The impact of public loan guarantees on banks’ risk taking and firms’ growth: Evidence from France (notice n° 156774)
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| fixed length control field | 02365cam a2200277 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250112031740.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Gazaniol, Alexandre |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | The impact of public loan guarantees on banks’ risk taking and firms’ growth: Evidence from France |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2021.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 10 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Ce papier analyse l’efficacité des dispositifs de garantie de Bpifrance, qui constituent le principal dispositif public de garantie de crédit bancaire en France. Nous montrons d’abord que les banques commerciales mobilisent davantage les garanties publiques pour financer des projets relativement risqués. En mobilisant des techniques d’appariement sur score de propension et des estimateurs en double-différence, nous montrons que les garanties publiques ont un impact positif sur la survie, l’investissement, le chiffre d’affaires et l’emploi des entreprises. Nous estimons que le montant de dotation publique immobilisé pour chaque emploi additionnel est compris entre 2800 et 3 500 euros selon le fonds de garantie. Classification JEL : G21, G28, H81, L25, L26 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This paper investigates the economic impact and cost-efficiency of the loan guarantee programs of Bpifrance, which form the main public loan guarantee scheme in France. We first document that commercial banks are more likely to use public loan guarantees for investment projects which appear relatively risky ex ante. Second, using propensity score matching techniques and difference-in-difference estimators, we show that loan guarantees have a positive impact on firm survival, sales, investment and employment. We compute the gross amount of public endowment needed to create an additional job, which ranges from €2,800 to €3,500 depending on the guarantee target. JEL Classification: G21, G28, H81, L25, L26 |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | financial frictions |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | loan guarantees |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | firms’ growth |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | access to finance |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | financial frictions |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | loan guarantees |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | firms’ growth |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | access to finance |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Lê, Mathilde |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Économie & prévision | o 218 | 1 | 2021-12-06 | p. 67-104 | 0249-4744 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-economie-et-prevision-2021-1-page-67?lang=en">https://shs.cairn.info/journal-economie-et-prevision-2021-1-page-67?lang=en</a> |
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