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Property Rights and Finance

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Author Info
Simon Johnson
John McMillan
Christopher Woodruff

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Abstract

Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available. Where property rights are relatively strong, firms reinvest their profits; where they are relatively weak, entrepreneurs do not want to invest from retained earnings.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8852.

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Date of creation: Mar 2002
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Handle: RePEc:nbr:nberwo:8852

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Find related papers by JEL classification:
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
P23 - Economic Systems - - Socialist Systems and Transition Economies - - - Factor and Product Markets; Industry Studies; Population

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