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Trade and finance: is there more than just 'trade finance'? Evidence from matched bank-firm data

Silvia Del Prete () and Stefano Federico
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Silvia Del Prete: Bank of Italy

No 948, Temi di discussione (Economic working papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: Using unique matched bank-firm data on export, import and ordinary loans for a large sample of Italian manufacturing exporters for the years 2007-2010, this paper investigates the role of trade finance in a credit shock. We find that the credit shock faced by exporters in the aftermath of the Lehman Brothers' collapse was due more to a diminished availability of ordinary loans than to specific constraints in trade finance. We also show that the credit shock had a negative impact on exports: firms, especially financially distressed ones, that borrowed from banks which were more exposed to a negative funding shock exported less compared with firms that borrowed from less exposed intermediaries.

Keywords: trade finance; trade collapse; credit shocks; export loans (search for similar items in EconPapers)
JEL-codes: F14 F30 G21 G30 L20 (search for similar items in EconPapers)
Date: 2014-01
New Economics Papers: this item is included in nep-ban, nep-cfn and nep-int
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:wptemi:td_948_14

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