External Finance and Firm Survival in the Aftermath of the Crisis : Evidence from Eastern Europe and Central Asia
Two data sets are used to study how country and firm characteristics affected firms' financial constraints and their likelihood of survival during the early phase of the recent global financial crisis in Eastern Europe and Central Asia, a regi...
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| Format: | Policy Research Working Paper |
| Language: | English |
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World Bank, Washington, DC
2012
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2012/04/16239357/external-finance-firm-survival-aftermath-crisis-evidence-eastern-europe-central-asia http://hdl.handle.net/10986/6053 |
| id |
okr-10986-6053 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO BANK ACCESS TO CREDIT ACCESS TO EXTERNAL FINANCE ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO FINANCING ADVANCED ECONOMIES AFFILIATE AFFILIATES APPLICATION PROCEDURES BANK ACCOUNT BANK ACTIVITY BANK ASSET BANK CREDIT BANK FINANCING BANK FOR INTERNATIONAL SETTLEMENTS BANK INTERMEDIATION BANK LENDING BANK LOANS BANK OF KOREA BANK POLICY BANKING ASSETS BANKING CRISIS BANKING SECTOR BANKING SECTOR ASSETS BANKING SECTORS BANKING SYSTEM BANKRUPTCY BARRIERS TO ENTRY BORROWER BORROWING BRANCH BRANCHES BRIBES BUSINESS CYCLES BUSINESS ENVIRONMENT CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK CHECKS COLLATERAL COLLATERAL REQUIREMENTS COMPETITORS CORPORATE FINANCING CORRUPTION CREDIT CONSTRAINTS CREDIT CRUNCH CREDIT GROWTH CREDIT MARKETS CREDIT PROVISION CROSS-BORDER FLOWS CURRENCY CURRENCY COMPOSITION CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEFERRED PAYMENT DEFICITS DEPENDENT DEVELOPING COUNTRIES DOMESTIC BANK DOMESTIC BANKS DUMMY VARIABLE DUMMY VARIABLES ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICY ECONOMIES IN TRANSITION EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EMPLOYMENT EMPLOYMENT GROWTH ENTERPRISE PERFORMANCE EXCHANGE RATE EXCHANGE RATES EXCLUSION EXPORTERS EXTERNAL BORROWING EXTERNAL CREDIT EXTERNAL FINANCE EXTERNAL FINANCING EXTERNAL FUNDING EXTERNAL FUNDS FEDERAL RESERVE FEDERAL RESERVE BANK FEDERAL RESERVE BANK OF BOSTON FEDERAL RESERVE BANK OF NEW YORK FINANCIAL ACCESS FINANCIAL CONSTRAINTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL GLOBALIZATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SERVICES FINANCIAL SHOCK FINANCIAL SITUATION FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCING CONSTRAINTS FINANCING OBSTACLES FIRM PERFORMANCE FIRM SIZE FIRMS FIXED ASSETS FIXED EXCHANGE RATES FIXED INVESTMENT FLOATING EXCHANGE RATE FLOATING EXCHANGE RATES FOREIGN BANK FOREIGN BANK ENTRY FOREIGN BANK PARTICIPATION FOREIGN BANKS FOREIGN CLAIMS FOREIGN OWNERSHIP FORMAL BANKING FORMAL BANKING SYSTEM HOLDING HOME MARKETS HOST COUNTRIES HOST COUNTRY HOUSEHOLDS IMMEDIATE PAYMENT INFLATION INFORMATIONAL ASYMMETRIES INSOLVENCY INSOLVENCY GROUP INSOLVENT INSTITUTIONAL DEVELOPMENT INSTRUMENT INTANGIBLE INTANGIBLE BENEFITS INTEREST RATES INTERNAL FINANCE INTERNAL FUNDS INTERNATIONAL BANK INTERNATIONAL BANKS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL LENDING INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT OPPORTUNITIES LARGE FIRM LARGE FIRMS LEGAL CONSTRAINTS LEGAL ORIGIN LENDER LENDERS LENDING POLICIES LEVEL OF COMMITMENT LEVERAGE LIABILITY LICENSING LINE OF CREDIT LINES OF CREDIT LIQUIDATION LIQUIDITY LIQUIDITY PROBLEMS LOAN LOAN APPLICANTS LOAN APPLICATION LOAN APPLICATIONS MANUFACTURERS MATURITY MEDIUM ENTERPRISES MORTGAGE MORTGAGE MARKET MULTINATIONAL MULTINATIONAL BANK MULTINATIONAL BANKS OBSTACLES TO GROWTH OVERDRAFT OVERDRAFT FACILITIES OVERDRAFT FACILITY OVERDRAFTS PARTY POSITIVE COEFFICIENT PRIVATE BORROWERS PRIVATE CAPITAL PROFIT OPPORTUNITIES PROFITABILITY PROPERTY RIGHTS PROTECTION OF PROPERTY PUBLIC-PRIVATE PARTNERSHIP RATE OF RETURN REAL SECTOR RETAINED EARNINGS RETURN RETURN ON ASSETS RETURN ON SALES RISKY LOANS SALES GROWTH SMALL BUSINESS SMALL FIRMS SOURCES OF FINANCE STATE BANKS SUBSIDIARIES SUBSIDIARY SUPPLIERS SYSTEMIC CRISES TAX TAX ADMINISTRATION TAX RATES TRANSPORT UNION WORKING CAPITAL WORLD FINANCIAL MARKETS |
