Credit Guarantee Institutions and SME Finance

01 02 In many countries mutual guarantee schemes and institutions help small and medium enterprises (SMEs) to improve their access to credit, by reducing existing information asymmetries and improving credit conditions for those who benefit from such guarantees. In European economies, mostly characterised by small firms, mutual guarantee institutions play a very significant role in sustaining national economies. This book analyzes the functioning of guarantee systems for SMEs in countries where these schemes play an important part. Furthermore,it investigates the expected evolutions of the guarantees offered by the mutual guarantee institutions in the framework of Basel II, since only under certain conditions are the guarantees eligible under the New Basel Capital Accord. The cross-country comparison emphasizes the regulatory and institutional framework, the structure, dimension and operational features, the performance and the policy makers' role. 31 02 Offers a comprehensive overview of the most significant criticisms and perspectives of mutual guarantee institutions in selected countries and, more generally, in a global dimension 13 02 PAOLA LEONE is Professor of Banking and Finance atSapienza University of Rome, Italy. She is Coordinator of the 'Banking and Finance' PhD program and Chairperson ofthe'International Finance and Risk Management' Postgraduate Degree at 'Sapienza' University of Rome. Professor Leone is the author of several books and journal articles. Her main research interests include: banking, capital markets, risk management, mutual guarantee institutions. She has acted as a consultant and trainer for various financial intermediaries, public and private entities and consulting firms. GIANFRANCO A. VENTO is Associate Professor of Banking and Finance, Guglielmo Marconi University, Italy andPrincipal Lecturer in Banking & Finance at Regent's College in London, where he is Director of the Research Cluster in Banking & Finance and member of the Senate. He worked for five years at the Bank of Italy as Financial Analyst in the Banking Supervision Department. Professor Vento is author of four books and many scientific journal articles on banking and financial topics. His main research interests include: Microfinance and SME finance; money market; liquidity risk management; banking regulation and supervision; green finance.He has acted as a consultant and trainer for various banks, microfinance institutions, public entities and consulting firms.