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

机译:信贷限制和进口保证金:德国制造企业的首个证据

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摘要

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.
机译:这项研究使用了来自制造业的公司的各种来源的2008-2010年量身定制的企业级数据,以测试信贷约束之间的联系,信贷约束是由领先的信用评级机构提供的信用评级得分来衡量的,以及德国在德国的进口额。第一次。我们发现,有经验证据表明,较高的信用等级评分与大量的进口利润成正比-得分较高的公司具有较高的进口可能性,它们进口的商品更多,并且来自更多的原产国。进口的密集利润率(进口占总销售额的份额)与信用约束无关。

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