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来源类型Working Paper
规范类型报告
DOI10.3386/w16940
来源IDWorking Paper 16940
Exports and Credit Constraints Under Incomplete Information: Theory and Evidence from China
Robert C. Feenstra; Zhiyuan Li; Miaojie Yu
发表日期2011-04-07
出版年2011
语种英语
摘要This paper examines why credit constraints for domestic and exporting firms arise in a setting where banks do not observe firms' productivities. To maintain incentive-compatibility, banks lend below the amount needed for first-best production. The longer time needed for export shipments induces a tighter credit constraint on exporters than on purely domestic firms, even in the exporters' home market. Greater risk faced by exporters also affects the credit extended by banks. Extra fixed costs reduce exports on the extensive margin, but can be offset by collateral held by exporting firms. The empirical application to Chinese firms strongly supports these theoretical results, and we find a sizable impact of the financial crisis in reducing exports.
主题Microeconomics ; Economics of Information ; International Economics ; Trade ; Financial Economics ; Financial Institutions
URLhttps://www.nber.org/papers/w16940
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/574614
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Robert C. Feenstra,Zhiyuan Li,Miaojie Yu. Exports and Credit Constraints Under Incomplete Information: Theory and Evidence from China. 2011.
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