Trade credit and agricultural commodity prices: evidence from the us dairy industry
利用美国东北部乳制品生产商的面板数据，发现贸易信贷使用与牛奶价格负相关，且低奶价时期逾期贸易信贷积累至行业销售额的10%，暗示生产商违约风险可能通过行业扩散。
Abstract Financing provided by suppliers or trade credit is a major source of short-term finance. Using a long-term panel data set of Northeast US dairy producers, we find a negative relationship between trade credit use and milk price. Additionally, regional dairy feed manufacturers reported that, in a period of low milk prices, past due trade credit accumulated to 10 per cent of industry sales or approximately 100 million dollars. Both estimates suggest the possibility of producer default risk spreading through the dairy industry. Trade credit is often not publicly reported, hence financial regulators and policymakers may have difficulty observing this default risk.