| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17163 |
| DP17163 Reshaping global trade: the immediate and long-term effects of bank failures | |
| Chenzi Xu | |
| 发表日期 | 2022-03-30 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | I show that a disruption to the financial sector can reshape the patterns of global trade for decades. I study the first modern global banking crisis originating in London in 1866 and collect archival loan records that link multinational banks headquartered there to their lending abroad. Countries exposed to bank failures in London immediately exported significantly less and did not recover their lost growth relative to unexposed places. Their market shares within each destination also remained significantly lower for four decades. Decomposing the persistent market-share losses shows that they primarily stem from lack of extensive margin growth, as the financing shock caused importers to source more from new trade partnerships. Exporters producing more substitutable goods, those with little access to alternative forms of credit, and those trading with more distant partners experienced more persistent losses, consistent with the existence of sunk costs and the importance of finance for intermediating trade. |
| 主题 | Economic History ; Financial Economics ; International Macroeconomics and Finance ; International Trade and Regional Economics |
| 关键词 | Crisis International banks International trade History |
| URL | https://cepr.org/publications/dp17163 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546153 |
| 推荐引用方式 GB/T 7714 | Chenzi Xu. DP17163 Reshaping global trade: the immediate and long-term effects of bank failures. 2022. |
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