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Published in:
SME and Entrepreneurship Policies After the Crisis Read chapter Read first chapter

2012 | OriginalPaper | Chapter

OECD Countries’ Policy Approach to the SME Crisis in the Recent Recession

Author : Salvatore Zecchini

Published in: Small Businesses in the Aftermath of the Crisis

Publisher: Physica-Verlag HD

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Abstract

Small and medium sized enterprises (SMEs) are a driving force for growth in any advanced OECD economy, yet a weak component in times of economic slowdown. In the period between 2002 and 2007, SMEs were the most dynamic sector of the EU economy.

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Footnotes
1
EIM, pg. 12, 19–20, 28; European Commission, 35; ISTAT; Unioncamere-Infocamere, Movimprese data.
 
2
European Commission, pg. 11.
 
3
European Commission, pg. 23.
 
4
See among others the latest study by De Socio.
 
5
OECDa Table 1, OECDb, Table 1. For a general discussion of these issues, see also Zecchini.
 
6
OECDb, pg. 8–9.
 
7
Banca d’Italia b.
 
8
EIM IKEI.
 
9
OECD b.
 
10
European Commission, pg. 12. The relatively lower intensity of labour shedding might also be due to the SMEs’ tendency to retain their work force because of the high cost involved in labour training in case of high labour turnover.
 
11
As to Italy, see ISAE pg. 70.
 
12
ECB b, pg. 2.
 
13
ECB a, particularly charts 1 and 2.
 
14
OECD f and g.
 
15
OECD b, pg. 18, Table 3.
 
16
ECB a.
 
17
Hempell and Sorensen.
 
18
ECB b, pages 6. 8, and following. For Italy, see also Panetta and Signoretti, pages 22, 43.
 
19
OECDb, Table 3. As regards Italy, see ISAE pg. 69–70.
 
20
Banca d’Italia a, pg. 180.
 
21
OECD c.
 
22
According to the EU Commission, 322 new trade restrictive measures were introduced in the world during the recession. See EU Commission e.
 
23
Banca d’Italia c.
 
24
European Commission c.
 
25
As regards Italy, see Panetta and Signoretti, pg. 22.
 
26
EU Commission b, Table 1.
 
27
Codogno.
 
28
OECD a, Table 3.
 
29
European Commission d.
 
30
European Commission, pg. 5; OECD, Table 4.
 
31
The initial investment was € 1.2 billion, and is supposed to go up to € 3 billion in the coming years.
 
32
European Commission d.
 
33
OECD b, c, d. A first assessment was carried out among government officials in the last two months of 2009, and was updated in July- August 2010, while the inquiry among beneficiary enterprises was made in August-September 2010.
 
34
Declaration of the EU Commission Vice President, A. Tajani, on May 25, 2011, reported in the EU Commission website.
 
35
OECD d.
 
36
Blinder and Zandi.
 
38
OECD e.
 
39
OECD EO Sources – On policy assumptions, from OECD web site.
 
40
Overall, only six countries were covered by this survey, with Italy the only country among major economies, while the other five countries had smaller economies, ranging from advanced ones, like Belgium and Finland, to emerging ones, such as Romania, Czech Republic, Estonia.
 
41
National Federation of Independent Business.
 
42
ECB.
 
43
ISAE.
 
44
Caivano et al.
 
45
OECD e.
 
46
At end-October 2010, 183,000 applications had been accepted, amounting to about € 55 billion of debt.
 
47
OECD g.
 
48
ECB a.
 
Literature
Banca d’Italia a, Relazione annuale, Anno 2009, 31 maggio 2010
Banca d’Italia b, Indagine sulle imprese industriali e dei servizi, anno di riferimento 2008, INVIND, Supplementi al Bollettino Statistico, luglio 2009
Banca d’Italia c, Indagine sulle imprese industriali e dei servizi – Anno di riferimento 2010, in Supplemento al Bollettino Statistico, Anno XXI, no. 37, 28 July 2011
Blinder AS, Zandi M How the great recession was brought to an end, 27 July 2010
Caivano M, Rodano L, Siviero S La trasmissione della crisi finanziaria globale all’economia italiana. Un’indagine contro fattuale, 2008–2010, Banca d’Italia, Questioni di Economia e Finanza no. 64, Aprile 2010
Codogno L Italy’s economic outlook and the economic recovery plan, Ministero dell’Economia e Finanze, Dipartimento del Tesoro, 23 July 2009
De Socio A La situazione economico-finanziaria delle imprese italiane nel confronto internazionale, Banca d’Italia – Questioni di Economia e Finanza, no.66, Aprile 2010
EIM In: Audretsch D, van der Horst R, Kwaak T, Thurik Zoetermeer R (eds) First section of the annual report on EU small and medium-sized enterprises, 12 Jan 2009
EIM, IKEI EU SMEs and subcontracting, Final report, Oct 2009
European Central Bank a, The Euro area bank lending survey, Apr 2010–July 2011
European Central Bank b, Survey on the access to finance of SMEs in the Euro area: second half of 2009, 16 Feb 2010
European Commission a, European SMEs under pressure, annual report on EU small and medium-sized enterprises 2009, DGEI, released on 11 May 2010
European Commission b, Progress report on the implementation of the European economic recovery plan, Dec 2009
European Commission c, The European recovery plan
European Commission d, Report on the implementation of the SBA, COM(2009) 680, Dec 2009
European Commission e, Seventh report on potentially trade restrictive measures, Sept 2010
Hempell HS, Sorensen CK The impact of supply constraints on bank lending in the Euro area crisis induced crunching? ECB working paper series no. 1262, Nov 2010
ISAE Rapporto Isae, Le previsioni per l’economia italiana, luglio 2008
Mediobanca Indagine sulle medie imprese, 2010
National Federation of Independent Business In: Dunkelberg WC, WadeH (eds) NFIB Small business economic trends, Apr and Sept 2010
OECD a, Turin round table on the impact of the global crisis on SME and entrepreneurship financing and policy responses: issues paper, 26–27 Mar 2009
OECD b, WPSMEE, Assessment of government support programmes for SMEs and entrepreneurs’ access to finance in the global crisis: monitoring report, Mar 2010
OECD c, WPSMEE, Inquiry to beneficiary SMEs survey: results and analysis, Sept 2010
OECD d, WPSMEE, Assessment of government programmes for SMEs and entrepreneurs’ access to finance in the global crisis: updated monitoring report, Sept 2010
OECD e, Economic outlook, no. 84–87, 2008–2010
OECD f, Working party on SMEs and entrepreneurship, A pilot OECD Scoreboard on SME and entrepreneurship financing data and policies, 17 Nov 2010
OECD g, WPSMEE Steering group, An OECD Scoreboard on SME and entrepreneurship financing: preliminary data and analysis, working document 15–16 Sept 2011
Panetta F, Signoretti FM, Domanda e offerta di credito in Italia durante la crisi finanziaria, in Banca d’Italia, Questioni di Economia e Finanza, no. 63, Aprile 2010
Zecchini S The impact of the global crisis on SMEs and entrepreneurship financing, in OECD and Intesa San Paolo, The impact of the global crisis on SME and entrepreneurship financing and policy responses, 2009
Metadata
Title
OECD Countries’ Policy Approach to the SME Crisis in the Recent Recession
Author
Salvatore Zecchini
Copyright Year
2012
Publisher
Physica-Verlag HD
Book
Small Businesses in the Aftermath of the Crisis

Print ISBN: 978-3-7908-2851-1

Electronic ISBN: 978-3-7908-2852-8

Copyright Year: 2012

DOI
https://doi.org/10.1007/978-3-7908-2852-8_2