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2010, vol. 58, br. 1-2, str. 50-58
Financial integration and access to finance in transition economies: A sectoral approach
(naslov ne postoji na srpskom)
Hypo Alpe-Adria-Bank a.d. Serbia, Beograd
Ključne reči: assess to finance; macroeconomic imbalances; industry sectors; transition economics JEL classification: E44; G14; G32; O16
(ne postoji na srpskom)
In this paper, we perform an empirical analysis of enterprise level data from the BEEPS on the access to finance in European transition economies which conducted the financial integration based economic development model in the pre-crisis period. By running a probit model, we obtain evidence that manufacturing enterprises face significantly greater problem of access to finance that services enterprises. We also saw, from a descriptive analysis of the same dataset, that exporting enterprises are concentrated in manufacturing industry. Our interpretation of the underlying mechanism of such a difference in access to finance across sectors is based on the information asymmetry theory. Since the majority of loans are intermediated by foreign banks, as uninformed lenders, these banks account in their cost of capital a certain market risk with the help of sovereign ratings by international agencies. This risk, already evaluated as high, face some lenders from sectors with lower risk (lower return rates, and longer period of return of investment, such as most of manufacturing industry) with discouraging costs of borrowing and lets them out of the lending market. This distortion in the lending market pushes then growth in sectors with higher returns (able to pay high interest rates). These are more likely services sectors which participate significantly less than manufacturing sectors in overall country's exports. In that way, besides pushing growth, this mechanism also contributes to unsustainable levels of current account deficits in these countries, which, together with high levels of accumulated external debt, create high external financing needs of these countries, all three variables being strong determinants of country's risk perception by international rating agencies.
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O članku

jezik rada: engleski
vrsta rada: naučni članak
objavljen u SCIndeksu: 13.04.2010.