| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15528 |
| 来源ID | Working Paper 15528 |
| Financial Choice in a Non-Ricardian Model of Trade | |
| Katheryn N. Russ; Diego Valderrama | |
| 发表日期 | 2009-11-19 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We join the new trade theory with a model of choice between bank and bond financing to show the differential effects of financial policy on the distribution of firm size, welfare, aggregate output, gains from trade, and the real exchange rate in a small open economy. Increasing bank efficiency and reducing bond transaction costs both increase welfare but have opposite effects on the extensive margin of trade, aggregate exports, and the real exchange rate. Increasing the degree of trade openness increases firms' relative demand for bond versus bank financing. We identify a financial switching channel for gains from trade where increasing access to export markets allows firms to overcome high fixed costs of bond issuance to secure a lower marginal cost of capital. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; Trade ; International Macroeconomics ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w15528 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573204 |
| 推荐引用方式 GB/T 7714 | Katheryn N. Russ,Diego Valderrama. Financial Choice in a Non-Ricardian Model of Trade. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15528.pdf（728KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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