Trade and Capital Flows: A Financial Frictions Perspective

By Pol Antràs, Ricardo J. Caballero. Journal of Political Economy, 2009

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Firm Exports and Multinational Activity Under Credit Constraints (2011, background): “Foreign affiliates account for 55.7% of exports in sectors with high liquidity needs compared to only 29.2% in sectors with limited liquidity needs.”
Credit Constraints, Heterogeneous Firms and International Trade (2013, unknown): “I assume that the terms in j , ds, and ts in (4) can be expressed as a function of observed country measures of nancial development FinDevtj and sector indicators of external nance dependence ExtF ins and asset tangibility Tangs: 1 ds + ds j 1 " 1 ds + ds j fij 1 j j tsfej =”
Financial Intermediation, International Risk Sharing, and Reserve Currencies (2017, background): “51The production specialization could actually be due to the development of the financial system, as in Antràs and Caballero (2009).”
Credit constraints and firm export: Microeconomic evidence from Italy☆ (2011, background): “, Bernanke and Gertler, 1990; Clementi and Hopenhayn, 2006; Antràs and Caballero, 2009). More specifically, it takes to the data the predictions of a growing literature on the impact of credit imperfections on firms' export (e.g., Manova, 2010; and Chaney, 2005). We shall return to the implications ”
Rethinking the Effects of Financial Globalization (2016, unknown): “The di¤erence between equations (10)-(11) and (4)-(5) is that now domestic residents can hold foreign assets and issue foreign debts.”