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Palgrave Handbook of Econometrics, Volume 2: Applied Econometrics
- Publisher
- Wiley
- Copyright
- © 2019 The editors of The Scandinavian Journal of Economics.
- ISSN
- 0347-0520
- eISSN
- 1467-9442
- DOI
- 10.1111/sjoe.12332
- Publisher site
- See Article on Publisher Site
Abstract
We evaluate the effectiveness of a partial credit guarantee program, implemented in a large Italian region, that aimed to improve the access to credit of small and medium enterprises. Using unique microdata from a broad set of firms, we show that the policy increased the long‐term loans for beneficiary firms, while the total volume of bank loans was unaffected. Furthermore, targeted firms benefited from a substantial decrease in interest rates. However, there is some evidence that firms are more likely to default as a consequence of the treatment. Conversely, the results do not point to any significant effect on investments.
Journal
The Scandinavian Journal of Economics – Wiley
Published: Jan 1, 2020
Keywords: ; ;