TY  - BOOK
AU  - Fisman,Raymond
AU  - Love,Inessa
ED  - National Bureau of Economic Research.
TI  - Trade Credit, Financial Intermediary Development and Industry Growth
T2  - NBER working paper series
PY  - 2002///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - May 2002; Hardcopy version available to institutional subscribers
N2  - Recent work suggests that financial development is important for economic growth, since financial markets more effectively allocate capital to firms with high value projects.  For firms in poorly developed financial markets, implicit borrowing in the form of trade credit may provide an alternative source of funds. We show that industries with higher dependence on trade credit financing exhibit higher rates of growth in countries with weaker financial institutions. Furthermore, consistent with barriers to trade credit access among young firms, we show that most of the effect that we report comes from growth in the size of pre-existing firms
UR  - https://www.nber.org/papers/w8960
UR  - http://dx.doi.org/10.3386/w8960
ER  -