EIF Working Paper 2015/29 - The Economic Impact of EU Guarantees on Credit to SMEs - Evidence from CESEE Countries

Research & Market Analysis (RMA) presents " The Economic Impact of EU Guarantees on Credit to SMEs - Evidence from CESEE Countries”, n. 29 of EIF's Working Paper Series. It a joint paper with the European Commission, based on a joint project in the context of the so-called Vienna Initiative.

Credit guarantee schemes have rarely been the subject of rigorous research; consequently, policy makers across the EU lack a reliable impact assessment of these programmes on final SME beneficiaries. This analysis estimates the economic impact at final beneficiary level of the Multi-Annual Programme for enterprises and entrepreneurship EU SME Guarantee Facility in Central, Eastern and South-Eastern European Countries in the period 2005-2012. The findings suggest that the EU SME Guarantee Facility has been successful in bringing significant positive effects on beneficiary firms in these countries, in particular with regard to employment and turnover.

The EIF Working Paper Series has been designed to make available to a wider readership selected topics and studies in relation to EIF´s business. The Working Papers are edited by EIF´s RMA. They are typically authored or co-authored by EIF staff.

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