The heterogeneous response of domestic sales and exports to bank credit shocks

• 成果类型: Article
• 署名作者: Buono, Ines; Formai, Sara
• 署名单位: European Central Bank; Bank of Italy
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2018.03.001
• 发表日期: 2018
• 页码: 55-73
• 关键词: Export; sales; Bank lending channel; Credit shocks; Mergers and Acquisitions

摘要

This paper analyzes how bank credit affects foreign and domestic sales. We use Italian matched bank-firm data and exploit bank mergers and acquisitions as a novel instrument to establish a causal link. We find that shocks to the supply of bank credit induce exporters to decrease their export flows, without affecting their domestic sales. On the other hand, non-exporters react by reducing their domestic sales. We argue that these differences are not driven by the kind of flow, but by the kind of firm: exporters and non-exporters differ in how they can react when facing credit constraints. (C) 2018 Elsevier B.V. All rights reserved.