一、主题：Cyclical Dynamics of Trade Credit with Production Networks
演讲内容简介：We show that in production and trade networks that characterize the Chinese economy there is an externality that (inefficiently) reduces the supply of trade credit from upstream firms to downstream firms. Since a credit expansion affects more directly firms in upstream industries (due to their closer connection with banks), the credit expansion does not fully propagate to downstream firms through trade credit because of the externality. Manufacturing industry data for the period 2005-2016 supports the theoretical findings. In particular, we observe that during the credit expansion period of 2005-2011, the higher growth of credit received by upstream manufacturing industries was not accompanied by a similar growth of trade lending to downstream industries.