Does Access to Credit Improve Productivity? Evidence from Bulgarian Firms
Although it is widely accepted that financial development is associated with higher growth, the evidence on the channels through which credit affects growth on the micro-level is scant. Using data from a cross section of Bulgarian firms, the authors estimate the impact of access to credit (as proxied by indicators of whether firms have access to a credit or overdraft facility) on productivity. To overcome potential omitted variable bias of OLS estimates, they use information on firms' past growth to instrument for access to credit. The authors find credit to be positively and strongly associated with total factor productivity. These results are robust to a wide range of robustness checks.
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dig-okr-1098686622024-08-08T17:10:14Z Does Access to Credit Improve Productivity? Evidence from Bulgarian Firms Love, Inessa Gatti, Roberta ANNUAL SALES BANKING SECTOR BANKS BONDS CAPITAL ACCUMULATION CAPITAL INVESTMENT CAPITAL STOCK COMPARATIVE ANALYSIS CONVENTIONAL WISDOM CREDIT RATIONING DEBT DEVELOPMENT ECONOMICS DIVIDENDS ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC THEORY EMPLOYMENT EXOGENOUS VARIABLES EXPORTS FACTOR ACCUMULATION FINANCIAL CRISIS FINANCIAL SECTOR FINANCIAL STRUCTURE FISCAL POLICIES FIXED ASSETS FIXED CAPITAL FOREIGN FIRMS FOREIGN OWNERSHIP GDP GLOBAL MARKETS INTEREST PAYMENTS INTERMEDIATE INPUT INVESTMENT CLIMATE INVESTMENT DECISIONS LARGE CITIES LEVEL OF CAPITAL LIQUIDITY MERGERS PRIVATE INVESTMENT PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PUBLIC SERVICES SAVINGS SAVINGS RATES STOCK MARKETS TANGIBLE ASSETS TAX POLICY TECHNOLOGICAL INNOVATION TELECOMMUNICATIONS TFP TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRANSACTION COSTS TRANSITION ECONOMIES TREASURY BONDS USE VALUE VALUE ADDED WAGES Although it is widely accepted that financial development is associated with higher growth, the evidence on the channels through which credit affects growth on the micro-level is scant. Using data from a cross section of Bulgarian firms, the authors estimate the impact of access to credit (as proxied by indicators of whether firms have access to a credit or overdraft facility) on productivity. To overcome potential omitted variable bias of OLS estimates, they use information on firms' past growth to instrument for access to credit. The authors find credit to be positively and strongly associated with total factor productivity. These results are robust to a wide range of robustness checks. 2012-06-21T17:17:51Z 2012-06-21T17:17:51Z 2006-05 http://documents.worldbank.org/curated/en/2006/05/6783614/access-credit-improve-productivity-evidence-bulgarian-firms https://hdl.handle.net/10986/8662 English Policy Research Working Paper; No. 3921 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank application/pdf text/plain World Bank, Washington, DC |
institution |
Banco Mundial |
collection |
DSpace |
country |
Estados Unidos |
countrycode |
US |
component |
Bibliográfico |
access |
En linea |
databasecode |
dig-okr |
tag |
biblioteca |
region |
America del Norte |
libraryname |
Biblioteca del Banco Mundial |
language |
English |
topic |
