This paper combines an exogenous shock to the supply of subsidized credit with unique loan-level data from the export sector in Pakistan to identify the impact and allocation of such financial incentives. The removal of subsidized credit causes a significant decline in the exports of privately...

While other emerging regions have been thriving, the Middle East and North Africa (MENA) region's aggregate export performance over the past two decades has been consistently weak. Using detailed firm-level export data from Customs administrations, Champions Wanted explains why. One central...