The Role of Trade Finance on the Great Trade Collapse : Evidence from Republic of Korea
- 발행기관 서강대학교 일반대학원
- 지도교수 송의영
- 발행년도 2014
- 학위수여년월 2014. 2
- 학위명 석사
- 학과 및 전공 도움말 일반대학원 경제학과
- 실제URI http://www.dcollection.net/handler/sogang/000000053445
- 본문언어 영어
- 저작권 서강대학교 논문은 저작권 보호를 받습니다.
초록/요약 도움말
Trade finance plays an important role on trade, especially during crisis periods. This study examines whether trade finance had an impact on the trade collapse in 2008-09. I conduct panel estimation at firm level to test whether financial characteristics intensified Korea’s export contraction during crisis. For the analysis, I used a half yearly data set including listed and unlisted firms in Korea, and the mid-point export growth rate to observe not only the intensive margin but also the extensive margin. I find that the dependence on external finance affected export growth and that firms with larger inter-firm trade credit experienced a lower drop in the export growth rate. In addition, I test whether small firms that are likely to be in financially vulnerable position suffered more during crisis periods. Small firms that rely more on cross border inter-firm market experienced a lower drop in the export growth.
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