Credit constraints and investment in human capital: Training evidence from transition economies |
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| Affiliation: | 1. PUC-Rio, Department of Economics, Brazil;2. PUC-Rio, Department of Economics, Itaú BBA, Brazil;1. Katholieke Universiteit Leuven, Belgium;2. School of Economics, Fudan University, PR China;1. Departamento de Economía, Universidad Diego Portales, Chile;2. Centro de Economía Aplicada, Departamento de Ingeniería Industrial, Universidad de Chile, Chile;3. University of Pennsylvania, United States;1. Faculty of Economics, Cambridge University, United Kingdom;2. Department of Economics, Oxford University, United Kingdom;1. Department of Economics and Management, University of Trento, Trento, Italy;2. Cefin (Centro Studi Banca e Finanza), Modena, Italy |
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| Abstract: | Using a unique survey database of 8265 firms from 25 transition economies, I find that lack of access to finance in general, and to bank credit in particular, is associated with significantly lower investment in on-the-job training. This effect is stronger in education-intensive industries and in industries facing good global growth opportunities. To address endogeneity issues, I use the structure of local credit markets as an instrument for credit constraints at the firm-level. In addition, in panel estimates, I control for the presence of unobserved firm-level heterogeneity, as well as for changes in macroeconomic conditions. |
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| Keywords: | Credit constraints Human capital On-the-job training |
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