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We study the relationship between financial constraints and employment formalization by exploiting heterogeneity in the industry-level degree of financial dependence, in the spirit of Rajan and Zingales (1998). This dependence, and variation in aggregate credit, lets us measure industry-level...
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(SMEs) exporting decisions and starting to export decisions but not those of large firms. Financial health does not seem to … affect large firms' export intensity and the results of the impact of financial health on SMEs export intensity are not … conclusive. Nevertheless, financial health is a determinant of export persistence of large firms and SMEs. …
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