ECB workshop: SMEs’ access to finance: the role of financial and non-financial intermediaries and capital markets

Conference dates: 11 December 2014

Venue: European Central Bank, Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

8:50 a.m. Registration and welcome coffee
9.20 a.m. Opening of the workshop
Thomas Werner, European Central Bank
9.30 a.m. Keynote speech and discussion
Gregory F. Udell, Indiana University presentation

Session 1: Bank lending and public guarantees
Chair: Simone Manganelli, European Central Bank
10:10 a.m. Sharing information on lending decisions: an empirical assessment
Ugo Albertazzi, European Central Bank; Margherita Bottero, and Gabriele Sene, Banca d'Italia presentation  paper

Are all Mutual Guarantee Institutions the same? Improving the economic allocation of public guarantees to favour SMEs
Lorenzo Gai, and Federica Ielasi, University of Florence; Monica Rossolini, University of Milan-Bicocca presentation paper

Discussant: Serafeim Tsoukas, University of Glasgow presentation  presentation
11:10 a.m. Discussion
11:40 a.m. Coffee break

Session 2
Banks and collateral

Chair: João Sousa, European Central Bank
11:50 a.m. Collateral down the road: test of the lender-based theory of collateral
Andrea Bellucci, Institute for Applied Economic Research (IAW) at University of Tubingen; Alexander Borisov, University of Cincinnati; Germana Giombini, University of Urbino and Money Finance Research group (MoFiR); Alberto Zazzaro, Polytechnic University of Marche, and Money Finance Research group (MoFiR) presentation  presentation  presentation

Collateral channel and small business lending
Ari Hyytinen, Jyväskylä University School of Business and Economics and Yrjö Jahnsson Foundation; Ilkka Ylhäinen,Jyväskylä University School of Business and Economics. presentation

Discussant: Diana Bonfim, Banco de Portugal presentation
12:50 p.m. Discussion
1:50 p.m. Lunch

Session 3
Non-bank financing

Chair: Bernhard Winkler, European Central Bank
2:20 p.m. SME lifecycle and non-bank financing in Europe. What determines usage?
Conor O'Toole, Central Bank of Ireland paper  presentation

First-time corporate bond issuers in Italy
Matteo Accornero, Paolo Finaldi Russo, Giovanni Guazzarotti, and Valentina Nigro, Banca d'Italia presentation

Discussant: Klaas Mulier, Ghent University. presentation
3:20 p.m. Discussion
3:40 p.m. Coffee break
4:00 p.m. View from market participants Chair: Cornelia Holthausen, European Central Bank Panellists: Thorsten Klotz, Moody’s; presentation
Helmut Krämer-Eis, European Investment Fund presentation
5:00 p.m. Question and answer session
5:20 p.m. Concluding remarks
Cornelia Holthausen, European Central Bank

Call for papers

Frankfurt am Main, 11 December 2014

Deadline for the submission of papers: 16 October 2014

The European Central Bank is hosting a workshop entitled “SMEs’ access to finance: the role of financial and non-financial intermediaries and capital markets” in Frankfurt am Main (Germany) on 11 December 2014.

The main objective of the workshop is to provide a forum for central bankers, market participants and researchers in the field of economics and finance to discuss the most recent developments in access to finance of small and medium-sized companies.

We would welcome papers on the following topics in particular:

  1. The role of banks in financing SMEs
  2. The role of non-bank intermediaries in financing SMEs
  3. SMEs’ access to capital markets
  4. Other market initiatives (including securitisation)
  5. The role of government and other public institutions

The scope of the workshop is not limited to the topics listed above, and submissions on other areas related to SMEs’ access to finance (e.g. credit insurance and crowdfunding) are also strongly encouraged, provided they have potential implications for monetary policy analysis.

Papers should be sent by e-mail as PDF files to and by 16 October 2014. Each submission should include an abstract and the e-mail address of the corresponding author. Authors of submissions will be notified whether their paper has been accepted for the conference programme by 7 November 2014.

Keynote speaker

Professor Gregory F. Udell, Indiana University


The travel expenses of presenting academic authors will be reimbursed. Presenting authors from central banks and other official institutions are generally expected to cover their own expenses.

Organisational issues

The workshop will last one day, starting at around 9 a.m. on 11 December 2014. A pre-conference dinner is planned on 10 December.

Scientific Committee

Mark Büssing-Lörcks, Annalisa Ferrando, Hannah Hempell, Emmanouil Mavrakis, Alexander Popov and Thomas Werner.

Contacts for further information

Thomas Werner, Head of Division
Capital Markets/Financial Structure Division, Directorate General Economics, ECB
E-mail: Tel.: +49 69 1344 8707

Annalisa Ferrando, Principal Economist
Capital Markets/Financial Structure Division, Directorate General Economics, ECB
E-mail: Tel.: +49 69 1344 8729