| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5136 |
| DP5136 North, South and Distance in the Gravity Model | |
| Jacques MELITZ | |
| 发表日期 | 2005-07-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | An extensive empirical literature has documented the positive growth effects of equity market liberalization. However, this line of research ignores the impact of financial integration on a category of firms crucial for economic development, i.e. the small entrepreneurial firms. This paper aims to fill this void. We employ a large panel containing almost 60,000 firm?year observations on listed and unlisted companies in Eastern European economies to assess the differential impact of foreign bank lending on firm growth and financing. Foreign lending stimulates growth in firm sales, assets, and leverage, but the effect is dampened for small firms. We also find that the most connected businesses benefit least from foreign bank entry. This finding suggests that foreign banks can help mitigate connected lending problems and improve capital allocation. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Foreign bank lending Emerging markets Competition Lending relationships |
| URL | https://cepr.org/publications/dp5136 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534024 |
| 推荐引用方式 GB/T 7714 | Jacques MELITZ. DP5136 North, South and Distance in the Gravity Model. 2005. |
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