We investigate whether government credit guarantee schemes, extensively used at the onset of the Covid-19 pandemic, led … government guarantees contributed to the continued extension of credit to relatively creditworthy firms hit by the pandemic, but … to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this …

We investigate whether government credit guarantee schemes, extensively used after the onset of the Covid-19 pandemic … guarantees contributed to the continued extension of credit to relatively creditworthy firms hit by the pandemic, but also …, led to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study …