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REPLY TO SUBSIDIES, ADDITIONALITY AND FINANCIAL CONSTRAINTS (1996)

Wren, Colin

Oxford, UK : Blackwell Publishing Ltd

Journal of regional science 36 (1996), S. 0

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ISSN: 1467-9787

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Geography , Economics

Notes: . In Wren (1994) I find that industrial subsidies have significantly greater employment effects in small firms, and interpret this as arising from the poorer access that these firms have to private funds. Holden and Swales (1996) criticize this interpretation, arguing that financial constraints typically limit the effectiveness of subsidies. In this paper I show that their results arise from the particular properties of the homogeneous production function. More generally, I show that the effectiveness of assistance increases with the marginal cost of private funds and is greater in those firms facing financial constraints. As such, differential access to private funds can explain the greater effectiveness of assistance found in small firms.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/j.1467-9787.1996.tb01114.x

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