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Exports and sectoral financial dependence: evidence on French firms during the great global crisis

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  • Bricongne, Jean-Charles
  • Fontagné, Lionel
  • Gaulier, Guillaume
  • Taglioni, Daria
  • Vicard, Vincent

Abstract

The unprecedented drop in international trade during the last quarter of 2008 and the first quarter of 2009 has mainly been analysed at the macroeconomic or sectoral level. However, exporters who are heterogeneous in terms of productivity, size or external financial dependence should be heterogeneously affected by the crisis. This issue is examined in this paper by using data on monthly exports at the product and destination level for some 100,000 individual French exporters, up to 2009M4. We show that the drop in French exports is mainly due to the intensive margin of large exporters. Small and large exporters are evenly affected when sectoral and geographical specialisations are controlled for. Lastly, exporters (small and large) in sectors structurally more dependent on external finance are the most affected by the crisis. JEL Classification: F02, F10, G01

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Bibliographic Info

Paper provided by European Central Bank in its series Working Paper Series with number 1227.

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Date of creation: Jul 2010
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Handle: RePEc:ecb:ecbwps:20101227

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Keywords: financial crisis; firms’ heterogeneity; intensive and extensive margins; international trade;

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References

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  1. Bricongne, J-C. & Fontagné, L. & Gaulier, G. & Taglioni, D. & Vicard, V., 2009. "Firms and the global crisis: French exports in the turmoil," Working papers 265, Banque de France.
  2. Angela Cheptea & Guillaume Gaulier & Soledad Zignago, 2005. "World Trade Competitiveness: A Disaggregated View by Shift-Share Analysis," Working Papers 2005-23, CEPII research center.
  3. Bussière, Matthieu & Chudik, Alexander & Sestieri, Giulia, 2009. "Modelling global trade flows: results from a GVAR model," Working Paper Series 1087, European Central Bank.
  4. Matthieu Bussière & Emilia Pérez‐Barreiro & Roland Straub & Daria Taglioni, 2011. "Protectionist Responses to the Crisis: Global Trends and Implications," The World Economy, Wiley Blackwell, vol. 34, pages 826-852, 05.
  5. Agnès Bénassy-Quéré & Yvan Decreux & Lionel Fontagné & David Khoudour-Castéras, 2009. "Economic Crisis and Global Supply Chains," Working Papers 2009-15, CEPII research center.
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Cited by:
  1. Buono, Ines & Fadinger, Harald & Berger, Stefan, 2008. "The Micro Dynamics of Exporting: Evidence from French Firms," MPRA Paper 12940, University Library of Munich, Germany.
  2. Joachim Wagner, 2012. "The Microstructure of the Great Export Collapse in German Manufacturing Industries, 2008/2009," Working Paper Series in Economics 233, University of Lüneburg, Institute of Economics.
  3. Alessia LO TURCO & Daniela MAGGIONI, 2012. "The micro evolution of trade and turnover in Turkey under the global crisis," Working Papers 376, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  4. Wagner, Joachim, 2012. "The granular nature of the great export collapse in German manufacturing industries, 2008/2009," Economics Discussion Papers 2012-50, Kiel Institute for the World Economy.
  5. Silvio Contessi & Francesca de Nicola, 2012. "What do we know about the relationship between access to finance and international trade?," Working Papers 2012-054, Federal Reserve Bank of St. Louis.
  6. Joachim Wagner, 2013. "Extensive margins of imports in The Great Import Recovery in Germany, 2009/2010," Working Paper Series in Economics 282, University of Lüneburg, Institute of Economics.

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