Author : Alexander Oeing
Publisher :
Page : 0 pages
File Size : 37,68 MB
Release : 2016
Category : Commercial credit
ISBN : 9783848730902
By citing 101 medium-sized German industrial companies, this study demonstrates that supplier credit is often characterised by different individual and mutual dependency factors. In this way it supports the theories which highlight that product and finance related determinants stipulated by both suppliers and customers play a role in shaping supplier credit.
Author : Raymond Fisman
Publisher : World Bank Publications
Page : 34 pages
File Size : 31,71 MB
Release : 2001
Category : Credit
ISBN :
Where do firms turn for financing in countries with poorly developed financial markets? One source is trade credit. And where formal financial intermediaries are deficient, industries that rely more on this source of financing grow faster.
Author : Raymond J. Fisman
Publisher :
Page : 33 pages
File Size : 10,26 MB
Release : 2010
Category :
ISBN :
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 with weaker 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 pre-existing firms.
Author : Thorsten Beck
Publisher :
Page : 33 pages
File Size : 50,90 MB
Release : 2016
Category :
ISBN :
May 2001Does financial development translate into a comparative advantage in industries that use more external finance? Yes, it does.Using industry-level data on firms' dependence on external finance - data for 36 industries and 56 countries - Beck shows that countries with better developed financial systems have higher export shares and trade balances in industries that use more external finance.These results are robust to the use of alternative measures of external dependence and financial development and are not attributable to reverse causality or simultaneity bias.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to understand the link between financial development and economic growth. The author may be contacted at [email protected].
Author : Thorsten Beck
Publisher : World Bank Publications
Page : 33 pages
File Size : 45,50 MB
Release : 2001
Category : Comparative advantage (International trade)
ISBN : 4012916351
Does financial development translate into a comparative advantage in industries that use more external finance? Yes, it does.
Author : Mr.Guido De Blasio
Publisher : International Monetary Fund
Page : 29 pages
File Size : 45,84 MB
Release : 2003-08-01
Category : Business & Economics
ISBN : 1451858124
The paper examines micro data on Italian manufacturing firms' inventory behavior to test the Meltzer (1960) hypothesis according to which firms substitute trade credit for bank credit during periods of monetary tightening. It finds that their inventory investment is constrained by the availability of trade credit. As for the magnitude of the substitution effect, however, this study finds that it is not sizable. This is in line with the micro theories of trade credit and the evidence on actual firm practices, according to which credit terms display modest variations over time.
Author : Mr.Yungsan Kim
Publisher : International Monetary Fund
Page : 36 pages
File Size : 41,33 MB
Release : 2003-06-01
Category : Business & Economics
ISBN : 1451855001
Many studies examine why firms are financed by their suppliers, but few empirical studies look at the macroeconomic implications of such financial arrangements. Using disaggregated panel data, we examine how firms extend and use trade credit. We find that, controlling for the transactions or asset management motive, both accounts payable and receivable increase with tighter policy, implying that trade credit helps firms absorb the effect of a credit contraction. A comparison of S&P 500 firms with smaller firms, however, provides no evidence that when policy is tightened, large firms play the role of credit suppliers more actively than small firms.
Author : Feroz Khan
Publisher : Stanford University Press
Page : 550 pages
File Size : 27,62 MB
Release : 2012-11-07
Category : Political Science
ISBN : 0804784809
The history of Pakistan's nuclear program is the history of Pakistan. Fascinated with the new nuclear science, the young nation's leaders launched a nuclear energy program in 1956 and consciously interwove nuclear developments into the broader narrative of Pakistani nationalism. Then, impelled first by the 1965 and 1971 India-Pakistan Wars, and more urgently by India's first nuclear weapon test in 1974, Pakistani senior officials tapped into the country's pool of young nuclear scientists and engineers and molded them into a motivated cadre committed to building the 'ultimate weapon.' The tenacity of this group and the central place of its mission in Pakistan's national identity allowed the program to outlast the perennial political crises of the next 20 years, culminating in the test of a nuclear device in 1998. Written by a 30-year professional in the Pakistani Army who played a senior role formulating and advocating Pakistan's security policy on nuclear and conventional arms control, this book tells the compelling story of how and why Pakistan's government, scientists, and military, persevered in the face of a wide array of obstacles to acquire nuclear weapons. It lays out the conditions that sparked the shift from a peaceful quest to acquire nuclear energy into a full-fledged weapons program, details how the nuclear program was organized, reveals the role played by outside powers in nuclear decisions, and explains how Pakistani scientists overcome the many technical hurdles they encountered. Thanks to General Khan's unique insider perspective, it unveils and unravels the fascinating and turbulent interplay of personalities and organizations that took place and reveals how international opposition to the program only made it an even more significant issue of national resolve. Listen to a podcast of a related presentation by Feroz Khan at the Stanford Center for International Security and Cooperation at cisac.stanford.edu/events/recording/7458/2/765.
Author : Inessa Love
Publisher : World Bank Publications
Page : 40 pages
File Size : 38,38 MB
Release : 2005
Category : Bank loans
ISBN :
"The authors study the effect of financial crises on trade credit in a sample of 890 firms in six emerging economies. They find that although provision of trade credit increases right after the crisis, it consequently collapses in the following months and years. The authors observe that firms with weaker financial position (for example, high pre-crisis level of short-term debt and low cash stocks and cash flows) are more likely to reduce trade credit provided to their customers. This suggests that the decline in aggregate credit provision is driven by the reduction in the supply of trade credit, which follows the bank credit crunch. The results are consistent with the "redistribution view" of trade credit provision, in which bank credit is redistributed by way of trade credit by the firms with stronger financial position to the firms with weaker financial stand "--World Bank web site.
Author : Jean-Pierre Chauffour
Publisher : World Bank Publications
Page : 433 pages
File Size : 50,45 MB
Release : 2011-06-22
Category : Business & Economics
ISBN : 0821387480
On September 15, 2008, Lehman Brothers, the fourth largest U.S. investment bank filed for bankruptcy. Global credit markets tightened. Spreads skyrocketed. International trade plummeted by double digits. Banks were reportedly unable to meet the demand from their customers to finance their international trade operations, leaving a trade finance 'gap' estimated at around US$25 billion. Governments and international institutions felt compelled to intervene based on the information that some 80-90 percent of world trade relies on some form of trade finance. As the recovery unfolds, the time has come to provide policy makers and analysts with a comprehensive assessment of the role of trade finance in the 2008-09 great trade collapse and the subsequent role of governments and institutions to help restore trade finance markets. After reviewing the underpinning of trade finance and interfirm trade credit, 'Trade Finance during the Great Trade Collapse' aims to answer the following questions: - Was the availability and cost of trade finance a major constraint on trade during the 2008-09 global economic crisis? - What are the underpinnings and limits of national and international public interventions in support of trade finance markets in times of crisis? - How effective were the public and private sector mechanisms put in place during the crisis to support trade and trade finance? - To what extent have the new banking regulations under Basel II and Basel III exacerbated the trade finance shortfall during the crisis and in the post-crisis environment, respectively? 'Trade Finance during the Great Trade Collapse' is the product of a fruitful collaboration during the crisis among the World Bank Group, international financial partners, private banks, and academia. 'Trade is the lifeblood of the world economy, and the sharp collapse in trade volumes was one of the most dramatic consequences of the global financial crisis. It was the moment the financial crisis hit the real economy, and when parts of the world far from the epicenter of financial turbulence felt its full fury. This book is extremely timely and full of critical insights into the role of trade finance and the potential damaging impact from the unintended consequences of regulatory changes.' --Peter Sands, CEO, Standard Chartered Bank
