Credit rationing for Portuguese SMEs

Luísa Farinha, Sónia Félix

Research output: Contribution to journalArticlepeer-review

21 Citations (Scopus)


This study examines the importance of credit demand and credit supply-related factors in explaining the evolution of credit granted to Portuguese SMEs. The results suggest that the interest rate is a strong driver of SMEs' demand for bank loans, as well as their internal financing capacity. On the other hand, credit supply mostly depends on the firms' ability to generate cash-flows and reimburse their debt, and on the amount of collateral. The model was estimated for the period between 2010 and 2012. The results suggest that a considerable fraction of Portuguese SMEs were affected by credit rationing in this period.

Original languageEnglish
Pages (from-to)167-177
Number of pages11
JournalFinance Research Letters
Publication statusPublished - 1 Aug 2015


  • Bank loans
  • Credit rationing
  • Disequilibrium model
  • Financial crisis
  • SMEs


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