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...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Moreno Badia, Marialuz (Autor), Slootmaekers, Veerle (Autor)
Autor Corporativo: International Monetary Fund. European Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, DC] : International Monetary Fund, ©2009.
Colección:IMF working paper ; WP/09/72.
Temas:
Business enterprises > Estonia.
Entreprises > Estonie.
Business enterprises
Estonia
Acceso en línea:Texto completo

MARC

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245 1 4 |a The missing link between financial constraints and productivity /  |c prepared by Marialuz Moreno-Badia and Veerle Slootmaekers. 
260 |a [Washington, DC] :  |b International Monetary Fund,  |c ©2009. 
300 |a 1 online resource (39 pages) :  |b color illustrations 
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504 |a Includes bibliographical references (pages 36-39). 
520 |a 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. 
588 0 |a Print version record. 
506 |3 Use copy  |f Restrictions unspecified  |2 star  |5 MiAaHDL 
533 |a Electronic reproduction.  |b [Place of publication not identified] :  |c HathiTrust Digital Library,  |d 2011.  |5 MiAaHDL 
538 |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.  |u http://purl.oclc.org/DLF/benchrepro0212  |5 MiAaHDL 
583 1 |a digitized  |c 2011  |h HathiTrust Digital Library  |l committed to preserve  |2 pda  |5 MiAaHDL 
505 0 |a I. Introduction; II. Data and Stylized Facts; III. Measuring Financial Constraints; A. Euler Equation Approach; B. Empirical Model; C. Estimation Issues; D. Results on Financial Constraints; IV. Relating Productivity to Financial Constraints; V. Results; A. Baseline Results; B. Robustness Checks; VI. Conclusions; Tables; 1. Ownership Structure; 2. Number of Firms by Year and Industry, 1997-2005; 3. Summary Statistics; 4. Euler Equation Specification, Estimated Using System GMM; 5. Magnitude and Distribution of Financing Constraints by Sector 
505 8 |a 6. Correlation between Financial Constraints and Other Firm Characteristics7. Baseline Results, by Industry; 8. Robustness Checks; Figures; 1. Size Distribution; 2. Entry and Exit Rates, 1997-2005; 3. Sales per worker, 1997-2205; 4. Capital Intensity, 1997-2005; 5. Investment Ratio, 1997-2005; 6. Mean Financial Constraints by Industry, 1998-2005; Appendices; A. Data Sources and Definitions; B. Euler Equation Specification; C. Estimating Total Factor Productivity; References 
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710 2 |a International Monetary Fund.  |b European Department. 
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