05769oam 22012494 450 991081202240332120200520144314.01-4623-9008-01-4527-3594-897866128429311-4518-7219-41-282-84293-5(CKB)3170000000055241(EBL)1608241(SSID)ssj0000939918(PQKBManifestationID)11512673(PQKBTitleCode)TC0000939918(PQKBWorkID)10947336(PQKB)11075075(OCoLC)645215088(IMF)WPIEE2009072(MiAaPQ)EBC1608241(IMF)WPIEA2009072(EXLCZ)99317000000005524120020129d2009 uf 0engurcn|||||||||txtccrThe Missing Link Between Financial Constraints and Productivity /Marialuz Moreno Badia, Veerle Slootmaekers1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (41 p.)IMF Working PapersDescription based upon print version of record.1-4519-1654-X Includes bibliographical references.Contents; I. Introduction; II. Data and Stylized Facts; III. Measuring Financial Constraints; A. Euler Equation Approach; B. Empirical Model; C. Estimation Issues; D. Results on Financial Constraints; IV. Relating Productivity to Financial Constraints; V. Results; A. Baseline Results; B. Robustness Checks; VI. Conclusions; Tables; 1. Ownership Structure; 2. Number of Firms by Year and Industry, 1997-2005; 3. Summary Statistics; 4. Euler Equation Specification, Estimated Using System GMM; 5. Magnitude and Distribution of Financing Constraints by Sector6. Correlation between Financial Constraints and Other Firm Characteristics 7. Baseline Results, by Industry; 8. Robustness Checks; Figures; 1. Size Distribution; 2. Entry and Exit Rates, 1997-2005; 3. Sales per worker, 1997-2205; 4. Capital Intensity, 1997-2005; 5. Investment Ratio, 1997-2005; 6. Mean Financial Constraints by Industry, 1998-2005; Appendices; A. Data Sources and Definitions; B. Euler Equation Specification; C. Estimating Total Factor Productivity; ReferencesThe global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute to the literature in two important respects: (i) we look explicitly at the role of financial constraints; and (ii) we develop a methodology that corrects for the misspecification problems of previous studies. Our results indicate that young and highly indebted firms tend to be more financially constrained. Overall, a large number of firms shows some degree of financial constraints, with firms in the primary sector being the most constrained. More importantly, we find that financial constraints do not lower productivity for most sectors.IMF Working Papers; Working Paper ;No. 2009/072Production (Economic theory)Financial crisesCapacityimfCapital and Total Factor ProductivityimfCostimfCreditimfCurrenciesimfGovernment and the Monetary SystemimfHuman CapitalimfIndustrial productivityimfLabor ProductivityimfLabor productivityimfMacroeconomicsimfMacroeconomics: ProductionimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMonetary SystemsimfMoney and Monetary PolicyimfMoneyimfOccupational ChoiceimfPayment SystemsimfProduction and Operations ManagementimfProductionimfProductivityimfRegimesimfSkillsimfStandardsimfTotal factor productivityimfEstonia, Republic ofimfProduction (Economic theory)Financial crises.CapacityCapital and Total Factor ProductivityCostCreditCurrenciesGovernment and the Monetary SystemHuman CapitalIndustrial productivityLabor ProductivityLabor productivityMacroeconomicsMacroeconomics: ProductionMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMonetary SystemsMoney and Monetary PolicyMoneyOccupational ChoicePayment SystemsProduction and Operations ManagementProductionProductivityRegimesSkillsStandardsTotal factor productivity332.152Moreno Badia Marialuz1123353Slootmaekers Veerle1643720DcWaIMFBOOK9910812022403321The Missing Link Between Financial Constraints and Productivity3989161UNINA