Exporters, importers and credit constraints
利用比利时制造业企业1999-2007年的独特数据，分析信贷约束如何影响企业的进出口行为，发现信贷约束低的企业更可能参与贸易，且出口的集约和扩展边际均受信贷约束影响，而进口仅产品扩展边际受影响。
This paper analyzes the interaction between credit constraints and trading behavior, decomposing trade in extensive and intensive margins. I construct a unique dataset containing firm-level trade transaction data, balance sheets and credit scores from an independent credit insurance company for Belgian manufacturing firms between 1999 and 2007. Firms are more likely to be exporting or importing if they enjoy lower credit constraints. Also, firms that have better credit rating export and import more. Importing and exporting behaviors differ in how both the level and growth of the various margins of trade are related to credit constraints in one important dimension. In the case of exports, it is the intensive and extensive margins of exports in terms of both product and destinations that are significantly associated with credit constraints whereas for imports it is the extensive margin in terms of products only.