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Liquidity Constraints And Investment In Transition Economies
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Book Synopsis Liquidity Constraints and Investment in Transition Economies by : Nina Budina
Download or read book Liquidity Constraints and Investment in Transition Economies written by Nina Budina and published by World Bank Publications. This book was released on 2000 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.
Book Synopsis Liquidity Constraints and Investment in Transition Economies by : Eelke de Jong
Download or read book Liquidity Constraints and Investment in Transition Economies written by Eelke de Jong and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use Bulgarian firm-level data to investigate the impact of liquidity constraints on investment performance. Internal funds are an important determinant of investment in most industrialized countries. We test whether internal funds are important for firm investment during the current transition process in Bulgaria. We use a simple accelerator model of investment to test whether liquidity constraints are relevant in the case of Bulgaria. Our estimations are based on data for the period 1993-95, prior to the Bulgarian financial crisis in 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 our view, liquidity constraints can be given a different interpretation in the case of transition economies as compared to Western economies. A more in depth analysis of the data reveals that liquidity constraints, and consequently the access to external funds for Bulgarian firm investment, are to be seen against the background of soft-budget constraints and the failure of the financial system to enforce an efficient allocation of funds. In our view, the lack of liquidity constraints may actually be seen as a sign of financial weakness in the case of Bulgaria.
Book Synopsis Investment and Credit Constraints in Transition Economies by : Jozef Konings
Download or read book Investment and Credit Constraints in Transition Economies written by Jozef Konings and published by . This book was released on 2002 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance, Firm Size and Liquidity Constraints by : Bersant Hobdari
Download or read book Corporate Governance, Firm Size and Liquidity Constraints written by Bersant Hobdari and published by . This book was released on 2007 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: New and rich panel data for a large and representative sample of firms are used to estimate the sensitivity of access to capital to differing ownership structures. The investment behaviour of firms is examined in a dynamic setting in the presence of adjustment costs, liquidity constraints and imperfect competition. The empirical work is based on the derivation of Euler equations in the presence of symmetric and quadratic adjustment costs and both debt and equity constraints. Whereas the norm is to use ad hoc approaches to model these constraints, our alternative and more consistent leads to the inclusion of financial variables in investment equation in first differences rather than in levels. Our GMM estimates confirm the importance of financial factors in determining investment rates and suggest that firms owned by insiders, especially non-managerial employees, are more prone to be liquidity constrained than are others. Among the other groups, somewhat surprisingly, only domestic outsider owned firms display sensitivity to both measures of the availability of finance, with manager owned firms being sensitive to the availability of external finance, while state owned firms being sensitive to the availability of internal finance. Corporate Investment, Corporate Governance, Adjustment Costs, Liquidity Constraints, GMM Estimates, Transition Economies.
Book Synopsis Liquidity Provision in Transition Economy by : Anna Dorbec
Download or read book Liquidity Provision in Transition Economy written by Anna Dorbec and published by . This book was released on 2004 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä.
Book Synopsis The Role of Credit Markets in a Transition Economy with Incomplete Public Information by : Kenneth Kletzer
Download or read book The Role of Credit Markets in a Transition Economy with Incomplete Public Information written by Kenneth Kletzer and published by International Monetary Fund. This book was released on 1996-02 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Investment and Credit Constraints in Transition Economies by : Jozef Konings
Download or read book Investment and Credit Constraints in Transition Economies written by Jozef Konings and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we investigate to what extent firm investment in transition countries is sensitive to internal finance. We use accounts data of over 4000 companies in four countries at different stages of transition. 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, which are the least advanced in the reforms towards market economy, have a stronger persistence of soft budget constraints than in the other two more advanced countries.
Book Synopsis Saving, Investment, and Growth in Developing Countries by : Klaus Schmidt-Hebbel
Download or read book Saving, Investment, and Growth in Developing Countries written by Klaus Schmidt-Hebbel and published by World Bank Publications. This book was released on 1994 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomic Policies and the Development of Markets in Transition Economies by : Fabrizio Coricelli
Download or read book Macroeconomic Policies and the Development of Markets in Transition Economies written by Fabrizio Coricelli and published by Central European University Press. This book was released on 1998-01-01 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: In transition countries, the author evaluates macroeconomic policies in relation to their impact on the development of markets.
