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<https://discovery.ucl.ac.uk/id/eprint/10203798> <http://purl.org/dc/terms/title> "Do public loans matter: measuring allocation,\r\nadditionality and heterogeneity"^^<http://www.w3.org/2001/XMLSchema#string> .
<https://discovery.ucl.ac.uk/id/eprint/10203798> <http://purl.org/ontology/bibo/abstract> "Despite the scale of finance disbursed to firms annually, public lending has\r\nreceived only modest empirical attention. Existing work has examined the\r\neffects of de-risking interventions that support private lending, and not the\r\nlarger share of public lending that is made directly to firms. As a result, we\r\nhave an imprecise picture of where finance goes and minimal evidence about\r\nits effects on the firms that receive it. This thesis addresses this gap in relation\r\nto a major programme of public lending in the European Union (the European\r\nFund for Strategic Investments (EFSI)). It examines who and what was\r\nfinanced by loans, whether they induced firms to make additional investments,\r\nand the interaction between these things (how did policy effects vary). This\r\nrelied on the collection from original loan documentation of a unique dataset\r\non the recipients and investments financed. It finds evidence that the policy\r\ngoals of generating additional private investment and directing investment towards\r\nsocietal challenges, notably the climate crisis, were successful. Using a\r\ndifference-in-differences approach that locates control firms who follow similar\r\ndynamics of investment demand, the additionality of large public loans is\r\nestimated for the first time. Their effect on firm investment is very notable\r\n– an estimated additional growth in fixed assets of approximately 12 percentage\r\npoints as a result of receiving a loan under EFSI. This shows loans were\r\nnot merely substitutes for private finance, and is evidence of constraints on\r\nlong-term borrowing amongst large firms that can be attributed to maturity\r\nrationing. This thesis also provides entirely novel evidence on heterogeneity\r\nin the effects of public lending. This did not conform to theoretical expectations,\r\nand there is some suggestive evidence of a potential trade-off between\r\nthe societal and economic goals of public lending."^^<http://www.w3.org/2001/XMLSchema#string> .
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