Subjective Perceptions of Financing Constraints: How Well Do They Reflect Credit Market Conditions?

• Tác giả: Lawrence Bouton
• Ngôn ngữ: eng
• Ký hiệu phân loại: 658.1 Organization and finance
• Thông tin xuất bản: 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 303343
• Chủ đề: 1. Banks; 2. Financing Policy; 3. Micro Finance Institutions; 4. Mortgages G210; 5. Other Depository Institutions

Tóm tắt

Many cross-country enterprise surveys have recently become widely available. They are the basis of rankings of dimensions of the business environment in emerging markets and developing economies. Although the literature is concerned about "perception bias", there has been little effort at analyzing whether subjective appraisals of credit market constraints correspond to objectively measurable indicators. This note assesses a predominantly used subjective measure of "access to finance" and relates it to indicators of financial development and credit availability and costs. It finds a significant relationship between subjective and objective indexes of financing constraint but the relationship varies substantially across indicators.