... multinational or foreign companies.22 For each firm inthese data sets, we code whether or not it is in the financial sector; and, for nonfinancials, whetheror not it is in the exporting sector, using the ... month, while the negotiations could have started towards the beginning of the month.13itability of firms in both the export and the import substitution sectors and therefore theirdemand for credit. ... retained for thisindex.• Financial development. The level of development of the financial market affects domesticfunding opportunities for firms and, therefore, their demand for foreign credit, and theirability...