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Can Microcredit projects pro innovation influence the European Integration Process?

Fostering sustainable growth and employment is one of the main objectives of the European Union’s Lisbon Agenda. Its achievement depends strongly on the success of the Small and Medium enterprises (SMEs), so on their ability to innovate. Innovation is a result of strong investments that are not affordable for such enterprises without the access to financial markets. Financing innovative SMEs is considered by many as a risky activity due to high transaction costs and low average returns especially for investments in early stage firms. This leads to gaps of finance provision in the marketplace. Improved policies on the provision of guarantees and microcredit can be used to facilitate access to lending. As far as microcredit is considered, this paper concern will be to investigate whether this financing mechanism applied to SMEs can foster innovation and growth. Consequently, whether it can help achieve a better cohesion among the EU countries together with the objectives of the Lisbon Agenda. Microcredit can be applied in two main directions: on the one hand, it can fulfil the need for capital of SMEs and thus, foster their investments in R&D; on the other hand, while these enterprises are jointly liable for the loan they receive, it can push them working together and therefore achieving better results. Nevertheless, much more efforts have to be done both by the European institutions, in order to single out specific regions where these programs should be applied, and by the microfinance sector, in order to implement a more efficient and specialised service.

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Samuele Centorrino – ID 993683 Can Microcredit projects pro innovation influence the European Integration process? Abstract Fostering sustainable growth and employment is one of the main objectives of the European Union’s Lisbon Agenda. Its achievement depends strongly on the success of the Small and Medium enterprises (SMEs), so on their ability to innovate. Innovation is a result of strong investments that are not affordable for such enterprises without the access to financial markets. Financing innovative SMEs is considered by many as a risky activity due to high transaction costs and low average returns especially for investments in early stage firms. This leads to gaps of finance provision in the marketplace. Improved policies on the provision of guarantees and microcredit can be used to facilitate access to lending. As far as microcredit is considered, this paper concern will be to investigate whether this financing mechanism applied to SMEs can foster innovation and growth. Consequently, whether it can help achieve a better cohesion among the EU countries together with the objectives of the Lisbon Agenda. Microcredit can be applied in two main directions: on the one hand, it can fulfil the need for capital of SMEs and thus, foster their investments in R&D; on the other hand, while these enterprises are jointly liable for the loan they receive, it can push them working together and therefore achieving better results. Nevertheless, much more efforts have to be done both by the European institutions, in order to single out specific regions where these programs should be applied, and by the microfinance sector, in order to implement a more efficient and specialised service. Acknowledgements: I would like to thank Marco, Mario, Giovanni, Antonello, Chiara and Laura for useful comments and support, not really related to this paper but to the whole sense of life; Audrey for inspiring me when the inspiration was gone. Università Commerciale L. Bocconi – a.y. 2005-2006 4

Laurea liv.II (specialistica)

Facoltà: Economia

Autore: Samuele Centorrino Contatta »

Composta da 56 pagine.

 

Questa tesi ha raggiunto 277 click dal 08/05/2007.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.