We show that public guaranteed loans (PGL) increase credit availability improving real effects, but private banks' incentives imply that weaker banks shift riskier corporate loans to taxpayers. We exploit credit register data during the COVID-19 shock in Spain, and a stylized model guides the...

This report is part of an annual series from the Clean Energy Technology Observatory that address the status of technology development and trends, value chains and markets in the European Union and internationally. The present report aims to provide an overall integrated analysis of the clean...