The Role of Financial Factors in the Trade Collapse: A Skeptic's View
Logan Lewis () and
Linda Tesar ()
No 616, Working Papers from Research Seminar in International Economics, University of Michigan
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.
Keywords: 2008-2009 Crisis; International Trade; Financial Factors (search for similar items in EconPapers)
JEL-codes: F41 F42 (search for similar items in EconPapers)
Pages: 13 pages
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Persistent link: https://EconPapers.repec.org/RePEc:mie:wpaper:616
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