How do Firms in Argentina get Financing to Export?
This paper delves into the importance of access to financing for the performance of firms in export markets. Based on a unique microeconomic database that combines data on Argentine firms´ characteristics and export performance with information on their domestic and external financing, we provide a rich insight into their financing patterns. Through the use of a descriptive and econometric analysis, we find that: i) having more access to bank credit facilitates firms´ entry into export markets, ii) once they become exporters, it is the access to foreign financing what seems to matters for their success in foreign markets. Also, to study the duration of firms in export markets, we estimate survival functions by firm size, using the Kalpan-Meier estimator. We find that the probability of firms´survival in export markets increases with their size in the earlier years of exporting. Once firms become regular exporters, their permanece in export markets seems to less dependent on their size.
|Date of creation:||Nov 2012|
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- Kalina Manova, 2013.
"Credit Constraints, Heterogeneous Firms, and International Trade,"
Review of Economic Studies,
Oxford University Press, vol. 80(2), pages 711-744.
- Kalina Manova, 2008. "Credit Constraints, Heterogeneous Firms, and International Trade," NBER Working Papers 14531, National Bureau of Economic Research, Inc.
- Kalina Manova & Shang-Jin Wei & Zhiwei Zhang, 2011.
"Firm Exports and Multinational Activity Under Credit Constraints,"
NBER Working Papers
16905, National Bureau of Economic Research, Inc.
- Kalina Manova & Shang-Jin Wei & Zhiwei Zhang, 2015. "Firm Exports and Multinational Activity Under Credit Constraints," The Review of Economics and Statistics, MIT Press, vol. 97(3), pages 574-588, July.
- Minetti, Raoul & Zhu, Susan Chun, 2011. "Credit constraints and firm export: Microeconomic evidence from Italy," Journal of International Economics, Elsevier, vol. 83(2), pages 109-125, March.
- Ricardo Bebczuk & Tamara Burdisso & Jorge Carrera & Máximo Sangiácomo, 2011. "A New Look into Credit Procyclicality: International Panel Evidence," BCRA Working Paper Series 201155, Central Bank of Argentina, Economic Research Department.
- Gian Luca Clementi & Hugo A. Hopenhayn, 2006. "A Theory of Financing Constraints and Firm Dynamics," The Quarterly Journal of Economics, Oxford University Press, vol. 121(1), pages 229-265.
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