The paper examines the impact of trade credit on cyclical fluctuations in international trade. It provides new empirical evidence based on firm-level UK and Irish data showing that exporters use trade credit more actively and intensively than non-exporters. The study introduces inter-firm lending into an open economy general equilibrium model with heterogeneous firms and endogenous entry into the exports market. It demonstrates that trade credit amplifies the impact of macroeconomic shocks on international trade both along the intensive and extensive margins and that it significantly contributes to the high trade income elasticity observed in the data.

中文翻译：

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贸易信贷、贸易收入弹性和冲击的国际传导

本文考察了贸易信贷对国际贸易周期性波动的影响。它提供了基于英国和爱尔兰公司层面数据的新经验证据，表明出口商比非出口商更积极、更密集地使用贸易信贷。该研究将企业间借贷引入了一个开放经济一般均衡模型，该模型具有异质企业和内生进入出口市场。它表明贸易信贷放大了宏观经济冲击对国际贸易的集约和粗放边际影响，并显着促成了数据中观察到的高贸易收入弹性。