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Comparing the Impact of Credit Constraints on the Growth of SMEs in a Transition Country with an Established Market Economy

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Author Info
John Hutchinson
Ana Xavier ()

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Abstract

In this paper we compare the role of internal finance on the growth of firms between a leading transition country, Slovenia and an established market economy, Belgium. We find that firms in Slovenia are more sensitive to internal financing constraints than their Belgian counterparts. This would suggest that although Slovenian firms are no longer recipients of soft budget constraints, capital markets are not yet functioning properly.

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File URL: http://www.econ.kuleuven.ac.be/licos/DP/DP2004/DP150.pdf
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Publisher Info
Paper provided by LICOS - Centre for Institutions and Economic Performance, K.U.Leuven in its series LICOS Discussion Papers with number 15004.

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Length: 25 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:lic:licosd:15004

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Related research
Keywords: financial constraints; transition economics; manufacturing;

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Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
P2 - Economic Systems - - Socialist Systems and Transition Economies
L6 - Industrial Organization - - Industry Studies: Manufacturing

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Klapper, Leora & Sarria-Allende, Virginia & Sulla, Victor, 2002. "Small and medium size enterprise financing in Eastern Europe," Policy Research Working Paper Series 2933, The World Bank. [Downloadable!]
  2. Daniel Gros & Marc Suhrcke, 2000. "Ten Years After: What is Special about Transition Countries?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  3. Hans Degryse & Abe De Jong, 2001. "Investment Spending in the Netherlands: Asymmetric Information or Managerial Discretion?," Center for Economic Studies - Discussion papers ces0114, Katholieke Universiteit Leuven, Centrum voor Economische Studiën. [Downloadable!]
  4. Gros, Daniel & Suhrcke, Marc, 2000. "Ten Years After: What Is Special about Transition Countries?," Discussion Paper Series 26236, Hamburg Institute of International Economics. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Chiara Coluzzi & Annalisa Ferrando & Carmen Martinez-Carrascal, 2009. "Financing obstacles and growth - an analysis for euro area non-financial corporations," Working Paper Series 997, European Central Bank. [Downloadable!]
  2. Blandina Oliveira & Adelino Fortunato, 2006. "Firm Growth and Liquidity Constraints: A Dynamic Analysis," Small Business Economics, Springer, vol. 27(2), pages 139-156, October. [Downloadable!] (restricted)
    Other versions:
  3. Chiara Coluzzi & Annalisa Ferrando & Carmen Martínez-Carrascal, 2009. "Financing obstacles and growth: An analysis for euro area non-financial corporations," Banco de España Working Papers 0836, Banco de España. [Downloadable!]
  4. Guariglia, Alessandra & Liu, Xiaoxuan & Song, Lina, 2008. "Internal Finance and Growth: Microeconometric Evidence on Chinese Firms," IZA Discussion Papers 3808, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  5. Filipe Silva & Carlos Carreira, 2009. "No Deep Pockets: Some stylized results on firms' financial constraints," GEMF Working Papers 2009-06, GEMF - Faculdade de Economia, Universidade de Coimbra. [Downloadable!]
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