Credits for Exporters: How Firm Characteristics and Loan Frequency Shape Policy Effectiveness

Telegdy, Álmos ORCID: https://orcid.org/0000-0003-4651-5280 and Benk, Szilárd ORCID: https://orcid.org/0000-0003-1645-3592 (2026) Credits for Exporters: How Firm Characteristics and Loan Frequency Shape Policy Effectiveness. Oxford Bulletin of Economics and Statistics . DOI https://doi.org/10.1111/obes.70125

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Official URL: https://doi.org/10.1111/obes.70125

Abstract

We estimate the impact of Eximbank Hungary's working capital loans on firm exports using matching and panel methods. Loans increase export value by about 20% and export share by 6.5%. The strongest point estimates are associated with first loans. Export gains persist over time, but robust long‐run effects are detectable only at the full‐sample level, not among firms that receive a single loan. The estimated coefficients decline by initial export share but do not vary by firm size and productivity. Loans raise sales and employment by about 10% but do not affect productivity and profitability.

Item Type:

Article

Uncontrolled Keywords:

export; Export Credit Agency; Hungary; working capital loan

JEL classification:

F13 - Trade Policy; International Trade Organizations
F14 - Empirical Studies of Trade
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

Divisions:

Institute of Economics

Subjects:

Finance

Funders:

Hungarian National Research, Development and Innovation Office, European Research Council, Eximbank Hungary

Projects:

Grant No. 143346, Horizon2020 Grant Agreement No. 724501, Early Research

DOI:

https://doi.org/10.1111/obes.70125

ID Code:

13269