Configurations des systèmes financiers et contraintes de financement

Hanene Henchiri () and Jean-Paul Pollin

Revue économique, 2008, vol. 59, issue 6, 1097-1129

Abstract: This paper investigates the financial and institutional environment impact on the firms? financing constraints. These constraints are measured by the investment?s sensitivity to cash flows, in accordance with the method often used to test the existence of a financial accelerator. The test is carried out on listed firms in 33 different countries and which consists in estimating the incidence of financial, institutional and legal systems? variables on this sensitivity. Results bring out effects of the financial system?s development and structure (particularly the amount of banking over market financing), banking regulation (the supervision ways and extent) and some characteristics of legal systems (such as creditor protection).

Date: 2008
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