The Effect of Financial Liberalization on the Capital Structure and Investment Decisions of Indonesian Manufacturing Establishments |
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| Authors: | Harris John R; Schiantarelli Fabio; Siregar Miranda G |
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| Institution: | John R. Harris is with the Department of Economics at Boston University, Fabio Schiantarelli is with the Department of Economics at Boston College, and Miranda G. Siregar is with the Department of Economics at the University of Indonesia. An earlier version of this paper was presented at a conference on "The Impact of Financial Reform," at the World Bank, Washington, D.C., in April 1992. The authors are grateful to Andrew Weiss, Norma Hardeo, and Indonesian government officials, particularly those from the National Ministry of Planning (BAPPENAS) and the Central Bureau of Statistics (BPS), whose cooperation made this research possible, and three anonymous referees. |
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| Abstract: | This article analyzes the consequences of financial liberalization,using a large panel of Indonesian manufacturing establishments.It discusses whether financial reforms have had an impact oninvestment and on the allocation of credit and whether the effectsdiffer depending on the type of firms. The overall conclusionis that shifting from administrative toward market-based allocationof credit has increased borrowing costs, particularly for smallerfirms, but, at the same time, has benefited firms by givingthem widened access to finance. |
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