of the real estate bubble in the USA, has affected the confidence in the functionality of the modern banking and financial system. Such a situation poses the threat of a reduction of credit supply, which can lead to an outright credit crunch. As a result of insufficient access to capital markets, small and medium-sized enterprises would be particularly vulnerable to a credit crunch. In Austria, a section of small and medium-sized enterprises has been hit by the decrease in demand and deterioration of financing conditions. However, this does not constitute an overall credit crunch for small enterprises.
Forschungsbereich:Makroökonomie und europäische Wirtschaftspolitik