Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/19835
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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 beincluded in empirical studies analysing the determinants of the financialconstraints faced by firms. A result broadly shared by these studiesis that exporting firms tend to be those less financially constrained.In this paper we test this result using panel data built up from quarterlybalance sheet information for 74 Argentinean big firms coveringthe years of the currency board regime (1992-2001). We estimate aninvestment equation splitting up the sample between exporters andnon-exporters. Using three alternative econometric models (randomeffects, fixed effects and instrumental variables) we find that, contraryto what is commonly stressed in the literature, exporting firms are theones facing larger financial constraints on investment. We propose anexplanation for this original result based on the currency appreciationthat follows financial liberalisation processes in emerging countries,particularly in Argentina, which triggers a profit squeeze phenomenonfor exportable firms, reducing their investment capacity.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseries|aProceedings of the German Development Economics Conference, Berlin 2006 / Verein für Socialpolitik, Research Committee Development Economics |x7en_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-

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