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Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
LICOS Discussion Paper No. 112
Verlag: 
Katholieke Universiteit Leuven, LICOS Centre for Transition Economics, Leuven
Zusammenfassung: 
In this paper we investigate to what extent firm investment in transition countries is sensitive to internal finance. We use accounts data of over 4000 companies in four countries at different stages of transition. We find that firms in Bulgaria and Romania are less sensitive to internal financing constraints, in contrast to firms in Poland and the Czech Republic. A likely explanation is that Bulgaria and Romania, which are the least advanced in the refirms towards market economy, have a stronger persistence of soft budget constraints than in the other two more advanced countries.
Schlagwörter: 
Investment
financial constraints
soft budget constraint
transition to a market economy
JEL: 
E22
G32
P21
D21
D92
Dokumentart: 
Working Paper

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