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.
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