Семинары

This paper examines the differences in credit parameters faced by domestic and exporting firms. Literature so far provides controversial results on credit constraints of exporters relative to nonexporters. On one hand, Feenstra et al. (2014) argue that higher risks faced by exporters compared to non-exporting firms may lead to higher costs of external financing for the former. They provide a theoretical model and test it empirically on a sample of Chinese firms. On the other hand, empirical studies of Belgian firms by Muuls (2012), of Italian firms by Minetti and Zhu (2010), of Japanese firms by Amiti and Weinstein (2012) and others indicate a positive association between lower costs of financing and export status of firms. To provide more evidence on the issue we collect a unique dataset in a large-scale survey of exporting and non-exporting Russian firms to test the differences in credit parameters between two groups of firms. Unlike previous literature, we analyze the differences between two groups controlling for a number of observable characteristics of individual credit lines. Our results are consistent with lower interest rates for credits obtained by exporting firms compare to non-exporting. However this effect disappears when we control for other credit characteristics, collateral and duration.