Investment and Finance in "de novo" private firms: Empirical Results from the Czech Republic, Hungary and Poland
AbstractIn this paper we use a survey of 281 Czech, Hungarian and Polish newly established small private firms in order to shed some light on the constraints these firms face in the credit market. We show that financial intermediation works reasonably well: it is difficult to find signs of credit rationing and banks seems to be able to discriminate between good and bad firms. They protect themselves against the risk of a deteriorating pool of borrowers by requiring a collateral for their loans.
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Bibliographic InfoArticle provided by The European Bank for Reconstruction and Development in its journal The Economics of Transition.
Volume (Year): 8 (2000)
Issue (Month): 1 (March)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0967-0750
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Other versions of this item:
- Andrzej Bratkowski & Irena Grosfeld & Jacek Rostowski, 1999. "Investment and Finance in De Novo Private Firms: Empiracal Results from the Czech Republic, Hungary and Poland," William Davidson Institute Working Papers Series 236, William Davidson Institute at the University of Michigan.
- Bratkowski, A. & Grosfeld, I. & Rostowski, J., 1998. "Investment and Finance in De Novo Private Firms: Empirical Results form the Czech Republic, Hungary and Poland," DELTA Working Papers 98-19, DELTA (Ecole normale supérieure).
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
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