Investment and financial constraints in transition economies: micro evidence from Poland, the Czech Republic, Bulgaria and Romania
Rizov, Marian and Vandenbussche, H. and Konings, J. (2003) Investment and financial constraints in transition economies: micro evidence from Poland, the Czech Republic, Bulgaria and Romania. Economics Letters, 78 (2). pp. 253-258. ISSN 0165-1765
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We investigate to what extent firm investment in transition countries is sensitive to internal finance. 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 experience a stronger persistence of soft budget constraints than the other two more advanced countries.
|Research Areas:||Business School > Economics and International Development|
|Citations on ISI Web of Science:||28|
|Deposited On:||02 Dec 2008 14:36|
|Last Modified:||12 May 2014 15:32|
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