Liquidity constraints and investment in transition economies - the case of Bulgaria (English)

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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Citation

Budina, Nina; Garretsen, Harry; de Jong, Elke.

Liquidity constraints and investment in transition economies - the case of Bulgaria (English). Policy, Research working paper ; no. WPS 2278 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/113311468743685678

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