| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP11727
|
| DP11727 Credit constraints, endogenous innovations, and price setting in international trade |
| Carsten Eckel
|
| 发表日期 | 2016-12-30
|
| 出版年 | 2016
|
| 语种 | 英语
|
| 摘要 | This paper analyzes the effects of credit frictions on within-firm adjustments and selection into exporting when both cost-based productivity and product quality matter for the success of a producer. Our model shows that whether FOB prices are positively or negatively correlated with credit frictions and variable trade costs depends on the sectoral R&D intensity. If the latter is high, prices decrease in credit and trade costs, and vice versa. Furthermore, we show that the aggregate effects of financial shocks also depend on the R&D intensity. Stronger credit frictions lead to firm exit, inefficiently high innovation activity among existing suppliers, and welfare losses that are larger in sectors with low R&D intensity. To analyze the effects of credit frictions, we allow for both cost-based and quality-based sorting in a general equilibrium model of international trade. Producers differ in capabilities to conduct process and quality innovations, and external finance is needed for investments. |
| 主题 | International Trade and Regional Economics
|
| 关键词 | International trade
External finance
Credit constraints
Moral hazard
Quality
Innovation
Product prices
|
| URL | https://cepr.org/publications/dp11727
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540541
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推荐引用方式
GB/T 7714 |
Carsten Eckel. DP11727 Credit constraints, endogenous innovations, and price setting in international trade. 2016.
|
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