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Investment, Credit Rationing, and the Soft Budget Constraint: What Would a Well-Functioning Credit Market Look Like?

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Author Info
Jan Hanousek (CERGE-EI, Prague)
Randall K. Filer (CUNY)

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Abstract

IV estimates of the link between profits and investment in the Czech Republic find a complex relationship. While firms may occasionally be credit rationed or face soft budget constraints, investments generally flow to industries with the greatest profit potential or need for recapitalization

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File URL: http://129.3.20.41/eps/mic/papers/0306/0306003.pdf
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Publisher Info
Paper provided by EconWPA in its series Microeconomics with number 0306003.

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Length: 10 pages
Date of creation: 16 Jun 2003
Date of revision:
Handle: RePEc:wpa:wuwpmi:0306003

Note: Type of Document - pdf; prepared on IBM PC ; to print on HP/PostScript; pages: 10 ; figures: included
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Web page: http://129.3.20.41

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Related research
Keywords: Investment Transition Economies Soft budget constraint

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Find related papers by JEL classification:
D2 - Microeconomics - - Production and Organizations
E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
G3 - Financial Economics - - Corporate Finance and Governance

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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. Timothy Erickson & Toni M. Whited, 2000. "Measurement Error and the Relationship between Investment and q," Journal of Political Economy, University of Chicago Press, vol. 108(5), pages 1027-1057, October. [Downloadable!] (restricted)
  2. Joao F. Gomes, 2001. "Financing Investment," American Economic Review, American Economic Association, vol. 91(5), pages 1263-1285, December. [Downloadable!] (restricted)
  3. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November. [Downloadable!] (restricted)
  5. Lubomír Lízal & Jan Svejnar, 2002. "Investment, Credit Rationing, And The Soft Budget Constraint: Evidence From Czech Panel Data," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 353-370, May. [Downloadable!] (restricted)
    Other versions:
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