External finance and firm survival in the aftermath of the crisis : evidence from Eastern Europe and Central Asia, Vol. 1 of 1

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External finance and firm survival in the aftermath of the crisis : evidence from Eastern Europe and Central Asia

Author:	Clarke, George R.G.; Cull, Robert; Kisunko, Gregory;	Collection Title:	Policy Research working paper ; no. WPS 6050
Country:	Europe and Central Asia;	Date Stored:	2012/04/24
Document Date:	2012/04/01	Document Type:	Policy Research Working Paper
Language:	English	Major Sector:	Public Administration, Law, and Justice; Finance
Rel. Proj ID:	7E-Business Environment And Enterprise Performance Surveys (Beeps) -- -- P120336;1W-The Crisis And Beyond: Fy11-Fy13 -- -- P122136;	Region:	Europe and Central Asia
Report Number:	WPS6050	Sub Sectors:	General public administration sector; General finance sector
SubTopics:	Bankruptcy and Resolution of Financial Distress; Access to Finance; Banks & Banking Reform; Debt Markets; Microfinance	Volume No:	1 of 1

Summary: Two data sets are used to study how country and firm characteristics affected firms' financial constraints and their likelihood of survival during the early phase of the recent global financial crisis in Eastern Europe and Central Asia, a region that was especially hard hit. The first data source provides information on the reported severity of financial constraints for 360 firms from 23 countries in 2002, 2005, and 2008. By following the same firms over time, the study summarizes both the gradual easing of financial constraints from 2002 to 2005 and their tightening during the crisis. Key findings are that financial constraints during the crisis were less severe in countries with well-established foreign banks (entered prior to year 2000), and that changes in the severity of financial constraints were more pronounced for large firms than others during the crisis (although large firms continued to have less severe constraints on average). The second data source provides information on whether firms remained in operation in 2009 in six countries in Eastern Europe and Central Asia. Controlling for other relevant characteristics, firms were more likely to survive the crisis if they had access to external credit.


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