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The European Fund for Strategic Investments (EFSI): causal effects of a state lending policy

David Frayman

Journal of Economic Policy Reform2026https://doi.org/10.1080/17487870.2026.2613781article
AJG 1ABDC B
Weight
0.50

Abstract

We examine the impact of a major lending programme of the European Investment Bank (EIB) on firm investment. Using a difference-in-differences design applied to a unique dataset of loan recipients, we find that EIB loans led to substantial additional growth in recipients’ fixed assets. This provides the first causal evidence on the additionality of large state investment bank loans made directly to firms. The findings highlight the potential for strategic public lending to advance policy agendas for sustainable economic growth.

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https://doi.org/https://doi.org/10.1080/17487870.2026.2613781

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@article{david2026,
  title        = {{The European Fund for Strategic Investments (EFSI): causal effects of a state lending policy}},
  author       = {David Frayman},
  journal      = {Journal of Economic Policy Reform},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1080/17487870.2026.2613781},
}

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The European Fund for Strategic Investments (EFSI): causal effects of a state lending policy

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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