Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/75491
Authors: 
Johnson, Simon
McMillan, John
Woodruff, Christopher
Year of Publication: 
1999
Series/Report no.: 
CESifo Working Paper 212
Abstract: 
Is investment constrained more by insecure property rights or by limited external finance? For five transition economies in Eastern Europe and the former Soviet Union we find that weak property rights limit the reinvestment of profits in startup ma nufacturing firms. Access to credit does not appear to explain differences in investment. At least in the early stages of post-communist reform, retained earnings appear to have been enough to finance the investments that managers wanted to make.
Document Type: 
Working Paper

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