|Publication type:||Article in scientific journal|
|Type of review:||Peer review (publication)|
|Title:||Financial development and the share of imported capital goods in developing countries : firm-level evidence|
|Published in:||Applied Economics Letters|
|Publisher / Ed. Institution:||Routledge|
|Subjects:||International trade; Financial development; Credit constraints; Capital goods; Imports|
|Subject (DDC):||337: International economics and commerce|
|Abstract:||Firm-level estimations across a sample of seven developing countries suggest that a higher firm’s leverage – a proxy for credit constraints – reduces the share of imported capital goods in total capital expenditures. This result holds across different models such as a two-limit tobit and a fractional logit model. It is also confirmed after controlling for unobserved firm heterogeneity, state dependence or when using the share of property in total assets as an alternative credit constraint indicator. The results also indicate that the importance of credit constraints is significantly reduced in financially more developed countries.|
|Fulltext version:||Published version|
|License (according to publishing contract):||Licence according to publishing contract|
|Departement:||School of Management and Law|
|Organisational Unit:||Center for Economic Policy (FWP)|
|Appears in collections:||Publikationen School of Management and Law|
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