their creditworthiness and compare different types of subsidies with indirect subsidization through public banks. We find … that, in a large parameter range, the politician prefers public banks to direct subsidies because they avoid windfall gains … subsidies. One important prerequisite for this result is that public banks must not be allowed to fully compete with private …

their creditworthiness and compare different types of subsidies with indirect subsidization through public banks. We find … that, in a large parameter range, the politician prefers public banks to direct subsidies because they avoid windfall gains …-tive to subsidies. One important prerequisite for this result is that public banks must not be allowed to fully compete with …

; development bank ; state aid ; subsidies ; governance … their creditworthiness and compare different types of subsidies with indirect subsidization through public banks. We find … that, in a large parameter range, the politician prefers public banks to direct subsidies because they avoid windfall gains …

their creditworthiness and compare different types of subsidies with indirect subsidization through public banks. We find … that, in a large parameter range, the politician prefers public banks to direct subsidies because they avoid windfall gains … subsidies. One important prerequisite for this result is that public banks must not be allowed to fully compete with private …

their creditworthiness and compare different types of subsidies with indirect subsidization through public banks. We find … that, in a large parameter range, the politician prefers public banks to direct subsidies because they avoid windfall gains … subsidies. One important prerequisite for this result is that public banks must not be allowed to fully compete with private …

subsidized loans to direct subsidies, because these avoid windfall gains to entrepreneurs,and they economize on screening costs …. For similar reasons, subsidized loansmay increase social welfare relative to subsidies. From a welfare perspective …

subsidized loans to direct subsidies, because these avoid windfall gains to entrepreneurs,and they economize on screening costs …. For similar reasons, subsidized loansmay increase social welfare relative to subsidies. From a welfare perspective …

types of direct subsidies with indirectly subsidized loans. We find that, in a large parameter range, politicians prefer … subsidized loans to direct subsidies, because these avoid windfall gains to entrepreneurs, and they economize on screening costs …. For similar reasons, subsidized loans may increase social welfare relative to subsidies. From a welfare perspective …