Investment and Credit Constraints in Transition Economies

Released on by Jozef Konings
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  • Investment and Credit Constraints in Transition Economies Book Detail

  • Author : Jozef Konings
  • Release Date : 2008
  • Publisher :
  • Genre :
  • Pages :
  • ISBN 13 :
  • File Size : 22,22 MB
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Investment and Credit Constraints in Transition Economies by Jozef Konings PDF Summary

Book Description: In this paper we investigate to what extent firm investment in transition countries is sensitive to internal finance. We use accounts data of over 4000 companies in four countries at different stages of transition. We find that firms in Bulgaria and Romania are less sensitive to internal financing constraints, in contrast to firms in Poland and the Czech Republic. A likely explanation is that Bulgaria and Romania, which are the least advanced in the reforms towards market economy, have a stronger persistence of soft budget constraints than in the other two more advanced countries.

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