000	02281nam  2200361zi 4500
001	9.871477
003	CaOODSP
005	20221107163410
006	m     o  d f
007	cr cn|||||||||
008	190411t20192019onca    ob   f000 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
041	|aeng|bfre
043	|ae-un---
086	1 |aFB3-5/2019-14E-PDF
100	1 |aShcherbakov, Oleksandr, |eauthor.
245	10|aFirm-level investment under imperfect capital markets in Ukraine / |cby Oleksandr Shcherbakov.
264	1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2019.
264	4|c©2019
300	|a1 online resource (ii, 42 pages) : |billustrations.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aBank of Canada staff working paper, |x1701-9397 ; |v2019-14
500	|a"April 2019."
504	|aIncludes bibliographical references (pages 34-36).
520	3 |a"This paper develops and estimates a model of firm-level fixed capital investment when firms face borrowing constraints. Dynamically optimal investment functions are derived for the firms with and without financial constraints. These policy functions are then used to construct the likelihood of observing each of the investment regimes in the data. Structural parameters are estimated using data from the Ukrainian manufacturing sector in 1993-1998. I provide empirical evidence of the role of market and ownership structure for firm-level investment behavior. I also discuss the effects of international trade exposure and involvement in non-monetary transactions on the probability of facing financial constraints and the resulting fixed capital accumulation path. Estimation results are used to illustrate the welfare implications of financial constraints in the Ukrainian manufacturing sector"--Abstract, page ii.
546	|aIncludes abstract in French.
692	07|2gccst|aManufacturing industry
692	07|2gccst|aInvestments
710	2 |aBank of Canada.
830	#0|aStaff working paper (Bank of Canada)|x1701-9397 ;|v2019-14.|w(CaOODSP)9.806221
856	40|qPDF|s866 KB|uhttps://publications.gc.ca/collections/collection_2019/banque-bank-canada/FB3-5-2019-14-eng.pdf