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Investment and Credit Constraints in Transition Economies: Micro Evidence from Poland, the Czech Republic, Bulgaria and Romania

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  • Jozef Konings
  • Marian Rizov
  • Hylke Vandenbussche

Abstract

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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File URL: http://www.econ.kuleuven.be/licos/publications/dp/dp112.pdf
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Bibliographic Info

Paper provided by LICOS - Centre for Institutions and Economic Performance, KU Leuven in its series LICOS Discussion Papers with number 11202.

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Length: 13 pages
Date of creation: 2002
Date of revision:
Handle: RePEc:lic:licosd:11202

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Related research

Keywords: Investment; financial constraints; soft budget constraint; transition to a market economy;

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Cited by:
  1. Spatareanu, Mariana & Javorcik, Beata S., 2008. "Liquidity constraints and linkages with multinationals," HWWI Research Papers 2-14, Hamburg Institute of International Economics (HWWI).
  2. Florian MAYNERIS, 2011. "A new perspective on the firm size-growth relationship: Shape of profits, investment and heterogeneous credit constraints," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2011044, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  3. Ciaian, Pavel & Fa?kowski, Jan & d’Artis, Kanc & Pokrivcak, Jan, 2011. "Productivity and Credit Constraints: Firm-Level Evidence from Propensity Score Matching," Factor Markets Working Papers 99, Centre for European Policy Studies.

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