How do firms in Argentina get financing to export?
This paper, developed in the context of the CompNet initiative, delves into the importance of access to financing for the performance of firms in export markets. Using 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. We find that: (i) Exporters have more access to bank credit than non-exporters, (ii) firms with more access to bank credit are more likely to start exporting, particularly the medium size ones and (iii) those firms with more access to foreign financing export a wider variety of products and serve more distant and developed markets. We also study the duration of firms in export markets using the Kaplan-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 permanence in export markets seems to be less dependent on their size. JEL Classification: C33, F14, G20
|Date of creation:||Nov 2013|
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- 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.
- 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.
- 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.
- 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.
- 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.
- Kalina Manova, 2008.
"Credit Constraints, Heterogeneous Firms, and International Trade,"
NBER Working Papers
14531, National Bureau of Economic Research, Inc.
- Kalina Manova, 2013. "Credit Constraints, Heterogeneous Firms, and International Trade," Review of Economic Studies, Oxford University Press, vol. 80(2), pages 711-744.
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