Using data for the Italian Central Guarantee Fund for Small and Medium Enterprises, the paper analyses the effect of partial credit guarantees on firms’ financing. We show that neglecting heterogeneity in guarantee intensities, namely considering all firms as equally treated, leads to a...

Using annual bilateral data over the period 1988–2011 for a panel of 26 industrialised and emerging economies, we analyse in a time-varying framework the determinants of output synchronisation in EMU (European Monetary Union) distinguishing between core and peripheral member states. The...