Uesugi, Iichiro; Sakai, Koji; Yamashiro, Guy M. - In: Journal of the Japanese and International Economies 24 (2010) 4, pp. 457-480
This paper examines the effectiveness of public credit guarantee programs in not only increasing the availability of loans to small and medium enterprises (SMEs), but in also improving the ex-post performance of borrowing firms. Using a unique panel data set, we identify the effects of a massive...