Credit rationing in the presence of asset inequality affects production and trade pattern in this paper, but not in the … more equal asset distribution may contract the output of the credit intensive sector as redistribution to the bottom of the … out the possibility that an economy with relatively equal distribution of asset ownership may import capital or credit …

. It implies that the opening of trade may raise inequality and unemployment, but always raises welfare. Unilateral …This paper reviews a new framework for analyzing the interrelationship between inequality, unemployment, labor market … frictions, and foreign trade. This framework emphasizes firm heterogeneity and search and matching frictions in labor markets …

labor market frictions and worker heterogeneity provides a framework for studying the impact of trade on unemployment and … inequality. This paper reviews this approach and reports a number of results from recent studies. …

This Economica Coase Lecture reviews research that has revolutionized the field of international trade and foreign …

. It implies that the opening of trade may raise inequality and unemployment, but always raises welfare. Unilateral …This paper reviews a new framework for analyzing the interrelationship between inequality, unemployment, labor market … frictions, and foreign trade. This framework emphasizes firm heterogeneity and search and matching frictions in labor markets …

Trade credit is the most important form of short-term finance for U.S. firms. In 2017, non-financial firms had about $3 … trillion in trade credit outstanding equaling 20 percent of U.S. GDP. Why do sellers lend to their buyers in the presence of a … well-developed financial sector? This paper proposes an explanation for the puzzling dominance of trade credit: When …

Most domestic and international firm-to-firm transactions rely on trade credit, where sellers grant buyers time to pay … about trade credit use: trade credit use increases with firm-to-firm relationship length, an effect that is stronger for … develops a model featuring enforcement frictions, learning, and a financing cost advantage of trade credit that can rationalize …

theoretical perspective, the correlation could be either zero, as assumed by standard international trade models, or negative if …

activities of German multinationals. Proximity-concentration theory which we derive our model from shows that firms face a trade …. Firms facing this trade-off choose between export and foreign production according to their expected profits. The model is …-concentration trade-off. In particular, market size and distance affect positively the probability of foreign production whereas fixed …