EconStor >
Verein für Socialpolitik >
Ausschuss für Entwicklungsländer, Verein für Socialpolitik >
Proceedings of the German Development Economics Conference, 2006 (Berlin) >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/19835
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorEspanol, Paulaen_US
dc.date.accessioned2009-01-28T16:07:54Z-
dc.date.available2009-01-28T16:07:54Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/19835-
dc.description.abstractTrade-related characteristics have only been recently started to be included in empirical studies analysing the determinants of the financial constraints faced by firms. A result broadly shared by these studies is that exporting firms tend to be those less financially constrained. In this paper we test this result using panel data built up from quarterly balance sheet information for 74 Argentinean big firms covering the years of the currency board regime (1992-2001). We estimate an investment equation splitting up the sample between exporters and non-exporters. Using three alternative econometric models (random effects, fixed effects and instrumental variables) we find that, contrary to what is commonly stressed in the literature, exporting firms are the ones facing larger financial constraints on investment. We propose an explanation for this original result based on the currency appreciation that follows financial liberalisation processes in emerging countries, particularly in Argentina, which triggers a profit squeeze phenomenon for exportable firms, reducing their investment capacity.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesProceedings of the German Development Economics Conference, Berlin 2006 / Verein für Socialpolitik, Research Committee Development Economics 7en_US
dc.subject.jelO16en_US
dc.subject.jelE22en_US
dc.subject.jelO54en_US
dc.subject.ddc330en_US
dc.subject.keywordfinancial constrainten_US
dc.subject.keywordinvestmenten_US
dc.subject.keywordforeign tradeen_US
dc.subject.keywordArgentineen_US
dc.titleWhy exporters can be financially constrained in a recently liberalised economy? A puzzle based on Argentinean firms during the 1990sen_US
dc.typeConference Paperen_US
dc.identifier.ppn517905078en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:gdec06:4730-
Appears in Collections:Proceedings of the German Development Economics Conference, 2006 (Berlin)

Files in This Item:
File Description SizeFormat
espanol.pdf670.29 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.