Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/229034 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
ECB Working Paper No. 2420
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We propose a new methodology to recover firm-time varying financial constraints from firms' production behavior. We model financial constraints as the profitability that firms forgo when budget constraints on production inputs bind, impeding them from using the optimal level of inputs and technology. We estimate and validate our measure using unique data combining firms' balance sheets with survey information on self-reported financial constraints, like loan rejections. In contrast to three popular indices of financial constraints, our measure recovers financial constraints beyond observable firm characteristics, recovers cross-sectional and time-varying stylized facts of financial constraints, and is applicable to both public and private firms.
Schlagwörter: 
Financial constraints
identification
access to finance
indicators
production function
JEL: 
E44
G00
G30
G32
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4063-4
Dokumentart: 
Working Paper

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