Boschi, Melisso; Girardi, Alessandro; Ventura, Marco - In: Journal of Financial Stability 15 (2014) C, pp. 182-194
Using data for the Italian Central Guarantee Fund for Small and Medium Enterprises, the paper analyses the effect of partial credit guarantees on firms’ financing. We show that neglecting heterogeneity in guarantee intensities, namely considering all firms as equally treated, leads to a...