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Credit constraints and margins of import: First evidence for German manufacturing enterprises

  • Joachim Wagner

    ()

    (Leuphana University Lueneburg, Germany)

This study uses tailor made enterprise level data from various sources for firms from manufacturing industries to test for the link between credit constraints, measured by a credit rating score provided by a leading credit rating agency, and imports in Germany for the first time. We find empirical evidence that a better credit rating score is positively related to extensive margins of import – firms with a better score have a higher probability to import, they import more goods and they source from more countries of origin. The intensive margin of imports – the share of imports in total sales – is found not to be related to credit constraints.

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File URL: http://www.leuphana.de/fileadmin/user_upload/Forschungseinrichtungen/ifvwl/WorkingPapers/wp_294_Upload.pdf
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Paper provided by University of Lüneburg, Institute of Economics in its series Working Paper Series in Economics with number 294.

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Length: 38 pages
Date of creation: Feb 2014
Date of revision:
Handle: RePEc:lue:wpaper:294
Contact details of provider: Web page: http://leuphana.de/institute/ivwl.html

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  1. Buchinsky, Moshe, 1994. "Changes in the U.S. Wage Structure 1963-1987: Application of Quantile Regression," Econometrica, Econometric Society, vol. 62(2), pages 405-58, March.
  2. Mirabelle Muûls, 2012. "Exporters, importers and credit constraints," LSE Research Online Documents on Economics 51516, London School of Economics and Political Science, LSE Library.
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  4. Alexander Vogel & Joachim Wagner, 2008. "Higher Productivity in Importing German Manufacturing Firms: Self-selection, Learning from Importing, or Both?," Working Paper Series in Economics 106, University of Lüneburg, Institute of Economics.
  5. Joan Farre-Mensa & Alexander Ljungqvist, 2013. "Do Measures of Financial Constraints Measure Financial Constraints?," NBER Working Papers 19551, National Bureau of Economic Research, Inc.
  6. Joachim Wagner, 2014. "Credit constraints and exports: evidence for German manufacturing enterprises," Applied Economics, Taylor & Francis Journals, vol. 46(3), pages 294-302, January.
  7. Joachim Wagner, 2008. "A note on why more West than East German firms export," International Economics and Economic Policy, Springer, vol. 5(4), pages 363-370, December.
  8. Thomas Chaney, 2013. "Liquidity Constrained Exporters," NBER Working Papers 19170, National Bureau of Economic Research, Inc.
  9. Greenaway, David & Guariglia, Alessandra & Kneller, Richard, 2007. "Financial factors and exporting decisions," Journal of International Economics, Elsevier, vol. 73(2), pages 377-395, November.
  10. 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.
  11. Delgado, Miguel A. & Farinas, Jose C. & Ruano, Sonia, 2002. "Firm productivity and export markets: a non-parametric approach," Journal of International Economics, Elsevier, vol. 57(2), pages 397-422, August.
  12. Esmeralda A. Ramalho & Joaquim J.S. Ramalho & José M.R. Murteira, 2011. "Alternative Estimating And Testing Empirical Strategies For Fractional Regression Models," Journal of Economic Surveys, Wiley Blackwell, vol. 25(1), pages 19-68, 02.
  13. Patrick Musso & Stefano Schiavo, 2007. "The Impact of Financial Constraints on Firms Survival and Growth," Sciences Po publications 2007-37, Sciences Po.
  14. Mark J. Melitz, 2002. "The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity," NBER Working Papers 8881, National Bureau of Economic Research, Inc.
  15. Maria Bas & Antoine Berthou, 2011. "The Decision to Import Capital Goods in India: Firms' Financial Factors Matter," Working Papers 2011-06, CEPII research center.
  16. Mirabelle Muûls, 2008. "Exporters and credit constraints. A firm-level approach," Working Paper Research 139, National Bank of Belgium.
  17. 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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