Bibliography on Guarantee Institutions

We wish to cordially thank our Founding President Pablo Pombo for compiling this bibliography on Guarantee Institutions. We also welcome suggestions for additional titles: if you want to contribute to this bibliography please write to info@aecm.eu to get in contact with us.

Some of the publications by AECM are available upon request, you can contact us via email for more information.


A

AECM. 1995. Declaración Final y conclusiones del III Congreso europeo de SCM. Ed. AECM, Bruselas.

AECM. 2004A. Guarantee Schemes in Europe. Informe, Secretaría General de la AECM, Ed. AECM, Bruselas.

AECM. 2004B. Los sistemas de garantía miembros de la AECM. Informe Secretaría General de la AECM. Ed. AECM, Bruselas.

AECM. 2006A. Small and medium-sized European enterprises and the way they are financed. The point of view of the loan guarantees schemes. Informe Secretaría General de la AECM. Ed. AECM, Bruselas.

AECM. 2006B. Typology and glossary of technical terms. Flash Bulletin, nº 2, February. Informe, Secretaría General de la AECM. Ed. AECM,  Bruselas.

AECM. 2010. Las garantías y la recuperación: El impacto de las medidas de garantía anticrisis. Ed. AECM.

Anginer, D., A. De La Torre, and Ize, A. 2014. Revisiting the Case for Public Guarantees: A Frictions-based Approach, in Emerging Issues in Financial Development – Lessons from Latin America. Ed. Tatiana Didier and Sergio L. Schmukler. Washington, DC: The World Bank Group.

Arvai, Z., R. Rocha, and Saadani, Y. 2011. A Review of Credit Guarantee Schemes in the Middle East and North Africa Region. Policy Research Working Paper 5612. Washington, DC: The World Bank Group.

Asdrubali, P. and Signore, S. 2015. The economic impact of EU Guarantees on Credit to SMEs. July, European Economy Discussion Paper.

Asian Development Bank. 2011. Partial Credit Guarantees. Manila: Asian Development Bank.

Association of African Development Finance Institutions. 2014. Proc. of High Level Seminar on Credit Guarantee Schemes and Improving Access to Finance for SMEs. Ghana, Accra. June 2014.

Association of African Development Finance Institutions. 2011. Prudential Standards, Guidelines and Rating System for African Development Banks and Finance Institutions.


B

Banque Ouest Africaine De Développement. 2011. Etudes Sur Les Instruments De Garantie Et Le Marché Des Garanties Bancaires Dans La Zone De L’Union Economique Et Monétaire Ouest Africaine (UEMOA). Rep. Lome. January 2011.

Bartoli, F., Ferri, G., Murro, P. and Rotondi, Z. 2012. Bank-firm relations and the role of Mutual Guarantee Institutions at the peak of the crisis. February, Working Paper.

Basel Committee on Banking Supervision. 2006. Basel II –International Convergence of Capital Measurement and Capital Standards. Basel: Bank for International Settlements – Basel Committee on Banking Supervision.

Basel Committee on Banking Supervision. 2011. Basel III: A global regulatory framework for more resilient banks and banking systems. Basel: Bank for International Settlements – Basel Committee on Banking Supervision.

Basel Committee on Banking Supervision. 2015. Developments in Credit Risk Management across Sectors: Current Practices and Recommendations. Consultative Document. Basel Committee on Banking Supervision.

Basel Committee on Banking Supervision. 2008. Principles for Sound Liquidity Risk Management and Supervision. Basel: Bank for International Settlements – Basel Committee on Banking Supervision.

Basel Committee on Banking Supervision. 2011. Principles for the Sound Management of Operational Risk. Basel: Bank for International Settlements – Basel Committee on Banking Supervision.

Basel Committee on Banking Supervision. 2006. Sound Credit Risk Assessment and Valuation for Loans. Basel: Bank for International Settlements – Basel Committee on Banking Supervision.

Basel Committee on Banking Supervision. 2014. Supervisory Framework for Measuring and Controlling Large Exposures. Basel: Bank for International Settlements.

Basel Committee on Banking Supervision. 2006. The Management of Banks’ Off-balance-sheet Exposures. Basel: Bank for International Settlements – Basel Committee on Banking Supervision.

Beck, T., A. Demirgüç-Kunt, and M. S. Martinez Peria. 2008. Banking SMEs around the World: Drivers, Obstacles, Business Models, and Lending Practices. Policy Research Working 4785. Washington, DC: The World Bank Group.

