Firm-to-firm financial linkages and dollar risk transmission
研究美元波动如何通过新兴市场国内供应链传导，发现大企业借外币并给国内伙伴提供贸易信贷，使供应链暴露于汇率风险；实证表明高暴露企业贬值后仅小幅缩减信贷，但承受大额利润损失，说明企业间信贷关系部分保护了下游企业。
We study how U.S. dollar fluctuations transmit through domestic supply chains in emerging markets. Large firms borrow in foreign currency and extend trade credit to domestic partners, exposing the supply chain to exchange rate risk. We develop a model where financially constrained suppliers pass through shocks to buyers, while unconstrained firms absorb them. Using quarterly firm-level data from 19 emerging markets, we provide empirical evidence consistent with the model’s predictions. We find that even highly exposed firms reduce trade credit only modestly following a depreciation, while accepting large profit losses, suggesting that firm-to-firm credit relationships partially shield downstream firms from financial shocks.