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Trade and Trade Finance in the 2008-20+L460609 Financial Crisis

  • Thomas William Dorsey
  • Mika Saito
  • Armine Khachatryan
  • Irena Asmundson
  • Ioana Niculcea

Global merchandise trade sharply declined in late 2008 and early 2009, and some press and financial market reports assigned a large role for the decline to trade finance. However, the available evidence suggests that shocks to trade finance were not the major factor in the decline in trade. Surveys of commercial banks by the IMF and others found that while bank-intermediated trade finance fell in value during the crisis, it fell by less than merchandise trade. As a result, the share of world trade supported by bank-intermediated trade finance increased despite higher pricing margins. Other explanations appear to account for the bulk of the reduction in international trade.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/16.

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Length: 65
Date of creation: 01 Jan 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/16
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  1. Logan Lewis & Linda Tesar & Andrei Levchenko, 2010. "The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun," 2010 Meeting Papers 109, Society for Economic Dynamics.
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