Property Rights and Finance

Article, Preprint OPEN
Simon Johnson ; John McMillan ; Christopher Woodruff (2002)
  • Journal: American Economic Review, volume 92, issue 5 December, pages 1,335-1,356
  • Related identifiers: doi: 10.1257/000282802762024539
  • Subject:
    • jel: jel:P23 | jel:D23

Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when... View more
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    Amount (in local currency) .......................... [Zolty/Koruna/Leu] Poland Slovakia Romania Russia Ukraine Spinoffs Startups Spinoffs Startups Spinoffs Startups Spinoffs Startups Spinoffs Startups 66 237 70 238 40 281 132 123 183 82 16.3 15.5 15.1 15.4 14.8

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