EXPORTS AND CREDIT CONSTRAINTS UNDER INCOMPLETE INFORMATION: THEORY AND EVIDENCE FROM CHINA

• 成果类型: Article
• 署名作者: Feenstra, Robert C.; Li, Zhiyuan; Yu, Miaojie
• 署名单位: University of California System; University of California Davis; National Bureau of Economic Research; Shanghai University of Finance & Economics; Peking University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00405
• 发表日期: 2014-10
• 页码: 729-744
• 关键词: INTERNATIONAL-TRADE; firm; CRISIS; PRODUCTIVITY; patterns

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 that firms need for optimal production. The longer time needed for export shipments induces a tighter credit constraint on exporters than on purely domestic firms. In our application to Chinese firms, we find that the credit constraint is more stringent as a firm's export share grows, as the time to ship for exports is lengthened, and as there is greater dispersion of firms' productivities, reflecting more incomplete information.