How do export credit services shape firm growth?

초록

This paper examines the impacts of public export credit services on firms. Distinguishing itself from previous research, this study (i) analyses both export insurance and loan services from export credit agencies, and (ii) investigates heterogeneous effects based on service types and firm characteristics. Recognising that the effects can vary across groups and times, this study (iii) also employs research designs that accommodate heterogeneous and dynamic effects. Overlooking these factors in models with multiple periods and varied treatment timings can lead to biased results. Using novel data and the latest econometric methodologies, this paper finds that public export credit services significantly enhance the exports and employment of firms. While both export loan and insurance boost export activities, only export loan positively impacts employment growth. Additionally, financially constrained firms experience greater benefits from the export credit services compared with others. These findings offer valuable insights for developing policy allocation models, especially in emerging economies with less developed financial systems and greater needs for the efficient allocation of limited public resources to maximise impacts.

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