Risk-Based Capital Requirements for Banks and International Trade

• 成果类型: Article
• 署名作者: Demir, Banu; Michalski, Tomasz K.; Ors, Evren
• 署名单位: Ihsan Dogramaci Bilkent University; Hautes Etudes Commerciales (HEC) Paris
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhx062
• 发表日期: 2017
• 页码: 3970
• 关键词: regulatory arbitrage; CRISIS

摘要

We test the trade finance channel of exports by controlling for the bank credit channel. Using Turkey's July 2012 adoption of Basel II as a quasi-natural experiment, we examine whether shocks to trade financing costs affect exports. With data for 16,662 Turkish exporters shipping 2,888 different products to 158 countries, we find that the share of letters-of-credit-based exports decreases (increases) when the associated risk weights for counterparty exposure increase (decrease) after the adoption of Basel II. However, growth of firm-product-country-level exports remains unaffected. Trade financing might have a lesser role in exports than previously suggested by the previous literature.