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dc.contributor.authorHONOHAN, PATRICK THOMAS
dc.date.accessioned2009-08-13T14:27:55Z
dc.date.available2009-08-13T14:27:55Z
dc.date.issued2009
dc.date.submitted2009en
dc.identifier.citationPatrick Honohan 'Partial credit guarantees: principles and practice' in Journal of Financial Stability, 2009en
dc.identifier.otherY
dc.identifier.otherYen
dc.identifier.urihttp://hdl.handle.net/2262/31746
dc.descriptionACCEPTEDen
dc.description.abstractPartial credit guarantee schemes have experienced renewed interest from governments keen to promote financial access for small enterprises, not least as a response to the credit crunch in advanced economies. While the market can find uses for partial credit guarantees, the attractions for public policy can be illusory: indeed their most attractive feature for myopic politicians may be the ease with which the true cost of guarantees can be understated, at least at the outset. In practice, the actual fiscal cost of existing schemes has varied widely across countries and has represented a high per dollar subsidy in some cases. Despite the recent application of some innovative techniques, the social benefit of such schemes has proved difficult to estimate, not least because their goals have been vague. Operational design has influenced the cost and apparent effectiveness of different schemes and has also varied widely. Clear and precise goals, against which performance is regularly monitored, realistic pricing verified by consistent and transparent accounting, and attention to the incentive features of operational design, especially for the intermediaries, are among the prerequisites for such schemes to have a good chance of truly achieving improvements in social welfare.en
dc.format.extent228359 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.publisherElsevieren
dc.relation.ispartofseriesJournal of Financial Stabilityen
dc.rightsYen
dc.subjectEconomicsen
dc.titlePartial credit guarantees: principles and practiceen
dc.typeJournal Articleen
dc.type.supercollectionscholarly_publicationsen
dc.type.supercollectionrefereed_publicationsen
dc.identifier.peoplefinderurlhttp://people.tcd.ie/phonohan


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