NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

How Firms Export: Processing vs. Ordinary Trade with Financial Frictions

Kalina Manova, Zhihong Yu

NBER Working Paper No. 18561
Issued in November 2012

---- Acknowledgements ----

Previously circulated as "Firms and Credit Constraints along the Global Value Chain: Processing Trade in China" and as "Firms and Credit Constraints along the Value-Added Chain: Processing Trade in China." We thank the editor (Stephen Yeaple), two anonymous referees, Pol AntrĂ s, Richard Baldwin, Davin Chor, Paola Conconi, Robert Feenstra, Marc Melitz, Veronica Rappoport, and Bob Staiger for insightful conversations, and seminar and conference participants at 2014 CEPR-BoE-CfM Workshop on International Trade, Finance and Macroeconomics, 2013 AEA Annual Meeting, 2013 World Bank-ECB-PIIE Workshop on National Competitiveness, 2012 International Growth Centre Trade Programme Spring Meeting, 2012 West Coast Trade Workshop, 2012 HBS International Research Conference, 2012 Kiel Institute for World Economy Excellence Award in Global Affairs Workshop, 2012 Stockholm School of Economics Conference on Restructuring China's Economy, 2012 CEPII-GEP-Ifo Conference on China and the World Economy, 2012 ECB CompNet Workshop, Stanford, UC San Diego, Vanderbilt, Mannheim, and LMU Munich for their comments. Kalina Manova acknowledges support from the International Growth Centre (LSE), the Freeman Spogli Institute (Stanford), and the Institute for Research in the Social Sciences (Stanford). Kalina Manova (corresponding author): manova@stanford.edu. Zhihong Yu: zhihong.yu@nottingham.ac.uk. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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