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Title: Investment Financing and Financial Development: Firm Level Evidence from Vietnam
Authors: O'Toole, Conor M.
Newman, Carol
Keywords: Financial development
Financing constraints
Series/Report no.: IIIS Discussion Paper No. 409;Page 1-68
Abstract: We explore whether nancial development reduces external investment nancing constraints for rms. Within-country provincial measures of nancial development are linked to investment using data from the Vietnamese enterprise survey (VES). We focus on three main aspects of nancial development: nancial sector depth, state interventionism in nance, and the degree of market driven nancing in the economy. We nd that nancial development reduces investment nancing constraints. Constraints are decreasing in credit to the private sector, increasing in the use of nance by state-owned enterprises and decreasing in the degree to which nance is allocated on commercial market terms.
Appears in Collections:Economic development

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