Credit Rationing and Pass-Through in Supply Chains: Theory and Evidence from Bangladesh
研究了孟加拉国食用油供应链中政府禁止中间融资环节的影响，发现该禁令导致下游批发和零售价格上涨，进口原油价格变化传导减弱，原因在于中间商为下游贸易商提供了信贷支持。
Traders are often blamed for high prices, prompting government regulation. We study the effects of a government ban of a layer of financing intermediaries in edible oil supply chain in Bangladesh during 2011–2012. Contrary to the predictions of a standard model of an oligopolistic supply chain, the ban caused downstream wholesale and retail prices to rise, and pass-through of the changes in imported crude oil price to fall. These results can be explained by an extension of the standard model to incorporate trade credit frictions, where intermediaries expand credit access of downstream traders.