Book Synopsis Saving, Growth and Financial Market Imperfections in Transitional China by : Liling Feng
Download or read book Saving, Growth and Financial Market Imperfections in Transitional China written by Liling Feng and published by . This book was released on 2007 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last several decades, China has been experiencing dramatic economic development and institutional transition. One notable feature in this period is its very high saving rate. Although it is controversial whether high saving rate is beneficial to the economy or not, a fact widely accepted is that the high saving rate has been playing an important role in shaping China's economy. But why do Chinese save so much? In this book, we try to analyze China's saving using the overlapping life cycle model, where the basic model is revised to better match China's reality. Two dominant facts are emphasized in our analysis, i.e., transitory high income growth and abnormal demography changes due to abnormal high birth rate. Besides, China, as a transitional economy, is also characterized by financial market imperfections such as liquidity constraints. This book should help answer the questions: - To what extent are Chinese consumers liquidity-constrained?- What are the reasons and welfare impacts of liquidity constraints? The book is addressed to industrial analysts from finance and investment. It is also directed towards researchers in economics and policy makers from governments.
Book Synopsis Investment and Credit Constraints in Transition Economies: Micro Evidence from Poland, the Chech Republic, Bulgaria and Romania by : J. Konings
Download or read book Investment and Credit Constraints in Transition Economies: Micro Evidence from Poland, the Chech Republic, Bulgaria and Romania written by J. Konings and published by . This book was released on 2002 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Human Capital, Growth and Inequality in Transition Economies by : Michael Spagat
Download or read book Human Capital, Growth and Inequality in Transition Economies written by Michael Spagat and published by . This book was released on 2002 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Ricardian Equivalence, Liquidity Constraints, and the Yaari-Blanchard Effect by : Nadeem Ul Haque
Download or read book Ricardian Equivalence, Liquidity Constraints, and the Yaari-Blanchard Effect written by Nadeem Ul Haque and published by . This book was released on 2006 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adjustment programs in developing countries have emphasized the importance of reducing fiscal deficits in order to improve private sector saving and investment performance. Recent theoretical analyses associated with the Ricardian equivalence proposition, however, suggest that, in the limit, changes in the level of public sector savings may be completely offset by a change in private savings. This offset would occur because changes in the level of government savings imply changes in the level of future taxation, which in turn affects current private sector saving. Empirical tests of the model for a sample of developing economies do not support the equivalence proposition owing to the prevalence of liquidity constraints.
Book Synopsis Interest Rates, Credit Rationing, and Investment in Developing Countries by : Mwanza Nkusu
Download or read book Interest Rates, Credit Rationing, and Investment in Developing Countries written by Mwanza Nkusu and published by International Monetary Fund. This book was released on 2003-03 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of interest rates and inflation on bank loans and investment within a framework that mimics the financial sectors prevailing in most low-income developing countries. The paper emphasizes the importance of treating the lending and deposit rates of interest as distinct parameters in investment equations. The spread between the two rates is indicative of default risk and has a negative impact on incremental loan amounts associated with higher lending rates, in particular in economies with flawed institutions. The model presented in the paper highlights the importance of promoting macroeconomic stability and upgrading institutions and informational infrastructure.
Book Synopsis Identifying Binding Constraints to Growth by : Mr.Mauricio Vargas
Download or read book Identifying Binding Constraints to Growth written by Mr.Mauricio Vargas and published by International Monetary Fund. This book was released on 2015-01-14 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis OECD Sovereign Borrowing Outlook 2021 by : OECD
Download or read book OECD Sovereign Borrowing Outlook 2021 written by OECD and published by OECD Publishing. This book was released on 2021-05-20 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
Book Synopsis The Macroeconomic Effects of Public Investment by : Mr.Abdul Abiad
Download or read book The Macroeconomic Effects of Public Investment written by Mr.Abdul Abiad and published by International Monetary Fund. This book was released on 2015-05-04 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt.
