| 讲座简介： | Using transaction-level trade data from China Customs and loan data from the China Development Bank (CDB), we analyze how government credit affects trade activities. We find that CDB credit to strategic industries at the top of the supply chain leads to lower prices, higher amounts, and more product varieties of export goods for firms in downstream industries. This increased import competition crowds out U.S. firms in the same industry but crowds in firms in downstream. In the recent trade war, the U.S. raised tariffs strategically on China’s imports that compete with domestic U.S. manufacturers rather than used as their inputs. |
