Services trade and credit frictions: evidence from matched bank-firm data
Francesco Bripi (),
David Loschiavo () and
Davide Revelli ()
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Davide Revelli: Bank of Italy
No 1110, Temi di discussione (Economic working papers) from Bank of Italy, Economic Research and International Relations Area
This paper investigates the relationship between bank credit and exports of services by Italian firms. In order to identify the role of credit supply in services exports we use matched data on bank-firm relationships and the shocks affecting banks’ funding during the sovereign debt crisis. The study suggests that credit supply shocks had a significant impact on services exports: a bank credit reduction of 1% led to a fall in exports of about 0.40%. These results hold even after controlling for alternative sources of firms’ external finance, unobserved credit demand heterogeneity and a number of robustness checks.
Keywords: Trade in services; credit frictions; bank-firm relationships (search for similar items in EconPapers)
JEL-codes: F10 F14 F36 G21 L80 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:wptemi:td_1110_17
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