Investment, credit rationing, and the soft budget constraint: what would a well-functioning credit market look like?
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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- 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.
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Publishing House "SINERGIA PRESS", vol. 38(2), pages 112-134.
- Lubomir Lizal & Jan Svejnar, 2001.
"Investment, Credit Rationing and the Soft Budget Constraint: Evidence from Czech Panel Data,"
William Davidson Institute Working Papers Series
363, William Davidson Institute at the University of Michigan.
- 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.
- Joao F. Gomes, 2001. "Financing Investment," American Economic Review, American Economic Association, vol. 91(5), pages 1263-1285, December.
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