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Partial Credit Guarantee Schemes – Experiences and Lessons

A joint conference by the World Bank, Rensselaer Polytechnic Institute, and the Journal of Financial Stability

     

The World Bank, Washington DC, March 13-14, 2008

     

Credit guarantee schemes distribute credit risk, can improve access to finance and spur private sector development. However, while a variety of different types of guarantee schemes exist throughout the developing and developed world, many questions remain unanswered.

The conference aims to bring together leading academics, central bankers, and bank supervisors, as well as market participants.

 
Thursday, March 13, 2008
     

8:30 - 9:00

  Coffee and Registration
     

9:00 - 10:30

  Session I.  PCGs–The Global Picture
Chair: Jerry Caprio (Williams College)
    Opening Remarks: Augusto de la Torre (World Bank) and Jerry Caprio (Williams College)
     
    Partial Credit Guarantees–Principles and Practice"
    by Patrick Honohan (Trinity College Dublin)
     (presentation: Patrick Honohan)
     
    The Typology of Partial Credit Guarantee Funds around the World
    by Thorsten Beck, Leora Klapper and Juan Carlos Mendoza (all World Bank)
     (presentation: Leora Klapper)
     
    Discussants:  Tito Cordella (World Bank) and Bertus Meins (Independent)
     

10:30 - 11:00

  Coffee
     

11:00 - 12:30

  Session II. PCGs–An Effective Policy Tool?
Chair: Asli Demirguc-Kunt (World Bank)
     
    "Public Initiative to Support Entrepreneurs: Credit Guarantees versus Co-Funding"
    by Stefan Arping (University of Amsterdam), Gyöngyi Loranth (University of Cambridge) and Alan Morrison (University of Oxford)
     (presentation: Stefan Arping)
     
    Are Loan Guarantees Effective? The Case of Mexican Government Banks
    by Guillermo Benavides and Alberto Huidobro (Banco de Mexico)
     (presentation: Guilllermo Benavides)
Discussants: Stijn Claessens (IMF) and Quy-Toan Do (World Bank)
     

12:30 - 2:00

  Lunch break
     

2:00 - 4:00

 

Session III. PCGs–Impact on Beneficiaries?

Chair: Marilou Uy (World Bank)
     
   

The Effect of Partial Credit Guarantees on the Credit Market for Small Businesses

    by Kevin Cowan (Central Bank of Chile), Alejandro Drexler (MIT), and Álvaro Yañez (Bank Regulation Office of Chile, SBIF)
     (presentation: Alejandro Drexler)
     
    A Perspective on Partial Credit Guarantee Schemes in Developing Countries: the Case of the Nigerian Agricultural Credit Guarantee Scheme Fund (ACGSF)
    by T. E. Mafimisebi, (Federal University of Technology, Akure, Nigeria) , A.E. Oguntade (Federal University of Technology, Akure, Nigeria) and O.E. Mafimisebi (University of Ibadan, Nigeria)
     (presentation: T.E. Mafimisebi)
Public Credit Guarantees and SME Finance
by Salvatore Zecchini (University of Tor Vergata) and Marco Ventura (ISAE)
     (presentation: Marco Ventura)
Discussants: Michael Fuchs and Alain Ize (World Bank)
     

4:00 - 4:30

  Coffee
     

4:30 - 6:00

  Panel Discussion 1: PCGs – Performance in Practice?
    Chair: Peer Stein (World Bank)
   

Panelists: Juan José Llisteri (IDB), John Wasielewski (USAID), Alessandro Bozzo (Fogape), Christa Karis (European Investment Fund), Chanki Park (Korean Guarantee Fund) 

     (presentation: Chanki Park)

Audio: Panel 1 discussion
(best heard with Windows Media Player)

     
Friday, March 14, 2008
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9:00 - 10:20

  Session IV.  PCGs and Loan Contracts
Chair: Giovanni Majnoni (World Bank)
     
    The Role of Loan Guarantee Schemes in Alleviating Credit Rationing in the UK
    by Marc Cowling (Institute for Employment Studies)
     (presentation: Marc Cowling)
     
    Firms as Monitors of Other Firms: Mutual Loan Guarantee Consortia and SMEs’ Financing
    by Francesco Columba, Leonardo Gambacorta and Paolo Emilio Mistrulli, (Bank of Italy)
     (presentation: Francesco Columba)
     
Discussants: Thorsten Beck and Juan Carlos Mendoza (both World Bank)
     

10:20 - 10:50

  Coffee break
     

10:50 - 12:10

  Session V: PCGs – Impact on Bank Lending?
Chair: Larry Promisel (World Bank)
     
    The Repercussions on Small Banks and Small Businesses of Bank Capital and Loan Guarantees
    by Diana Hancock (Federal Reserve Board of Governors), Joe Peek (University of Kentucky), and James Wilcox (UC Berkeley)
     (presentation: Joe Peek)
        
    Do Government Loan Guarantees Lower, or Raise, Banks’ Non-Guaranteed Lending? Evidence From Japanese Banks
    by James Wilcox and Yukihiro Yasuda (UC Berkeley)
      (presentation: James Wilcox)
Discussants: Maria Soledad Martinez Peria and Eric Feyen (both World Bank)

12:10-1:30

Lunch break

1:30-3:30

Panel Discussion 2: What Have We Learned
Chair: Augusto de la Torre (World Bank)
Panelists:  Teresa Graham (Independent), Charles Calomiris (Columbia University), Rafael Gamboa, (Unidad de Banca de Desarrollo, Mexico), and Ellis Juan (World Bank)

Audio: Panel 2 discussion
(best heard with Windows Media Player)

     
Organizing Committee:  Thorsten Beck, Gerard Caprio, Erik Feijen, Iftekhar Hasan, and Patrick Honohan  



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