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Export Credit Guarantees and Export Performance:An Empirical Analysis for Germany

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  • Gabriel J. Felbermayr
  • Erdal Yalcin

    ()

Abstract

Recent literature finds that exporters are particularly vulnerable to financial market frictions.As a consequence, exports may be lower than their efficient levels. For this reason,many countries support exporters by underwriting export credit guarantees. The empiricalevidence on the effects of those policies is, however, very limited. In this paper, we usesectoral data on export credit guarantees issued by the German government. We investigatewhether those guarantees indeed do increase exports, and whether they remedy the exportrestrictingeffect of credit market imperfections both on the sectoral and on the exportmarket levels. Exploiting the sectoral structure of a rich three-ways panel data set ofGerman exports, we control for unobserved heterogeneity on the country-year, sectoryear,and country-sector dimensions. We document a robust export-increasing effect ofguarantees. There is some evidence that the effect is larger for export markets with poorfinancial institutions and in sectors that rely more on external finance.

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Bibliographic Info

Paper provided by Ifo Institute for Economic Research at the University of Munich in its series Ifo Working Paper Series with number Ifo Working Paper No. 116.

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Date of creation: 2011
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Handle: RePEc:ces:ifowps:_116

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Keywords: Financial development; credit constraints; gravity equation; financial crisis.;

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  1. Eaton, Jonathan & Kortum, Sam & Neiman, Brent & Romalis, John, 2013. "Trade and the Global Recession," Working Papers 2013-21, University of Sydney, School of Economics.
  2. Chor, Davin & Manova, Kalina, 2012. "Off the cliff and back? Credit conditions and international trade during the global financial crisis," Journal of International Economics, Elsevier, vol. 87(1), pages 117-133.
  3. Nestmann, Thorsten & Moser, Christoph & Wedow, Michael, 2006. "Political risk and export promotion: Evidence from Germany," Research Notes 23, Deutsche Bank Research.
  4. Askenazy, Ph. & Caldera, A. & Gaulier, G. & Irac, D., 2011. "Financial Constraints and Foreign Market Entries or Exits: Firm-Level Evidence from France," Working papers 328, Banque de France.
  5. Peter Egger & Thomas Url, 2006. "Public Export Credit Guarantees and Foreign Trade Structure: Evidence from Austria," The World Economy, Wiley Blackwell, vol. 29(4), pages 399-418, 04.
  6. Robert C. Feenstra & Zhiyuan Li & Miaojie Yu, 2011. "Exports and Credit Constraints Under Incomplete Information: Theory and Evidence from China," NBER Working Papers 16940, National Bureau of Economic Research, Inc.
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Cited by:
  1. Gabriel Felbermayr & Inga Heiland & Erdal Yalcin, 2012. "Beschäftigungseffekte der Exportkreditgarantien der Bundesrepublik Deutschland »Hermesdeckungen«," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 65(01), pages 20-30, 01.
  2. Zheng, J., 2012. "Essays on pensions, health expectancy and credit insurance," Open Access publications from Tilburg University urn:nbn:nl:ui:12-5661243, Tilburg University.

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