{"title":"再贴现信贷与企业出口之间的异质性和非线性关系","authors":"Okan Akarsu, Altan Aldan, Huzeyfe Torun","doi":"10.1016/j.bir.2024.10.004","DOIUrl":null,"url":null,"abstract":"<div><div>Export credits are used extensively throughout the world to temper the negative effects of financial constraints on exports. In this paper, we focus on a particular form of subsidized export credits, namely, an export rediscount credit program implemented by the Central Bank of the Republic of Türkiye. For this purpose, we create a detailed firm-level data set that matches monthly firm-level export data with credit and financial statement data. Our results show that exports by firms that use rediscount credit increase significantly over a six-month horizon and that the amount of credit and export growth have a positive relation. Moreover, the relation between the credit amount and export volume is not linear; the correlation starts to decline after a certain point. Our results also reveal heterogeneity with respect to size: exports increase more after using rediscount credit for small firms than large firms.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1316-1323"},"PeriodicalIF":6.3000,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Heterogeneity and nonlinearity in the relationship between rediscount credits and firm exports\",\"authors\":\"Okan Akarsu, Altan Aldan, Huzeyfe Torun\",\"doi\":\"10.1016/j.bir.2024.10.004\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Export credits are used extensively throughout the world to temper the negative effects of financial constraints on exports. In this paper, we focus on a particular form of subsidized export credits, namely, an export rediscount credit program implemented by the Central Bank of the Republic of Türkiye. For this purpose, we create a detailed firm-level data set that matches monthly firm-level export data with credit and financial statement data. Our results show that exports by firms that use rediscount credit increase significantly over a six-month horizon and that the amount of credit and export growth have a positive relation. Moreover, the relation between the credit amount and export volume is not linear; the correlation starts to decline after a certain point. Our results also reveal heterogeneity with respect to size: exports increase more after using rediscount credit for small firms than large firms.</div></div>\",\"PeriodicalId\":46690,\"journal\":{\"name\":\"Borsa Istanbul Review\",\"volume\":\"24 6\",\"pages\":\"Pages 1316-1323\"},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-11-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Borsa Istanbul Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S2214845024001376\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Borsa Istanbul Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214845024001376","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Heterogeneity and nonlinearity in the relationship between rediscount credits and firm exports
Export credits are used extensively throughout the world to temper the negative effects of financial constraints on exports. In this paper, we focus on a particular form of subsidized export credits, namely, an export rediscount credit program implemented by the Central Bank of the Republic of Türkiye. For this purpose, we create a detailed firm-level data set that matches monthly firm-level export data with credit and financial statement data. Our results show that exports by firms that use rediscount credit increase significantly over a six-month horizon and that the amount of credit and export growth have a positive relation. Moreover, the relation between the credit amount and export volume is not linear; the correlation starts to decline after a certain point. Our results also reveal heterogeneity with respect to size: exports increase more after using rediscount credit for small firms than large firms.
期刊介绍:
Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations