Credit guarantees and SME efficiency |
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Authors: | Antonio Garcia-Tabuenca Jose Luis Crespo-Espert |
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Institution: | 1.Instituto de Análisis Económico y Social,Universidad de Alcala,Alcala de Henares,Spain |
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Abstract: | The aim of this article is to analyse one of the most traditional SME-support measures, the allocation of guarantees by the
Spanish guarantee system. A counterfactual approach is adopted to evaluate the result of a public policy. Three groups of
companies that constitute the casuistry of long-term financial supports to companies (guarantees, guarantees and preferential
funding, or just preferential funding), as well as another two control groups are studied. The results suggest that public
support is relevant at economic, financial and business efficiency levels. The advantages can be observed mainly in the weakest
companies, where the capacity to tackle projects is facilitated, although they do not manage to reduce their financial costs
until they reach relative levels similar to those reached by companies not accessing the guarantee system. |
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