TY  - UNPD
A1  - Franke, Günter
A1  - Krahnen, Jan Pieter
T1  - SME funding without banks? On the interplay of banks and markets
T2  - SAFE white paper series, 44
N2  - The Capital Markets Union-project of the European Commission aims for an increase of marketbased debt financing of small and medium-sized enterprises (SMEs), complementing bank lending. In this essay we argue that rather than focussing on pure non-bank lending, a reasonable mix of bankand market-based financing should be considered. Banks are said to have a comparative advantage in critical lending functions such as credit screening, debtor monitoring and debt renegotiation. All forms of lending require a persistent skin-in-the-game of critical players in order to be effective. The regulator should insist on full disclosure of skin-in-the-game, thereby improving capital allocation and reducing systemic risks.
T3  - SAFE white paper series - 44 
Y1  - 2017
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/42907
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-429073
IS  - January, 2017
PB  - SAFE
CY  - Frankfurt am Main
ER  -