Trade Credit, Financial Intermediary Development, and Industry Growth  

Oleh:

Fisman, Raymond ; Love, Inessa

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 1 (Feb. 2003), page 353-374.
Topik: Trade Credit; Financial; Development; trade;
Fulltext: p 353.pdf (171.1KB)

Isi artikel

Recent work suggests that financial development is important for economic growth, since financial markets more effectively allocate capital to firms with high value projects. For firms in poorly developed financial markets, implicit borrowing in the form of trade credit may provide an alternative source of funds.We show that industries with higher dependence on trade credit financing exhibit higher rates of growth in countries withweaker financial institutions. Furthermore, consistent with barriers to trade credit access among young firms, we show that most of the effect that we report comes from growth in the size of preexisting firms.

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