Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/19835 
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dc.contributor.authorEspanol, Paulaen
dc.date.accessioned2009-01-28T16:07:54Z-
dc.date.available2009-01-28T16:07:54Z-
dc.date.issued2006-
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
dc.language.isoengen
dc.publisher|aVerein für Socialpolitik, Ausschuss für Entwicklungsländer |cHannoveren
dc.relation.ispartofseries|aProceedings of the German Development Economics Conference, Berlin 2006 |x7en
dc.subject.jelO16en
dc.subject.jelE22en
dc.subject.jelO54en
dc.subject.ddc330en
dc.subject.keywordfinancial constrainten
dc.subject.keywordinvestmenten
dc.subject.keywordforeign tradeen
dc.subject.keywordArgentineen
dc.titleWhy exporters can be financially constrained in a recently liberalised economy? A puzzle based on Argentinean firms during the 1990s-
dc.typeConference Paperen
dc.identifier.ppn517905078en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:gdec06:4730en

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