The paper reviews legal, institutional and enforcement problems behind the lack of collateral credit to private firms in the early transition in Bulgaria. It also quantifies the cost of these problems and outlines an approach to reform of collateral institutions in order to increase the supply...

Researchers have explored the relationship between firms' financial backing and growth levels; however, the ways in which finance impacts growth are still unclear. Thus, this research seeks toclarify: (1) whether finance causes growth, and (2) if so, how it causes growth. A 2004 IFC/World Bank...