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- Title
Partial credit guarantees and firm performance: evidence from Colombia.
- Authors
Arráiz, Irani; Meléndez, Marcela; Stucchi, Rodolfo
- Abstract
This paper studies the effect of government-backed partial credit guarantees on firms' performance in Colombia. These guarantees are automatically granted by the National Guarantee Fund (NGF) to firms without enough collateral to lift their credit constraints. We put together a panel of firms covering the period 1997-2007 that allows us to control for observed and unobserved firm characteristics potentially affecting both the selection of firms into the program and firms' performance. We find that firms that gain access to credit backed by the NGF were able to grow in terms of both output and employment. However, we do not find any effect on productivity, wages, or investment.
- Subjects
COLOMBIA; ORGANIZATIONAL performance; CREDIT; PUBLIC sector; JOB creation; INVESTMENTS
- Publication
Small Business Economics, 2014, Vol 43, Issue 3, p711
- ISSN
0921-898X
- Publication type
Article
- DOI
10.1007/s11187-014-9558-4