Small and Medium-sized Enterprises’ Credit Rationing on the Tunisian Bank Credit Market
Philippe Adair, Fredj Fhima

We use a disequilibrium model to estimate credit rationing to Small and Mediumsized Enterprises (SMEs) on the Tunisian bank credit market. Based on a panel dataset of 1,275 SMEs over the period 2001-2006, results show that the demand for bank credit is not determined by “endogenous” factors, i.e. the activity level and internal available resources of SMEs, but rather by “exogenous” factors, i.e. the cost of financing and guarantees required by banks. The latter, especially real guarantees, explain to a large extent the lack of bank lending and results in an average share of 80% — partially or totally — credit rationed SMEs.

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