کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
962967 930229 2013 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Towards a theory of trade finance
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Towards a theory of trade finance
چکیده انگلیسی
Shipping goods internationally is risky and takes time. To allocate risk and to finance the time gap between production and sale, a range of payment contracts is utilized. I study the optimal choice between these payment contracts and their implications for trade. The equilibrium contract is determined by financial market characteristics and contracting environments in both the source and the destination country. Trade increases in enforcement probabilities and decreases in financing costs proportional to the time needed for trade. Empirical results from gravity regressions are in line with the model, highly significant and economically relevant. They suggest that importer finance is as important for trade as exporter finance.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Economics - Volume 91, Issue 1, September 2013, Pages 96-112
نویسندگان
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