The authors use firm level data on Bulgaria to investigate the impact of liquidity constraints on firms' investment performance. Internal funds are a important determinant of investment in most industrial economies. The authors use a simple accelerator model of investment to test whether liquidity constraints are relevant in Bulgaria's case. Their estimates are based on data for 1993-95, before Bulgaria's financial crisis of 1996-97. It turns out...
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INFORMATION
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2000/01/31
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Document de travail de recherche sur les politiques
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WPS2278
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1
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1
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2010/07/01
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Liquidity constraints and investment in transition economies - the case of Bulgaria
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balance sheet assets
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