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Credit Distribution and Exports: Microeconomic Evidence from China

Listed author(s):
  • Yao Amber Li

    ()

    (Department of Economics, Hong Kong University of Science and Technology
    Institute for Emerging Market Studies, Hong Kong University of Science and Technology)

  • Albert Park

    ()

    (Department of Economics, Hong Kong University of Science and Technology
    Institute for Emerging Market Studies, Hong Kong University of Science and Technology)

  • Chen Zhao

    ()

    (Department of Economics, Hong Kong University of Science and Technology)

This paper explores how the distribution of credit supply within an industry affects that industry's export intensity (the export-to-sales ratio) and export propensity (the ratio of the number of exporters to the total number of firms). Using a heterogeneous firm trade model, we derive two opposing hypotheses: for industries with relatively low (high) foreign market penetration costs, a more dispersed credit distribution decreases (increases) the industry's export intensity and the number of exporters. The empirical results using Chinese firm-level data and bank loan data support both hypotheses and confirm the significant heterogeneous impacts of credit distribution on exports across industries.

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File URL: http://iems.ust.hk/wp-content/uploads/2015/11/IEMSWP2015-31.pdf
File Function: First version, 2015
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Paper provided by HKUST Institute for Emerging Market Studies in its series HKUST IEMS Working Paper Series with number 2015-31.

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Length: 46 pages
Date of creation: Nov 2015
Date of revision: Nov 2015
Handle: RePEc:hku:wpaper:201531
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  1. Poncet, Sandra & Steingress, Walter & Vandenbussche, Hylke, 2010. "Financial constraints in China: Firm-level evidence," China Economic Review, Elsevier, vol. 21(3), pages 411-422, September.
  2. Chong-En Bai & Jiangyong Lu & Zhigang Tao, 2006. "The Multitask Theory of State Enterprise Reform: Empirical Evidence from China," American Economic Review, American Economic Association, vol. 96(2), pages 353-357, May.
  3. Li, Hongbin & Meng, Lingsheng & Wang, Qian & Zhou, Li-An, 2008. "Political connections, financing and firm performance: Evidence from Chinese private firms," Journal of Development Economics, Elsevier, vol. 87(2), pages 283-299, October.
  4. Mary Amiti & David E. Weinstein, 2011. "Exports and Financial Shocks," The Quarterly Journal of Economics, Oxford University Press, vol. 126(4), pages 1841-1877.
  5. Natarajan Balasubramanian & Jagadeesh Sivadasan, 2009. "Capital Resalability, Productivity Dispersion, and Market Structure," The Review of Economics and Statistics, MIT Press, vol. 91(3), pages 547-557, August.
  6. Joachim Jarreau & Sandra Poncet, 2010. "Export Performance and Credit Constraints in China," Working Papers 2010-33, CEPII research center.
  7. repec:cup:jfinqa:v:46:y:2011:i:06:p:1795-1830_00 is not listed on IDEAS
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