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 |
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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.
【 预 览 】
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