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The typology of partial credit guarantee funds around the world

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  • Beck, Thorsten
  • Klapper, Leora F.
  • Mendoza, Juan Carlos
Abstract
This paper presents data on 76 partial credit guarantee schemes across 46 developed and developing countries. Based on theory, we discuss different organizational features of credit guarantee schemes and their variation across countries. We focus on the respective role of government and private sector and different pricing and risk reduction tools and how they are correlated across countries. We find that government has an important role to play in funding and management, but less so in risk assessment and recovery. There is a surprisingly low use of risk-based pricing and limited use of risk management mechanisms.

Suggested Citation

  • Beck, Thorsten & Klapper, Leora F. & Mendoza, Juan Carlos, 2010. "The typology of partial credit guarantee funds around the world," Journal of Financial Stability, Elsevier, vol. 6(1), pages 10-25, April.
    • Handle: RePEc:eee:finsta:v:6:y:2010:i:1:p:10-25
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    1. Columba, Francesco & Leonardo, Gambacorta & Paolo Emilio, Mistrulli, 2008. "Firms as monitor of other firms: mutual guarantee institutions and SME finance," MPRA Paper 14032, University Library of Munich, Germany.
    2. Beck, Thorsten & Demirguc-Kunt, Asli & Laeven, Luc & Maksimovic, Vojislav, 2006. "The determinants of financing obstacles," Journal of International Money and Finance, Elsevier, vol. 25(6), pages 932-952, October.
    3. Klapper, Leora & Laeven, Luc & Rajan, Raghuram, 2006. "Entry regulation as a barrier to entrepreneurship," Journal of Financial Economics, Elsevier, vol. 82(3), pages 591-629, December.
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    6. Ghatak, Maitreesh & Guinnane, Timothy W., 1999. "The economics of lending with joint liability: theory and practice," Journal of Development Economics, Elsevier, vol. 60(1), pages 195-228, October.
    7. Thorsten Beck & Augusto De La Torre, 2007. "The Basic Analytics of Access to Financial Services," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 16(2), pages 79-117, May.
    8. Beck, Thorsten & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2002. "Financial and legal constraints to firm growth - Does size matter?," Policy Research Working Paper Series 2784, The World Bank.
    9. Beck, Thorsten & Demirguc-Kunt, Asli, 2006. "Small and medium-size enterprises: Access to finance as a growth constraint," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2931-2943, November.
    10. Ghatak, Maitreesh, 2002. "Erratum to "The economics of lending with joint liability: theory and practice" [J. Devel. Econ. 60 (1999) 195-228," Journal of Development Economics, Elsevier, vol. 69(1), pages 305-306, October.
    11. Ghatak, Maitreesh & Guinnane, Timothy W., 2003. "Erratum to "The economics of lending with joint liability: theory and practice" [J. Devel. Econ. 60 (1999) 195-228," Journal of Development Economics, Elsevier, vol. 70(1), pages 261-262, February.
    12. Honohan, Patrick, 2010. "Partial credit guarantees: Principles and practice," Journal of Financial Stability, Elsevier, vol. 6(1), pages 1-9, April.
    13. Arping, Stefan & Lóránth, Gyöngyi & Morrison, Alan D., 2010. "Public initiatives to support entrepreneurs: Credit guarantees versus co-funding," Journal of Financial Stability, Elsevier, vol. 6(1), pages 26-35, April.
    14. Asim Ijaz Khwaja & Atif Mian, 2005. "Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(4), pages 1371-1411.
    15. Adasme, Osvaldo & Majnoni, Giovanni & Uribe, Myriam, 2006. "Access and risk - friends or foes? Lessons from Chile," Policy Research Working Paper Series 4003, The World Bank.
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