...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Economic Dynamics and Control >Liquidity constrained exporters
【24h】

Liquidity constrained exporters

机译：流动性受限的出口商

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

I propose a model of international trade with liquidity constraints. If firms must pay a fixed entry cost in order to access foreign markets, and if they face liquidity constraints to finance these costs, only those firms that have sufficient liquidity are able to export. A set of firms could profitably export, but are prevented from doing so because they lack sufficient liquidity. More productive firms that generate large liquidity from their domestic sales, and wealthier firms that inherit a large amount of liquidity, are more likely to export. This model offers a potential explanation for the apparent lack of sensitivity of exports to exchange rate fluctuations. When the exchange rate appreciates, existing exporters lose competitiveness abroad, and are forced to reduce their exports. At the same time, the value of domestic assets owned by potential exporters increases. Some liquidity constrained exporters start exporting. This dampens the anti-competitiveness impact of a currency appreciation. Under some conditions, it may reverse it altogether and increase aggregate exports. In this sense, the model is able to rationalize the co-existence of competitive devaluations and competitive revaluations. (C) 2016 Elsevier B.V. All rights reserved.
机译：我提出了一个具有流动性约束的国际贸易模型。如果企业必须支付固定的进入成本才能进入国外市场，并且他们面临流动性限制以为这些成本融资，那么只有那些具有足够流动性的企业才能出口。一组公司可以有利可图的出口，但由于缺乏足够的流动性而被阻止这样做。从国内销售中产生大量流动性的生产性较高的公司，以及继承大量流动性的较富裕的公司，更有可能出口。该模型为出口明显缺乏对汇率波动的敏感性提供了可能的解释。当汇率升值时，现有出口商将失去在国外的竞争力，并被迫减少出口。同时，潜在出口商拥有的国内资产的价值也在增加。一些受流动性限制的出口商开始出口。这抑制了货币升值对反竞争的影响。在某些情况下，它可能会完全逆转并增加总出口。从这个意义上讲，该模型能够合理化竞争性贬值和竞争性估值的并存。 （C）2016 Elsevier B.V.保留所有权利。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号