Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/73818 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
ifo Working Paper No. 116
Verlag: 
ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Munich
Zusammenfassung: 
Recent literature finds that exporters are particularly vulnerable to financial market frictions.As a consequence, exports may be lower than their efficient levels. For this reason,many countries support exporters by underwriting export credit guarantees. The empiricalevidence on the effects of those policies is, however, very limited. In this paper, we usesectoral data on export credit guarantees issued by the German government. We investigatewhether those guarantees indeed do increase exports, and whether they remedy the exportrestrictingeffect of credit market imperfections both on the sectoral and on the exportmarket levels. Exploiting the sectoral structure of a rich three-ways panel data set ofGerman exports, we control for unobserved heterogeneity on the country-year, sectoryear,and country-sector dimensions. We document a robust export-increasing effect ofguarantees. There is some evidence that the effect is larger for export markets with poorfinancial institutions and in sectors that rely more on external finance.
Schlagwörter: 
Financial development
credit constraints
gravity equation
financial crisis
JEL: 
F10
F14
F36
G20
G28
G32
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.