Credit Rationing and Patterns of New Product Trade
AbstractThis paper examines credit rationing implications for patterns of international trade in newly invented products. New product develpment is often associated with risk and its profit is uncertain. When this problem is exacerbated by asymmetric information, credit rationing becomes the optimal strategy of lenders. As a resul, a country's pattern of trade is indeterminate. The resulting pattern of trade is not the consequence of comparative advantages or increasing returns to scale.
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Bibliographic InfoArticle provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.
Volume (Year): 14 (1999)
Issue (Month): ()
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- F10 - International Economics - - Trade - - - General
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
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- Silvio Contessi & Francesca de Nicola, 2012. "What do we know about the relationship between access to finance and international trade?," Working Papers 2012-054, Federal Reserve Bank of St. Louis.
- Zhiyuan Li & Miaojie Yu, 2009. "Exports, Productivity, and Credit Constraints : A FirmÃ¢â‚¬ÂLevel Empirical Investigation of China," Trade Working Papers 22888, East Asian Bureau of Economic Research.
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