This study examines the effects of product characteristics on the choice of payment methods for international trade. I develop a theoretical model that leads to two new testable hypotheses. First, as the transaction value increases, exporters tend to choose safer payment methods, such as letters of credit, rather than post-shipment payments. Second, if the products in the transaction are easily liquidated, exporters tend to choose safer payment terms. Product-destination-level export data from Korean exports declaration forms support both hypotheses. Furthermore, the results using these comprehensive data on tradable goods and countries generalize the findings of previous studies on country characteristics.

中文翻译：

---

国际支付条件下的产品异质性

本研究考察了产品特性对国际贸易支付方式选择的影响。我开发了一个理论模型，可以得出两个新的可检验假设。首先，随着交易额的增加，出口商倾向于选择更安全的付款方式，例如信用证，而不是装运后付款。其次，如果交易中的产品容易被清算，出口商往往会选择更安全的付款方式。来自韩国出口报关单的产品目的地级出口数据支持这两种假设。此外，使用这些关于可贸易商品和国家的综合数据得出的结果概括了先前关于国家特征的研究结果。