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Demmou, Franco



Articles by Demmou, Franco

Loan guarantees and their implications for post-Covid-19 productivity

15 days ago

From hibernation to reallocation: Loan guarantees and their implications for post-Covid-19 productivity
Many countries introduced or ramped-up guarantee schemes to bridge liquidity shortages as a key element of the policy response to the Covid-19 crisis (Gobbi et al. 2020, Schivardi and Romano 2020). Governments raised the funding available for guarantee programmes (guaranteed loans more than doubled for the median OECD country), increased the level of the guarantee on credit, extended the coverage to a wider range of firms, and simplified the administrative procedures to access the schemes (OECD 2020).
Despite their relevance, empirical evidence on the role of loan guarantee programmes during the crisis in alleviating firm distress, as well as their broader

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Enhancing the contribution of intangible assets to productivity

October 5, 2021

Mind the financing gap: Enhancing the contribution of intangible assets to productivity
Intangible assets are widely considered a major source of growth and resilience, also in view of their complementarity with digital technologies (Corrado et al. 2017). Yet, despite their aggregate rise in the past decades, productivity growth has been mediocre in most advanced economies (Haskel and Westlake 2018). This raises questions about whether barriers to the financing of intangibles is preventing their growth potential from being fully exploited.
Typically, intangible assets have unique characteristics – uncertain returns, non-rivalry, large synergies, low redeployability – that tend to increase information asymmetries and render them difficult to collateralise

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