Bibliography on Guarantee Institutions

The following non-exhaustive list gives an overview of literature on guarantees and guarantee institutions.


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.

Allinson, G., Robson, P., Stone, I. (2013). Economic Evaluation of the Enterprise Finance Guarantee (EFG) Scheme. Link

Althammer, W., Hoßfeld, O., Siegert, G. (2011). 20 Jahre Bürgschaftsbank Sachsen: Effekte auf die wirtschaftliche Entwicklung in Sachsen. Study mandated by the Guarantee Bank of Saxony. Link

Amamou, R., Gereben, A., and Wolski, M. (2020). Making a difference: assessing the impact of EIB’s funding to SMEs. EIB Working Paper. Link

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. Link

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


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.

Barros, J., Martin, T., Sauvagnat, J., Vallée, B. (2019). Employment Effects of Alleviating Financing Frictions: Worker-level Evidence from a Loan Guarantee Program. In Proceedings of Paris December 2019 Finance Meeting EUROFIDAI-ESSEC. Link

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. Link

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.

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.

Bertoni, F., Brault, J., Colombo, M., Quas, A., Signore, S. (2019). Econometric study on the impact of EU loan guarantee financial instruments on growth and jobs of SME. EIF Working Paper 2019/54. Link

Bertoni, F., Colombo, M., Quas, A. (2018). The effects of EU-funded guarantee instruments of the performance of small and medium enterprises: Evidence from France. EIF Working Paper, No. 2018/52. Link

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

Boschi, M., Girardi, A., Ventura, M. (2014). Partial credit guarantees and SMEs financing. Journal of Financial Stability, 15, 182–194. Link

Bpifrance (2020). Evaluation de l’impact économique des fonds de garantie de place opérés par Bpifrance. Link

Brault, J., Signore, S. (2019). The real effects of EU loan guarantee schemes for SMEs: A pan-European assessment. EIF Working Paper, No. 2019/56. Link

Brault, J., Signore, S. (2020). Credit Guarantees in the COVID-19 crisis – Relevance and Economic Impact. SUERF Policy Note, issue no 176, June 2020. Link

Breemersch, K., Decramer, S., Lecocq, C., Reynaerts, J. (2014). Economische analyse van de Waarborgregeling. Link

Briozzo, A., Cardone-Riportella, C. (2016). Spanish SMEs’ Subsidized and Guaranteed Credit during Economic Crisis: A Regional Perspective. Regional Studies, 50, 496–512. Link

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.


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.

Carbonero Ruz, M., Molina Sánchez, H., Pombo González, P., Ramírez Sobrino, J. (2019). Evaluation of the financial and economic additionality of IBERAVAL, SGR in 2016. Link

Ciani, E., Gallo, M., Rotondi, Z. (2020). Public credit guarantees and financial additionalities across SME risk classes. Banca d’Italia Working Paper 1265. Link

Cocchieri S., Messina A., Nafissi L. (2022). Più credito per tutti? Vent’anni del Fondo di garanzia PMI, tra passato, crisi Covid e futuro. Link

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. Link

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.

Cowling, M. (2010). Economic evaluation of the small firms loan guarantee (SFLG) scheme. Link


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

De Blasio, G., De Mitri, S., D’Ignazio, A., Finaldi Russo, P., Stoppani, L. (2018). Public guarantees to SME borrowing. A RDD evaluation. Journal of Banking and Finance, 96, 73–86. Link

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. (2018). The causal effect of credit guarantees for SMEs: evidence from Italy.  The Scandinavian Journal of Economics, 122, 191–218. Link

Duarte, F., Rodrigues, L., Madeira, M. (2018). Credit Guarantee and the impact in financial structure of the Portuguese SME’s. Chinese Business Review, 17, 179–190. Link


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


Federal Ministry for Economy and Technology (2010). Evaluierung des erweiterten Bürgschaftsprogramms der Bürgschaftsbanken. Zusammenfassung der wichtigsten Ergebnisse.

