Credit Chains and Sectoral Comovement : Does the Use of Trade Credit Amplify Sectoral Shocks?

Raddatz, Claudio

World Bank, Washington, DC

关键词: ACCESS TO FINANCING;    ACCESS TO FORMAL FINANCE;    ACCESS TO FUNDS;    ACCOUNTING;    ACCOUNTS PAYABLE;   

DOI  :  10.1596/1813-9450-4525
RP-ID  :  WPS4525

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 provides evidence of thepresence and relevance of a credit-chain amplificationmechanism by looking at its implications for the correlationof industries. In particular, it tests the hypothesis thatan increase in the use of trade-credit along theinput-output chain linking two industries results in anincrease in their correlation. The analysis uses detaileddata on the correlations and input-output relations of 378manufacturing industry-pairs across 44 countries withdifferent degrees of use of trade credit. The resultsprovide strong support for this hypothesis and indicate thatthe mechanism is quantitatively relevant.