1  Cf. Fergal McCann and Tara McIndoe-Calder. “Determinants of SME Loan Default: The Importance of Borrower-Level Heterogeneity,” Central Bank of Ireland Research Technical Paper 6RT12, September 2012.
BIS central bankers’ speeches  1  The modern economy is driven by firms: they generate the bulk of employment, and the output that supports the wages and salaries, as well as feeding directly and indirectly into the tax revenue needed to support the social and economic infrastructure that underpins all of economic activity.