| spellingShingle |
ACCESS TO BANK ACCESS TO CREDIT ACCESS TO EXTERNAL FINANCE ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO FINANCING ADVANCED ECONOMIES AFFILIATE AFFILIATES APPLICATION PROCEDURES BANK ACCOUNT BANK ACTIVITY BANK ASSET BANK CREDIT BANK FINANCING BANK FOR INTERNATIONAL SETTLEMENTS BANK INTERMEDIATION BANK LENDING BANK LOANS BANK OF KOREA BANK POLICY BANKING ASSETS BANKING CRISIS BANKING SECTOR BANKING SECTOR ASSETS BANKING SECTORS BANKING SYSTEM BANKRUPTCY BARRIERS TO ENTRY BORROWER BORROWING BRANCH BRANCHES BRIBES BUSINESS CYCLES BUSINESS ENVIRONMENT CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK CHECKS COLLATERAL COLLATERAL REQUIREMENTS COMPETITORS CORPORATE FINANCING CORRUPTION CREDIT CONSTRAINTS CREDIT CRUNCH CREDIT GROWTH CREDIT MARKETS CREDIT PROVISION CROSS-BORDER FLOWS CURRENCY CURRENCY COMPOSITION CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEFERRED PAYMENT DEFICITS DEPENDENT DEVELOPING COUNTRIES DOMESTIC BANK DOMESTIC BANKS DUMMY VARIABLE DUMMY VARIABLES ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICY ECONOMIES IN TRANSITION EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EMPLOYMENT EMPLOYMENT GROWTH ENTERPRISE PERFORMANCE EXCHANGE RATE EXCHANGE RATES EXCLUSION EXPORTERS EXTERNAL BORROWING EXTERNAL CREDIT EXTERNAL FINANCE EXTERNAL FINANCING EXTERNAL FUNDING EXTERNAL FUNDS FEDERAL RESERVE FEDERAL RESERVE BANK FEDERAL RESERVE BANK OF BOSTON FEDERAL RESERVE BANK OF NEW YORK FINANCIAL ACCESS FINANCIAL CONSTRAINTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL GLOBALIZATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SERVICES FINANCIAL SHOCK FINANCIAL SITUATION FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCING CONSTRAINTS FINANCING OBSTACLES FIRM PERFORMANCE FIRM SIZE FIRMS FIXED ASSETS FIXED EXCHANGE RATES FIXED INVESTMENT FLOATING EXCHANGE RATE FLOATING EXCHANGE RATES FOREIGN BANK FOREIGN BANK ENTRY FOREIGN BANK PARTICIPATION FOREIGN BANKS FOREIGN CLAIMS FOREIGN OWNERSHIP FORMAL BANKING FORMAL BANKING SYSTEM HOLDING HOME MARKETS HOST COUNTRIES HOST COUNTRY HOUSEHOLDS IMMEDIATE PAYMENT INFLATION INFORMATIONAL ASYMMETRIES INSOLVENCY INSOLVENCY GROUP INSOLVENT INSTITUTIONAL DEVELOPMENT INSTRUMENT INTANGIBLE INTANGIBLE BENEFITS INTEREST RATES INTERNAL FINANCE INTERNAL FUNDS INTERNATIONAL BANK INTERNATIONAL BANKS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL LENDING INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT OPPORTUNITIES LARGE FIRM LARGE FIRMS LEGAL CONSTRAINTS LEGAL ORIGIN LENDER LENDERS LENDING POLICIES LEVEL OF COMMITMENT LEVERAGE LIABILITY LICENSING LINE OF CREDIT LINES OF CREDIT LIQUIDATION LIQUIDITY LIQUIDITY PROBLEMS LOAN LOAN APPLICANTS LOAN APPLICATION LOAN APPLICATIONS MANUFACTURERS MATURITY MEDIUM ENTERPRISES MORTGAGE MORTGAGE MARKET MULTINATIONAL MULTINATIONAL BANK MULTINATIONAL BANKS OBSTACLES TO GROWTH OVERDRAFT OVERDRAFT FACILITIES OVERDRAFT FACILITY OVERDRAFTS PARTY POSITIVE COEFFICIENT PRIVATE BORROWERS PRIVATE CAPITAL PROFIT OPPORTUNITIES PROFITABILITY PROPERTY RIGHTS PROTECTION OF PROPERTY PUBLIC-PRIVATE PARTNERSHIP RATE OF RETURN REAL SECTOR RETAINED EARNINGS RETURN RETURN ON ASSETS RETURN ON SALES RISKY LOANS SALES GROWTH SMALL BUSINESS SMALL FIRMS SOURCES OF FINANCE STATE BANKS SUBSIDIARIES SUBSIDIARY SUPPLIERS SYSTEMIC CRISES TAX TAX ADMINISTRATION TAX RATES TRANSPORT UNION WORKING CAPITAL WORLD FINANCIAL MARKETS Clarke, George R.G. Cull, Robert Kisunko, Gregory External Finance and Firm Survival in the Aftermath of the Crisis : Evidence from Eastern Europe and Central Asia |
| geographic_facet |
