Publication type: Article in scientific journal
Type of review: Peer review (publication)
Title: Credit market institutions and firm imports of capital goods : evidence from developing countries
Authors: Fauceglia, Dario
DOI: 10.1016/j.jce.2015.03.007
Published in: Journal of Comparative Economics
Volume(Issue): 43
Issue: 4
Page(s): 902
Pages to: 918
Issue Date: 2015
Publisher / Ed. Institution: Elsevier
ISSN: 0147-5967
Language: German
Subjects: Capital goods imports; Institutions; International trade; Credit constraints; Financial development
Subject (DDC): 337: International economics and commerce
Abstract: Using firm-level data across seven developing countries, this paper studies the interaction between a firm’s wealth and a country’s credit market institutions on machinery and equipment imports (=capital imports). The panel analysis suggests that credit constraints have a negative impact on the capital import decision. However, the results also indicate that institutions such as creditor rights, an efficient debt enforcement and accounting standards improve access to external finance and reduce credit constraints with regard to capital imports. Firm-level difference-in-difference estimations that exploit a reform of the Brazilian bankruptcy law confirm the importance of credit market institutions for upgrading the technology embodied in capital goods.
Fulltext version: Published version
License (according to publishing contract): Licence according to publishing contract
Departement: School of Management and Law
Organisational Unit: Center for Economic Policy (FWP)
Appears in collections:Publikationen School of Management and Law

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