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《the missing link between financial constraints and productivity》由會(huì)員上傳分享，免費(fèi)在線(xiàn)閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫(kù)。
1、WP/09/72TheMissingLinkBetweenFinancialConstraintsandProductivityMarialuzMoreno-BadiaandVeerleSlootmaekers?2009InternationalMonetaryFundWP/09/72IMFWorkingPaperEuropeanDepartmentTheMissingLinkBetweenFinancialConstraintsandProductivityPreparedbyMarialuzMoreno-BadiaandVeerleSlootmaekers1Authorizedfor
2、distributionbyBobTraaApril2009AbstractThisWorkingPapershouldnotbereportedasrepresentingtheviewsoftheIMF.TheviewsexpressedinthisWorkingPaperarethoseoftheauthor(s)anddonotnecessarilyrepresentthoseoftheIMForIMFpolicy.WorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcomment
3、sandtofurtherdebate.Theglobalfinancialcrisishasreopenedthedebateonthepotentialspillovereffectsfromthefinancialsectortotherealeconomy.Thispaperaddstothatdebatebyprovidingnewevidenceonthelinkbetweenfinanceandfirm-levelproductivity,focusingonthecaseofEstonia.Wecontributetotheliteratureintwoimportant
4、respects:(i)welookexplicitlyattheroleoffinancialconstraints;and(ii)wedevelopamethodologythatcorrectsforthemisspecificationproblemsofpreviousstudies.Ourresultsindicatethatyoungandhighlyindebtedfirmstendtobemorefinanciallyconstrained.Overall,alargenumberoffirmsshowssomedegreeoffinancialconstraints,
5、withfirmsintheprimarysectorbeingthemostconstrained.Moreimportantly,wefindthatfinancialconstraintsdonotlowerproductivityformostsectors.JELClassificationNumbers:D24,G32,O16,P27Keywords:financingconstraints,productivity,SMEsAuthor’sE-MailAddress:MMorenobadia@imf.organdVeerle.Slootmaekers@oecd.org1Mo
6、renoBadia(MMorenobadia@imf.org):InternationalMonetaryFund;Slootmaekers(Veerle.Slootmaekers@oecd.org):OrganisationforEconomicCo-operationandDevelopmentandCatholicUniversityofLeuven,LICOSCentreforInstitutionsandEconomicPerformance.WewouldliketothankLarissaMerkulovaandKadriRohulaidoftheCentreofRegis
7、tersandInfosystemsforthedataandvaluableclarificationsontheRegistrar’sOfficedatabase.WealsothankFranekRozwadowski,andseminarparticipantsattheInternationalMonetaryFund,theEuropeanCommission,LICOSandtheCAEDconferenceinBud
