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This working paper investigates the economic effects of guaranteed loans granted under the EU programmes MAP and CIP on SMEs' growth in Italy, the Benelux and the Nordic countries (Denmark, Finland, Norway and Sweden) from 2002 to 2016. In these macro-regions, the facilities supported 174,107...
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and weak contract enforcement at home, domestic expansion of SMEs is constrained by the necessity of awarding trade credit … to new clients. We show that small firms with a lot of outstanding trade credit expand sales the most following export …
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