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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Bibliographic Details
Main Authors:	Clarke, George R.G., Cull, Robert, Kisunko, Gregory
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	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
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