Research & Market Analysis

Research & Market Analysis (RMA) is a key element of our strategic development. RMA supports EIF’s strategic decision-making, product development and mandate management processes through applied research and market analyses. RMA works as internal advisor, participates in international fora and maintains liaison with many organisations, universities, and institutions.

EIF Working Paper Series
has been designed to make available to a wider readership selected topics and studies in relation to EIF´s business. The Working Papers are edited by RMA. They are typically authored or co-authored by EIF staff and are usually published in English and in electronic format (PDF).

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Date Title
24/06/2019 EIF Working Paper 2019/056: The real effects of EU loan guarantee schemes for SMEs: a pan European assessment
17/04/2019 EIF Working Paper 2019/055: The economic impact of VC investments supported by the EIF.
05/02/2019 EIF Working Paper 2019/054: Econometric study on the impact of EU loan guarantee financial instruments on growth and jobs of SMEs
17/12/2018 EIF Working Paper 2018/053: European Small Business Finance Outlook, December 2018
03/12/2018 EIF Working Paper 2018/052: "The effects of EU-funded guarantee instruments of the performance of Small and Medium Enterprises - Evidence from France"
27/09/2018 EIF Working Paper 2018/051: "EIF VC Survey 2018 - Fund managers’ perception of EIF’s Value Added" - September 2018
02/07/2018 EIF Working Paper 2018/50: European Small Business Finance Outlook - June 2018
12/06/2018 EIF Working Paper 2018/49: EIF SME Access to Finance Index - June 2018 update
26/04/2018 EIF Working Paper 2018/48 - EIF VC Survey 2018 - Fund managers’ market sentiment and views on public intervention
23/01/2018 EIF Working Paper 2018/47 - EIF SME Access to Finance Index, January 2018
18/12/2017 EIF Working Paper 2017/046 – European Small Business Finance Outlook, December 2017
13/12/2017 EIF Working Paper 2017/045 – The value of innovation for EIF-backed startups - Volume IV of "The European venture capital landscape: an EIF perspective"
19/09/2017 EIF Working Paper 2017/044, “Financing Micro Firms in Europe: An Empirical Analysis”, September 2017
02/07/2017 EIF Working Paper 2017/43, "European Small Business Finance Outlook”, June 2017
02/06/2017 EIF Working Paper 2017/42, "Credit Guarantee Schemes for SME lending in Western Europe”
10/04/2017 EIF Working Paper 2017/41, Liquidity events and returns of EIF-backed VC investments - Volume III of "The European venture capital landscape: an EIF perspective"
06/03/2017 EIF Working Paper 2017/40, "Financing Patterns of European SMEs Revisited : An Updated Empirical Taxonomy and Determinants of SME Financing Clusters"
23/02/2017 EIF Working Paper 2017/39: “Guaranteeing Social Enterprises – The EaSI way”
16/12/2016 EIF Working Paper 2016/38 - Growth patterns of EIF-backed startups - Volume II of "The European venture capital landscape: an EIF perspective"
14/12/2016 EIF Working Paper 2016/37- European Small Business Finance Outlook, December 2016
25/07/2016 EIF Working Paper 2016/36 - The role of cooperative banks and smaller institutions for the financing of SMEs and small midcaps in Europe, July 2016
29/06/2016 EIF Working Paper 2016/35 - European Small Business Finance Outlook, June 2016
01/06/2016 EIF Working Paper 2016/34 - The impact of EIF on the Venture Capital ecosystem - Volume I of “The European venture capital landscape: an EIF perspective”.
11/01/2016 EIF Working Paper 2016/33 - Evaluating the impact of European microfinance. The foundations
14/12/2015 EIF Working Paper 2015/32 - European Small Business Finance Outlook, December 2015
02/12/2015 EIF Working Paper 2015/31 - SME Securitisation – at a crossroads?
16/11/2015 EIF Working Paper 2015/30 - Financing patterns of European SMEs: An Empirical Taxonomy
20/07/2015 EIF Working Paper 2015/29 - The Economic Impact of EU Guarantees on Credit to SMEs - Evidence from CESEE Countries
30/06/2015 EIF Working Paper 2015/28 - European Small Business Finance Outlook, June/2015
27/05/2015 EIF Working Paper 2015/27 - Bridging the University Funding Gap
18/12/2014 EIF Working Paper 2014/26 - European Small Business Finance Outlook, December 2014
21/10/2014 EIF Working Paper 2014/25 - Institutional non-bank lending and the role of debt funds
19/06/2014 EIF Working Paper 2014/24 - European Small Business Finance Outlook, June 2014
05/06/2014 EIF Working Paper 2014/23 - Pricing Default Risk: The good, the bad, and the anomaly
08/04/2014 EIF Working Paper 2014/22 - Guidelines for SME Access to Finance Market Assessments (GAFMA)
20/01/2014 EIF Working Paper 2014/21 - Financing the Mobility of Students in European Higher Education
12/12/2013 EIF Working Paper 2013/20 - European Small Business Finance Outlook
31/10/2013 EIF Working Paper 2013/19 - SME Loan Securitisation 2.0: Market Assessment and Policy Options
03/06/2013 EIF Working Paper 2013/18 - European Small Business Finance Outlook
27/05/2013 EIF Working Paper 2013/17 - Forecasting distress in European SME portfolios
12/12/2012 EIF Working Paper 2012/16 - European Small Business Finance Outlook
22/08/2012 EIF Working Paper 2012/15 – The importance of leasing for SME finance
29/05/2012 EIF Working Paper 2012/14 - European Small Business Finance Outlook, May 2012
20/01/2012 EIF Working Paper 2012/13 – Progress for microfinance in Europe
09/12/2011 EIF Working Paper 2011/12 – The European Small Business Finance Outlook, Dec. 2011
08/11/2011 EIF Working Paper 2011/11 – Business Angels in Germany - EIF’s initiative to support the non-institutional financing market
10/06/2011 EIF Working Paper 2011/10 - The European Small Business Finance Outlook
17/05/2011 EIF Working Paper 2011/9 – The performance and prospects of European Venture Capital
12/11/2010 EIF Working Paper 2010/8 – Impact of Legislation on Credit Risk. How different are the UK and Germany?
07/10/2010 EIF Working Paper 2010/7 – SME Loan Securitisation – an important tool to support European SME lending
19/08/2010 EIF Working Paper 2010/6 – Drivers of Private Equity Investment Activity: are Buyout and Venture Investors Really So Different?
01/06/2010 EIF Working Paper 2010/5 – Private Equity Market Outlook- a summary of the macroeconomic outlook and current issues.
29/04/2010 EIF Working Paper 2010/4 – Private Equity and Venture Capital Indicators. A research of EU-27 Private Equity and Venture Capital Markets
24/02/2010 EIF Working Paper 2010/3 - The Private Equity market in Europe. Rise of a new cycle or tail of the recession?”
10/12/2009 EIF Working Paper 2009/2 - Financing Technology Transfer
23/11/2009 EIF Working Paper 2009/1 - Microfinance in Europe - A market overview
Date Title

