Firms' Export Decisions : Demand Trumps Financial Shocks

de Nicola, Francesca ; Tan, Shawn W.

World Bank, Washington, DC

关键词: heterogeneous firms;    export margins;    credit constraints;    financial shocks;   

DOI  :  10.1596/1813-9450-7953
RP-ID  :  WPS7953

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper studies the relationshipbetween access to credit, demand shocks, and export marketadjustments using firm-level panel survey data for 24economies in the Eastern Europe and Central Asian region.The study finds that domestic shocks to demand have asignificant influence on the firm's decision toparticipate in international markets (extensive margin) andon the firm's share of foreign sales (intensivemargin). Foreign shocks to demand only affect thefirm's share of foreign sales. Conversely, the role offinancial constraints on either the extensive or theintensive margin is more nuanced. The results are robust tovarious specifications of financial constraints anddifferent estimation methods.