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Dollar funding and French exports to the United States: lessons from the 2011 dollar crunch

Antoine Berthou (), Jean-Stéphane Mésonnier () and Guillaume Horny ()

Rue de la Banque, 2018, issue 62

Abstract: This Rue de la Banque analyses the effects of a lesser availability of dollar funding on the export performance of French companies on the US market. It shows that the sudden drying up of cross-border dollar funding of French banks in the summer of 2011, triggered by the euro area sovereign debt crisis, led to a relative decline in exports of goods to the United States for at least a year. The effect of this shock is equivalent to that of raising tariffs by two to five percentage points. This study highlights the importance of supply factors related to bank financing from the perspective of France’s export competitiveness.

Date: 2018
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