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|dc.contributor.author||Weller, Christian E.||en_US|
|dc.description.abstract||Real investment in Poland declined from 1990 to 1993, and only slowly recovered, while real credit decreasedfor a number of years, too. Has declining credit adversely affected investment? Controlling for industry and timefixed effect, and using dynamic panel data techniques, I estimate an investment model, which includes externaland internal finance as investment determinants. The results suggest that internal and external finance arepositively related to investment. Thus, industries seems to operate under hard budget constraints. Also, internalfinance is more important than external finance in determining investment, thus indicating that credit rationingoccurs. Finally, the effects of external finance are slightly larger among durable goods producing industries thanin non-durable goods producing industries.||-|
|dc.relation.ispartofseries|||aZEI working paper |xB 04-1999||en_US|
|dc.title||The finance-investment link in a transition economy: Evidence for Poland from panel data||en_US|
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