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The effect of financial liberalization on allocation of credit : panel data evidence for Ecuador

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  • Jaramillo, Fidel
  • Schiantarelli, Fabio
  • Weiss, Andrew

Abstract

The authors discuss two effects of financial liberalization, using panel data for Ecuadorian firms. After describing the main thrust of the reforms and the general macroeconomic developments, they document the changes that occurred in the firms'financial structure and in the allocation of credit. Descriptive evidence suggests that there has been a reallocation of resources towards older, larger firms after liberalization. The authors also investigate econometrically whether financial reform has helped direct credit to more efficient firms. The results, based on measures of technical efficiency obtained from estimating stochastic production frontiers, show that this has indeed been the case in Ecuador.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 1092.

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Date of creation: 28 Feb 1993
Date of revision:
Handle: RePEc:wbk:wbrwps:1092

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Keywords: Economic Theory&Research; Banks&Banking Reform; Environmental Economics&Policies; Financial Intermediation; Insurance&Risk Mitigation;

References

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  1. Fabio Schiantarelli & Andrew Weiss & Fidel Jaramillo, 1993. "Capital Market Imperfections Before And After Financial Liberization: An Euler Equation Approach To Panel Data For Ecuadorian Firms," Boston College Working Papers in Economics 221, Boston College Department of Economics.
  2. Griliches, Zvi & Hausman, Jerry A., 1986. "Errors in variables in panel data," Journal of Econometrics, Elsevier, vol. 31(1), pages 93-118, February.
  3. Cho, Yoon Je, 1986. "Inefficiencies from Financial Liberalization in the Absence of Well-Functioning Equity Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(2), pages 191-99, May.
  4. Schmidt, Peter & Sickles, Robin C, 1984. "Production Frontiers and Panel Data," Journal of Business & Economic Statistics, American Statistical Association, vol. 2(4), pages 367-74, October.
  5. Faini, R. & Galli, G. & Giannini, C., 1992. "Finance and Development : the Case of Southern Italy," Papers 170, Banca Italia - Servizio di Studi.
  6. Aigner, Dennis & Lovell, C. A. Knox & Schmidt, Peter, 1977. "Formulation and estimation of stochastic frontier production function models," Journal of Econometrics, Elsevier, vol. 6(1), pages 21-37, July.
  7. Liu, Lili, 1991. "Entry-exit, learning, and productivity change : evidence from Chile," Policy Research Working Paper Series 769, The World Bank.
  8. Tybout, James R. & Westbrook, M. Daniel, 1991. "Estimating returns to scale with large imperfect panels," Policy Research Working Paper Series 754, The World Bank.
  9. Tybout, James, 1986. "A firm-level chronicle of financial crises in the Southern Cone," Journal of Development Economics, Elsevier, vol. 24(2), pages 371-400, December.
  10. Jaramillo, Fidel & Schiantarelli, Fabio & Weiss, Andrew, 1993. "Capital market imperfections before and after financial liberalization : a Euler Equation approach to panel data for Ecuadorian firms," Policy Research Working Paper Series 1091, The World Bank.
  11. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
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Citations

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Cited by:
  1. Kristin J. Forbes, 2005. "The Microeconomic Evidence on Capital Controls: No Free Lunch," NBER Working Papers 11372, National Bureau of Economic Research, Inc.
  2. Haramillo, Fidel & Schiantarelli, Fabio & Weiss, Andrew, 1996. "Capital market imperfections before and after financial liberalization: An Euler equation approach to panel data for Ecuadorian firms," Journal of Development Economics, Elsevier, vol. 51(2), pages 367-386, December.
  3. Arturo Galindo & Fabio Schiantarelli & Andrew Weiss, 2002. "¿Mejora la apertura financiera la asignación de la inversión? Elementos de juicio a nivel micro de países en desarrollo," Research Department Publications 4296, Inter-American Development Bank, Research Department.
  4. Arturo Galindo & Fabio Schiantarelli & Andrew Weiss, 2002. "Does Financial Liberalization Improve the Allocation of Investment?: Micro Evidence from Developing Countries," IDB Publications 6496, Inter-American Development Bank.
  5. Plehn-Dujowich, Jose M., 2009. "Endogenous growth and adverse selection in entrepreneurship," Journal of Economic Dynamics and Control, Elsevier, vol. 33(7), pages 1419-1436, July.
  6. L. Deidda, 2001. "Financial Institutions' Expertise and Growth Effects of Financial Liberalisation," Working Paper CRENoS 200105, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
  7. Alexander Cobham, . "Capital Account Liberalisation and Poverty," QEH Working Papers qehwps70, Queen Elizabeth House, University of Oxford.
  8. Yaron, Jacob & Benjamin, McDonald & Charitonenko, Stephanie, 1998. "Promoting Efficient Rural Financial Intermediation," World Bank Research Observer, World Bank Group, vol. 13(2), pages 147-70, August.
  9. Jaramillo, Fidel & Schiantarelli, Fabio, 1997. "Access to long term debt and effects of firm's performance : lessons from Ecudaor," Policy Research Working Paper Series 1725, The World Bank.
  10. Samuel, Cherian, 1996. "The investment decision : a re-examination of competing theories using panel data," Policy Research Working Paper Series 1656, The World Bank.
  11. Samuel, Cherian, 1996. "Internal finance and investment : another look," Policy Research Working Paper Series 1663, The World Bank.

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