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American Economic Review: Vol. 92 No. 5 (December 2002)

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Property Rights and Finance

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Johnson, Simon, John McMillan, and Christopher Woodruff. 2002. "Property Rights and Finance ." American Economic Review, 92(5): 1335-1356.

DOI: 10.1257/000282802762024539

Abstract

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.

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Authors

Johnson, Simon
McMillan, John
Woodruff, Christopher


American Economic Review


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