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Trade Finance in the Recovery of Trade Relations after Banking Crises
Kaplan-Meier survival estimates, percent
Figure 12.5 Size, Trade Credit Dependence, and Recovery of Trade Relations 100
75
50
25
0 0
5
10
15
years size at exit q1 = 1 and EFD = 0
size at exit q1 = 1 and EFD = 1
size at exit q2 = 1 and EFD = 0
size at exit q2 = 1 and EFD = 1
size at exit q3 = 1 and EFD = 0
size at exit q3 = 1 and EFD = 1
Source: Authors’ calculations based on recovery dataset. Note: q = quantile. EFD = external finance dependence. In the graph, higher survival rates imply longer periods of inactivity, therefore a lower probability of reentry.
Table 12.5 Recovery Time, by Exporter Characteristic Cox proportional hazard estimates Variables Years of experience at exit
(1) 1.058*** [0.005]
Exports at exit Number of suppliers at reentry Total product exports at reentry Number of previous spells Observations
(2)
1.032*** [0.002] 1.020** [0.008] 1.032** [0.013] 13,055
1.027*** [0.008] 1.034*** [0.002] 1.019** [0.008] 1.090*** [0.015] 13,055
Source: Authorsâ&#x20AC;&#x2122; calculations based on recovery dataset. Note: q = quantile. Standard errors (in brackets) are clustered by country and by ISIC three-digit industry level. The sample is stratified by country and by ISIC three-digit industry level. ***p < 0.01 **p < 0.05 *p < 0.1.