摘要：The paper investigates if Credit Guarantee Schemes (CGSs) have an effect on Small and Medium Enterprises (SMEs) bankruptcies. In such a framework, some recent studies are devoted to deepen the issue at national level. Most of them conclude that the CGSs may increase the probability of SMEs bankruptcies, suggesting the questions of moral hazard and adverse selection as possible motivations. In our analysis we consider a selection of countries examined by the Organisation for Economic Cooperation and Development (OECD) and perform a simple linear regression study in order to analyze the effectiveness of CGSs at international level. Results from the analysis are mixed, suggesting that the CGSs do not necessarily have a positive or negative impact on SMEs bankruptcies and more motivations are to be found in the specific country peculiarities.
关键词：Guarantee schemes; Credit; Default; Moral hazard; Adverse selection