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.

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


Gai, L., Ielasi, F., Rossolini, M. (2016). SMEs, public credit guarantees and mutual guarantee institutions. Journal of Small Business and Enterprise Development, 23, 1208–1228. Link

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.

Garcia-Tabuenca, A., Crespo-Espert, J. (2010). “Credit guarantees and SME efficiency”. Small Business Economics, 35, 113–128. Link

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.


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.

Hennecke, P., Neuberger, D., Ulbricht, D. (2019). The economic and fiscal benefits of guarantee banks in Germany. Small Business Economics, 53, 771–794. Link

Hennecke, P., Neuberger, D. (2020). Gesamtwirtschaftliche Effekte der Tätigkeit von Bürgschaftsbanken in den Neuen Bundesländern. Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 89(2), pages 63-80. Link

Holtemöller, O., Brautzsch, H., Drechsel, K., Drygalla, A., Giesen, S., Hennecke, P., Kiesel, K., Loose, B., Meier, C., Zeddies, G. (2015). Ökonomische Wirksamkeit der Konjunktur stützenden finanzpolitischen Maßnahmen der Jahre 2008 und 2009. Forschungsvorhaben im Auftrag des Bundesministeriums der Finanzen. IWH Online 4/2015. Link

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.


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

Kramer, D. (2008). Bürgschaftsbanken als Instrument zur Überwindung von Kreditrationierung in Deutschland? Eine empirische Untersuchung in den Ländern Brandenburg und Berlin.

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.


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

Leone, P. and G. A. Vento (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.


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.

Martín-García, R., Morán Santor, J., (2019). Public guarantees: a countercyclical instrument for SME growth. Evidence from the Spanish Region of Madrid. Small Bus Econ (2021) 56:427-449. Link

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.

Mistrulli, P., Vacca, V., Corbisiero, G., del Prete, S., Esposito, L., Gallo, M., Graziano, M., Lozzi, M., Maffione, V., Marangoni, D., Migliardi, A., Tosoni, A. (2011). Mutual Guarantee Institutions (MGIs) and small business credit during the crisis. Questioni di Economia e Finanza, 105, Bank of Italy. Link

Muller, P., Devnani, S., Julius, J. (2017): Economic impact evaluation of the Enterprise Finance Guarantee (EFG) scheme. London Economics, Ipsos MORI. Link


Neuberger, D., Räthke-Döppner, S. (2008). Wirksamkeit von Landesbürgschaften und Bürgschaftsbanken: eine empirische Studie für Mecklenburg-Vorpommern. Zeitschrift für öffentliche und gemeinwirtschaftliche Unternehmen, 31, 386–406. Link

Neuberger, D., Ulbricht, D., Hebebrand, L., Hennecke, P., Kholodilin, K., Laatz, W., Stähr, D. (2017). Gesamtwirtschaftliche und fiskalische Effekte der Tätigkeit von Bürgschaftsbanken in den Neuen Bundesländern. Link

Neuberger, D. (2020). Der Mehrwert von Bürgschaftsbanken und (Rück‐) Bürgschaften für KMU: ein Literaturüberblick. Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 89(2), pages 41-62. Link


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 (2013). Setting-up the Conditions to Establish a Credit Guarantee Scheme (CGS) for Agribusiness SMEs in Ukraine, September 2013 – February 2016.


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


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.

Rodrigues, V., Leitão, A., Nascimento, A., Santos, F., Guedes de Oliveira, F., Ribeiro, R. (2018). “The Mutual Guarantee System in Portugal, Economic and financial additionality over the 2011–2016 period”. Link

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


Schmidt, A., van Elkan, M. (2006). Der gesamtwirtschaftliche Nutzen der deutschen Bürgschaftsbanken. Link

Schmidt, 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.

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.


Valentin, A., Henschel, T. (2013). Do guarantee banks mitigate credit restrictions for SMEs?. International Journal of Entrepreneurship and Small Business, 20, 481–496. Link


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.


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