Financial choice and international trade

被引：7

作者：

Cho, Ilhyun ^{[1
]}

Contessi, Silvio ^{[2
]}

Russ, Katheryn N. ^{[3
,4
,6
]}

Valderrama, Diego ^{[5
,7
]}

机构：

[1] Korea Energy Econ Inst, 405-11 Jongga Ro, Ulsan 44543, South Korea

[2] Monash Business Sch, Caulfield, Australia

[3] Univ Calif Davis, Davis, CA 95616 USA

[4] NBER, Cambridge, MA 02138 USA

[5] Franklin Templeton Investments, San Mateo, CA USA

[6] Dept Econ, One Shields Ave, Davis, CA 95616 USA

[7] Franklin Templeton Associates, One Franklin Pkwy, San Mateo, CA 94403 USA

来源：

JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 2019年 / 157卷

关键词：

Financial choice; Heterogeneous firms; Margins of trade; Corporate debt; Trade liberalization; Financial development; BANK; MARKET; TECHNOLOGY; REPUTATION; PATTERNS; IMPACT; COSTS;

D O I：

10.1016/j.jebo.2017.12.008

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Motivated by existing and new stylized facts, we join the new trade theory with a model of choice between bank and bond financing to show the differential effects of financial policy on the distribution of firm size, gains from trade, and the real exchange rate in a small open economy. Increasing bank efficiency and reducing bond transaction costs have opposite effects on the extensive margin of trade, aggregate exports, and the real exchange rate. Increasing access to export markets generates a financial switching channel for gains from trade, allowing firms to overcome high fixed costs of bond issuance to secure a lower marginal cost of capital. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：297 / 319

页数：23

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