المستودع الأكاديمي جامعة المدينة

Modeling Firm Dynamics to Identify the Cost of Financing Constraints in Ghanaian Manufacturing

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dc.creator Schündeln, Matthias
dc.date 2005
dc.date.accessioned 2013-10-16T07:06:56Z
dc.date.available 2013-10-16T07:06:56Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19821
dc.identifier ppn:50080625X
dc.identifier RePEc:zbw:gdec05:3502
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19821
dc.description Economic development requires the growth of productive firms. However, financing constraints may limit firms? investment abilities. This paper estimates the cost of financing constraints to firms, for example in terms of idle investment opportunities, and their aggregate implications. To this end, I develop and estimate a dynamic model of firm-level investment. The model allows me to deal with the main identification problem faced by work that studies financing constraints, namely to identify the investment opportunities and the constraints of a firm separately. The model also allows for other potential explanations of the observed phenomenon, in particular adjustment costs and uncertainty. I solve the model using dynamic programming methods and estimate it via simulation methods, using firm level data from Ghana. Counterfactual analyses are then carried out to quantify the importance of financing constraints. These counterfactuals indicate that removing the constraints would imply economically significant increases in investment that are associated with higher levels of consumption.
dc.language eng
dc.publisher
dc.relation Proceedings of the German Development Economics Conference, Kiel 2005 / Verein für Socialpolitik, Research Committee Development Economics 29
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject ddc:330
dc.title Modeling Firm Dynamics to Identify the Cost of Financing Constraints in Ghanaian Manufacturing
dc.type doc-type:conferenceObject


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