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Les garanties de crédit de l’Union européenne avant et après la crise de la Covid-19 : rôle et impact

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  • Julien Brault

Abstract

Loan guarantees played a central role in the fiscal response to the Covid-19 recession. A central question is whether they indeed produced the expected positive effects. We review existing empirical evaluations of the impact of loan guarantees, focusing on European Union guarantees between 2002 and 2016. The study confirms the notion that this policy supported the growth of small and medium-sized enterprises and reduced their bankruptcy rates. However, we also identify areas where this tool did not have a significant positive impact. These findings may be useful for the formulation of public policy and for assessing the effectiveness of loan guarantees in the aftermath of the Covid-19 crisis. JEL Classification: G02, H25, O16.

Suggested Citation

  • Julien Brault, 2023. "Les garanties de crédit de l’Union européenne avant et après la crise de la Covid-19 : rôle et impact," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 169-180.
    • Handle: RePEc:cai:refaef:ecofi_150_0169
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    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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