Export guarantees are among the few tools left for an active economic policy to promote foreign trade. Under international agreements, which are in place since 1996, guarantees have been restricted to non-marketable risks. As a result, the total volume of guarantees has been stagnating in recent years. Nevertheless, there is clear evidence for the positive effect of guarantees on the export volume in Austria from the calculation of a positive export multiplier and the simulation of a WIFO Macro Model.