WORKING PAPER SERIES NO. 407 / NOVEMBER 2004: BANKING CONSOLIDATION AND SMALL BUSINESS LENDING potx

WORKING PAPER SERIES

NO. 407 / NOVEMBER 2004

BANKING

CONSOLIDATION

AND SMALL

BUSINESS LENDING

by Előd Takáts

In 2004 all

publications

will carry

a motif taken

from the

€100 banknote.

WORKING PAPER SERIES

NO. 407 / NOVEMBER 2004

BANKING

CONSOLIDATION

AND SMALL

BUSINESS LENDING 1

by Előd Takáts 2

This paper can be downloaded without charge from

http://www.ecb.int or from the Social Science Research Network

electronic library at http://ssrn.com/abstract_id=601027.

1 I am indebted to Patrick Bolton, Princeton University for his guidance throughout this paper. I am also thankful to Philipp Hartmann, David

Marquez Ibanez, Reint Gropp and Cyril Monnet at the European Central Bank, to Gábor Virág at Princeton University and the

participants at the ECB Directorate Monetary Policy and at the Princeton student seminar for their comments and suggestions.

All remaining errors are mine. Part of this research was completed while visiting the European Central Bank, Capital

Markets and Financial Structures Division. I am grateful to the European Central Bank for hospitality.

2 Department of Economics, Princeton University, Fisher Hall, Princeton, 08544-1021 NJ, USA;

e-mail: [email protected]

© European Central Bank, 2004

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