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| Author: | Zecchini, S. Ventura, M. |
| Title: | The impact of public guarantees on credit to SMEs |
| Journal: | Small business economics
2009 : FEB, VOL. 32:2, p. 191-206 |
| Index terms: | financing credit public sector guarantees small and medium-sized enterprises (smes) small business Italy |
| Language: | eng |
| Abstract: | This study provides an in-depth evaluation of the impact of public credit guarantees to SMEs in increasing credit availability and reducing borrowing costs, without compromising their financial sustainability. Extensive econometric tests are performed by comparing the performance of the SMEs benefiting from such guarantees in Italy, with a sample of comparable firms. Confirmed is the presence of a causal relationship btw. the public guarantee and the higher debt leverage of guaranteed firms, and their lower debt cost, as well. In these respects, the guarantee instrument of Italy has proved to be an effective one. |
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