2014/17 | LEM Working Paper Series | |
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The micro patterns of export diversification under financial constraints
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Angelo Secchi, Federico Tamagni and Chiara Tomasi |
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Keywords | ||
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financial constraints, product-country extensive margins, product-country dropping, product attributes, gravity variables
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JEL Classifications | ||
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F10, F14, F36, G20, G32, L25
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Abstract | ||
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Combining detailed data on export transactions and an informative
firm level measure of financing constraints, this paper provides new
evidence on the extent and dynamics of product and geographical
diversification of constrained exporters. Financial constraints
associates with: (i) narrower product/destination margins; (ii)
higher probability to drop products and destinations, (iii) higher
loss of export value associated to dropping product or destination
markets; (iv) higher probability to discard products with relatively
high share in firm total export values, and (v) higher likelihood to
drop country markets that are bigger, richer, geographically closer
and with a relatively high share in total firm export value.
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