Investment and financial constraints in transition economies: micro evidence from Poland, the Czech Republic, Bulgaria and Romania

被引：67
|
作者：
Konings, J
Rizov, M
Vandenbussche, H
机构：
[1] Catholic Univ Louvain, LICOS, Ctr Transit Econ, Econ Dept, B-3000 Louvain, Belgium
[2] CEPR, London, England
来源：
ECONOMICS LETTERS | 2003年 / 78卷 / 02期
关键词：
investment; financial constraints; soft budget constraint; transition to a market economy;
D O I：
10.1016/S0165-1765(02)00210-0
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We investigate to what extent firm investment in transition countries is sensitive to internal finance. We find that firms in Bulgaria and Romania are less sensitive to internal financing constraints, in contrast to firms in Poland and the Czech Republic. A likely explanation is that Bulgaria and Romania experience a stronger persistence of soft budget constraints than the other two more advanced countries. (C) 2002 Elsevier Science B.V. All rights reserved.
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页码：253 / 258
页数：6
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