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Credit chains and sectoral comovemen t: does the use of trade credit amplify sectoral shocks ?

  • Raddatz, Claudio

This paper provides evidence of the presence and relevance of a credit-chain amplification mechanism by looking at its implications for the correlation of industries. In particular, it tests the hypothesis that an increase in the use of trade-credit along the input-output chain linking two industries results in an increase in their correlation. The analysis uses detailed data on the correlations and input-output relations of 378 manufacturing industry-pairs across 44 countries with different degrees of use of trade credit. The results provide strong support for this hypothesis and indicate that the mechanism is quantitatively relevant.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 4525.

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Date of creation: 01 Feb 2008
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Handle: RePEc:wbk:wbrwps:4525
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