1,720,988 research outputs found
Credit constraints and exports of SMEs in emerging and developing countries
No full textWe study the relationship between credit constraints and exports using a large and heterogeneous sample of small- and medium-sized firms from 65 emerging and developing countries between 2003 and 2014. We measure credit constraints by means of each firm’s self-assessment of whether it is credit-rationed, and we follow an instrumental variable approach that uses firm-level instruments to address the potential endogeneity of credit constraints with respect to export performance. We find robust evidence of a negative, statistically and economically significant effect of financial constraints on both the probability that a firm exports (the extensive margin) and the share of exports over total sales (the intensive margin). The impact on both margins of exports is stronger for small and young firms, and for those operating in countries where the financial system, the quality of institutions, and the overall level of economic freedom are less developed
Esportazioni e investimenti diretti esteri nel settore agro-alimentare. Complementarietà o sostituibilità
No full textInternationalization choices: an ordered probit analysis at industry-level Economics and Statistics Discussion Papers, Dipartimento di Scienze Economiche Gestionali e Sociali, Università degli Studi del Molise, n. 71/13
No full text"Quale sostegno dal sistema bancario all’internazionalizzazione delle imprese produttive"
No full textDo cross-border mergers and acquisitions reflect participations into global value chains?
No full textGlobal value chains (GVCs) are a major feature of globalisation, with a strong impact on the patterns of international trade. In this paper, we study the link between GVCs and cross-border mergers and acquisitions (M&As), testing the two symmetric hypotheses that a higher degree of participation in GVCs increases the probability that a firm acquires: (i) the producers of their imported inputs or (ii) the users of their exported products. Our analysis is based on a unique data set covering 12 supplier and user sectors, for over 22 investor countries and 47 target countries between 1995 and 2010. Estimating an augmented gravity equation model of cross-border M&As, inflated with a large number of bilateral sector and country-fixed effects, we find strong evidence of a positive and statistically significant impact of GVC participation on the total value of cross-border M&As, although the economic impact is substantial only in the case of few sectors
Intermediated trade and credit constraints: The case of firm's imports
Full text linkGrowing evidence suggests that a large share of international trade transactions are made
through intermediaries and that whether firms use them or not depends on different factors.
The aim of this paper is to empirically investigate if credit constraints introduce a degree of
difference among firms in their mode of importing. Building on the intuition provided by a simple theoretical framework, we use firm-level data from 66 developing and developed countries to test the possible links between credit constraints and reliance on import intermediaries. Our results show that indeed credit-constrained firms exhibit a higher probability of importing their inputs using an intermediary, while unconstrained firms are more likely to import directly. Our results also provide some evidence that the impact of credit constraints on the probability of indirect importing is amplified for firms with a higher distance from their international sourcing network. Moreover, if firms face other types of frictions to import, then the probability that credit-constrained firms rely on intermediaries is estimated to be higher. Remarkably, credit rationing affects the probability of indirect importing no matter what the mode of exporting is
Imports and credit rationing: A firm-level investigation
No full textFirm performance is known to benefit from participation in import markets. For this reason, understanding whether credit constraints hamper firms’ ability to purchase foreign inputs is a relevant issue. In this paper, we investigate the relationship between financial constraints and imports of intermediate inputs using a large sample of small- and medium-sized enterprises from 66 developing countries. To measure credit constraints, we use information from a firm's in-depth self-assessment of its difficulties in having access to external finance. Furthermore, to tackle the endogeneity problems in the estimation, we rely on an instrumental variable approach that allows us to establish more directly the impact of financial constraints on importing activities. We provide statistically and economically significant evidence that credit-constrained firms have a lower probability of importing intermediates (the extensive margin) and a smaller share of imported intermediates in their total input expenditure (the intensive margin). Moreover, we show that the impact on these margins of import is stronger for firms operating in countries where the financial system is less developed, the quality of institutions poorer and the overall level of economic freedom lower
Did small banks trade off lending with government bond purchases during the Sovereign debt crisis?
No full textAt the beginning of the decade, many banks in euro-area periphery countries shifted their portfolios from corporate lending towards sovereign debt holdings. According to some scholars, this was the result of the moral suasion exerted by domestic authorities; others suggest instead that it was the outcome of a free choice of weak banks that bet-for-resurrection increasing the holdings of risky, high yielding government bonds. Our analysis shows that the contemporaneous increase in banks' total assets and the portfolio readjustment from loans to government bonds can be explained by a surge in the risk-premium required by banks on corporate lending. After briefly describing our hypothesis within a simple model of a bank's portfolio choice, we test its empirical implications on a large sample of individual loan data granted by over 100 Italian small banks during the post sovereign debt crisis period (2012- 2014). Our results provide convincing evidence in support of the hypothesis that the banks which increased the most their government bond holdings were also those which reduced more significantly their credit supply
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