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dc.contributor.authorYlhäinen, Ilkkaen
dc.date.accessioned2010-12-15-
dc.date.accessioned2011-03-25T09:39:53Z-
dc.date.available2011-03-25T09:39:53Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aThe Research Institute of the Finnish Economy (ETLA) |cHelsinkien
dc.relation.ispartofseries|aETLA Discussion Papers |x1232en
dc.subject.jelG21en
dc.subject.jelG24en
dc.subject.jelG32en
dc.subject.jelH81en
dc.subject.ddc330en
dc.subject.keywordcredit market imperfectionsen
dc.subject.keywordsmall business financeen
dc.subject.keywordgovernment fundingen
dc.titlePersistence of government funding in small business finance-
dc.typeWorking Paperen
dc.identifier.ppn641703872en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:rif:dpaper:1232en

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