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Extra Credit: Bank Finance and Firm Export Status in Germany


  • We are grateful to Heinz Herrmann for support and Matthias Köhler, Timm Körting, Peter Raupach and two anonymous referees for helpful suggestions. We thank the Deutsche Bundesbank for the provision of data and hospitality.


This paper estimates the exporter premium in bank lending. We examine credit relationships in Germany, covering all loans of more than 1.5 million euro over the period from 2005 to 2010. Having controlled for a wide range of other firm and bank characteristics, our results indicate that exporting firms take out loans around 15 per cent larger than those of non-exporters.