Using data on over 5,500 Ethiopian retailers, we document that there is lower use of trade credit in areas with more access to bank finance. Among firms within an area, although receiving trade credit increases the use of a bank loan by informal firms, it has no association with the use of bank loans for formal firms. This result suggests that financial relationships with other firms acts as a signal of creditworthiness for informal firms which are usually more credit constrained due to agency problems.

中文翻译：

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贸易信贷和融资渠道：来自埃塞俄比亚零售商的证据†

使用超过 5,500 家埃塞俄比亚零售商的数据，我们记录了在更容易获得银行融资的地区使用贸易信贷的情况较少。在一个区域内的企业中，虽然获得贸易信贷增加了非正规企业对银行贷款的使用，但与正规企业使用银行贷款无关。这一结果表明，与其他公司的财务关系是非正式公司信用度的一个信号，这些公司通常由于代理问题而受到更多的信用约束。