ANNUAL SALES BANKING SECTOR BANKS BONDS CAPITAL ACCUMULATION CAPITAL INVESTMENT CAPITAL STOCK COMPARATIVE ANALYSIS CONVENTIONAL WISDOM CREDIT RATIONING DEBT DEVELOPMENT ECONOMICS DIVIDENDS ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC THEORY EMPLOYMENT EXOGENOUS VARIABLES EXPORTS FACTOR ACCUMULATION FINANCIAL CRISIS FINANCIAL SECTOR FINANCIAL STRUCTURE FISCAL POLICIES FIXED ASSETS FIXED CAPITAL FOREIGN FIRMS FOREIGN OWNERSHIP GDP GLOBAL MARKETS INTEREST PAYMENTS INTERMEDIATE INPUT INVESTMENT CLIMATE INVESTMENT DECISIONS LARGE CITIES LEVEL OF CAPITAL LIQUIDITY MERGERS PRIVATE INVESTMENT PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PUBLIC SERVICES SAVINGS SAVINGS RATES STOCK MARKETS TANGIBLE ASSETS TAX POLICY TECHNOLOGICAL INNOVATION TELECOMMUNICATIONS TFP TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRANSACTION COSTS TRANSITION ECONOMIES TREASURY BONDS USE VALUE VALUE ADDED WAGES ANNUAL SALES BANKING SECTOR BANKS BONDS CAPITAL ACCUMULATION CAPITAL INVESTMENT CAPITAL STOCK COMPARATIVE ANALYSIS CONVENTIONAL WISDOM CREDIT RATIONING DEBT DEVELOPMENT ECONOMICS DIVIDENDS ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC THEORY EMPLOYMENT EXOGENOUS VARIABLES EXPORTS FACTOR ACCUMULATION FINANCIAL CRISIS FINANCIAL SECTOR FINANCIAL STRUCTURE FISCAL POLICIES FIXED ASSETS FIXED CAPITAL FOREIGN FIRMS FOREIGN OWNERSHIP GDP GLOBAL MARKETS INTEREST PAYMENTS INTERMEDIATE INPUT INVESTMENT CLIMATE INVESTMENT DECISIONS LARGE CITIES LEVEL OF CAPITAL LIQUIDITY MERGERS PRIVATE INVESTMENT PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PUBLIC SERVICES SAVINGS SAVINGS RATES STOCK MARKETS TANGIBLE ASSETS TAX POLICY TECHNOLOGICAL INNOVATION TELECOMMUNICATIONS TFP TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRANSACTION COSTS TRANSITION ECONOMIES TREASURY BONDS USE VALUE VALUE ADDED WAGES |
spellingShingle |
ANNUAL SALES BANKING SECTOR BANKS BONDS CAPITAL ACCUMULATION CAPITAL INVESTMENT CAPITAL STOCK COMPARATIVE ANALYSIS CONVENTIONAL WISDOM CREDIT RATIONING DEBT DEVELOPMENT ECONOMICS DIVIDENDS ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC THEORY EMPLOYMENT EXOGENOUS VARIABLES EXPORTS FACTOR ACCUMULATION FINANCIAL CRISIS FINANCIAL SECTOR FINANCIAL STRUCTURE FISCAL POLICIES FIXED ASSETS FIXED CAPITAL FOREIGN FIRMS FOREIGN OWNERSHIP GDP GLOBAL MARKETS INTEREST PAYMENTS INTERMEDIATE INPUT INVESTMENT CLIMATE INVESTMENT DECISIONS LARGE CITIES LEVEL OF CAPITAL LIQUIDITY MERGERS PRIVATE INVESTMENT PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PUBLIC SERVICES SAVINGS SAVINGS RATES STOCK MARKETS TANGIBLE ASSETS TAX POLICY TECHNOLOGICAL INNOVATION TELECOMMUNICATIONS TFP TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRANSACTION COSTS TRANSITION ECONOMIES TREASURY BONDS USE VALUE VALUE ADDED WAGES ANNUAL SALES BANKING SECTOR BANKS BONDS CAPITAL ACCUMULATION CAPITAL INVESTMENT CAPITAL STOCK COMPARATIVE ANALYSIS CONVENTIONAL WISDOM CREDIT RATIONING DEBT DEVELOPMENT ECONOMICS DIVIDENDS ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC THEORY EMPLOYMENT EXOGENOUS VARIABLES EXPORTS FACTOR ACCUMULATION FINANCIAL CRISIS FINANCIAL SECTOR FINANCIAL STRUCTURE FISCAL POLICIES FIXED ASSETS FIXED CAPITAL FOREIGN FIRMS FOREIGN OWNERSHIP GDP GLOBAL MARKETS INTEREST PAYMENTS INTERMEDIATE INPUT INVESTMENT