Sustaining Production Chains through Financial Linkages
研究了制造业供应链中，通过应收账款和应付账款的结构性联系来维持生产链，并发现最优付款延迟可缓解递归道德风险带来的低效率，但需要大量营运资本，发票价格因隐含的摊销成本而偏高。
The technological constraints on sustaining production chains have been discussed extensively by development economists, but the role of financial linkages has received less attention. In a model of recursive moral hazard for a manufacturing supply chain, we show that the structure of interlocking receivables and payables serve as the glue for the production chain that sustains complex manufacturing output. The inefficiency associated with recursive moral hazard can be mitigated through optimal delays in payments along the chain. However, efficiency requires large stocks of working capital, and invoice prices are high due to implicit amortization costs of inter-firm credit.