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dc.contributor.authorYlhäinen, Ilkkaen_US
dc.date.accessioned2010-12-15en_US
dc.date.accessioned2011-03-25T09:39:53Z-
dc.date.available2011-03-25T09:39:53Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/44565-
dc.description.abstractThis paper studies the interaction of Finnish manufacturing firms and a state-owned specialized financing company, whose objective is to cure credit market imperfections. The study ex-amines how the presence of such agency affects the behavior of the firms over time. Specifically, the study analyzes whether the observed persistence in the subsidized financing originates from true state dependence or unobserved firm-specific heterogeneity. The results show that there is positive state dependence in the granted government loans and guarantees. The findings indicate that the private sector agents may adjust their financing behavior in response to the government intervention in the credit markets. The unobserved firm-specific heterogeneity accounts for much of the observed persistence, which provides another reason for why some firms are more dependent on the government funding than the others.en_US
dc.language.isoengen_US
dc.publisherElinkeinoelämän Tutkimuslaitos Helsinkien_US
dc.relation.ispartofseriesETLA discussion paper 1232en_US
dc.subject.jelG21en_US
dc.subject.jelG24en_US
dc.subject.jelG32en_US
dc.subject.jelH81en_US
dc.subject.ddc330en_US
dc.subject.keywordcredit market imperfectionsen_US
dc.subject.keywordsmall business financeen_US
dc.subject.keywordgovernment fundingen_US
dc.titlePersistence of government funding in small business financeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn641703872en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:ETLA Discussion Papers, Research Institute of the Finnish Economy

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