This paper is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and the arguments employed herein do not necessarily reflect the official views of OECD member countries. The publication of this document has been authorised by Lamia Kamal-Chaoui, Director of the Centre for Entrepreneurship, SMEs, Regions and Cities. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.
The present report analyses the extent to which capital markets have provided capital to SMEs since the GFC, focusing on three kinds of financial instruments that have proven especially important in providing finance to SMEs undergoing major transitions during the past few years:
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