CREDIT RATIONING, RISK AVERSION, AND INDUSTRIAL EVOLUTION IN DEVELOPING COUNTRIES

Bond E, Tybout J, Utar H (2015)
International Economic Review 56(3): 695-722.

Journal Article | Published | English

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Relative to their counterparts in high-income regions, entrepreneurs in developing countries face less efficient financial markets, more volatile macroeconomic conditions, and higher entry costs. This article develops a dynamic empirical model that links these features of the business environment to cross-firm productivity distributions, entrepreneurs’ welfare, and patterns of industrial evolution. Fit to panel data on Colombian apparel producers, the model yields estimates of a credit market imperfection index, the sunk costs of creating a new business, and various technology parameters. Model-based counterfactual experiments suggest that improved intermediation could dramatically increase the return on assets for entrepreneurial households with modest wealth.
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Bond E, Tybout J, Utar H. CREDIT RATIONING, RISK AVERSION, AND INDUSTRIAL EVOLUTION IN DEVELOPING COUNTRIES. International Economic Review. 2015;56(3):695-722.
Bond, E., Tybout, J., & Utar, H. (2015). CREDIT RATIONING, RISK AVERSION, AND INDUSTRIAL EVOLUTION IN DEVELOPING COUNTRIES. International Economic Review, 56(3), 695-722.
Bond, E., Tybout, J., and Utar, H. (2015). CREDIT RATIONING, RISK AVERSION, AND INDUSTRIAL EVOLUTION IN DEVELOPING COUNTRIES. International Economic Review 56, 695-722.
Bond, E., Tybout, J., & Utar, H., 2015. CREDIT RATIONING, RISK AVERSION, AND INDUSTRIAL EVOLUTION IN DEVELOPING COUNTRIES. International Economic Review, 56(3), p 695-722.
E. Bond, J. Tybout, and H. Utar, “CREDIT RATIONING, RISK AVERSION, AND INDUSTRIAL EVOLUTION IN DEVELOPING COUNTRIES”, International Economic Review, vol. 56, 2015, pp. 695-722.
Bond, E., Tybout, J., Utar, H.: CREDIT RATIONING, RISK AVERSION, AND INDUSTRIAL EVOLUTION IN DEVELOPING COUNTRIES. International Economic Review. 56, 695-722 (2015).
Bond, Eric, Tybout, James, and Utar, Hale. “CREDIT RATIONING, RISK AVERSION, AND INDUSTRIAL EVOLUTION IN DEVELOPING COUNTRIES”. International Economic Review 56.3 (2015): 695-722.
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