Abstract
We find that financial markets and institutions play distinctive roles in helping exporters survive in foreign markets. The relative importance of banks versus stock markets for export success shifts both across different groups of products and between short-term and long-term export survival. The distinction between large and active stock markets matters as well, especially when it comes to products requiring high levels of working capital. Our results also highlight the importance of deep stock markets for exporters lacking collateralizable assets and the necessity of well-established export links for the successful use of trade credit as a substitute for bank credit.
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