Abstract

CASTILLO BONILLA, José Augusto  and  GIRON, Luis Eduardo. Measuring the importance of the National Guarantees Fund in the mobilization of credit to SMEs. estud.gerenc. [online]. 2014, vol.30, n.130, pp.18-24. ISSN 0123-5923.

This paper claims to establish and measure the impact that the guarantee provided by the National Guarantees Fund (Fondo Nacional de Garantías) has on the flow of credit to Small and Medium Enterprise (SMEs). Based on information provided by Asobancaria, Superintendencia Financiera and the National Guarantees Fund for the period 2003: I to 2010: III, an econometric model was estimated using a dynamic ordinary least square estimation. The empirical results show that the guarantee given by the National Guarantees Fund influences in the volume of loans to the SMEs. However, its economic influence is not significant.

Keywords : Information asymmetric; Credit rationing; SMEs; National Guarantees Fund; Dynamic ordinary least square.

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