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DESCRIPTION:Adrien Matray\n\nHarvard University \n\nEXIM’s Exit: The Real E
 ffects of Trade Financing by Export Credit Agencies\n\nDate: Friday\, Febr
 uary 28\, 2025\n	Time: 10:30-11:45 am\n	Location: Bronfman Bldg. (1001 Sherb
 rooke St. West)\, Room 301\n\nAll are cordially invited to attend.\n\nAbst
 ract:\n\nWe study the role of Export Credit Agencies—the predominant tool 
 of industrial policy—on firm behavior by using the effective shutdown of t
 he Export-Import Bank of the United States (EXIM) from 2015–2019 as a natu
 ral experiment. We show that a $1 reduction in EXIM trade financing reduce
 s exports in an industry by approximately $4.5. The impact on firms’ total
  revenues implies that the export shock has positive pass-through to domes
 tic sales\, and firms contract investment and employment. We document that
  EXIM trade financing helps to overcome two key constraints: firms’ financ
 ing constraints and contractual frictions in importer markets\, indicating
  that even in well-developed financial markets\, trade financing is plausi
 bly undersupplied by private banks. Consistent with this evidence of effic
 iency gains\, we find that EXIM reduced capital misallocation\, with highe
 r ex-ante marginal revenue product of capital firms expanding more. These 
 results provide a framework for the conditions under which Export Credit A
 gencies can boost exports and firm growth\, and can act as a tool of indus
 trial policy without necessarily leading to a misallocation of resources.
 \n
DTSTART:20250228T153000Z
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LOCATION:Room 301\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Desmarais Global Finance Research Centre (DGFRC) Seminar: Adrien Ma
 tray 
URL:/desautels/channels/event/desmarais-global-finance
 -research-centre-dgfrc-seminar-adrien-matray-363796
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