Towards a theory of trade finance

• 成果类型: Article
• 署名作者: Schmidt-Eisenlohr, Tim
• 署名单位: University of Oxford
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2013.04.005
• 发表日期: 2013
• 页码: 96-112
• 关键词: Trade finance; Payment contracts; Trade patterns; Distance interaction

摘要

Shipping goods internationally is risky and takes time. To allocate risk and to finance the time gap between production and sale, a range of payment contracts is utilized. I study the optimal choice between these payment contracts and their implications for trade. The equilibrium contract is determined by financial market characteristics and contracting environments in both the source and the destination country. Trade increases in enforcement probabilities and decreases in financing costs proportional to the time needed for trade. Empirical results from gravity regressions are in line with the model, highly significant and economically relevant They suggest that importer finance is as important for trade as exporter finance. (C) 2013 Elsevier B.V. All rights reserved.