Government Credit and International Trade
利用中国海关交易数据和国开行贷款数据，发现国开行对供应链上游战略行业的信贷降低了下游企业出口价格、增加了出口量、产品种类和目的地，这种正向溢出源于中间品价格下降和上游向下游提供的贸易信贷增加。
Abstract Using transaction-level trade data from China Customs and loan data from the China Development Bank (CDB), we find that CDB credit to strategic industries at the top of supply chains leads to lower prices, higher volume, and more product varieties and destinations for exports for firms in downstream industries. These positive spillovers stem from reduced intermediate goods prices and increased trade credit from upstream to downstream firms caused by CDB loans. Notably, this surge in import activity displaces U.S. firms within the same industry but bolsters downstream U.S. firms’ business performance and employment.