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Investment Financing and Financial Development: Firm Level Evidence from Vietnam

Conor O'Toole () and Carol Newman ()

The Institute for International Integration Studies Discussion Paper Series from IIIS

Abstract: We explore whether financial development reduces external investment financing constraints for firms. Within-country provincial measures of financial development are linked to investment usingdata from the Vietnamese enterprise survey (VES). We focus on three main aspects of financialdevelopment: financial sector depth, state interventionism in finance, and the degree of marketdriven financing in the economy. We find that financial development reduces investment financing constraints. Constraints are decreasing in credit to the private sector, increasing in the use of finance by state-owned enterprises and decreasing in the degree to which finance is allocated on commercial market terms.

Keywords: Financial development; Financing constraints; Investment (search for similar items in EconPapers)
JEL-codes: G31 G32 O16 (search for similar items in EconPapers)
Pages: 68 pages
Date: 2012-10
New Economics Papers: this item is included in nep-dev, nep-mfd, nep-sea and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8) Track citations by RSS feed

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