Investment and Finance in De Novo Private Firms: Empirical Results form 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 InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 98-19.
Length: 20 pages
Date of creation: 1998
Date of revision:
Publication status: Published in Economics of Transition, 2000, 8 (1)
CREDIT ; BUSINESS FINANCING ; EUROPE;
Other versions of this item:
- Andrzej Bratkowski & Irena Grosfeld & Jacek Rostowski, 2000. "Investment and Finance in "de novo" private firms: Empirical Results from the Czech Republic, Hungary and Poland," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(1), pages 101-116, March.
- 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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