Scandinavian Working Papers in Economics

Working Paper Series in Economics and Institutions of Innovation,
Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies

No 344: Credit constraints and margins of import: First evidence for German manufacturing enterprises

Joachim Wagner ()
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Joachim Wagner: Leuphana University Lueneburg and CESIS, Stockholm

Abstract: Abstract: This study uses tailor made enterprise level data from various sources for firms from manufacturing industries to test for the link between credit constraints, measured by a credit rating score provided by a leading credit rating agency, and imports in Germany for the first time. We find empirical evidence that a better credit rating score is positively related to extensive margins of import – firms with a better score have a higher probability to import, they import more goods and they source from more countries of origin. The intensive margin of imports – the share of imports in total sales – is found not to be related to credit constraints.

Keywords: Credit constraints; imports; Germany

JEL-codes: F14

34 pages, February 13, 2014

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