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Property Rights and Finance / Simon Johnson, John McMillan, Christopher Woodruff.
- Format:
- Book
- Author/Creator:
- Johnson, Simon.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w8852.
- NBER working paper series no. w8852
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- 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 bank loans are available. Where property rights are relatively strong, firms reinvest their profits; where they are relatively weak, entrepreneurs do not want to invest from retained earnings.
- Notes:
- Print version record
- March 2002.
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