Liquidity constrained exporters and trade |
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Authors: | Udo Broll Jack E. Wahl |
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Affiliation: | a Technische Universität Dresden, Germanyb Technische Universität Dortmund, Germany |
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Abstract: | We present a model of a risk-averse exporting firm subject to liquidity constraints. We show that preferences and expectations become important for optimum export and hedging decisions. Only firms that have sufficient financial resources can fully materialize gains from trade. |
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Keywords: | D81 F23 F31 |
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