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Full Description
The overall financial market environment has undergone a dramatic shift in the past few years as a result of the recent global financial crisis, associated regulatory changes, and new market participants. This study undertook an online survey of 12,169 SMEs from all major sectors of the German economy. A total of 576 completed and usable questionnaires were collected. The aim of this study is to explore the nature of lending relationships in light of the past financial crisis, the resultant structural changes, and the competition of new entrants into the financial system. The study shows that relationship lending is essential for ensuring financial market stability.
Contents
Financial intermediation in the context of principal-agent theory - Characteristics of market- and bank-based financial systems - Relationship lending versus arm's-length lending - The German banking system and disruptive changes - The current transformation of the German banking system - Development of corporate financing of non-financial companies - Regulatory consequences of the 2007-2009 financial crisis - New market entrants into the financial and banking system - SMEs and family firms - Literature review on the economic costs and benefits of relationship banking
