Credit frictions, selection into external finance and gains from trade
研究信贷摩擦如何影响异质性企业的出口和融资选择，发现银行信贷冲击会促使更多企业转向债券融资，这一选择效应在2007-2009年金融危机中解释了银行融资相对下降的现象，并减轻了信贷摩擦对贸易的负面影响。
Abstract This paper analyzes the effects of credit frictions in a trade model where heterogeneous firms select both into exporting and into two types of external finance. While small producers face stronger credit frictions and rely on bank finance, large firms have access to cheaper bond finance. The analysis shows that a bank credit shock leads to an increase in the share of firms that use bond finance. This selection effect is used to explain the observed decrease in bank finance relative to bond finance during the global financial crisis of 2007–2009. A calibration of the model to the crisis period documents that endogenous selection into external finance reduces the negative implications of credit frictions on product variety, exports and gains from trade.