Exporters, importers and credit constraints

• 成果类型: Article
• 署名作者: Muuls, Mirabelle
• 署名单位: Imperial College London; University of London; London School Economics & Political Science; European Central Bank; National Bank of Belgium
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2014.12.003
• 发表日期: 2015
• 页码: 333-343
• 关键词: credit constraints; international trade; Firms' heterogeneity; imports; exports; Margins of trade

摘要

This paper analyzes the interaction between credit constraints and trading behavior, decomposing trade in extensive and intensive margins. I construct a unique dataset containing firm-level trade transaction data, balance sheets and credit scores from an independent credit insurance company for Belgian manufacturing firms between 1999 and 2007. Firms are more likely to be exporting or importing if they enjoy lower credit constraints. Also, firms that have better credit rating export and import more. Importing and exporting behaviors differ in how both the level and growth of the various margins of trade are related to credit constraints in one important dimension. In the case of exports, it is the intensive and extensive margins of exports in terms of both product and destinations that are significantly associated with credit constraints whereas for imports it is the extensive margin in terms of products only. (C) 2014 The Author. Published by Elsevier B.V.