...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of International Money and Finance >Credit constraints, currency depreciation and international trade
【24h】

Credit constraints, currency depreciation and international trade

机译：信贷限制，货币贬值和国际贸易

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

We document multi-sector exporters' heterogeneous responses to home currency depreciation. Following currency depreciation, firms tend to export relatively less in sectors that depend more on external financing, to avoid adverse impacts of potentially binding credit constraints. More specifically, credit-constrained exporters respond to currency depreciation by increasing production first in sectors with less external financing dependence, then in sectors that are more dependent on outside funds, until they exhaust their limited financial resources. These findings are consistent with our prior that exporters' needs for external financing are greater when their home currencies depreciate. Upon home currency depreciation, exporters react by expanding production or by entering new destination markets, incurring significant upfront costs. The results survive a series of robustness checks, and are stronger for low-performance firms and for firms engaged in ordinary trade. The results have important policy implications for emerging market countries that rely heavily on exports but have weak financial institutions. (C) 2020 Elsevier Ltd. All rights reserved.
机译：我们记录了多部门出口商对本币贬值的不同反应。在货币贬值之后，企业倾向于在更多依赖外部融资的行业中出口相对较少的产品，以避免可能具有约束力的信贷约束的不利影响。更具体地说，受信贷约束的出口商首先通过在外部融资依赖性较小的部门中增加产量，然后在更依赖外部资金的部门中增加产量，直到他们用尽有限的财务资源，才对货币贬值做出反应。这些发现与我们先前的观点一致，即出口国在本币贬值时对外部融资的需求会更大。当本币贬值时，出口商会通过扩大生产或进入新的目的地市场做出反应，产生大量的前期成本。结果经受住了一系列的稳健性检查，对于业绩低下的公司和从事普通贸易的公司而言，结果要强得多。这一结果对严重依赖出口但金融机构薄弱的新兴市场国家具有重要的政策意义。 （C）2020 Elsevier Ltd.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