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  1. Loan guarantees, bank lending and credit risk reallocation
    Author: Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea; Vlassopoulo, Thomas
    Published: November 2021
    Publisher:  CSEF, Centre for Studies in Economics and Finance, Department of Economics, University of Naples, Naples, Italy

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 660
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    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / CSEF, Centre for Studies in Economics and Finance ; no. 629
    Subjects: loan guarantees; bank lending; COVID-19 pandemic; substitution; credit risk
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  2. Loan guarantees, bank lending and credit risk reallocation
    Author: Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea; Vlassopoulo, Thomas
    Published: [2021]
    Publisher:  EIEF, Einaudi Institute for Economics and Finance, [Rom]

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 730
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    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: EIEF working paper ; 21, 13 (November 2021)
    Subjects: loan guarantees; bank lending; COVID-19 pandemic; substitution; credit risk
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  3. Loan guarantees, bank lending and credit risk reallocation
    Author: Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea; Vlassopoulos, Thomas
    Published: [2021]
    Publisher:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    We investigate whether government credit guarantee schemes, extensively used at the onset of the Covid-19 pandemic, led to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this issue... more

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 108
    Inter-library loan:
    No inter-library loan

     

    We investigate whether government credit guarantee schemes, extensively used at the onset of the Covid-19 pandemic, led to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this issue using a unique euro-area credit register data, matched with supervisory bank data, and establish two main findings. First, guaranteed loans were mostly extended to small but comparatively creditworthy firms in sectors severely affected by the pandemic, borrowing from large, liquid and well-capitalized banks. Second, guaranteed loans partially substitute pre-existing non-guaranteed debt. For firms borrowing from multiple banks, the substitution mainly arises from the lending behavior of the bank extending guaranteed loans. Substitution was highest for funding granted to riskier and smaller firms in sectors more affected by the pandemic, and borrowing from larger and stronger banks. Overall, the evidence indicates that government guarantees contributed to the continued extension of credit to relatively creditworthy firms hit by the pandemic, but also benefited banks’ balance sheets to some extent.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248407
    Series: CFS working paper series ; no. 672
    Subjects: loan guarantees; bank lending; COVID-19 pandemic; substitution; credit risk
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  4. Loan guarantees, bank lending and credit risk reallocation
    Author: Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea; Vlassopoulos, Thomas
    Published: 15 November 2021
    Publisher:  Centre for Economic Policy Research, London

    Access:
    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 161
    Inter-library loan:
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    Location:
    Universitätsbibliothek Mannheim
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    No inter-library loan
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16727
    Subjects: loan guarantees; bank lending; Covid-19 pandemic; substitution; credit risk
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen