External Finance and Firm Survivalin the Aftermath of the Crisis : Evidence from EasternEurope and Central Asia

Clarke, George R.G. ; Cull, Robert ; Kisunko, Gregory

World Bank, Washington, DC

关键词: ACCESS TO BANK;    ACCESS TO CREDIT;    ACCESS TO EXTERNAL FINANCE;    ACCESS TO FINANCE;    ACCESS TO FINANCIAL SERVICES;   

DOI  :  10.1596/1813-9450-6050
RP-ID  :  WPS6050

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Two data sets are used to study howcountry and firm characteristics affected firms'financial constraints and their likelihood of survivalduring the early phase of the recent global financial crisisin Eastern Europe and Central Asia, a region that wasespecially hard hit. The first data source providesinformation on the reported severity of financialconstraints for 360 firms from 23 countries in 2002, 2005,and 2008. By following the same firms over time, the studysummarizes both the gradual easing of financial constraintsfrom 2002 to 2005 and their tightening during the crisis.Key findings are that financial constraints during thecrisis were less severe in countries with well-establishedforeign banks (entered prior to year 2000), and that changesin the severity of financial constraints were morepronounced for large firms than others during the crisis(although large firms continued to have less severeconstraints on average). The second data source providesinformation on whether firms remained in operation in 2009in six countries in Eastern Europe and Central Asia.Controlling for other relevant characteristics, firms weremore likely to survive the crisis if they had access toexternal credit.