Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154039
Authors: 
Popov, Alexander
Year of Publication: 
2013
Series/Report no.: 
ECB Working Paper 1606
Abstract: 
Using a unique survey database of 8265 firms from 25 transition economies, I find that lack of access to finance in general, and to bank credit in particular, is associated with significantly lower investment in on-the-job training. This effect is stronger in education-intensive industries and in industries facing good global growth opportunities. To address endogeneity issues, I use the structure of local credit markets as an instrument for credit constraints at the firm-level. In addition, in panel estimates, I control for the presence of unobserved firm-level heterogeneity, as well as for changes in macroeconomic conditions.
Subjects: 
credit constraints
human capital
on-the-job training
JEL: 
G10
J21
J24
M53
Document Type: 
Working Paper

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