TAILIEUCHUNG - Testing the Trade Credit and Trade Link: Evidence from Data on Export Credit Insurance

Trade finance has received special attention during the financial crisis as one of the potential culprits for the great trade collapse. Several researchers have used micro level data to establish the link between trade finance and trade, especially so during the financial crisis, and have found diverting results. This paper analyses the effect of trade credit on trade on a macro level through a whole cycle. We employ Berne Union data on export credit insurance, the most extensive dataset on trade credits available at the moment, for the period of 2005- 2011. Using an instrumentation strategy we can identify a significantly positive effect of insured trade credit,. | Staff Working Paper ERSD-2012-18 Date World Trade Organization Economic Research and Statistics Division Testing the Trade Credit and Trade Link Evidence from Data on Export Credit Insurance Marc Auboin World Trade Organization Martina Engemann University of Munich Manuscript date October 2012 Disclaimer This is a working paper and hence it represents research in progress. This paper represents the opinions of the author s and is the product of professional research. It is not meant to represent the position or opinions of the WTO or its Members nor the official position of any staff members. Any errors are the fault of the author s . Copies of working papers can be requested from the divisional secretariat by writing to Economic Research and Statistics Division World Trade Organization Rue de Lausanne 154 CH 1211 Geneva 21 Switzerland. Please request papers by number and title. TESTING THE TRADE CREDIT AND TRADE LINK EVIDENCE FROM DATA ON EXPORT CREDIT INSURANCE Marc Auboin1 and Martina Engemann2 Abstract Trade finance has received special attention during the financial crisis as one of the potential culprits for the great trade collapse. Several researchers have used micro level data to establish the link between trade finance and trade especially so during the financial crisis and have found diverting results. This paper analyses the effect of trade credit on trade on a macro level through a whole cycle. We employ Berne Union data on export credit insurance the most extensive dataset on trade credits available at the moment for the period of 20052011. Using an instrumentation strategy we can identify a significantly positive effect of insured trade credit as a proxy for trade credits on trade. The effect of insured trade credit on trade is very strong and remains stable over the cycle not varying between crisis and noncrisis periods. Keywords trade credit financial crisis import estimation. JEL Classifications F13 F34 G21 G23 1 Corresponding author .

• Ngân hàng - Tín dụng
• Human Papilloma
• Virus Infection
• Papillomavirus Infection
• Human Fetuses
• Congenital Malformations
• Normal Karyotype
• BMC Cancer
• Human papilloma virus
• Human papilloma virus related cancer
• HPV related conditions
• SubSaharan Africa
• Thematic analysis
• Thực trạng nhiễm Human Papilloma virus
• Nhiễm Human Papilloma virus ở ổ tử cung
• Phụ nữ trong độ tuổi sinh đẻ
• Sức khỏe sinh sản
• Ung thư ổ tử cung
• Tạp chí y khoa
• Nghiên cứu y khoa
• Ung thư amiđan
• Virút human papilloma
• Nghiên cứu y học
• Human papiloma virus
• nhiễm Human papilloma virus
• Điều trị tổn thương cổ tử cung
• Tầm soát ung thư cổ tử cung
• Human papilloma virus HPV
• Tìm hiểu virus HPV
• Ung thư cổ tử cung
• Phòng chống virus HPV
• Công nghệ sinh học
• Sinh học phát triển
• Vi sinh vật
• Sinh học đại cương
• Tạp chí y học
• Phòng ngừa nhiễm human papilloma virus
• Dự phòng ung thư cổ tử cung
• Tiêm vắc xin ngừa HPV
• Qui trình multiplex PCR
• Lậu cầu khuẩn
• Bệnh nhiễm ở đường sinh dục
• Luận án Tiến sỹ Y học
• Nghiên cứu phụ khoa
• Sinh lý cổ tử cung
• Luận án tiến sĩ Y học
• Luận án Y học
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• Tóm tắt luận án tiến sĩ Y học
• Bài viết về y học
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• Chương trình can thiệp sức khỏe
• Nghiên cứu khoa học
• Tạp chí nội khoa Việt Nam
• Tạp chí nội khoa
• Ung thư phế quản
• Bệnh nhân ung thư phế quản
• Genetic relationship
• HPV 16
• HPV 18
• Cervical cancer patient
• Human papilloma virus isolated
• Random amplified polymorphic DNA
• Loop mediated isothermal amplification
• Oropharyngeal Squamous Cell Carcinoma
• Traditional risk factors
• Cervical intraepithelial neoplasia
• Invasive cervical cancer
• Anti HPV vaccination
• Vulvar cancer
• Vulvar squamous cell carcinoma
• Human papilloma virus genotypes
• Cox proportional hazards model
• Kaplan–Meier method
• BMC Women's Health
• Lactobacillus rhamnosus
• Lactobacillus reuteri
• Cervical smear
• Công nghệ nhiệt đới
• Type human papilloma virus
• Tách chiết DNA tổng số
• Bộ kit HPV PCR plus
• Bệnh sùi mào gà
• Sùi mào gà sinh dục
• Vi rút Human papilloma
• Bệnh lây truyền qua đường tình dục
• Tổn thương cổ tử cung
• Chăm sóc sức khỏe sinh sản
• Genotype human papilloma virus
• Kỹ thuật real time PCR
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• Tổn thương tiền ung thư
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• MOLECULAR BIOLOGY
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• DNA Damage
• Retroviral oncogenes
• Suppressor Genes
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• Human papillomavirus
• Multivariate model