Credit Guarantee Schemes – Are They Efficient? Experience from European Union Countries
The paper aims to assess selected elements of the business models of credit guarantee schemes (CGSs) implemented in 20 European Union countries within the financial framework between 2007 and 2013. This paper focuses on the CGSs’ financial additionality that depends mainly on how these programs are...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Lodz University Press
2022-12-01
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| Series: | Comparative Economic Research |
| Subjects: | |
| Online Access: | https://czasopisma.uni.lodz.pl/CER/article/view/15753 |
| _version_ | 1811197725453058048 |
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| author | Halina Waniak‑Michalak Maciej Woźniak Robert Lisowski |
| author_facet | Halina Waniak‑Michalak Maciej Woźniak Robert Lisowski |
| author_sort | Halina Waniak‑Michalak |
| collection | DOAJ |
| description | The paper aims to assess selected elements of the business models of credit guarantee schemes (CGSs) implemented in 20 European Union countries within the financial framework between 2007 and 2013. This paper focuses on the CGSs’ financial additionality that depends mainly on how these programs are managed, the institutions implementing them, the objectives set and their distribution constraints. We analyse the implementation costs and the use of the funds allocated to implement the schemes. To reach the goal, we used several methods: the Kruskal‑Wallis by ranks, the median test, discriminant analysis, multidimensional scaling, and correlation. We also did the power analysis. We discovered that the efficiency of CGS implemented by non‑governmental organisations, mutual guarantee funds and regional agencies is related to the level of regional development. The relationship is not visible only when banks are engaged, which may be due to the impossibility of assigning a bank’s activities to a single region. However, we did not find differences in efficiency between types of organisations that implement CGSs. The answers to the research questions posed in the article can help policymakers and researchers conclude whether it is cost‑effective to continue supporting CGSs and whether the management of these schemes should change. The paper contributes to the economic policy theory in the area of state aid to SMEs and public finance. |
| first_indexed | 2024-04-12T01:19:18Z |
| format | Article |
| id | doaj.art-f509ee93c3e84bb7aa59a6e71dc2d034 |
| institution | Directory Open Access Journal |
| issn | 1508-2008 2082-6737 |
| language | English |
| last_indexed | 2024-04-12T01:19:18Z |
| publishDate | 2022-12-01 |
| publisher | Lodz University Press |
| record_format | Article |
| series | Comparative Economic Research |
| spelling | doaj.art-f509ee93c3e84bb7aa59a6e71dc2d0342022-12-22T03:53:51ZengLodz University PressComparative Economic Research1508-20082082-67372022-12-012548710710.18778/1508-2008.25.3115516Credit Guarantee Schemes – Are They Efficient? Experience from European Union CountriesHalina Waniak‑Michalak0https://orcid.org/0000-0003-1857-4339Maciej Woźniak1https://orcid.org/0000-0001-8520-6443Robert Lisowski2https://orcid.org/0000-0001-9697-1933Ph.D., Associate Professor, University of Lodz, Accounting Department, Lodz, PolandPh.D., AGH University of Science and Technology, Krakow, PolandPh.D., AGH University of Science and Technology, Faculty of Management, Krakow, PolandThe paper aims to assess selected elements of the business models of credit guarantee schemes (CGSs) implemented in 20 European Union countries within the financial framework between 2007 and 2013. This paper focuses on the CGSs’ financial additionality that depends mainly on how these programs are managed, the institutions implementing them, the objectives set and their distribution constraints. We analyse the implementation costs and the use of the funds allocated to implement the schemes. To reach the goal, we used several methods: the Kruskal‑Wallis by ranks, the median test, discriminant analysis, multidimensional scaling, and correlation. We also did the power analysis. We discovered that the efficiency of CGS implemented by non‑governmental organisations, mutual guarantee funds and regional agencies is related to the level of regional development. The relationship is not visible only when banks are engaged, which may be due to the impossibility of assigning a bank’s activities to a single region. However, we did not find differences in efficiency between types of organisations that implement CGSs. The answers to the research questions posed in the article can help policymakers and researchers conclude whether it is cost‑effective to continue supporting CGSs and whether the management of these schemes should change. The paper contributes to the economic policy theory in the area of state aid to SMEs and public finance.https://czasopisma.uni.lodz.pl/CER/article/view/15753credit guarantee schemesbusiness modeleuropean unionefficiencynon‑governmental organisationssmall and medium enterprises |
| spellingShingle | Halina Waniak‑Michalak Maciej Woźniak Robert Lisowski Credit Guarantee Schemes – Are They Efficient? Experience from European Union Countries Comparative Economic Research credit guarantee schemes business model european union efficiency non‑governmental organisations small and medium enterprises |
| title | Credit Guarantee Schemes – Are They Efficient? Experience from European Union Countries |
| title_full | Credit Guarantee Schemes – Are They Efficient? Experience from European Union Countries |
| title_fullStr | Credit Guarantee Schemes – Are They Efficient? Experience from European Union Countries |
| title_full_unstemmed | Credit Guarantee Schemes – Are They Efficient? Experience from European Union Countries |
| title_short | Credit Guarantee Schemes – Are They Efficient? Experience from European Union Countries |
| title_sort | credit guarantee schemes are they efficient experience from european union countries |
| topic | credit guarantee schemes business model european union efficiency non‑governmental organisations small and medium enterprises |
| url | https://czasopisma.uni.lodz.pl/CER/article/view/15753 |
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