Bignebat, Celine; Gouret, Fabian - Département Sciences Sociales, Agriculture et … - 2008
This paper presents empirical work grounded in the soft budget-constraint (SBC) literature. A loan is soft when a bank cannot commit the enterprise to hold to a fixed initial budget and/or the timing of repayment. Using data collected by the European Bank for Reconstruction (EBERD) (Business...