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Basel III - Financial stability at the Expense of innovation and economic growth? : An Analysis of the Possible Effects Basel III have on Access to Funding for Small and Medium Sized Enterprises, Entrepreneurs and Economic Growth

Jul-Larsen, Lene
Master thesis
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http://hdl.handle.net/11250/276151
Utgivelsesdato
2014
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  • Master Thesis [3749]
Sammendrag
This thesis investigates the impact of intro

ducing the Basel III banking regulations. Specifically

how it affects access to funding for innovative SMEs and entrepreneurs. Access to funding for

these ent

erprises is vulnerable, thus an

interesting question is whether Basel III improves or

deteriorates

the situation.

The financial crisis had a major negative impact on the world economies and caused permanent

losses, both

contributing to a d

ownward revision

of prospects for economic growth. SMEs and

entrepreneurs are key participants in impr

oving economic growth, hence the question of how

Basel III affect economic growth through

possible changes in access to funding for SMEs and

entrepreneurs is

also

addressed in this thesis.

Both empirical studies and the discussion

s

in this thesis find

evidence of Basel III affecting

access to funding for SMEs and entrepreneurs in a

negative way. I

t causes reduced lending and

increased credit risk premiums

,

affecting SMEs and entrepreneurs to a

greater

extent than la

r

ger

fi

r

ms

. However, findings suggest

that the country

-

to

-

country differences will diverge. I also

find that SMEs and entrepreneurs’ access to funding is dependent on the economic

environment. Thus, a stable economy, which is the objective of Basel III, in the long term, may

ease the access t

o bank lending. This effect also applies

to

alternative

funding such as venture

capital. Both bank lending and venture capitalists are procyclical in supply of credit, hence less

fluctuation

in the economy result

in

a

reduction in volatility of the suppl

y of credit

to SMEs and

entrepreneurs

.

Based on these findings the impact on economic growth

seems to be divided. The findings

implies a slowdown in economic growth in the short term, while future prospects will increase

because stability in the economy r

educe probability of a costly crisis and ease the access to

funding.

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