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Post-Lehman a widespread political agenda has established to minimize implicit government guarantees to banks. However, in the buid-up of new banking regulations, lending to small and mid-sized companies (SME) has gotten a milder treatment relative to other lending.

So there is a political wish to have some of the guarantee value ending up at SMEs. And on the other hand negative effects on subsidising risk have been claimed in the debate. But what more generally is the impact of guarantees and through which channels have they acted?

Edit: I'm kind of looking after answers like in this recent OECD paper on the end beneficiaries of banking guarantees but with a focus on if and how corporate lenders are part of the channel.

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