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  1. SMEs' financing: divergence across Euro area countries?
    Author: Roux, Sébastien; Savignac, Frédérique
    Published: [2018]
    Publisher:  INSEE, Institut national de la statistique et des études économiques, Malakoff

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    Series: Document de travail / Direction des études et synthèses économiques ; G 2018, 01
    Subjects: credit constraints; bank financing; trade credit; institutional factors
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  2. Granular corporate hedging under dominant currency
    Author: Alfaro, Laura; Calani, Mauricio; Varela, Liliana
    Published: July 2023
    Publisher:  [LSE Financial Markets Group], [London]

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    Series: Discussion paper / [Financial Markets Group] ; no 880
    Subjects: Operational Hedging; FX hedging; FX derivatives; cash flow; foreign currency debt; currency mismatch; trade credit; dominant currency
    Scope: 1 Online-Ressource (circa 80 Seiten), Illustrationen
  3. Import competition, trade credit and financial frictions in general equilibrium
    Author: Esposito, Federico; Hassan, Fadi
    Published: [2023]
    Publisher:  Centre for Economic Performance, London School of Economics and Political Science, London

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    Series: Discussion paper / Centre for Economic Performance ; no. 1901 (February 2023)
    Subjects: trade credit; trade shocks; financial frictions; borrowing constraints; employment
    Scope: 1 Online-Ressource (circa 76 Seiten), Illustrationen
  4. Granular corporate hedging under dominant currency
    Author: Alfaro, Laura; Calani, Mauricio; Varela, Liliana
    Published: February 2023
    Publisher:  [London School of Economics and Political Science], [London, UK]

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    Media type: Book
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    Series: [CFM discussion paper series] ; [CFM-DP 2023, 15]
    Subjects: Operational Hedging; FX hedging; FX derivatives; cash flow; foreign currency debt; currency mismatch; trade credit; dominant currency
    Scope: 1 Online-Ressource (circa 79 Seiten)
  5. Trade credit and relationships
    Author: Benguria, Felipe; García Marín, Alvaro; Schmidt-Eisenlohr, Tim
    Published: May 2023
    Publisher:  CESifo, Munich, Germany

    Most domestic and international firm-to-firm transactions rely on trade credit, where sellers grant buyers time to pay the invoice after delivery. Exploiting Chilean and Colombian transaction-level trade data, this paper documents new facts about... more

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    Most domestic and international firm-to-firm transactions rely on trade credit, where sellers grant buyers time to pay the invoice after delivery. Exploiting Chilean and Colombian transaction-level trade data, this paper documents new facts about trade credit use: trade credit use increases with firm-to-firm relationship length, an effect that is stronger for destination (source) countries with weaker (stronger) contract enforcement and for trade in differentiated goods. The paper develops a model featuring enforcement frictions, learning, and a financing cost advantage of trade credit that can rationalize these patterns. Initially, as there is uncertainty about the reliability of the trading partner, payment risk is a key factor limiting the use of trade credit. Through learning, this uncertainty resolves within a relationship over time. For older relationships, the payment choice is, therefore, only determined by the financing cost advantage of trade credit, and all relationships rely on trade credit in the long run. The paper thereby suggests a new benefit of long-term trade relationships: the ability to save on financing costs through the use of trade credit.

     
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    hdl: 10419/279214
    Series: CESifo working papers ; 10465 (2023)
    Subjects: trade credit; relationships; learning; financing costs; risk
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  6. Firms’ capital structure and employment in the aftermath of the 2008-9 financial crisis
    Author: Acconcia, Antonio; Fabbri, Daniela; Menichini, Anna Maria
    Published: October 2023
    Publisher:  CSEF, Centre for Studies in Economics and Finance, Department of Economics, University of Naples, Naples, Italy

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    Series: Working paper / CSEF, Centre for Studies in Economics and Finance ; no. 686
    Subjects: Bank financing; trade credit; employment; labor share
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  7. Trade credit default
    Author: Mateos-Planas, Xavier; Seccia, Giulio
    Published: November 15, 2021
    Publisher:  CFM, Centre for Macroeconomics, London

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    Series: CFM discussion paper series ; CFM-DP 2021, 25
    Subjects: trade credit; default; delinquency and bankruptcy; heterogeneous firms; amplification of macroeconomic shocks; markups
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  8. Trade credit and the stability of supply chains
    Author: Ersahin, Nuri; Giannetti, Mariassunta; Huang, Ruidi
    Published: 05 May 2022
    Publisher:  Centre for Economic Policy Research, London

