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1、ISSN1725-3187(online)ISSN1016-8060(print)EUROPEANECONOMYEconomicPapers531
2、September2014TheEconomicImpactofLatePaymentsWilliamConnellEconomicandFinancialAffairsEconomicPapersarewrittenbythestaffoftheDirectorate-GeneralforEconomicandFinancialAffairs,orbyexpertsworkinginassociationwithth
3、em.ThePapersareintendedtoincreaseawarenessofthetechnicalworkbeingdonebystaffandtoseekcommentsandsuggestionsforfurtheranalysis.Theviewsexpressedaretheauthor’saloneanddonotnecessarilycorrespondtothoseoftheEuropeanCommission.Commentsandenquiriesshouldbeaddressedto:EuropeanCommissionDirec
4、torate-GeneralforEconomicandFinancialAffairsUnitCommunicationandinterinstitutionalrelationsB-1049BrusselsBelgiumE-mail:ecfin-info@ec.europa.euLEGALNOTICENeithertheEuropeanCommissionnoranypersonactingonitsbehalfmaybeheldresponsiblefortheusewhichmaybemadeoftheinformationcontainedinthisp
5、ublication,orforanyerrorswhich,despitecarefulpreparationandchecking,mayappear.ThispaperexistsinEnglishonlyandcanbedownloadedfromhttp://ec.europa.eu/economy_finance/publications/.MoreinformationontheEuropeanUnionisavailableonhttp://europa.eu.KC-AI-14-531-EN-N(online)KC-AI-14-531-EN-C(p
6、rint)ISBN978-92-79-35180-8(online)ISBN978-92-79-36146-3(print)doi:10.2765/71358(online)doi:10.2765/8075(print)?EuropeanUnion,2014Reproductionisauthorisedprovidedthesourceisacknowledged.EuropeanCommissionDirectorate-GeneralforEconomicandFinancialAffairsEconomicImpactofLatePaymentsWilli
7、amConnellAbstractDelaysinpaymentsinBusinesstoBusiness(B2B)andGovernmenttoBusiness(G2B)transactionsgenerallyhaveanadverseeffectonthecash-flowoffirmandcancausefirms,particularlysmallones,toseekextensionsoftheiroverdraftfacilitiesandincreasetheirborrowing.Latepaymentofcommercialdebtcanpl
8、ayasignificantroleinthesurvivaloffirmsastheirliquiditycanbeseverelyaffected,evenforcingsomefirmstoexitthemarket.Thishasbeenparticularlyimportantduringtheeconomicandfinancialcrisisasaccesstocredithasbeenmorerestricted.Thisnoteaddressestheeconomiceffectoflatepaymentsbyapproximatingthepo
9、ssibl
