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
Authors: Fauceglia, Dario
DOI: 10.1080/13504851.2015.1095997
Published in: Applied Economics Letters
Volume(Issue): 23
Issue: 9
Page(s): 656
Pages to: 659
Issue Date: 2015
Publisher / Ed. Institution: Routledge
ISSN: 1350-4851
Language: English
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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