Heterogeneity and nonlinearity in the relationship between rediscount credits and firm exports

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Borsa Istanbul Review Pub Date : 2024-11-01 DOI:10.1016/j.bir.2024.10.004
Okan Akarsu, Altan Aldan, Huzeyfe Torun
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Abstract

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.
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再贴现信贷与企业出口之间的异质性和非线性关系
出口信贷在世界各地被广泛使用,以缓解金融限制对出口的负面影响。在本文中,我们将重点关注一种特殊形式的补贴出口信贷,即由土耳其共和国中央银行实施的出口再贴现信贷计划。为此,我们创建了一个详细的企业级数据集,将每月的企业级出口数据与信贷和财务报表数据相匹配。我们的研究结果表明,使用再贴现信贷的企业的出口在 6 个月的期限内大幅增长,信贷额度与出口增长呈正相关。此外,信贷额度与出口量之间并非线性关系;相关性在达到一定程度后开始下降。我们的研究结果还揭示了企业规模的异质性:小企业在使用再贴现信贷后的出口增长幅度大于大企业。
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来源期刊
CiteScore
7.60
自引率
3.80%
发文量
130
审稿时长
26 days
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
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Editorial Board How does green investment respond to ICT and financial development? From global tensions to regional integration: An analysis of bond market convergence in East Asia Do institutional environment and corporate governance structures determine Islamic Banks’ sustainability performance? Evidence across key jurisdictions in Islamic finance industry Do subsidized export credits affect firms’ behavior in the FX market? Micro evidence from Türkiye
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