Joint publications: 

Date Title

“How do micro firms differ in their financing patterns from larger SMEs?”, by Masiak, C., Block, J.H., Moritz, A., Lang, F., and Kraemer-Eis, H., in: Venture Capital, An International Journal of Entrepreneurial Finance, Published online: 15 April 2019.


“Access to funds: how could CMU support SME financing?”, , by Kraemer-Eis, H., and Lang, F., in: Kotz, H.-H., and Schäfer, D. (2017). “EU Capital Markets Union – alluring opportunity or blind alley? Concept and micro-perspectives of CMU“, DIW Vierteljahrshefte zur Wirtschaftsforschung (Quarterly Journal of Economic Research), Vol. 86, 1/2017, October 2017, pp. 95-110.


“SME Securitisation in Europe - a short summary”, by Kraemer-Eis, H., in: Securitisation & Structured Finance Handbook 2018.


“Beyond the Equity Efficiency Trade-Off: Practical ideas for inclusive growth and competitiveness in Europe”. World Economic Forum & EIB Group. March 2017.


"The Shortage of Risk Capital for Europe’s High Growth Businesses", by AFME in conjunction with Accountancy Europe, BAE, BusinessEurope, Deutsche Börse Group, eban, European Investment Fund, Euronext, European Crowdfunding Network, FESE, Invest Europe, London Stock Exchange Group, Nasdaq. 07.03.2017.


"Bottlenecks in financing SMEs’ competitiveness", by Kraemer-Eis, H., Lang, F., Torfs, W., and Gvetadze, S., in “Investment and Investment Finance in Europe – Financing productivity growth”, an European Investment Bank (EIB) publication, November 2016, pp. 193ff.


"SME credit guarantees issued by EIF", by Kraemer-Eis, H. and Van Steensel, V.,  in "Revue Bancaire et Financière 2016", Ref.: Rev.banc.fin/Bank Fin 2016, 5, pp.291-298.

2016 "Business Angel Research: illusion and disillusion", by Kraemer-Eis, H., in "Business Angels Netzwerk Deutschland newsletter", issue 1/2016, pp.13ff.
2015 "Tackling SMEs asymmetric risk: the EIB Group approach" by Revoltella, D. and Kraemer-Eis, H., in "Who takes the risks for funding SMEs? European Economy", 2015/2, October 27, 2015, pp. 131ff.
2015 "SME Securitization in Europe", by Kraemer-Eis, H. and Passaris, G., in "The Journal of Structured Finance", Vol. 20, No. 4, Winter 2015, pp. 97-106 (access to the article via subscription to the journal only ).
2015 "SME finance in Europe", by Kraemer-Eis, H., Lang, F., Gvetadze, S., in “Investment and Investment Finance in Europe 2015: Investing in Competitiveness”, an European Investment Bank (EIB) publication, March 2015 , pp. 97ff.
2014 "A Practical Approach to the Market Analysis Part of SME-Related Ex-ante Assessments", in "European Structural and Investment Funds Journal (EStIF)"2014/3, Lexxion, November 2014, pp. 200-211.
2014 "The importance of leasing for SME financing in Euromoney’s World Leasing Yearbook 2014.

"Bottlenecks in SME financing", by Kraemer-Eis, H., Lang F., Gvetadze S., in "Investment and Investment Finance in Europe", p. 277ff, an European Investment Bank (EIB) publication.


"Improving the funding landscape for entrepreneurs", by Pelly, R. and Kraemer-Eis, H. in "SMEs in the single market. A growth agenda for the 21st century", a Lisbon Council Publication.

2011 "EIF & EVCA: the European Private Equity Market Outlook"


"Creating a Better Business Environment for Financing Business, Innovation and Green Growth by Pelly, R. and Kraemer-Eis, H., in "OECD Journal. Financial Market Trends, Volume 2011 – Issue 1.


"Microfinance in Europe", by Eriksson, P.-E., Kraemer-Eis, H. and Conforti A., in  APS Bank., n. 10 Occasional Papers, pp 49-86.


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