Trade Credit, Financial Intermediary Development and Industry Growth

Recent work suggests that financial development is important for economic growth, since financial markets more effectively allocate capital to firms with high value projects. For firms in poorly developed financial markets, implicit borrowing in the form of trade credit may provide an alternative

近期研究表明，金融发展（financial development）对经济增长具有重要意义，因金融市场（financial markets）可更高效地将资本配置给开展高价值项目的企业。对于金融市场欠发达环境中的企业而言，以贸易信贷（trade credit）形式存在的隐性借贷（implicit borrowing）或可提供一种替代方案。