RT Journal Article
T1 Economic impact of a credit guarantee scheme: evidence from Spain
A1 Trujillo-Ponce, Antonio
A1 di Pietro, Filippo
A1 Corredera-Catalán, Félix
A1 Mandras, Giovanni
K1 SME financing
K1 Credit guarantee scheme
K1 Mutual guarantee societies
K1 Financial support policies
K1 Economic additionality
K1 Input–output model
AB Credit guarantee schemes have emerged as one of the preferred choices for policy makers concerned about financing small and medium-sized enterprises (SMEs). This article assesses the economic impact of a credit guarantee scheme by using data from a Spanish regional guarantee company for the years 2019 and 2020. We employ an input–output (IO) model, which is a robust methodology that has not been previously used in this type of study. Our findings confirm that a credit guarantee scheme has a positive impact on economic growth, as evidenced by increases in output, gross domestic product (GDP), and employment. We also evaluate the support measures implemented by the regional government to reduce the liquidity shortfalls experienced by SMEs during the COVID-19 pandemic, corroborating that during crises, government financial support policies to guarantee systems yield positive macroeconomic effects in the region in which they are implemented.
PB Taylor & Francis
YR 2024
FD 2024-02-26
LK https://hdl.handle.net/10433/20552
UL https://hdl.handle.net/10433/20552
LA en
NO Policy Studies, 2024, 1–23.
NO Proyectos de investigaciónSEJ-555
NO Deoartamento de Economía Financiera y Contabilidad. Universidad Pablo de Olavide.
DS RIO
RD May 8, 2026