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Export Growth and Credit Constraints

Tibor Besedes (), Byung-Cheol Kim () and Volodymyr Lugovskyy ()

No 16, CeFiG Working Papers from Center for Firms in the Global Economy

Abstract: We investigate the effect of credit constraints on the growth of exports at the micro level. We develop a model showing credit constraints play a key role in early stages of exporting, but not in later stages. Our empirical results using product level data on exports to twelve European Union members and the U.S. support the model’s predictions: exports from more credit constrained exporters grow faster. Export growth rates decrease with duration and converge across countries. Larger initial export volume reduces subsequent growth. While an important force in early stages, the effect of credit constraints is not persistent.

Date: 2011-10-16, Revised 2011-10-16
New Economics Papers: this item is included in nep-cis and nep-int
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