High borrowing costs discourage Eastern European firms from tapping banks, says ECB paper
A high share of firms in Eastern Europe are discouraged to take out loans due to high interest rates, strict collateral conditions and extensive loan application procedures compared to firms in Western Europe, according to a European Central Bank paper published on February 3.
Martin Brown, Steven Ongena, Alexander Popov and Pinar Yesin, the paper's authors, use survey data covering 8,387 firms in 20 countries to compare credit demand and credit supply for firms in Eastern Europe to those for
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