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

Julien Brault

Revue d'économie financière, 2023, vol. N° 150, issue 2, 169-180

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.

JEL-codes: G02 H25 O16 (search for similar items in EconPapers)
Date: 2023
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