Trade credit and bank credit: Evidence from recent financial crises

• 成果类型: Article
• 署名作者: Love, Inessa; Preve, Lorenzo A.; Sarria-Allende, Virginia
• 署名单位: Austral University; The World Bank
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2005.11.002
• 发表日期: 2007
• 页码: 453-469
• 关键词: emerging markets; financial crises; Trade credit

摘要

This paper studies the effect of financial crises on trade credit for a sample of 890 firms in six emerging economies. Although the provision of trade credit increases right after a crisis, it contracts in the following months and years. Firms that are financially more vulnerable to crises extend less trade credit to their customers. We argue that the decline in aggregate trade credit ratios is driven by the reduction in the supply of trade credit that follows a bank credit crunch, consistent with the redistribution view of trade credit provision, whereby bank credit is redistributed via trade credit from financially stronger firms to weaker firms. (c) 2006 Elsevier B.V. All rights reserved.