Risk-Based Capital Requirements for Banks and International Trade
利用土耳其2012年采用巴塞尔协议II作为准自然实验，研究发现风险权重变化影响信用证出口份额，但企业-产品-国家层面的出口增长未受影响，表明贸易融资对出口的作用可能小于先前文献的估计。
We test the trade finance channel of exports by controlling for the bank credit channel. Using Turkey’s July 2012 adoption of Basel II as a quasi-natural experiment, we examine whether shocks to trade financing costs affect exports. With data for 16,662 Turkish exporters shipping 2,888 different products to 158 countries, we find that the share of letters-of-credit-based exports decreases (increases) when the associated risk weights for counterparty exposure increase (decrease) after the adoption of Basel II. However, growth of firm-product-country-level exports remains unaffected. Trade financing might have a lesser role in exports than previously suggested by the previous literature. © The Author 2017. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.