Cohen, Daniel; de Boissieu, Christian; de Pontbriand, Gaël - C.E.P.R. Discussion Papers - 1995
The paper examines the behaviour of 100 firms interviewed regularly between 1993-4. It reaches the following conclusions:1) Following the inter-enterprise debt (IED) crisis of 1992, most firms have switched to a `pay-in-advance' system, which pushed firms towards a `hard budget constraint'...