Financial constraints in economic transition: Empirical evidence from Ukrainian large farms

摘要: This paper addresses the question of financial constraints in Ukrainian agriculture transition. The main objective is to reveal evidence both phenomena, soft budget and credit rationing, investigating investment behaviour large farms Ukraine. Our empirical analysis based on unbalanced panel data containing 529 agricultural enterprises from three regions between 2001 2005. Estimates Euler equation for several sub-samples a dissimilar level constraints. We confirm presence environment (soft constraints) being an unconstrained regime. belong this regime if they receive credits after unprofitable two consecutive years. other defined priori as constrained face rationing. With regard results, we derive macroeconomic implications