Financial liberalization, credit constraints, and collateral: investment in the Mexican manufacturing sector

• 成果类型: Article
• 署名作者: Gelos, RG; Werner, AM
• 署名单位: International Monetary Fund; Bank of Mexico
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/S0304-3878(01)00175-4
• 发表日期: 2002
• 页码: 1-27
• 关键词: investment; financial constraints; collateral; Real estate; fixed-effects tobit

摘要

We examine the impact of financial liberalization on fixed investment in Mexico using establishment-level data from the manufacturing sector. In addition to analyzing changes in cash-flow sensitivities, an innovative approach explores the role of real estate as collateral and addresses a potential censoring problem. The results suggest that financial constraints were eased for the smallest firms, but not for larger ones. However, the importance of possessing real estate increased, given banks' reliance on collateral in their lending. The results also provide microeconomic evidence consistent with the role attributed to financial accelerator mechanisms during lending booms and during post-crisis recessions. (C) 2002 Elsevier Science B.V. All rights reserved.