Beck, T., L. F. Klapper, and J. C. Mendoza. 2010. The Typology of Partial Credit Guarantee Funds around the World. Journal of Financial Stability, 6(1): 10-25.

Benavides, G. and A. Huidobro. 2008. Are Loan Guarantees Effective? The Case of Mexican Government Banks. http://ssrn.com/abstract=637385.

Bennett, F., A. Doran and H. Billington. 2005. Do Credit Guarantees Lead to Improved Access to Financial Services? Recent Evidence from Chile, Egypt, India, and Poland. Department for International Development, London, Policy Division Working Paper.

Berg, G. and M. Fuchs. 2013. Bank Financing of SMEs in Five Sub-Saharan African Countries: The Role of Competition, Innovation, and the Government. Policy Research Working Paper 6563. Washington, DC: The World Bank Group.

Boocock, G., and M. N. M. Shariff. 2005. Measuring the effectiveness of credit guarantee schemes. International Small Business Journal, 23(4): 427-454.

Busetta, G., Presbitero, A.F. (2007). Confidi, piccole imprese e banche: un’analisi empirica. December. Working Paper

Busetta, G., Zazzaro, A. 2006. Mutual Loan-Guarantee Societies in Credit Markets with adverse selection: Do they act as a sorting device? Working Paper.


C

Calice, P. 2013. African Development Finance Institutions: Unlocking the Potential. Working Paper 174. Tunis: African Development Bank Group.

Camino, D. and Cardone, C. 1999. The Valuation and Cost of Credit Insurance Schemes for SMEs: The Role of the Loan Guarantee Associations. International Small Business Journal, 17(4), pp. 3-31.

Columba, F., L. Gambacorta, and Mistrulli P. E. 2009. Mutual Guarantee Institutions and Small Business Finance. Working paper no. 290. Basel: Bank for International Settlements.

Columba, F., Gambacorta, L. and Mistrulli, P.E. 2009. The effects of mutual guarantee consortia on the quality of bank lending, April, Revue Bancaire et Financière.


D

D’Auria, C., Porretta, P. 2015. La garanzia consortile e le regole di vigilanza prudenziale. June. Working Paper Spazio Confidi.

Deelen, L. and K. Molenaar. 2004. Guarantee Funds for Small Enterprises: A Manual for Guarantee Fund Managers. Ed. International Labor Organization. Geneva: International Labor Organization.

D’ignazio, A. and Menon, C. 2013. The causal effect of credit guarantees for SMEs: evidence from Italy. February. Banca d’Italia Working Paper No. 900.


E

European Commission. 2006. Guarantees and Mutual Guarantees. Best Report No. 3. Expert Group on Best Practice in the Field of Guarantees. Brussels: European Commission.


F

Ferrari A. et al., (2014). Credit Guarantee Schemes, Credit Guarantee Schemes for SME lending in Central, Eastern and South-Eastern Europe, November, Working Paper. Vienna Initiative.

Fiechter, J. L. and P. H. Kupiec. 2003. Promoting the Effective Supervision of State-Owned Financial Institutions. Unpublished Manuscript. Washington, DC: International Monetary Fund.

Foley, P. 1992. Local economic policy and job creation: a review of evaluation studies. Urban Studies, 29 (3-4), pp. 557-598.

Freedman, P. L. 2004. Designing loan Guarantees to Spur Growth in Developing Countries. US Agency for International Development.


G

Gallurt, J., Ramírez, J.N., Pombo, P. and Molina, H. 2013. “¿Los Sistemas de Garantía se orientan al prestatario o a las entidades de crédito? Estudio de la experiencia en Latinoamérica”. Estudios de Economía Aplicada, 31 (1), pp. 1-20.

Gergerli, İ. 2019. Hidden Power of the Japanese Economy: Credit Guarantee Corporations. Ankara: Kuban Matbaacılık Yayıncılık. Available for download.

Green, A. 2003. Credit Guarantee Schemes for Small Enterprises: An Effective Instrument to Promote Private Sector-Led Growth? Working Paper 10. Vienna: United Nations Industrial Development Organization.

Griffith-Jones, S., Tyson, J. and Calice, P. 2011. The European Investment Bank and SMEs: key lessons for Latin America and the Caribbean. January. Serie Financiamento para el Desarrollo.

