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Corporate Investments in Asian Emerging Markets: Financial Conditions, Financial Development, and Financial Constraints

This paper explores the mechanisms through which finance affects corporate investments and capital accumulation. We separate the effects of financial conditions from those of financial development. Based on a sample of firms from five Asian emerging economies, we find that (i) financial conditions affect firms’ growth opportunities and investment demand, while financial development primarily affects firms’ external financing constraints; (ii) large firms benefit more from improved financial conditions, while small firms benefit more from financial development; and (iii) these effects are asymmetric—in general, stronger when the global financial crisis was unfolding and weaker during the subsequent rebound.