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Local Financial Development and Firm Performance: Evidence from Morocco

  • Marcel Fafchamps
  • Matthias Schündeln
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    Combining data from the Moroccan census of manufcaturing enterprises with information from a commune survey, we test whether firm expansion is affected by local financial development. Our findings are consistent with this hypothesis: local bank availability is robustly associated with faster growth for small and medium-size firms in sectors with growth opportunities, with a lower likelihood of firm exit and a higher likelihood of investment. The findings also suggests a channel for the effect of the availability of financing in firm growth in our data, namely that access to credit was used to invest in labor saving technology.

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    File URL: http://www.csae.ox.ac.uk/workingpapers/pdfs/csae-wps-2011-02.pdf
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    Paper provided by Centre for the Study of African Economies, University of Oxford in its series CSAE Working Paper Series with number 2011-02.

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    Date of creation: 2011
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    Handle: RePEc:csa:wpaper:2011-02
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