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

Jean-Charles Bricongne, Lionel Fontagné, Guillaume Gaulier, Daria Taglioni () and Vincent Vicard

No 1227, Working Paper Series from European Central Bank

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

Keywords: financial crisis; firms’ heterogeneity; intensive and extensive margins; international trade (search for similar items in EconPapers)
Date: 2010-07
New Economics Papers: this item is included in nep-eec, nep-ifn and nep-int
Note: 337831
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (24)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20101227

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