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This paper documents the relationship between regional financial development and firm growth in the Peruvian manufacturing sector. In order to control for mutual causality between credit availability and firm growth, industry differences in financial dependence on external funds are exploited. The 1994 and 2008 rounds of the National Economic Census are used, permitting analysis at the firm level as well as the activity level. Results suggest a significant and positive effect of financial deepening on surviving firms' growth. However, this effect is smaller for micro enterprises, suggesting that the cost of external funding decreases with financial development mainly for large firms. The conclusions remain unchanged when entering and exiting firms are included. The paper further finds that credit expansion have encouraged not only firm growth but also firm entry. The results are robust using an alternative measure of financial dependence.
The general objective of the study is to develop a methodology for the preparation of greenhouse-gas abatement curves for the energy demand sector, incorporating the uncertainty associated to the variables involved in estimating the marginal abatement costs. Furthermore, this approach will be applied in a case study to the power generation sector as well as to three other demand sectors in six Lat ... (View publication)
The goal of this paper is to study the link between bank credit (and internal funding) and average firm size in Argentina. Besides the fact that economic growth tends to go hand in hand with larger firm size, the topic is of particular interest because of the severe credit crunch in Argentina in the aftermath of the 2001-2002 financial crisis. To this end, a novel three-digit industry-level datase ... (View publication)
This paper uses a randomized controlled experiment in Costa Rica to determine whether internet banking (IB) use by Banco Nacional de Desarrollo`s micro and small enterprise (MSE) clients impacts their performance, measured in terms of productivity, increase in sales, and cost reduction. Results from the intervention group surveys indicate that MSEs` use Internet sparsely in their daily operations ... (View publication)
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