Credit-constrained firms in the global economy: Implications for competition, welfare, and inequality

金融市场的发展为公司获得外部资金提供了便利。迄今为止，国际贸易文献主要关注信贷约束对国际贸易量和模式的影响，而不是对竞争、福利和不平等的影响。这些是本研究项目的主要方面。对于这三个方面中的每一个，我们可以确定三个主要目标：1. 理论模型应确定关键的经济渠道，以更好地理解金融市场发展（信贷约束）与竞争、福利和不平等之间的关系。2. 理论模型应通过结构估计的方法加以量化。因此，我们得到这样的问题的答案：有多大的竞争和福利的信贷约束的影响？收入分配受到多大影响？3. 由于金融市场对真实的经济有重大影响，公众对这些问题非常感兴趣。因此，该项目应通过确定与各种经济渠道有关的若干政策影响，为政策辩论作出贡献。

Financial market development facilitates access to external finance for firms. The international trade literature has so far focused on the effects of credit constraints for the volume and the pattern of international trade, but not on the implications for competition, welfare, and inequality. These are the main aspects of this research project.For each of these three aspects, we can identify three main goals:1. Theoretical models should identify key economic channels to better understand the nexus between financial market development (credit constraints) and competition, welfare, and inequality.2. Theoretical models should be quantified by means of structural estimation. We thereby obtain answers to questions like: How large are the competition and welfare effects of credit constraints? By how much is the distribution of income affected?3. As financial markets have substantial implications for the real economy, there is a lot of public interest in these issues. The project should therefore contribute to the policy debate by identifying several policy implications associated with the various economic channels.