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    Media type: Book
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    Series: Array ; DP17282
    Subjects: Supply Chains; production networks; trade credit; Natural Disasters; Supply Chains; production networks; trade credit; Natural Disasters
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  9. Credit chain and sectoral comovement
    a multi-region investigation
    Author: Lee, Hsiao-Hui; Yang, S. Alex; Zhang, Yuxuan; Kim, Kijin
    Published: [2021]
    Publisher:  Asian Development Bank, Metro Manila, Philippines

    This paper empirically examines how sectoral comovements are correlated with trade credit usage in a multi-region setting. Extending the models in Shea (2002) and Raddatz (2010), we develop a framework that captures the impact of trade credit usage... more

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    This paper empirically examines how sectoral comovements are correlated with trade credit usage in a multi-region setting. Extending the models in Shea (2002) and Raddatz (2010), we develop a framework that captures the impact of trade credit usage on comovement between sectors within an economy and across economies separately. Using the Multi-Regional Input-Output Table developed by the Asian Development Bank, we assemble a dataset consisting of 14 manufacturing industries for 53 economies. We provide empirical evidence that trade credit linkage is an influential channel for both the domestic and cross-border shocks to propagate and create a more profound impact on industries around the globe. We find that the impact of domestic credit chains on sectoral comovement is twice as strong as that of the international ones. We further examine the time trend of this relationship and find that, from 2000 to 2018, the positive relationship between the intensity of trade credit usage and sectoral correlation decreases. We posit that this could be due to more diversified global trade pattern changes during these two decades.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/246717
    Series: ADB economics working paper series ; no. 640 (October 2021)
    Subjects: trade credit; credit chain; sectoral comovement; input-output table; systemic risk
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  10. Inventory investment and the choice of financing
    does financial development play a role?
    Author: Yang, Junhong; Guariglia, Alessandra; Peng, Yuchao; Shi, Yukun
    Published: [2020]
    Publisher:  University of Nottingham, GEP, [Nottingham]

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    Series: Array ; research paper 2020, 14
    Subjects: financing choice; trade credit; bank loans; inventories; financial development; financing constraints
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  11. Time is money
    cash-flow risk and export market behavior
    Author: Beaumont, Paul H.
    Published: [2017]
    Publisher:  INSEE, Institut national de la statistique et des études économiques, Malakoff

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    Series: Document de travail / Direction des études et synthèses économiques ; G 2017, 10
    Subjects: liquidity constraints; trade credit; IV estimation; exports
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  12. Trade credit and product market power during a financial crisis
    Author: Gonçalves, Adalto Barbaceia; Schiozer, Rafael Felipe; Sheng, Hsia Hua
    Published: [2018]
    Publisher:  Université Libre de Bruxelles - Solvay Brussels School of Economics and Management, Centre Emile Bernheim, Brussels, Belgium

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    Other identifier:
    hdl: 2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/263593
    Series: CEB working paper ; no 18, 004 (January 2018)
    Subjects: trade credit; financial crisis; market power; monopoly rents; liquidity provision
    Scope: 1 Online-Ressource (circa 40 Seiten)
  13. Comparative advantage and pathways to financial development: evidence from Japan's silk-reeling industry
    Author: Hoffmann, Mathias; Okubo, Toshihiro
    Published: May 2021
    Publisher:  University of Zurich, Department of Economics, Zurich

    We exploit the natural experiment of Japan’s opening to international trade to examine how comparative advantage can shape a country’s long-run path towards financial development. In the late 19th century, many of Japan’s prefectures had a natural... more

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    We exploit the natural experiment of Japan’s opening to international trade to examine how comparative advantage can shape a country’s long-run path towards financial development. In the late 19th century, many of Japan’s prefectures had a natural comparative advantage in silk reeling. Producing silk for export required access to finance. At the same time, for technological reasons, borrower-quality in the silk reeling industry was notoriously hard to assess. Silk exporters overcame these frictions by forming local cooperative banks. We show that in the ancient silk prefectures, local cooperative banks continued to dominate local banking markets for over a century while bigger, country-wide banks came to dominate in other regions. By the late 20th century, the silk prefectures are indistinguishable from other regions in terms of their general level of financial development. However, our results suggest that they were effectively less financially integrated with the rest of the country. Hence, comparative advantage in silk favored the emergence of a banking-system dominated by small relationship lenders. But due to the local nature of these lenders, it also caused long-term geographical segmentation in banking markets.

