Export market risk and the role of state credit guarantees:
Many countries offer state credit guarantee programs to improve access to finance for exporting firms. In the case of Germany, accumulated returns to the scheme deriving from risk-compensating premia have outweighed accumulated losses over the past 60 years. Why do private financial agents not step...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
München
CESifo
2015
|
| Schriftenreihe: | CESifo working paper
5176 : Category 8, Trade policy |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Many countries offer state credit guarantee programs to improve access to finance for exporting firms. In the case of Germany, accumulated returns to the scheme deriving from risk-compensating premia have outweighed accumulated losses over the past 60 years. Why do private financial agents not step in? We build a simple model with heterogeneous firms that rationalizes demand for state guarantees with specific cost advantages of the government. We test the models predictions with detailed firm-level data and find supportive evidence: State credit guarantees in Germany increase firms exports. This effect is stronger for firms that are dependent on external finance, if the value at risk is large, and at times when refinancing conditions are tight. |
| Beschreibung: | 1 Online-Ressource (42 S.) graph. Darst. |
| Format: | . - Acrobat Reader |
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| 520 | 1 | |a Many countries offer state credit guarantee programs to improve access to finance for exporting firms. In the case of Germany, accumulated returns to the scheme deriving from risk-compensating premia have outweighed accumulated losses over the past 60 years. Why do private financial agents not step in? We build a simple model with heterogeneous firms that rationalizes demand for state guarantees with specific cost advantages of the government. We test the models predictions with detailed firm-level data and find supportive evidence: State credit guarantees in Germany increase firms exports. This effect is stronger for firms that are dependent on external finance, if the value at risk is large, and at times when refinancing conditions are tight. | |
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| id | DE-604.BV042911848 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:12:40Z |
| institution | BVB |
| language | English |
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| publishDate | 2015 |
| publishDateSearch | 2015 |
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| series | CESifo working paper |
| series2 | CESifo working paper |
| spelling | Heiland, Inga 1986- Verfasser (DE-588)1128258552 aut Export market risk and the role of state credit guarantees Inga Heiland ; Erdal Yalcin München CESifo 2015 1 Online-Ressource (42 S.) graph. Darst. txt rdacontent c rdamedia cr rdacarrier CESifo working paper 5176 : Category 8, Trade policy Many countries offer state credit guarantee programs to improve access to finance for exporting firms. In the case of Germany, accumulated returns to the scheme deriving from risk-compensating premia have outweighed accumulated losses over the past 60 years. Why do private financial agents not step in? We build a simple model with heterogeneous firms that rationalizes demand for state guarantees with specific cost advantages of the government. We test the models predictions with detailed firm-level data and find supportive evidence: State credit guarantees in Germany increase firms exports. This effect is stronger for firms that are dependent on external finance, if the value at risk is large, and at times when refinancing conditions are tight. . - Acrobat Reader Yalçin, Erdal Verfasser (DE-588)133621030 aut CESifo working paper 5176 : Category 8, Trade policy (DE-604)BV014083264 5176 https://www.cesifo.org/DocDL/cesifo1_wp5176.pdf Verlag kostenfrei Volltext |
| spellingShingle | Heiland, Inga 1986- Yalçin, Erdal Export market risk and the role of state credit guarantees CESifo working paper |
| title | Export market risk and the role of state credit guarantees |
| title_auth | Export market risk and the role of state credit guarantees |
| title_exact_search | Export market risk and the role of state credit guarantees |
| title_full | Export market risk and the role of state credit guarantees Inga Heiland ; Erdal Yalcin |
| title_fullStr | Export market risk and the role of state credit guarantees Inga Heiland ; Erdal Yalcin |
| title_full_unstemmed | Export market risk and the role of state credit guarantees Inga Heiland ; Erdal Yalcin |
| title_short | Export market risk and the role of state credit guarantees |
| title_sort | export market risk and the role of state credit guarantees |
| url | https://www.cesifo.org/DocDL/cesifo1_wp5176.pdf |
| volume_link | (DE-604)BV014083264 |
| work_keys_str_mv | AT heilandinga exportmarketriskandtheroleofstatecreditguarantees AT yalcinerdal exportmarketriskandtheroleofstatecreditguarantees |