Rizov, Marian (2004) Credit constraints and profitability: Evidence from a transition economy. Emerging Markets Finance and Trade, 40 (4). pp. 63-83. ISSN 1540–496X
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| Item Type: | Article |
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| Item Status: | Live Archive |
Abstract
A conceptual framework for analyzing credit rationing and the link between credit
access and profitability is developed. The empirical analysis using data from manufacturing
firms in Bulgaria, an economy with dramatically changing credit constraints during
transition, provides direct estimates of credit rationing and its impact on profitability and
reform policy outcomes. The results from switching regressions show that the presence of
credit market imperfections does impinge on profitability of firms and hinders industry
restructuring. Policies fostering sound financial intermediation are suggested and discussed.
| Keywords: | Bulgaria, credit rationing, financial intermediation, profitability, soft budget |
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| Subjects: | L Social studies > L140 Econometrics L Social studies > L110 Applied Economics L Social studies > L111 Financial Economics L Social studies > L113 Economic Policy |
| Divisions: | Lincoln International Business School |
| ID Code: | 19051 |
| Deposited On: | 16 Oct 2015 10:52 |
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