Gropp, R., Gruendl, C. and Guettler, A. 2010. The Impact of public guarantees on bank risk taking: evidence from a natural experiment. December. ECB Working Paper.


H

Hansen, A., C. Kimeria, B. Ndiangu, N. Oshry, and J. Wendle. 2012. Assessing Credit Guarantee Schemes for SME Finance in Africa – Evidence from Ghana, Kenya, South Africa and Tanzania. Working Paper 123. Paris: Agence Française De Développement.

Honohan, P. 2010. Partial Credit Guarantees: Principles and Practice. Journal of Financial Stability 6 (1): 1–9.

International Finance Corporation. 2011. Scaling up Access to Finance for Agricultural SMEs – Policy Review and Recommendations. Washington, DC: Global Partnership for Financial Inclusion.


I

International Finance Corporation. SME Finance Policy Guide – G20 Policy Report. Washington, DC: The World Bank Group.


K

KPMG. 2011. Credit access guarantees – A Public Asset between State and Market, International Survey on Guarantee Market Players.

Kramer, D. 2012. Credit Guarantee Schemes for Small Businesses: Between Euphoria and Skepticism – Concepts and Experiences with Institutional Structures in Europe and Latin America – with Case Illustrations from Germany and Brazil. Unpublished manuscript.


L

Lelarge, C., Sraer, D. and Thesmar, D. 2008. Entrepreneurship and Credit Constraints: Evidence from a French Loan Guarantee Program. Mimeo. Berkeley: University of California.

Leone, P. and G. A. Vento (eds.). 2012. Credit Guarantee Institutions and SME Finance. Palgrave MacMillan.

Levistky, J. 1997. Credit Guarantee Schemes for Small Business Lending. A Global Perspective. Alan Doran, Graham Bannock and Partners Ltd. vol. I.

Llisterri, J. J. 1997. Credit guarantee systems: preliminary conclusions. The Financier 4 (1–2), Feb/May, pp. 95-99.


M

Manove, M., Padilla, J. and Pagano, M. 2001. Collateral versus Project Screening: a model for lazy Banks. Rand Journal of Economics, 32 (4), pp. 736-744.

Merton, R. 1977. An Analytical Derivation of the Cost of Deposit Insurance and Loan Guarantees. Journal of Banking and Finance 1: 3 – 11.

Mhlanga, N., C. Miller, and R. Zander. 2013. Credit Guarantee Systems for Agriculture and Rural Enterprise Development. Rome: Food and Agriculture Organization.


O

Organization for Economic Cooperation and Development (OECD). 2005. OECD Guidelines on Corporate Governance of State-Owned Enterprises. Paris: OECD.

OECD. 2012. SME and Entrepreneurship Financing: The Role of Credit Guarantee Schemes and Mutual Guarantee Societies in supporting finance for small and medium-sized enterprises. Paris: OECD.

OECD. 2015. G20/OECD High-level principles on SME financing.

OECD. 2016A. OECD/EC Survey on evaluating publicly supported credit guarantee programmes for SMEs.  Paris: OECD. Available for download.

OECD. 2016B. Evaluating costs and benefits of policy interventions to facilitate SME access to credit: lessons from a literature review. Paris: OECD. Available for download.

OECD. 2016C. OECD/EC Survey on evaluating publicly supported financial guarantee programmes for smes: synthesis of responses. Paris: OECD. Available for download.

OECD. Setting-up the Conditions to Establish a Credit Guarantee Scheme (CGS) for Agribusiness SMEs in Ukraine, September 2013 – February 2016.  http://www.oecd.org/globalrelations/ukraine-cgs.htm.


P

Pombo, P. and Herrero, A. 2001. Los sistemas de garantía para la micro y la pyme en una economía globalizada. Sevilla: DP Editorial.

Pombo, P. 2006. Aportes conceptuales y características para una clasificación internacional de los sistemas/esquemas de garantía. Tesis Doctoral. Universidad de Córdoba. 

Pombo, P. and Figueiredo, J.F. 2006. La experiencia europea para promover el acceso al crédito de las micro, pequeñas y medianas empresas (MIPYMEs) a través de sistemas de garantía, in Ed. Iberoamerican Secretariat General (SEGIB). La extensión del crédito y los servicios financieros,  pp.157-169. Madrid.

