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Financial constraints and investment: assessing the impact of a World Bank credit program on small and medium enterprises in Sri Lanka

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Author Info
Varouj A. Aivazian
Eric Santor

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Abstract

This paper examines the investment behaviour of a sample of small, credit-constrained firms in Sri Lanka. Using a unique panel data set, we analyze and compare the activities of two groups of small firms distinguished by their differential access to financing; one group consists of firms with subsidized loans from the World Bank, while the other group consists of firms without such subsidies. The paper shows that the program led to higher levels of investment for financially constrained firms. However, the evidence is inconclusive on whether the program improved economic efficiency.

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File URL: http://economics.ca/cgi/xms?jab=v41n2/CJEv41n2p0475.pdf
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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 41 (2008)
Issue (Month): 2 (May)
Pages: 475-500
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Handle: RePEc:cje:issued:v:41:y:2008:i:2:p:475-500

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Find related papers by JEL classification:
G00 - Financial Economics - - General - - - General
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment

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This page was last updated on 2009-11-25.

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