Algeria 
Bahrain 
Egypt 
Iran 
Iraq 
Israel 
Jordan 
Kuwait 
Lebanon 
Libya 
Morocco 
Oman 
Palestine * 
Qatar 
Saudi Arabia 
Syria 
Tunisia 
United Arab Emirates 
Yemen EMANES Working Paper No 62: Capital development under collateral constraints. Do investment subsidies work ?
January 20, 2023
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This paper studies the impact of productive investment subsidies on firms’ production decisions under credit market frictions. Through the practice of secured borrowing, collateral constraints present a friction in external credit markets, which substantially affects access to credit by smaller firms located in economically depressed areas.
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