There is growing empirical support for the conjecture that access
to credit is an important determinant of firms' export decisions.
We study a multi-country general equilibrium economy in which
entrepreneurs and lenders engage in long-term credit relationships.
Financial constraints arise in consequence of financials contracts
that are optimal given information asymmetry. Consistent with
empirical regularities, as firm age and size increase, the model
implies decreasing mean and variance of fi rm growth and increasing
fi rm survival. Exporters are larger, their survival in
international markets increases with the time spent exporting, and
the sales of older exporters are larger and more stable.
General
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