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Credit can precipitate firm failure: Evidence from Kenyan manufacturing in the 1990s

Abstract:

This paper models firm survival in Kenyan manufacturing with a particular emphasis on the effect of credit on firm resilience. The paper explores how firms coped with the challenging economic environment that prevailed in the 1990s particularly the effect of the dramatic increase in interest rates. The key finding is that the burden of past loans precipitated firm failure in the 1990s but overdrafts did not seem to have had a significant impact on firm failure. Furthermore, older firms appear...

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Janvier D. Nkurunziza More by this author
Volume:
WPS/2005-04
Series:
Working Paper Series
Publication date:
2005
URN:
uuid:75531afc-7f7c-4ba9-8c02-ec7705818ac8
Local pid:
oai:economics.ouls.ox.ac.uk:13243
Language:
English

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