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Public Initiatives to Support Entrepreneurs

Abstract:

We analyze financial support for the entrepreneurial sector. State support can raise welfare by relaxing financial constraints, but it can also reduce lending standards if entrepreneurs substitute public sources of collateral for their own assets, if it encourages excessive entrepreneurial entry, or if it undermines bank monitoring incentives. We derive a "pecking order" for support schemes: support funds should be channeled first to credit guarantee schemes and then, when entrepreneurs start...

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Publication date:
2010-01-01
URN:
uuid:81de9619-e708-4e66-b4fe-a35840b79af7
Local pid:
oai:eureka.sbs.ox.ac.uk:1674

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