CLIMATE INVESTMENT DECISIONS LARGE CITIES LEVEL OF CAPITAL LIQUIDITY MERGERS PRIVATE INVESTMENT PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PUBLIC SERVICES SAVINGS SAVINGS RATES STOCK MARKETS TANGIBLE ASSETS TAX POLICY TECHNOLOGICAL INNOVATION TELECOMMUNICATIONS TFP TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRANSACTION COSTS TRANSITION ECONOMIES TREASURY BONDS USE VALUE VALUE ADDED WAGES Love, Inessa Gatti, Roberta Does Access to Credit Improve Productivity? Evidence from Bulgarian Firms |
description |
Although it is widely accepted that financial development is associated with higher growth, the evidence on the channels through which credit affects growth on the micro-level is scant. Using data from a cross section of Bulgarian firms, the authors estimate the impact of access to credit (as proxied by indicators of whether firms have access to a credit or overdraft facility) on productivity. To overcome potential omitted variable bias of OLS estimates, they use information on firms' past growth to instrument for access to credit. The authors find credit to be positively and strongly associated with total factor productivity. These results are robust to a wide range of robustness checks. |
topic_facet |
ANNUAL SALES BANKING SECTOR BANKS BONDS CAPITAL ACCUMULATION CAPITAL INVESTMENT CAPITAL STOCK COMPARATIVE ANALYSIS CONVENTIONAL WISDOM CREDIT RATIONING DEBT DEVELOPMENT ECONOMICS DIVIDENDS ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC THEORY EMPLOYMENT EXOGENOUS VARIABLES EXPORTS FACTOR ACCUMULATION FINANCIAL CRISIS FINANCIAL SECTOR FINANCIAL STRUCTURE FISCAL POLICIES FIXED ASSETS FIXED CAPITAL FOREIGN FIRMS FOREIGN OWNERSHIP GDP GLOBAL MARKETS INTEREST PAYMENTS INTERMEDIATE INPUT INVESTMENT CLIMATE INVESTMENT DECISIONS LARGE CITIES LEVEL OF CAPITAL LIQUIDITY MERGERS PRIVATE INVESTMENT PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PUBLIC SERVICES SAVINGS SAVINGS RATES STOCK MARKETS TANGIBLE ASSETS TAX POLICY TECHNOLOGICAL INNOVATION TELECOMMUNICATIONS TFP TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRANSACTION COSTS TRANSITION ECONOMIES TREASURY BONDS USE VALUE VALUE ADDED WAGES |
author |
Love, Inessa Gatti, Roberta |
author_facet |
Love, Inessa Gatti, Roberta |
author_sort |
Love, Inessa |
title |
Does Access to Credit Improve Productivity? Evidence from Bulgarian Firms |
title_short |
Does Access to Credit Improve Productivity? Evidence from Bulgarian Firms |
title_full |
Does Access to Credit Improve Productivity? Evidence from Bulgarian Firms |
title_fullStr |
Does Access to Credit Improve Productivity? Evidence from Bulgarian Firms |
title_full_unstemmed |
Does Access to Credit Improve Productivity? Evidence from Bulgarian Firms |
title_sort |
does access to credit improve productivity? evidence from bulgarian firms |
publisher |
World Bank, Washington, DC |
publishDate |
2006-05 |
url |
http://documents.worldbank.org/curated/en/2006/05/6783614/access-credit-improve-productivity-evidence-bulgarian-firms https://hdl.handle.net/10986/8662 |
work_keys_str_mv |
AT loveinessa doesaccesstocreditimproveproductivityevidencefrombulgarianfirms AT gattiroberta doesaccesstocreditimproveproductivityevidencefrombulgarianfirms |
_version_ |
1807160102201851904 |