the missing link between financial constraints and productivity

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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