86 KB1223 KB73 KB2023Caka, PeonareMatavulj, Noemi1 spletni vir (1 datoteka PDF (32 str.))COBISSID:168576259ISBN:978-961-6960-97-7URN:URN:NBN:SI:doc-94ENCAE2enBanka SlovenijeknjigeMonetary policy and credit allocation in Slovenia through the lens of survey data|Protracted periods of accommodative monetary policy may adversely affect aggregate productivity by, among others, facilitating entry and delaying exit of non-viable firms and distorting allocation of financing across incumbent firms. In the case of Slovenia, characterized by a low level of financial deepening, banks play an important role in providing external financing to firms and as such in the allocation of financing across the distribution of firms. To assess the latter, this paper uses firm-level data from the joint survey of Banka Slovenije and SID bank on firm financing, and balance sheet and income statement data from AJPES for the period 2011 to 2019. The findings indicate that while access to finance has improved for the whole spectrum of firms in Slovenia as financing conditions have eased, it has improved significantly less for vulnerable firms across several dimensions. As, on account of accommodative monetary policy, the survival of vulnerable firms has been sustained for longer, their recovery rate has also increased. However, their share to the total pool of firms in Slovenia has been continuously decreasing and remains at a historical low. The results are commensurate with the findings of the ECB’s workstream on productivity, innovation and technological progress based on data from 11 European countries (excluding Slovenia). These findings imply that at least from the credit allocation dimension, the protracted accommodative monetary policy of the recent years has not adversely affected aggregate productivity dynamicsTEXTknjigebooksSlovenian National E-content AggregatorNational and University Library of Slovenia