In this paper, we use the Blinder-Oaxaca method for nonlinear models to decompose observed differences in credit …

We investigate whether government credit guarantee schemes, extensively used at the onset of the Covid-19 pandemic, led … to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this … issue using a unique euro-area credit register data, matched with supervisory bank data, and establish two main findings …

margin. This study contributes valuable insights into the efficacy of public credit support programs during crises …