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Local Financial Development and Firm Performance: Evidence from Morocco

  • Marcel Fafchamps
  • Matthias Schundeln

Combining data from the Moroccan census of manufacturing 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 availability of financing on 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 University of Oxford, Department of Economics in its series Economics Series Working Papers with number CSAE WPS/2011-02.

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Date of creation: 01 Jan 2011
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Handle: RePEc:oxf:wpaper:csae-wps/2011-02
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