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Public Guarantees to SMEs Borrowing. An Evaluation
The paper evaluates the effectiveness of a program (Fondo Centrale di Garanzia, FCG) that aims at supporting firm access to bank credit by providing public guarantees. We make use of the official dataset provided by the Italian Ministry of Economic Development, involving detailed information on about 200,000 requests of guarantees evaluated by the FCG from 2005 to 2012. Additional data are drawn from Cerved and the Central Credit Register. The identification strategy relies on a fuzzy-RDD design and it exploits the fact that under the scheme eligibility is awarded only to firms that display good pre-request balance-sheet observables. The effectiveness of the program is evaluated according to a large number of firm-level outcomes referring to both financial (credit flows, interest rates, bad loans) and real (sales, investments) aspects.
Guido de Blasio is currently Deputy Chief at the Regional Analysis Division of the Structural Economic Analysis Department of the Bank of Italy. His research interests cover many fields in applied economics, such as financial economics, labor economics, development economics, and regional sciences. He obtained the Ph.D. in Economics from the University of Siena and a Master in Banking and Finance at the same University. He was visiting scholar at Columbia University, Georgetown University, Central European University and the London School of Economics. He taught economics, at master level, at the International Training Centre of ILO in Torino and at the University of Tor Vergata in Roma. Before working at the Bank of Italy he held positions at the International Monetary Fund and at the World Bank in Washington D.C.
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