Public guarantees: a countercyclical instrument for SME growth. Evidence from the Spanish Region of Madrid
Public guarantees: a countercyclical instrument for SME growth. Evidence from the Spanish Region of Madrid
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公共担保：中小企业增长的反周期工具。
DOI：
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发表时间：
2019
影响因子：
6.4
通讯作者：
Jorge Morán Santor
中科院分区：
文献类型：
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作者：
Rodrigo Martín;Jorge Morán Santor
本文分析了公共信用担保对中小企业经营活动和投资的影响。我们的研究重点是西班牙马德里地区的主要区域相互担保机构，涵盖了经济周期和信贷环境的两个不同阶段：首先，该国的金融危机与信贷约束的全方位（2009-2011），后来，与信贷扩张的复苏阶段（2012-2015）。使用基于经济活动和公司规模的倾向评分匹配，我们表明，担保允许放松信贷约束，推动营业额和投资在经济衰退和增长。我们还发现，相互担保计划构成了更大的刺激企业在收缩，因此，他们可以作为反周期政策。此外，虽然担保对所有小公司（雇员少于50人的公司）都有重大影响，但对微型企业（雇员少于10人的公司）的影响最大。我们显示的活动，担保构成了更大的推动，这可能会通知公共政策的设计，为特定类型的企业。
This paper analyses the effects that public credit guarantees have on SME business activity and investment. We focus the study on the main regional mutual guarantee institution in the Spanish Region of Madrid, covering two distinct stages of the economic cycle and credit environments: first, the full range of the country’s financial crisis with credit constraints (2009–2011), and later, the recovery stage with credit expansion (2012–2015). Using propensity score matching based on economic activity and company size, we show that guarantees allow for the relaxation of credit constraints, driving turnover and investment during both recession and growth. We also find that mutual guarantee schemes constituted a greater stimulus for firms during contraction; thus, they can act as countercyclical policies. Moreover, although guarantees had a substantial effect on all small companies (those with fewer than 50 employees), they had the greatest impact on microenterprises (those with fewer than 10 employees). We show the activities for which guarantees constitute a greater boost, which may inform public-policy designs for specific types of business.