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Access to finance and funding composition during the crisis: A firm-level analysis of Latin American countries

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  • Sandra M. Leitner
  • Robert Stehrer

Abstract

This paper describes the effects of the 2009 global financial crisis on firms' access to financing for investment projects. The analysis uses data from the Latin American and Caribbean Enterprise Surveys 2006 and 2010, demonstrating that during the crisis, the availability of internal sources was crucial for larger and foreign-owned firms or firms that were part of a group, while state-owned firms did not enjoy any financial privileges. Firms sought greater bank and supply-chain financing, larger firms used less internal funds, foreign firms relied more on internal funds, while firms that export and import used bank credits more intensively.

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Bibliographic Info

Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Latin American Journal of Economics-formerly Cuadernos de Economia.

Volume (Year): 50 (2013)
Issue (Month): 1 (May)
Pages: 1-47

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Handle: RePEc:ioe:cuadec:v:50:y:2013:i:1:p:1-47

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Keywords: Financial crisis; access to financing; capital structure; firm-level analysis; Latin America;

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