Republic of Estonia; Selected Issues
This Selected Issues paper focuses on financing constraints and productivity in Estonia. The paper examines two questions: (1) is there evidence of financing constraints among Estonian firms; and (2) have financing constraints reduced firm-level total factor productivity (TFP)? These questions are particularly important in the current environment, in which credit growth in Estonia has slowed down considerably and firms may face increasing financing constraints that could dampen growth. The paper also provides empirical evidence on the existence of financing constraints among Estonian firms.
Year of publication: |
2009-03-09
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Institutions: | International Monetary Fund (IMF) ; International Monetary Fund |
Subject: | Corporate sector | Current account deficits | Economic models | Fiscal stability | Productivity | Real effective exchange rates | equation | statistics | capital intensity | significance level | level productivity | estimation procedure | gross capital formation | foreign capital | capital formation | capital controls | external capital | standard deviation | private investors | share capital | logarithms | stock market | capital stock | standard errors | capital accumulation |
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