This paper estimates the causal effect of financial constraints on the short-term performance of Finnish SMEs using survey data from 2016-2024 and propensity score matching (PSM). We examine six outcomes: turnover, employment, investment, profitability, solvency, and innovation, and report...

This paper estimates the causal effect of financial constraints on the short-term performance of Finnish SMEs using survey data from 2016-2024 and propensity score matching (PSM). We examine six outcomes: turnover, employment, investment, profitability, solvency, and innovation, and report...

This paper analyzes the effectiveness of green financial policies—green credit policies and free emissions allowances—at improving emission efficiency while supporting output. We develop a heterogeneous-firm model with financial constraints and endogenous adoption of cleaner capital. The...