     
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    hdl: 10419/234566
    Edition: This version: May 2021
    Series: Working paper series / University of Zurich, Department of Economics ; no. 387
    Subjects: Comparative advantage; financial development; financial integration; Japan; banking history; trade credit; export finance; silk industry; relationship lending
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  14. Trade finance, gaps and the covid-19 pandemic
    a review of events and policy responses to date
    Author: Auboin, Marc
    Published: 11 February 2021
    Publisher:  World Trade Organization, Economic Research and Statistics Division, [Geneva]

    Developments in trade finance in 2020 were largely driven by the impact of the COVID-19 pandemic. Twelve years after the great financial crisis of 2008-09, the issue of trade finance re-emerged as a matter of urgency. While the current... more

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    Developments in trade finance in 2020 were largely driven by the impact of the COVID-19 pandemic. Twelve years after the great financial crisis of 2008-09, the issue of trade finance re-emerged as a matter of urgency. While the current pandemic-related crisis did not have a financial cause, one of its results has been that many countries are experiencing difficulties in accessing trade credit. This is occurring notably in countries - particularly developing countries - in which structural trade finance gaps were high even before the pandemic. As the health crisis developed and persisted, banks experienced an increase in failures by traders to fulfil payments, including in industries and sectors beyond those initially impacted by lockdowns, such as airlines, aeronautics and tourism. It quickly became evident that one-off extensions of terms of payment by creditors would be insufficient to alleviate the trade finance crisis. Based on the experience of the 2008-09 crisis, governments, export credit agencies and international financial institutions, including multilateral development banks, rapidly intervened to support private markets. Multilateral development banks have provided record amounts of trade finance guarantees and liquidity in developing countries, while governments have implemented payment deferral schemes. Large central banks have supplied foreign exchange resources to other central banks through swap agreements. Efforts to date have been substantial, but challenges remain in 2021, connected first with how to support the importation and exportation of vaccines against COVID-19, and then with how to encourage the recovery of trade flows. Recent events, policy responses and upcoming challenges are discussed and analysed in this paper.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    Other identifier:
    hdl: 10419/230619
    Edition: Manuscript date: 14 January 2021
    Series: Staff working paper ; ERSD-2021, 5
    Subjects: trade credit; financial and economic crises; trade
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  15. Firms' resilience to financial constraints
    the role of trade credit
    Author: Marcelin, Isaac; Brink, Daniel; Sun, Wei
    Published: May 2021
    Publisher:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    We study the role of trade credit in enhancing the resilience of financially constrained firms from 2010 to 2017. Implicit borrowing in trade finance allows financially constrained firms to bridge the financing gap, expand employment by 8.26 per... more

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    We study the role of trade credit in enhancing the resilience of financially constrained firms from 2010 to 2017. Implicit borrowing in trade finance allows financially constrained firms to bridge the financing gap, expand employment by 8.26 per cent, and increase average firm profits significantly. Trade finance suppliers, not financially constrained firms, experience a surge of 7.99 per cent in the average rate of sales growth. Corporate resilience to financial constraints occasioned by trade credit is quite robust to controlling for relevant factors and employing various estimation techniques. While countries strive to develop their financial sector to fund economic activity and growth, they need to facilitate a business environment that promotes trade credit flows among firms as a second-best alternative to bank financing.

     
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    Language: English
    Media type: Ebook
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    ISBN: 9789292670160
    Other identifier:
    hdl: 10419/243404
    Series: WIDER working paper ; 2021, 78
    Subjects: financial constraints; trade credit; employment; firm profits; sales growth
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  16. Trade finance, gaps and the Covid-19 pandemic
    a review of events and policy responses to date
    Author: Auboin, Marc
    Published: February 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Developments in trade finance in 2020 were largely driven by the impact of the COVID-19 pandemic. Twelve years after the great financial crisis of 2008-09, the issue of trade finance re-emerged as a matter of urgency. While the current... more

