The Role of Financial Factors in the Trade Collapse: A Skeptic's View
This paper explores the role of financial factors in the 2008-9 collapse of U.S. imports and exports. Using highly disaggregated international trade data, we examine whether the cross-sectoral variation in how much imports or exports fell during this episode can be explained by financial variables. To do this, we employ a wide variety of possible indicators, such as standard measures of trade credit and external finance dependence, proxies for shipping lags at the sector level, and shares of intra-firm trade in each sector. Overall, there is very little evidence that financial factors played a role in the collapse of U.S. trade.
|Date of creation:||Aug 2010|
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- Andrei A. Levchenko & Logan T. Lewis & Linda L. Tesar, 2010.
"The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun,"
NBER Working Papers
16006, National Bureau of Economic Research, Inc.
- 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.
- Andrei A. Levchenko & Logan Lewis & Linda L. Tesar, 2009. "The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun," Working Papers 592, Research Seminar in International Economics, University of Michigan.
- Davin Chor & Kalina Manova, 2010.
"Off the Cliff and Back? Credit Conditions and International Trade during the Global Fnancial Crisis,"
in: Market Institutions and Financial Market Risk
National Bureau of Economic Research, Inc.
- Chor, Davin & Manova, Kalina, 2012. "Off the cliff and back? Credit conditions and international trade during the global financial crisis," Journal of International Economics, Elsevier, vol. 87(1), pages 117-133.
- Davin Chor & Kalina Manova, 2010. "Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis," Working Papers 08-2010, Singapore Management University, School of Economics.
- Davin Chor & Kalina Manova, 2010. "Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis," NBER Working Papers 16174, National Bureau of Economic Research, Inc.
- David L. Hummels & Georg Schaur, 2009.
"Hedging Price Volatility Using Fast Transport,"
NBER Working Papers
15154, National Bureau of Economic Research, Inc.
- Love, Inessa & Preve, Lorenzo A. & Sarria-Allende, Virginia, 2005.
"Trade credit and bank credit : evidence from recent financial crises,"
Policy Research Working Paper Series
3716, The World Bank.
- Love, Inessa & Preve, Lorenzo A. & Sarria-Allende, Virginia, 2007. "Trade credit and bank credit: Evidence from recent financial crises," Journal of Financial Economics, Elsevier, vol. 83(2), pages 453-469, February.
- Amiti, Mary & Weinstein, David E., 2009.
"Exports and Financial Shocks,"
CEPR Discussion Papers
7590, C.E.P.R. Discussion Papers.
- Iacovone, Leonardo & Zavacka, Veronika, 2009. "Banking crises and exports : lessons from the past," Policy Research Working Paper Series 5016, The World Bank.
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