eprintid: 10043004
rev_number: 20
eprint_status: archive
userid: 608
dir: disk0/10/04/30/04
datestamp: 2018-03-13 14:03:38
lastmod: 2020-02-12 14:42:27
status_changed: 2018-03-13 14:03:38
type: article
metadata_visibility: show
creators_name: Manova, K
creators_name: Wei, S-J
creators_name: Zhang, Z
title: Firm Exports and Multinational Activity Under Credit Constraints
ispublished: pub
divisions: UCL
divisions: A01
divisions: B03
divisions: C03
divisions: F24
note: This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions.
abstract: We provide firm-level evidence that credit constraints restrict
international trade and affect the pattern of multinational activity. We
show that foreign affiliates and joint ventures in China have better export
performance than private domestic firms in financially more vulnerable
sectors. These results are stronger for destinations with higher trade costs
and not driven by firm size or other sector characteristics. Our findings
are consistent with multinational subsidiaries being less liquidity constrained
because they can access foreign capital markets or funding from
their parent company. They further suggest that FDI can alleviate the
impact of domestic financial market imperfections on trade.
date: 2015-07
date_type: published
official_url: http://dx.doi.org/10.1162/REST_a_00480
oa_status: green
full_text_type: pub
language: eng
primo: open
primo_central: open_green
verified: verified_manual
elements_id: 1533282
doi: 10.1162/REST_a_00480
lyricists_name: Manova, Kalina
lyricists_id: KMANO22
actors_name: Manova, Kalina
actors_id: KMANO22
actors_role: owner
full_text_status: public
publication: The Review of Economics and Statistics
volume: 97
number: 3
pagerange: 574-588
issn: 1530-9142
citation:        Manova, K;    Wei, S-J;    Zhang, Z;      (2015)    Firm Exports and Multinational Activity Under Credit Constraints.                   The Review of Economics and Statistics , 97  (3)   pp. 574-588.    10.1162/REST_a_00480 <https://doi.org/10.1162/REST_a_00480>.       Green open access   
 
document_url: https://discovery.ucl.ac.uk/id/eprint/10043004/1/ChinaCredit.pdf