世界银行：国际贸易融资与学习动态（英文版）

This paper studies how relationship-specific learning affects the joint dynamics of exports and trade finance. Using micro-level Chilean data, it documents that new exporters initially rely on cash-in-advance payments and gradually transition to providing trade credit as relationships mature, with faster transitions in riskier destinations and for less experienced firms. Motivated by this, the paper develops a general equilibrium trade model that integrates learning about foreign demand and c