Pombo P, Molina H., and Ramírez J.N. 2006. The European framework of guarantee systems/schemes: main characteristics and concepts. Journal for SME Development, nº 1, September. Ed. Small & Medium Enterprise Administration, Ministry of Economic Affairs and Small & Medium Business Credit Guarantee Fund (SMEG). Pp. 97-127. Taipei (Taiwan).

Pombo, P. Molina, H. and Ramírez, J. 2007. The American Framework Guarantee Systems/Schemes. Main Concepts and Characteristics. Journal of Small Medium Enterprise Development. Vol. 4, pp. 39 – 68.

Pombo P, Molina H., and Ramírez J.N. 2007A. Propuesta para una clasificación y terminología internacional de los esquemas/sistemas de garantía: conceptos, características, tipologías y definiciones. Revista Facultad de Ciencias Económicas de la Universidad de Granada (Colombia), Vol. XV (1), pp. 53-76.

Pombo, P., Molina, H and Ramírez, J. 2008. Conceptual Contributions and Characteristics for Classifying Guarantee Systems/Schemes. Servicio de Publicaciones, Serie Premios Unicaja. Prize UNICAJA for Economic Research (Second edition). Málaga. Available for download in ENGLISH and SPANISH.

Pombo G. P., H. Molina Sánchez, and J. N. Ramírez. 2008. Marco De Los Sistemas/Esquemas De Garantía En Latinoamérica E Iberoamérica: Conceptos y Características. in “Los Sistemas de Garantía de Iberoamérica: Experiencias y Desarrollos Recientes.” Lima: REGAR y ALIDE.

Pombo, P. Molina, H. and Ramírez, J. 2013. Clasificación de los sistemas de garantía desde la experiencia latinoamericana. IDB Working Paper. Available for download in ENGLISH and SPANISH.

Pombo, P., Molina, H and Ramírez, J. 2014. Los sistemas de garantía. la expansión de la actividad en los sistemas de garantía: las relaciones con el sector financiero. Coletaneas garantias 2014 Parceria SEBRAE-REGAR. Available for download in Spanish.

Pombo, P., Molina, H. and Ramírez, J. N. 2015. The Guarantee Schemes: keys for their implementation. Documento nº 13 de la Asociación Española de Contabilidad y Administracion de Empresas AECA. Madrid. Available for download


R

Reig Pérez, A. and Ramírez Comeig, I. 1998. Efecto de la información asimétrica sobre el riesgo y el comportamiento de las sociedades de garantía recíproca: un análisis empírico. Revista Española de Financiación y Contabilidad, 95 (abril-junio), pp. 469-497.

Riding, A., J. Madill and G. Haines. 2007. Incrementality of SME Loan Guarantees. Small Business Economics, 29(1): 47-61.

Riding, A.L. and Haines, G. 2001. Loan Guarantees: Costs of Default and benefits to small firms. January. Journal of Business Venturing.

Rudolph, H. P. 2009. State Financial Institutions: Mandates, Governance and Beyond. Policy Research Working Paper 5141. Washington, DC: The World Bank Group.


S

Scmidt, A.G. and van Elkan, M. 2010. Macroeconomic Benefits of German Guarantee Banks. Quantification of the macroeconomic effects of the activities of German Guarantee Banks under the framework conditions of the global financial and economic crisis. Available for download.

Scott, D. H. 2007. Strengthening the Governance and Performance of State-Owned Financial Institutions. Policy Research Working Paper 4321. Washington, DC: The World Bank Group.

SEBRAE and REGAR. 2014 Coletaneas garantias 2014. Parceria SEBRAE-REGAR. Available for download in Spanish.

Shim, I. 2006. Corporate Credit Guarantees in Asia. BIS Quarterly Review. Basel: Bank for International Settlements.


W

World Bank Group. 2013. Global Financial Development Report 2013: Rethinking the Role of the State in Finance. Washington, DC: The World Bank Group.

World Bank Group. 2014. Global Financial Development Report 2014: Financial Inclusion. Washington, DC: The World Bank Group.

World Bank Group. 2015. Principles for Public Credit Guarantee Schemes (CGSs) for SMEs. Washington, DC: The World Bank Group.

Winpenny, J. 2005. Guaranteeing Development? The Impact of Financial Guarantees. Paris: OECD Development Centre.


Z

Zecchini, S., Ventura, M. 2007. The impact of public guarantees on credit to SMEs. November. Working Paper Small Business Economics.