Export credit guarantees and export performance: An empirical analysis for Germany
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 empirical evidence on the effects of those policies is, however, very limited. In this paper, we use sectoral data on export credit guarantees issued by the German government. We investigate whether those guarantees indeed do increase exports and whether they remedy the export-restricting effect of credit market imperfections both on the sectoral and on the export-market levels. Exploiting the sectoral structure of a rich three-way panel data set of German exports, we control for unobserved heterogeneity on the country-year, sector-year and country-sector dimensions. We document a robust export-increasing effect of guarantees. There is some evidence that the effect is larger for export markets with poor financial institutions and in sectors that rely more on external finance.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||2013|
|Date of revision:|
|Publication status:||Published in World Economy 8 36(2013): pp. 967-999|
|Contact details of provider:|| Postal: Ludwigstr. 28, 80539 Munich, Germany|
Web page: http://www.vwl.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Davin Chor & Kalina Manova, 2010.
"Off the Cliff and Back? Credit Conditions and International Trade during the Global Fnancial Crisis,"
in: Market Institutions and Financial Market Risk
National Bureau of Economic Research, Inc.
- 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.
- Davin Chor & Kalina Manova, 2010. "Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis," NBER Working Papers 16174, National Bureau of Economic Research, Inc.
- Davin Chor & Kalina Manova, 2010. "Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis," Working Papers 08-2010, Singapore Management University, School of Economics.
- Beck, Thorsten & Demirguc-Kunt, Asli & Laeven, Luc & Levine, Ross, 2005.
"Finance, firm size, and growth,"
Policy Research Working Paper Series
3485, The World Bank.
- Beck, T.H.L. & Demirgüc-Kunt, A. & Laeven, L. & Levine, R., 2008. "Finance, firm size and growth," Other publications TiSEM 6e2b24b0-1f95-419b-96c5-a, Tilburg University, School of Economics and Management.
- Thorsten Beck & Asli Demirguc-Kunt & Luc Laeven & Ross Levine, 2004. "Finance, Firm Size, and Growth," NBER Working Papers 10983, National Bureau of Economic Research, Inc.
- Philippe Askenazy & Aida Caldera & Guillaume Gaulier & Delphine Irac, 2015.
"Financial constraints and foreign market entries or exits: firm-level evidence from France,"
Review of World Economics (Weltwirtschaftliches Archiv),
Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 151(2), pages 231-253, May.
- Philippe Askenazy & Aida Caldera & Guillaume Gaulier & Delphine Irac, 2015. "Financial constraints and foreign market entries or exits: firm-level evidence from France," Post-Print halshs-01203566, HAL.
- 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.
- Askenazy, Philippe & Caldera, Aida & Gaulier, Guillaume & Irac, Delphine, 2011. "Financial Constraints and Foreign Market Entries or Exits: Firm Level Evidence from France," CEPREMAP Working Papers (Docweb) 1112, CEPREMAP.
- Christoph Moser & Thorsten Nestmann & Michael Wedow, 2008.
"Political Risk and Export Promotion: Evidence from Germany,"
The World Economy,
Wiley Blackwell, vol. 31(6), pages 781-803, 06.
- Moser, Christoph & Nestmann, Thorsten & Wedow, Michael, 2006. "Political risk and export promotion: evidence from Germany," Discussion Paper Series 1: Economic Studies 2006,36, Deutsche Bundesbank, Research Centre.
- Nestmann, Thorsten & Moser, Christoph & Wedow, Michael, 2006. "Political risk and export promotion: Evidence from Germany," Research Notes 23, Deutsche Bank Research.
- Robert C. Feenstra & Zhiyuan Li & Miaojie Yu, 2014.
"Exports and Credit Constraints under Incomplete Information: Theory and Evidence from China,"
The Review of Economics and Statistics,
MIT Press, vol. 96(3), pages 729-744, October.
- 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.
- Sam Kortum & John Romalis & Brent Neiman & Jonathan Eaton, 2010.
"Trade and the Global Recession,"
2010 Meeting Papers
1340, Society for Economic Dynamics.
- Samuel S. Kortum & Jonathan Eaton & Brent Neiman & John Romalis, 2010. "Trade and the Global Recession," DEGIT Conference Papers c015_002, DEGIT, Dynamics, Economic Growth, and International Trade.
- Eaton, Jonathan & Kortum, Sam & Neiman, Brent & Romalis, John, 2013. "Trade and the Global Recession," Working Papers 2013-21, University of Sydney, School of Economics.
- Jonathan Eaton & Samuel Kortum & Brent Neiman & John Romalis, 2011. "Trade and the Global Recession," NBER Working Papers 16666, National Bureau of Economic Research, Inc.
- Jonathan Eaton & Sam Kortum & Brent Neiman & John Romalis, 2010. "Trade and the global recession," Working Paper Research 196, National Bank of Belgium.
- 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.
When requesting a correction, please mention this item's handle: RePEc:lmu:muenar:20348. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Tamilla Benkelberg)
If references are entirely missing, you can add them using this form.