Korean government has invested significant amount of resources through credit guarantee funds to promote SMEs survival, performance and R&D investment. This study attempts to identify determinants of provision of credit guarantees and estimate their effects on firms R&D expenditures. The...

Many countries offer state credit guarantee programs to improve access to finance for exporting firms. In the case of Germany, accumulated returns to the scheme deriving from risk-compensating premia have outweighed accumulated losses over the past 60 years. Why do private financial agents not...

In this paper we analyze the impact of public export credit guarantees on firms' exports. Earlier studies show that export credit guarantees stimulate exports, employment, and value added. Furthermore, there is evidence at the aggregate level that financial market imperfections are key to...

This paper examines the evolvement, categories, legal basis, operating characteristics, and key concerns of credit guarantee schemes (CGSs) in China. It aims at providing background note on China's CGS as well as useful references for the sustainable development of China's CGS

The paper evaluates the impact of the guarantees provided by the Italian scheme Fondo di Garanzia on the access to credit for small and medium enterprises. The study exploits the mechanism that assigns the guarantees, which is based on a scoring system to assess eligibility. By using regression...

We study the employment effects of loan guarantee programs aiming at mitigating financing frictions for small businesses. Exploiting worker-level panel data combined with plausibly exogenous heterogeneity in policy generosity across French regions, we find that such programs have a significant...

Access to credit is still one of the greatest obstacles to the growth of small and medium-sized enterprises (SMEs) in Viet Nam. To date, only 39% of SMEs have bank loans. To cater to SMEs' need for financial sources, especially formal sources such as the banking system, the Vietnamese government...

We use a natural experiment and matched bank/firm data to identify the effects of bank guarantees on allocative efficiency. We find that with guarantees in place unproductive firms invest more and maintain higher rates of sales growth. Moreover, firms produce less productively. Firms also...

Using a novel combination of mortgage datasets, we analyze the effects of two policy levers that influence the scope of Fannie Mae and Freddie Mac's (GSEs) involvement in the U.S. residential mortgage market. First, we find that small changes in mortgage guarantee fees charged by the GSEs were...

We study the effect of short-term finance on firm growth and its aggregate implications. Using a unique firm-level dataset of a credit guarantee program in Morocco, we show that firms with guaranteed short-term loans expand their production scale homogeneously and sharply decrease their cash...