Poultry in Motion: A Study of International Trade Finance Practices

• 成果类型: Article
• 署名作者: Antras, Pol; Foley, C. Fritz
• 署名单位: Harvard University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/681592
• 发表日期: 2015
• 页码: 853-901
• 关键词: incomplete contracts; credit constraints; FIRMS; collapse; terms; FLOWS

摘要

This paper theoretically and empirically analyzes the financing terms that support international trade. The choice of trade finance terms balances the risk that an importer defaults on an exporter and the possibility that an exporter does not deliver goods as specified. Analysis of transaction-level data from a US exporter reveals that importers located in countries with weak enforcement of contracts typically finance transactions, but these firms are able to overcome the constraints of such environments if they can establish a relationship with the exporter. Furthermore, the manner in which trade is financed shapes the impact of crises.