Investment Financing and Financial Development: Evidence from Viet Nam
Why this work is in the frame
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Bibliographic record
Abstract
Abstract This article explores whether financial development reduces external financing constraints faced by firms, a key channel through which finance impacts economic growth. Using an extensive firm-level dataset from Viet Nam, we use a structural Q model of investment estimated using a generalized method of moments technique. We focus on three aspects of financial development: financial depth, state-owned enterprise (SOE) use of finance and, the degree of market-driven, commercial bank financing in the economy. Our data allow us to measure financial development at the province level, providing rich within-country variation. We find that financial development reduces external financing constraints for firms thus facilitating higher investment activity. Financing constraints are decreasing in credit to the private sector, increasing in the use of finance by SOEs and decreasing in the degree to which finance is allocated on market-terms by commercial banks.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.001 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.004 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it