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The European Fund for Strategic Investments (EFSI) causal effects of a state lending policy

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  • Frayman, David

Abstract

We examine the impact of a major lending programme of the European Investment Bank (EIB) on firm investment. Using a difference-in-differences design applied to a unique dataset of loan recipients, we find that EIB loans led to substantial additional growth in recipients’ fixed assets. This provides the first causal evidence on the additionality of large state investment bank loans made directly to firms. The findings highlight the potential for strategic public lending to advance policy agendas for sustainable economic growth.

Suggested Citation

  • Frayman, David, 2026. "The European Fund for Strategic Investments (EFSI) causal effects of a state lending policy," LSE Research Online Documents on Economics 130858, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:130858
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    File URL: https://researchonline.lse.ac.uk/id/eprint/130858/
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    Keywords

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    JEL classification:

    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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