We evaluate the effectiveness of a partial credit guarantee program implemented in a large Italian region using unique microdata from a broad set of firms. Our results show that the policy was effective to the extent that it resulted in an improved financial condition for the beneficiary firms....

The paper presents a critical discussion of ex-post impact evaluation of policies that affect regional economic development, with a particular emphasis on drawing useful implications for policy making. In particular, it discusses the importance of setting clear and measurable objectives in...