We study the public loan guarantee programs implemented in Italy in the aftermath of the Covid-19 pandemic. Guided by a theoretical model and relying on a unique loan-level dataset covering the period between December 2019 and March 2021, including both guaranteed and non-guaranteed loans, we...

This paper analyzes the risk-taking behavior of open-end corporate bond funds after the outbreak of the COVID-19 pandemic and the policy interventions that followed it. Using monthly security-level information on portfolio holdings at the global level in 2020, we show that funds more exposed to...