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Out of credit: Evaluating the impact of the EU structural funds on Hungarian small business growth and access to finance

Maroshegyi, Christopher and Nagy, Sándor Gyula (2010) Out of credit: Evaluating the impact of the EU structural funds on Hungarian small business growth and access to finance. Köz-gazdaság, 5 (3). pp. 113-127.

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Abstract

Totaling EUR 29 billion, Hungary is in the midst of implementing its largest economic development program in its young democratic history. At the center of the European Union led development program is an effort to revitalize and reequip Hungary’s languishing small and medium sized enterprises (SME), long the country's heart of employment. This paper examines the efficiency and impact of two Structural Fund's instruments to enhance SME development – ECOP 2.1.1 and JEREMIE. A survey of 1275 SME and interviews with dozens of top policy-makers paint a flawed development program in dire need of reform. Despite this, empirical analysis suggests JEREMIE funds may have dampened the effects of the financial crisis and are crucial for the continued liquidity of SME, who have been particularly hit hard by the world financial crisis.

Item Type:Article
Uncontrolled Keywords:small and medium sized enterprises (SME), Hungary, economic development program
Subjects:Economic policy
Economic development
ID Code:264
Deposited By: Ádám Hoffmann
Deposited On:16 Feb 2011 10:39
Last Modified:03 Jul 2012 00:24

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