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A valuation method for the facilitated impact of State aid in the form of loan guarantee schemes

Author

Listed:
  • Eleonora Broccardo

    (Università di Trento)

Abstract

The aim of the paper is to assess the efficiency of public aid in form of a guarantee, given the Ec State aid law. A State aid element valuation method for guarantee schemes, which highlights the effect of State aid on credit risk mitigation and takes into account the criteria for Ec eligibility, has been first modelled and then tested on guarantee schemes to Smes Italian regional loan portfolios. The result is an efficient model of credit risk intermediation with the inclusion of State aid, which positively influences the facilitated lending relationship between enterprises, mutual guarantee societies, banks and the public sector.

Suggested Citation

  • Eleonora Broccardo, 2009. "A valuation method for the facilitated impact of State aid in the form of loan guarantee schemes," BANCARIA, Bancaria Editrice, vol. 11, pages 48-69, November.
    • Handle: RePEc:ban:bancar:v:11:y:2009:m:november:p:48-69
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    File URL: http://www.bancariaeditrice.it/prodotti/vedi/prodotto/id/1969/bancaria-n-11-2009
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    More about this item

    Keywords

    state aid; guarantee; gross grant equivalent;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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