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Who Benefits from Credit Subsidies?

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Author Info
Eleonora Patacchini () (Università di Roma 'La Sapienza' and IZA)

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Abstract

We investigate the impact of interest rate subsidies on the total amount of borrowing and on the average cost of borrowing using data on a panel of bank-firm relationships in Italy. Our analysis reveals that subsidies are likely to reach borrowers that would have received finance even without a subsidy, and that they have no significant real effect on lending. The bank administering the program benefits at least partially of the rents they generate and its appropriation is found to be larger the larger its market power and its informational advantage to competitors.

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File URL: http://www.rivistapoliticaeconomica.it/2007/set-ot/patacchini.php
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Publisher Info
Article provided by SIPI Spa in its journal Rivista di Politica Economica.

Volume (Year): 97 (2007)
Issue (Month): 5 (September-October)
Pages: 175-202
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Handle: RePEc:rpo:ripoec:v:97:y:2007:i:5:p:175-202

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Find related papers by JEL classification:
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages

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This page was last updated on 2009-12-11.

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