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Credit Constraints and Investment in Latin America

Arturo Galindo Fabio Schiantarelli
Price: $ 24.95

In the 1990s, firms in Latin America at first benefited from financial liberalization, with the expansion of capital flows and domestic investment, then suffered from financial paralysis, with default episodes and reversal of capital flows. Researchers have devoted much attention to the macroeconomic effects of financial crises and financial policies, yet there has been little research on the microeconomic implications of such events. This book attempts to fill this gap.

Credit Constraints and Investment in Latin America contains new evidence on the nature, extent, evolution, and consequences of financing constraints. It analyzes firms' investment behavior under conditions of severe market failure. The ability of the banking sector to pool resources and channel them efficiently to firms is an important determinant of the process of economic development and growth. The chapters in this volume use micro data to study credit supply restrictions at the firm level in Argentina, Colombia, Costa Rica, Ecuador, Mexico, and Uruguay.

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