000007834 001__ 7834
000007834 005__ 20180122192954.0
000007834 037__ $$a689-2016-47260
000007834 041__ $$aen
000007834 245__ $$aFinancial constraints in economic transition: Empirical evidence from Ukrainian large farms
000007834 260__ $$c2007
000007834 269__ $$a2007
000007834 300__ $$a14
000007834 336__ $$aConference Paper/ Presentation
000007834 446__ $$aEnglish
000007834 490__ $$aEuropean Association of Agricultural Economists 104th Seminar - 2007
000007834 520__ $$aThis paper addresses the question of financial constraints in Ukrainian agriculture in
transition. The main objective is to reveal the evidence of the both phenomena, soft budget
constraints and credit rationing, investigating investment behaviour of large farms in Ukraine.
Our empirical analysis is based on unbalanced panel data containing 529 agricultural
enterprises from three Ukrainian regions between 2001 and 2005. Estimates of the Euler
investment equation for several sub-samples reveal a dissimilar level of financial constraints.
We confirm the presence of the soft financial environment (soft budget constraints) for the
Ukrainian large farms being in an unconstrained financial regime. The farms belong to this
regime if they receive credits after being unprofitable in two consecutive years. The other
farms defined a priori as being in an constrained financial regime face evidence of credit
rationing. With regard to the empirical results, we derive macroeconomic implications of
financial constraints in the agriculture of Ukraine.
000007834 650__ $$aAgricultural Finance
000007834 6531_ $$atransition agriculture
000007834 6531_ $$ainvestment
000007834 6531_ $$asoft budget constraints
000007834 6531_ $$acredit rationing
000007834 6531_ $$aUkraine
000007834 700__ $$aZinych, Nataliya
000007834 700__ $$aOdening, Martin
000007834 700__ $$aHuettel, Silke
000007834 8564_ $$s140810$$uhttp://ageconsearch.umn.edu/record/7834/files/sp07zi01.pdf
000007834 887__ $$ahttp://purl.umn.edu/7834
000007834 909CO $$ooai:ageconsearch.umn.edu:7834$$pGLOBAL_SET
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  Previous issue date: 2007
000007834 982__ $$gEuropean Association of Agricultural Economists>104th Seminar, September 5-8, 2007, Budapest, Hungary
000007834 980__ $$a689