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Credit constraints and R&D over the boom and bust: Firm-level evidence from Central and Eastern Europe

机译：繁荣和胸部的信贷限制和研发：来自中欧和东欧的公司级证据

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This paper studies the effect of credit constraints on R&D over the recent boom and bust episode in Central and Eastern European countries (CEECs). Given that financial and venture capital markets in CEECs are thin in comparison to those in high-income economies, it is proposed that credit constraints have a significant adverse effect on R&D activity in these countries. The paper uses three waves of Business Environment and Enterprise Performance Survey (BEEPS) data between 2005 and 2013 on manufacturing firms from ten CEECs. We find that credit constraints have a substantial effect on R&D engagement, as the probability of credit constrained firms undertaking R&D activities is around 30 % lower than for other firms. The adverse effect of credit constraints for R&D emerges during the years of fast economic growth.
机译：本文研究了信贷限制对最近繁荣和东欧国家（CEEC）最近繁荣和爆炸事件的影响。鉴于与高收入经济体中的CEEC的金融和风险资本市场薄而薄，建议信贷限制对这些国家的研发活动产生了显着的不利影响。本文在2005年至2013年期间使用了三波的商业环境和企业绩效调查（Beeps）数据。我们发现信贷限制对研发参与作出了重大影响，因为信贷受限公司进行研发活动的概率比其他公司低30％。在经济增长的多年来，R＆D信贷限制的不利影响。

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