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    Developments in trade finance in 2020 were largely driven by the impact of the COVID-19 pandemic. Twelve years after the great financial crisis of 2008-09, the issue of trade finance re-emerged as a matter of urgency. While the current pandemic-related crisis did not have a financial cause, one of its results has been that many countries are experiencing difficulties in accessing trade credit. This is occurring notably in countries – particularly developing countries – in which structural trade finance gaps were high even before the pandemic. As the health crisis developed and persisted, banks experienced an increase in failures by traders to fulfil payments, including in industries and sectors beyond those initially impacted by lockdowns, such as airlines, aeronautics and tourism. It quickly became evident that one-off extensions of terms of payment by creditors would be insufficient to alleviate the trade finance crisis. Based on the experience of the 2008-09 crisis, governments, export credit agencies and international financial institutions, including multilateral development banks, rapidly intervened to support private markets. Multilateral development banks have provided record amounts of trade finance guarantees and liquidity in developing countries, while governments have implemented payment deferral schemes. Large central banks have supplied foreign exchange resources to other central banks through swap agreements. Efforts to date have been substantial, but challenges remain in 2021, connected first with how to support the importation and exportation of vaccines against COVID-19, and then with how to encourage the recovery of trade flows. Recent events, policy responses and upcoming challenges are discussed and analysed in this paper.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/235288
    Series: CESifo working paper ; no. 8918 (2021)
    Subjects: trade credit; financial and economic crises; trade
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  17. Currency hedging in emerging markets
    managing cash flow exposure
    Author: Alfaro, Laura; Calani, Mauricio; Varela, Liliana
    Published: [2021]
    Publisher:  Harvard Business School, [Boston, MA]

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    Series: Working paper / Harvard Business School ; 21, 096
    Subjects: Foreign currency hedging; FX derivatives; cash flow; foreign currency debt; currency mismatch; trade credit
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  18. Contagious zombies
    Author: Bittner, Christian; Fecht, Falko; Georg, Co-Pierre
    Published: [2021]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    Does banks' zombie lending induced by unconventional monetary policy also allow zombie firms to leverage their trade credit borrowing? We first provide evidence suggesting that - even in Germany - particularly weak banks used the European Central... more

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    Does banks' zombie lending induced by unconventional monetary policy also allow zombie firms to leverage their trade credit borrowing? We first provide evidence suggesting that - even in Germany - particularly weak banks used the European Central Bank's very long-term refinancing operations (VLTROs) to evergreen exposures to zombie firms, which in turn elevated credit risk. Second, we show that zombie firms, which obtained additional funding from banks relying to a larger extent on VLTRO funding, also increased their accounts payable and advance payments received from downstream and upstream firms. And third, zombie firms that obtained further bank funding and such trade credit after the VLTROs had an elevated expected default probability even compared to average zombie firms. This suggests that suppliers relying on banks' lending decisions as a signal about borrowers' credit quality might be misled by banks' zombie lending to extend more trade credit to zombie firms exposing suppliers to elevated contagion risk.

     
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    Media type: Ebook
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    ISBN: 9783957298232
    Other identifier:
    hdl: 10419/234195
    Series: Discussion paper / Deutsche Bundesbank ; no 2021, 15
    Subjects: unconventional monetary policy; zombie lending; trade credit
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  19. A novel framework to evaluate changes in access to and costs of trade finance
    Author: Auboin, Marc; Bekkers, Eddy; De Quarti, Dario
    Published: May 2023
    Publisher:  CESifo, Munich, Germany

    In this paper we integrate the costs of trade finance in a computable general equilibrium (CGE) model to evaluate the trade and output effects of counterfactual policy experiments on costs of and access to trade finance. The costs of financing... more

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    In this paper we integrate the costs of trade finance in a computable general equilibrium (CGE) model to evaluate the trade and output effects of counterfactual policy experiments on costs of and access to trade finance. The costs of financing international trade consist of two components: the financial costs and the costs associated with the risk of goods not being delivered, considering risk aversion of traders. These costs are determined for four ways to finance international trade (cash-in-advance, trade loans, letters of credit, and exports financed with internal working capital). Trade finance costs are a weighted average of the costs under the four different ways of financing. The framework is applied to trade of four ECOWAS countries employing data collected on financial costs, costs of risk and trade finance instrument shares through a comprehensive bank survey in these countries complemented with data from the literature. Counterfactual experiments on increases in the availability of letters of credit and trade loans and the costs of these instruments show that raising the shares and costs to African averages would increase trade of the four ECOWAS countries by about 11%. The framework is generic and can be applied to other countries.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/279194
    Series: CESifo working papers ; 10445 (2023)
    Subjects: trade credit; international trade; financial institutions; general equilibrium simulations
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  20. Floods and loan reallocation
    new evidence
    Author: Ogura, Yoshiaki; Nguyen Duc Giang; Nguyen, Thu Ha
    Published: [2022]
    Publisher:  RIETI, [Tokyo, Japan]

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    Series: RIETI discussion paper series ; 22-E, 088 (September 2022)
    Subjects: flood; natural disaster; trade credit; bank loans; climate change
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen