LEADER 05691oam 22012134 450 001 9910788337503321 005 20230721045650.0 010 $a1-4623-9008-0 010 $a1-4527-3594-8 010 $a9786612842931 010 $a1-4518-7219-4 010 $a1-282-84293-5 035 $a(CKB)3170000000055241 035 $a(EBL)1608241 035 $a(SSID)ssj0000939918 035 $a(PQKBManifestationID)11512673 035 $a(PQKBTitleCode)TC0000939918 035 $a(PQKBWorkID)10947336 035 $a(PQKB)11075075 035 $a(OCoLC)645215088 035 $a(MiAaPQ)EBC1608241 035 $a(IMF)WPIEE2009072 035 $a(EXLCZ)993170000000055241 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Missing Link Between Financial Constraints and Productivity /$fMarialuz Moreno Badia, Veerle Slootmaekers 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (41 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1654-X 320 $aIncludes bibliographical references. 327 $aContents; 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 Sector 327 $a6. 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; References 330 3 $aThe global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute to the literature in two important respects: (i) we look explicitly at the role of financial constraints; and (ii) we develop a methodology that corrects for the misspecification problems of previous studies. Our results indicate that young and highly indebted firms tend to be more financially constrained. Overall, a large number of firms shows some degree of financial constraints, with firms in the primary sector being the most constrained. More importantly, we find that financial constraints do not lower productivity for most sectors. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/072 606 $aProduction (Economic theory) 606 $aFinancial crises 606 $aMoney and Monetary Policy$2imf 606 $aProduction and Operations Management$2imf 606 $aMacroeconomics: Production$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aHuman Capital$2imf 606 $aSkills$2imf 606 $aOccupational Choice$2imf 606 $aLabor Productivity$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aProduction$2imf 606 $aCost$2imf 606 $aCapital and Total Factor Productivity$2imf 606 $aCapacity$2imf 606 $aMacroeconomics$2imf 606 $aMonetary economics$2imf 606 $aProductivity$2imf 606 $aCurrencies$2imf 606 $aLabor productivity$2imf 606 $aCredit$2imf 606 $aTotal factor productivity$2imf 606 $aIndustrial productivity$2imf 606 $aMoney$2imf 607 $aEstonia, Republic of$2imf 615 0$aProduction (Economic theory) 615 0$aFinancial crises. 615 7$aMoney and Monetary Policy 615 7$aProduction and Operations Management 615 7$aMacroeconomics: Production 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aHuman Capital 615 7$aSkills 615 7$aOccupational Choice 615 7$aLabor Productivity 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aProduction 615 7$aCost 615 7$aCapital and Total Factor Productivity 615 7$aCapacity 615 7$aMacroeconomics 615 7$aMonetary economics 615 7$aProductivity 615 7$aCurrencies 615 7$aLabor productivity 615 7$aCredit 615 7$aTotal factor productivity 615 7$aIndustrial productivity 615 7$aMoney 700 $aMoreno Badia$b Marialuz$01123353 701 $aSlootmaekers$b Veerle$01472714 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788337503321 996 $aThe Missing Link Between Financial Constraints and Productivity$93685580 997 $aUNINA