My research has been published in general-interest journals (e.g. QJE, REStud, REStat), field journals (e.g. JIE, JDE, JME), reference journals (e.g. ARE), and policy forums (e.g. CEPR-ECB, World Bank, Vox EU).


Trade and Management   pdf

Review of Economics and Statistics (forthcoming). (with Nick Bloom, John Van Reenen, Stephen Sun, Zhihong Yu)

 Host-Country Financial Development and Multinational Activity   pdf   appendix

European Economic Review 115 (2019), p.192-220. (with Kamran Bilir, Davin Chor)

Featured as VOX column at, May 2019.

Multi-Product Firms and Product Quality   pdf
Journal of International Economics 109 (2017), p.116-137. (with Zhihong Yu)

Featured as VOX column at, Sep 2017.

How Firms Export: Processing vs. Ordinary Trade with Financial Frictions   pdf   slides

Journal of International Economics 100 (2016), p.120-137. (with Zhihong Yu)

Featured as VOX column at, May 2013.

International Trade, Multinational Activity, and Corporate Finance   pdf

Annual Review of Economics 7 (2015), p.119-146. (with Fritz Foley)


Financial Development and the Choice of Trade Partners   pdf   slides

Journal of Development Economics 116 (2015), p.122-145. (with Jackie M.L. Chan)

Global Value Chains and Multinational Activity with Financial Frictions   pdf

2015. In The Age of Global Value Chains: Maps and Policy Issues, e.d. J. Amador and F. di Mauro. CEPR E-book,

Firm Exports and Multinational Activity under Credit Constraints   pdf   slides

Review of Economics and Statistics 97 (2015), p.574-588. (with Shang-Jin Wei, Zhiwei Zhang)

Credit Constraints, Heterogeneous Firms, and International Trade   pdf   slides

Review of Economic Studies 80 (2013), p.711-744. Reprinted in Finance and Growth, ed. A. Demirgüç-Kunt and R. Levine. International Library of Critical Writings in Economics 2018: 349, Edward Elgar Publishing.


Export Prices across Firms and Destinations   pdf   slides

Quarterly Journal of Economics 127 (2012), p.379-436. (with Zhiwei Zhang)

Off the Cliff and Back: Credit Conditions and International Trade during the Global Financial Crisis   pdf   slides
Journal of International Economics 87 (2012), p.117-133. (with Davin Chor)

Featured in The NBER Digest, December 2010.

Featured as VOX column at, February 2010.

Credit Constraints and the Adjustment to Trade Reform   pdf

2010. In Trade Adjustment Costs in Developing Countries: Impacts, Determinants and Policy Responses, ed. G. Porto and B. Hoekman. The World Bank and CEPR.

Volatility and Growth: Credit Constraints and the Composition of Investment   pdf   slides

Journal of Monetary Economics 57 (2010), p.246-265. (with Philippe Aghion, Marios Angeletos, Abhijit Banerjee)

China's Exporters and Importers: Firms, Products and Trade Partner   pdf

NBER Working Paper 15249 (2009). (with Zhiwei Zhang)

Credit Constraints, Equity Market Liberalizations and International Trade   pdf   slides

Journal of International Economics 76 (2008), p.33-47.

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