Europe and Central Asia Central Asia Eastern Europe |
| relation |
Policy Research Working Paper ; No. 6050 |
| description |
Two data sets are used to study how
country and firm characteristics affected firms'
financial constraints and their likelihood of survival
during the early phase of the recent global financial crisis
in Eastern Europe and Central Asia, a region that was
especially hard hit. The first data source provides
information on the reported severity of financial
constraints for 360 firms from 23 countries in 2002, 2005,
and 2008. By following the same firms over time, the study
summarizes both the gradual easing of financial constraints
from 2002 to 2005 and their tightening during the crisis.
Key findings are that financial constraints during the
crisis were less severe in countries with well-established
foreign banks (entered prior to year 2000), and that changes
in the severity of financial constraints were more
pronounced for large firms than others during the crisis
(although large firms continued to have less severe
constraints on average). The second data source provides
information on whether firms remained in operation in 2009
in six countries in Eastern Europe and Central Asia.
Controlling for other relevant characteristics, firms were
more likely to survive the crisis if they had access to
external credit. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Clarke, George R.G. Cull, Robert Kisunko, Gregory |
| author_facet |
Clarke, George R.G. Cull, Robert Kisunko, Gregory |
| author_sort |
Clarke, George R.G. |
| title |
External Finance and Firm Survival
in the Aftermath of the Crisis : Evidence from Eastern
Europe and Central Asia |
| title_short |
External Finance and Firm Survival
in the Aftermath of the Crisis : Evidence from Eastern
Europe and Central Asia |
| title_full |
External Finance and Firm Survival
in the Aftermath of the Crisis : Evidence from Eastern
Europe and Central Asia |
| title_fullStr |
External Finance and Firm Survival
in the Aftermath of the Crisis : Evidence from Eastern
Europe and Central Asia |
| title_full_unstemmed |
External Finance and Firm Survival
in the Aftermath of the Crisis : Evidence from Eastern
Europe and Central Asia |
| title_sort |
external finance and firm survival
in the aftermath of the crisis : evidence from eastern
europe and central asia |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2012/04/16239357/external-finance-firm-survival-aftermath-crisis-evidence-eastern-europe-central-asia http://hdl.handle.net/10986/6053 |
| _version_ |
1764397256238170112 |
| spelling |
okr-10986-60532021-04-23T14:02:24Z External Finance and Firm Survival in the Aftermath of the Crisis : Evidence from Eastern Europe and Central Asia Clarke, George R.G. Cull, Robert Kisunko, Gregory ACCESS TO BANK ACCESS TO CREDIT ACCESS TO EXTERNAL FINANCE ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO FINANCING ADVANCED ECONOMIES AFFILIATE AFFILIATES APPLICATION PROCEDURES BANK ACCOUNT BANK ACTIVITY BANK ASSET BANK CREDIT BANK FINANCING BANK FOR INTERNATIONAL SETTLEMENTS BANK INTERMEDIATION BANK LENDING BANK LOANS BANK OF KOREA BANK POLICY BANKING ASSETS BANKING CRISIS BANKING SECTOR BANKING SECTOR ASSETS BANKING SECTORS BANKING SYSTEM BANKRUPTCY BARRIERS TO ENTRY BORROWER BORROWING BRANCH BRANCHES BRIBES BUSINESS CYCLES BUSINESS ENVIRONMENT CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK CHECKS COLLATERAL COLLATERAL REQUIREMENTS COMPETITORS CORPORATE FINANCING CORRUPTION CREDIT CONSTRAINTS CREDIT CRUNCH CREDIT GROWTH CREDIT MARKETS CREDIT PROVISION CROSS-BORDER FLOWS CURRENCY CURRENCY COMPOSITION CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEFERRED PAYMENT DEFICITS DEPENDENT DEVELOPING COUNTRIES DOMESTIC BANK DOMESTIC BANKS DUMMY VARIABLE DUMMY VARIABLES ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICY ECONOMIES IN TRANSITION EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EMPLOYMENT EMPLOYMENT GROWTH ENTERPRISE PERFORMANCE EXCHANGE RATE EXCHANGE RATES EXCLUSION EXPORTERS EXTERNAL BORROWING EXTERNAL CREDIT EXTERNAL FINANCE EXTERNAL FINANCING EXTERNAL FUNDING EXTERNAL FUNDS FEDERAL RESERVE FEDERAL RESERVE BANK FEDERAL RESERVE BANK OF BOSTON FEDERAL RESERVE BANK OF NEW YORK FINANCIAL ACCESS FINANCIAL CONSTRAINTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL GLOBALIZATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SERVICES FINANCIAL SHOCK FINANCIAL SITUATION FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCING CONSTRAINTS FINANCING OBSTACLES FIRM PERFORMANCE FIRM SIZE FIRMS FIXED ASSETS FIXED EXCHANGE RATES FIXED INVESTMENT FLOATING EXCHANGE RATE FLOATING EXCHANGE RATES FOREIGN BANK FOREIGN BANK ENTRY FOREIGN BANK PARTICIPATION FOREIGN BANKS FOREIGN CLAIMS FOREIGN OWNERSHIP FORMAL BANKING FORMAL BANKING SYSTEM HOLDING HOME MARKETS HOST COUNTRIES HOST COUNTRY HOUSEHOLDS IMMEDIATE PAYMENT INFLATION INFORMATIONAL ASYMMETRIES INSOLVENCY INSOLVENCY GROUP INSOLVENT INSTITUTIONAL DEVELOPMENT INSTRUMENT INTANGIBLE INTANGIBLE BENEFITS INTEREST RATES INTERNAL FINANCE INTERNAL FUNDS INTERNATIONAL BANK INTERNATIONAL BANKS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL LENDING INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT OPPORTUNITIES LARGE FIRM LARGE FIRMS LEGAL CONSTRAINTS LEGAL ORIGIN LENDER LENDERS LENDING POLICIES LEVEL OF COMMITMENT LEVERAGE LIABILITY LICENSING LINE OF CREDIT LINES OF CREDIT LIQUIDATION LIQUIDITY LIQUIDITY PROBLEMS LOAN LOAN APPLICANTS LOAN APPLICATION LOAN APPLICATIONS MANUFACTURERS MATURITY MEDIUM ENTERPRISES MORTGAGE MORTGAGE MARKET MULTINATIONAL MULTINATIONAL BANK MULTINATIONAL BANKS OBSTACLES TO GROWTH OVERDRAFT OVERDRAFT FACILITIES OVERDRAFT FACILITY OVERDRAFTS PARTY POSITIVE COEFFICIENT PRIVATE BORROWERS PRIVATE CAPITAL PROFIT OPPORTUNITIES PROFITABILITY PROPERTY RIGHTS PROTECTION OF PROPERTY PUBLIC-PRIVATE PARTNERSHIP RATE OF RETURN REAL SECTOR RETAINED EARNINGS RETURN RETURN ON ASSETS RETURN ON SALES RISKY LOANS SALES GROWTH SMALL BUSINESS SMALL FIRMS SOURCES OF FINANCE STATE BANKS SUBSIDIARIES SUBSIDIARY SUPPLIERS SYSTEMIC CRISES TAX TAX ADMINISTRATION TAX RATES TRANSPORT UNION WORKING CAPITAL WORLD FINANCIAL MARKETS Two data sets are used to study how country and firm characteristics affected firms' financial constraints and their likelihood of survival during the early phase of the recent global financial crisis in Eastern Europe and Central Asia, a region that was especially hard hit. The first data source provides information on the reported severity of financial constraints for 360 firms from 23 countries in 2002, 2005, and 2008. By following the same firms over time, the study summarizes both the gradual easing of financial constraints from 2002 to 2005 and their tightening during the crisis. Key findings are that financial constraints during the crisis were less severe in countries with well-established foreign banks (entered prior to year 2000), and that changes in the severity of financial constraints were more pronounced for large firms than others during the crisis (although large firms continued to have less severe constraints on average). The second data source provides information on whether firms remained in operation in 2009 in six countries in Eastern Europe and Central Asia. Controlling for other relevant characteristics, firms were more likely to survive the crisis if they had access to external credit. 2012-04-27T07:44:43Z 2012-04-27T07:44:43Z 2012-04 http://documents.worldbank.org/curated/en/2012/04/16239357/external-finance-firm-survival-aftermath-crisis-evidence-eastern-europe-central-asia http://hdl.handle.net/10986/6053 English Policy Research Working Paper ; No. 6050 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Europe and Central Asia Central Asia Eastern Europe |