stable finance. One efficient way to promote SME financing is through credit guarantee schemes, where the government … analysis of factors that determine optimal credit guarantee ratio. The ratio should be able to fulfill the government's goal of … results show that three categories of factors can determine the optimal credit guarantee ratio: (i) government policy, (ii …

We exploit Italian Central Credit Register data to investigate the effectiveness of subsidized credit programs for … credit and subsidized loans, we find that larger firms substitute public financing for bank lending, while there is not such …

We evaluate the effectiveness of a partial credit guarantee program implemented in a large Italian region using unique …