@article{Ciaian:117484,
      recid = {117484},
      author = {Ciaian, Pavel and Falkowski, Jan and Kancs, d'Artis and  Pokrivcak, Jan},
      title = {Productivity and Credit Constraints Firm-Level Evidence  from Propensity Score Matching},
      address = {2011-09},
      number = {545-2016-38719},
      series = {Factor Markets Working Papers},
      pages = {29},
      year = {2011},
      note = {Factor Markets Coordination: Centre for European Policy  Studies (CEPS), Brussels, Belgium},
      abstract = {Drawing on a unique, farm-level panel dataset with 37,409  observations and employing a matching estimator, this paper  analyses how farm access to credit affects farm input  allocation and farm efficiency in the Central and Eastern  European transition countries. We find that farms are  asymmetrically credit constrained with respect to inputs.  Farm use of variable inputs and capital investment  increases up to 2.3% and 29%, respectively, per €1,000 of  additional credit. Our estimates also suggest that farm  access to credit increases total factor productivity up to  1.9% per €1,000 of additional credit, indicating that an  improvement in access to credit results in an adjustment in  the relative input intensities on farms. This finding is  further supported by a negative effect of better access to  credit on labour, suggesting that these two are  substitutes. Interestingly, farms are found not to be  credit constrained with respect to land.},
      url = {http://ageconsearch.umn.edu/record/117484},
      doi = {https://doi.org/10.22004/ag.econ.117484},
}