firms with different access to credit, finding that credit constraints may reverse the countercyclicality of R&D, even if it … countercyclical and, unlike R&D investment, credit constraints seem not to affect their cyclical behaviour. Investments in other … intangibles, such as patent purchases, are found to be acyclical, also irrespective of financial constraints, which could suggest …

for relaxing small firms’ borrowing constraints, and show that policies taxing dollar lending may increase financing …

’ earnings volatility, the degree of financial constraints that they face, their survival probabilities, and their export market … participation decisions. Our model predicts that more volatile firms are more likely to face financial constraints and to go …

policy related growth constraints as guides for imperfectly informed governments. The models demonstrate that business …. It is also shown that the theoretical predictions regarding how firms most likely rank constraints correspond fairly well … to the ranking of constraints by firms in the World Bank's Enterprise Surveys. …