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Credit constraints and margins of import: first evidence for German manufacturing enterprises

Joachim Wagner ()

Applied Economics, 2015, vol. 47, issue 5, 415-430

Abstract: This study uses tailor-made enterprise-level data for 2008-2010 from various sources for firms from manufacturing industries to test for the link between credit constraints, measured by a credit rating score provided by a leading credit rating agency, and imports in Germany for the first time. We find empirical evidence that a better credit rating score is positively related to extensive margins of import - firms with a better score have a higher probability to import, they import more goods and they source from more countries of origin. The intensive margin of imports - the share of imports in total sales - is found not to be related to credit constraints.

Date: 2015
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Working Paper: Credit constraints and margins of import: First evidence for German manufacturing enterprises (2014) Downloads
Working Paper: Credit constraints and margins of import: First evidence for German manufacturing enterprises (2014) Downloads
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