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Trade and credit: revisiting the evidence

Eduardo Gutiérrez () and Enrique Moral-Benito ()
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Eduardo Gutiérrez: Banco de España

No 1901, Working Papers from Banco de España, Working Papers Homepage

Abstract: This paper explores the effects of bank lending shocks on export behavior of Spanish firms. For that purpose, we combine Balance of Payments data on exports at the firmproduct-destination level with a matched bank-firm dataset incorporating information on the universe of corporate loans from 2002 to 2013. Armed with this dataset, we identify bankyear specific credit supply shocks following Amiti and Weinstein (2018) and estimate their impact on firms’ exports at the product-destination level. According to our estimates, credit supply shocks have sizable effects on both the intensive margin (amount exported) and the extensive margin of trade (decision to export).

Keywords: credit shocks; exports; firm level data (search for similar items in EconPapers)
JEL-codes: F10 F30 F40 G15 G21 G32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn, nep-eec and nep-int
Date: 2019-01
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