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Confidi, Piccole Imprese E Banche: Un'Analisi Empirica
[Mutual Loan-Guarantee Societies, Small Firms and Banks: An Empirical Investigation]

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Author Info
Busetta, Giovanni
Presbitero, Andrea F.

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Abstract

The paper analyzes the relationships between mutual loan-guarantee societies (MLGS), small firms and banks trying to evaluate the role played by the guarantees granted by MLGSs and by different banks on the availability and the cost of credit. We focus on a sample of firms member of a specific MLGS and we run different econometric exercises in order to identify the effects of the interaction between local firms, banks and MLGS on credit rationing, on the cost of credit, and on the time and the number of guarantees required to obtain a line of credit. Our findings suggest a critical relevance of the MLGS guarantees on the local firms’ credit access and conditions. Finally, while the existing evidence points out a reduction in the cost of credit due to MLGSs intermediation, our analysis stresses the heterogeneity of the benefits for local firms, which depends substantially by the guarantees provided by the MLGS and by the reference banks.

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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7832.

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Date of creation: Mar 2008
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Handle: RePEc:pra:mprapa:7832

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Related research
Keywords: Mutual Loan Guarantee Societies (MLGS); Guarantee; Small business lending; Local banks;

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Find related papers by JEL classification:
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Guiso, Luigi, 2003. "Small business finance in Italy," EIB Papers 10/2003, European Investment Bank, Economic and Financial Studies. [Downloadable!]
  2. Allen N. Berger & Gregory F. Udell, 1998. "The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle," Finance and Economics Discussion Series 1998-15, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  3. N. Gregory Mankiw, 1986. "The Allocation of Credit and Financial Collapse," NBER Working Papers 1786, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Boot, Arnoud W A & Thakor, Anjan V, 1994. "Moral Hazard and Secured Lending in an Infinitely Repeated Credit Market Game," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(4), pages 899-920, November. [Downloadable!] (restricted)
  5. Jonathan Morduch, 1999. "The Microfinance Promise," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1569-1614, December. [Downloadable!] (restricted)
  6. de Aghion, Beatriz Armendariz & Gollier, Christian, 2000. "Peer Group Formation in an Adverse Selection Model," Economic Journal, Royal Economic Society, vol. 110(465), pages 632-43, July. [Downloadable!] (restricted)
  7. Giovanni BUSETTA & Alberto ZAZZARO, 2006. "Mutual Loan-Guarantee Societies in Credit Markets with Adverse Selection: Do They Act as a Sorting Device?," Working Papers 273, Universita' Politecnica delle Marche (I), Dipartimento di Economia. [Downloadable!]
  8. Berger, Allen N & Udell, Gregory F, 1995. "Relationship Lending and Lines of Credit in Small Firm Finance," Journal of Business, University of Chicago Press, vol. 68(3), pages 351-81, July. [Downloadable!] (restricted)
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