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 …

variables and the macroeconomy by estimating a panel Bayesian VAR model for twelve euro area countries. The model is estimated …

macroeconomy by estimating a panel Bayesian VAR model for twelve euro area countries. The main findings are as follows: i) An …