Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data

• 成果类型: Article
• 署名作者: Paravisini, Daniel; Rappoport, Veronica; Schnabl, Philipp; Wolfenzon, Daniel
• 署名单位: Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; National Bureau of Economic Research; Columbia University
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdu028
• 发表日期: 2015
• 页码: 333-359
• 关键词: liquidity shocks evidence; firm-level evidence; INTERNATIONAL-TRADE; transmission; constraints; collapse; CRISIS; INVESTMENT; IMPACT; banks

摘要

We estimate the elasticity of exports to credit using matched customs and firm-level bank credit data from Peru. To account for non-credit determinants of exports, we compare changes in exports of the same product and to the same destination by firms borrowing from banks differentially affected by capital-flow reversals during the 2008 financial crisis. We find that credit shocks affect the intensive margin of exports, but have no significant impact on entry or exit of firms to new product and destination markets. Our results suggest that credit shortages reduce exports through raising the variable cost of production, rather than the cost of financing sunk entry investments.