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The missing link between financial constraints and productivity /
The global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute to th...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, DC] :
International Monetary Fund,
©2009.
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| Colección: | IMF working paper ;
WP/09/72. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | The global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute to the literature in two important respects: (i) we look explicitly at the role of financial constraints; and (ii) we develop a methodology that corrects for the misspecification problems of previous studies. Our results indicate that young and highly indebted firms tend to be more financially constrained. Overall, a large number of firms shows some degree of financial constraints, with firms in the primary sector being the most constrained. More importantly, we find that financial constraints do not lower productivity for most sectors. |
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| Descripción Física: | 1 online resource (39 pages) : color illustrations |
| Bibliografía: | Includes bibliographical references (pages 36-39). |
| ISBN: | 1282842935 9781282842939 145191654X 9781451916546 1462390080 9781462390083 1452735948 9781452735948 9786612842931 6612842938 1451872194 9781451872194 |
| ISSN: | 2227-8885 ; |