Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/75000
Authors: 
Manole, Vlad
Spatareanu, Mariana
Year of Publication: 
2009
Series/Report no.: 
LICOS Discussion Paper 252
Abstract: 
Many firms cite financial constraints as some of the most important impediments to their investment and growth. Using a unique data set from the Czech Republic this paper investigates the importance of financing constraints in the context of exporters. It finds that exporters are less financially constrained than non-exporters. However, after carefully correcting for possible endogeneity and selection issues, the evidence points to less constrained firms self-selecting into exporting rather than exporting alleviating firms' financial constraints. The analysis suggests that easing firms' credit constraints may play an important role in facilitating exporting and that welldeveloped financial markets that would decrease firms' cost of external finance may be needed in order to benefit from selling in foreign markets.
Subjects: 
exporting
cash flow
financial constraints
JEL: 
F21
F23
F36
Document Type: 
Working Paper

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