کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5083755 1477816 2013 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Financial shocks and exports
ترجمه فارسی عنوان
شوک های مالی و صادرات
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
This study examines empirically and theoretically how credit tightness impacts the extensive margin (variety of goods) and intensive margin (production of each existing good) of exports. Panel regressions show that worsening financial conditions discourage exports by reducing both the variety of goods exported and the export volumes of individual goods. This study also develops a DSGE model to clarify this finding, featuring financial shocks, enforcement constraint, and firm entry. In the event of a credit crunch, worsening financial conditions would reduce firm borrowing capability, forcing firms to decrease production, and thus, decrease firm profit and firm value. As exporters face larger fixed costs in production, they are more sensitive to financial constraints. Consequently, a credit crunch reduces individual firm exports and discourages potential entrants from entering the export market, which in turn decreases aggregate exports. The proposed model can also explain the phenomenon of trade decreasing more than GDP, as observed in the most recent financial crisis.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 26, April 2013, Pages 39-55
نویسندگان
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