Liquidity Constraints And Investment In Transition Economies PDF Download
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| Author | : Nina Budina |
| Publisher | : World Bank Publications |
| Total Pages | : 30 |
| Release | : 2000 |
| Genre | : Banks and Banking Reform |
| ISBN | : |
Download Liquidity Constraints and Investment in Transition Economies Book in PDF, ePub and Kindle
"In Bulgaria and other transition economies, liquidity constraints and hence access to external funds must be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. Liquidity constraints in Bulgaria may be seen as a sign of financial weakness"--Cover.
| Author | : Eelke de Jong |
| Publisher | : |
| Total Pages | : 28 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
Download Liquidity Constraints and Investment in Transition Economies Book in PDF, ePub and Kindle
In Bulgaria and other transition economies, liquidity constraints and hence access to external funds must be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. Liquidity constraints in Bulgaria may be seen as a sign of financial weakness. Budina, Garretsen, and de Jong use firm level data on Bulgaria to investigate the impact of liquidity constraints on firms' investment performance.Internal funds are an important determinant of investment in most industrial economies. The authors use a simple accelerator model of investment to test whether liquidity constraints are relevant in Bulgaria's case. Their estimates are based on data for 1993-95, before Bulgaria's financial crisis of 1996-97. It turns out that Bulgarian firms are liquidity-constrained and that firms' size and financial structure help to distinguish between firms that are more and less liquidity-constrained.In the authors' view, liquidity constraints in transition economies should be interpreted in different ways than those in industrial economies. In Bulgaria, liquidity constraints and hence access to external funds should be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. The relationship between liquidity constraints and firm characteristics may actually be the opposite of what is normally the case in industrial countries. In Bulgaria, lack of liquidity constraints may be a sign of financial weakness.This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies.
| Author | : Kenneth Kletzer |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 1996-02 |
| Genre | : Business & Economics |
| ISBN | : |
Download The Role of Credit Markets in a Transition Economy with Incomplete Public Information Book in PDF, ePub and Kindle
In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.
| Author | : Anna Dorbec |
| Publisher | : |
| Total Pages | : 74 |
| Release | : 2004 |
| Genre | : Liquidity (Economics) |
| ISBN | : |
Download Liquidity Provision in Transition Economy Book in PDF, ePub and Kindle
Tiivistelmä.
| Author | : Klaus Schmidt-Hebbel |
| Publisher | : World Bank Publications |
| Total Pages | : 54 |
| Release | : 1994 |
| Genre | : Ahorro |
| ISBN | : |
Download Saving, Investment, and Growth in Developing Countries Book in PDF, ePub and Kindle
| Author | : Mr. Ross Levine |
| Publisher | : International Monetary Fund |
| Total Pages | : 80 |
| Release | : 2021-06-11 |
| Genre | : Business & Economics |
| ISBN | : 1513583360 |
Download Finance, Growth, and Inequality Book in PDF, ePub and Kindle
Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.
| Author | : B. Dallago |
| Publisher | : Springer |
| Total Pages | : 311 |
| Release | : 2007-03-21 |
| Genre | : Business & Economics |
| ISBN | : 023080151X |
Download Corporate Restructuring and Governance in Transition Economies Book in PDF, ePub and Kindle
This book analyzes and assesses corporate restructuring and governance in transition countries focusing on the Czech Republic, Hungary, and Russia. Using original material and publications in local languages, the book addresses the core issues for these countries in transformation into competitive market economies.
| Author | : Mr.Mauricio Vargas |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2015-01-14 |
| Genre | : Business & Economics |
| ISBN | : 1498365051 |
Download Identifying Binding Constraints to Growth Book in PDF, ePub and Kindle
As emphasized by Hausmann, Rodrik and Velasco, the policy challenge of boosting growth requires prioritization and identifying what are the most binding constraints. This paper draws on firm-level data from the World Bank Enterprise Survey, which suggests that the obstacles for the functioning of firms is related to firm size. Recognizing the potential endogeneity and simultaneity between firms' constraints and firm size, we implement an Ordered-Probit model with a potential categorical endogenous regressor to estimate, for the case of Bolivia, the conditional probability of facing obstacles given the firm size category, while controlling for other factors. The results confirm the importance of allowing for the roles of firm size in identifying constraints and suggest priorities for policies to remove constraints to economic performance.
| Author | : Mr.Jaromir Benes |
| Publisher | : International Monetary Fund |
| Total Pages | : 71 |
| Release | : 2012-08-01 |
| Genre | : Business & Economics |
| ISBN | : 1475505523 |
Download The Chicago Plan Revisited Book in PDF, ePub and Kindle
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
| Author | : Marialuz Moreno Badia |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2009-04-01 |
| Genre | : Business & Economics |
| ISBN | : 1451872194 |
Download The Missing Link Between Financial Constraints and Productivity Book in PDF, ePub and Kindle
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.
