AN ANALYSIS OF SMALL BUSINESS LOAN GUARANTEE FUNDS

Small businesses are considered important engines for job growth and economic development by policy makers worldwide. One of the most commonly cited constraints of small businesses is a lack of access to capital. To address this constraint, small business loan guarantee programs have been established in over 100 countries. There are a variety of types of guarantee funds, with the most significant differences being which borrowers are eligible for guarantees, and how borrowers are approved for guarantees. There is currently no clear delineation between types of programs and the economic conditions they operate in, though some trends are becoming apparent. However, these trends may not be leading to the best economic outcomes possible. By better matching the structure of the guarantee fund to the economic conditions it operates in, the program’s success in meeting economic development goals may be greatly improved. Many programs in developing countries may not be taking advantage of bank expertise and may be limiting the scope of their effectiveness. At the same time, programs in developed countries may be wasting resources by scattering their efforts too thinly and subsidizing less competitive firms to the detriment of local economic development.

An Intercomparison of Regional Atmospheric Circulation and the Melt Season Loss of Arctic Snow Cover and Sea Ice Extent Across the Land-Ocean Boundary

This study is designed to compare the monthly continental snow cover and sea ice extent loss in the Arctic with regional atmospheric conditions including: mean sea level pressure, 925 hPa air temperature, and mean wind direction among others during the melt season (March-August) over the 29-year study period 1979-2007. Little research has gone into studying the concurrent variations in the annual loss of continental snow cover and sea ice extent across the land-ocean boundary, since these data are largely stored in incompatible formats. However, the analysis of these data, averaged spatially over three autonomous study regions located in Siberia, North America, and Western Russia, reveals a distinct difference in the response of snow and sea ice to the atmospheric forcing. On average, sea ice extent is lost earlier in the year, in May, than snow cover, in June, although Arctic sea ice is located farther north than continental snow in all three study regions. Once the loss of snow and ice extent begins, snow cover is completely removed sooner than sea ice extent, even though ice loss begins earlier in the melt season. Further, the analysis of the atmospheric conditions surrounding loss of snow and ice cover over the independent study regions indicates that conditions of cool temperatures with strong northeasterly winds in the later melt season months are effective at removing sea ice cover, likely through ice divergence, as are warmer temperatures via southerly winds directly forcing melt. The results of this study set the framework for further analysis of the direct influence of snow cover loss on later melt season sea ice extents and the predictability of snow and sea ice extent responses to modeled future climate conditions