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

金融市场的发展为企业获得外部融资提供了便利。迄今为止，有关国际贸易的文献主要关注信贷限制对国际贸易数量和模式的影响，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，我们可以确定三个主要目标：1。理论模型应该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。理论模型应该通过结构估计来量化。因此，我们得到了以下问题的答案：信贷约束对竞争和福利的影响有多大？收入分配受到了多大的影响？由于金融市场对实体经济具有重大影响，公众对这些问题有很多兴趣。因此，该项目应有助于政策辩论，确定与各种经济渠道有关的若干政策影响。

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.