Investment and financial constraints in transition economies: micro evidence from Poland, the Czech Republic, Bulgaria and Romania

Konings, Josef;Rizov, Marian;Vandenbussche, Hylke
(2003) Economics Letters — Vol. 78, n° 2, p. 253-258 (2003)

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Authors
  • Konings, JosefKUL
    Author
  • Rizov, MarianCEPR
    Author
  • Vandenbussche, HylkeUCLouvain
    Author
Abstract
We investigate to what extent firm investment in transition countries is sensitive to internal finance. We find that firms in Bulgaria and Romania are less sensitive to internal financing constraints, in contrast to firms in Poland and the Czech Republic. A likely explanation is that Bulgaria and Romania experience a stronger persistence of soft budget constraints than the other two more advanced countries.
Affiliations
  • KULLICOS
  • CEPR
  • KULDepartment of Applied Economics

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Konings, J., Rizov, M., & Vandenbussche, H. (2003). Investment and financial constraints in transition economies: micro evidence from Poland, the Czech Republic, Bulgaria and Romania. Economics Letters, 78(2), 253-258. https://doi.org/10.1016/S0165-1765(02)00210-0 (Original work published 2003)