Munich Personal RePEc Archive

Programas de Financiamiento Productivo a pymes, acceso al crédito y desempeño de las firmas: Evidencia de Argentina

Butler, Ines and Giuliodori, David and Guiñazu, Sebastian and Martinez Correa, Julian and Rodríguez, Alejandro (2017): Programas de Financiamiento Productivo a pymes, acceso al crédito y desempeño de las firmas: Evidencia de Argentina.

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Abstract

In the last years, Argentinian’s Government has implemented several productive programs for financing MSMEs. The main objective of these programs was increasing the productivity of firms. However, to the best of our knowledge, there is no work that measures the effectiveness of programs over the beneficiary firms; moreover, the micro data used in this work have not been used ever. In this paper, we evaluate three productive programs: the National Development Fund for Micro, Small and Medium Enterprises (FONAPYME), the Rate Bonus Regime (RBT) and the Reciprocal Guarantee Societies (SGR). On the base of administrative micro data and combining statistical matching techniques with the fixed effects model, we estimate the causal effect of the programs over different variables associated with firm’s productivity. Results show that programs have, on average, positive and significant effects over average employment, average salary, probability of access to credit, and the volume of financial debt. The impact comes mainly from young companies, and specifically in employment, from smaller companies. When comparing the programs, it seems that the RBT rate subsidy is the one with the most profound effects on the overall performance of the firms.

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