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来源类型Working Paper
规范类型报告
DOI10.3386/w24503
来源IDWorking Paper 24503
Financial Frictions and Trade Dynamics
Paul Bergin; Ling Feng; Ching-Yi Lin
发表日期2018-04-16
出版年2018
语种英语
摘要This paper demonstrates theoretically that a financial shock can have very persistent effects on international trade. Motivation is taken from the aftermath of the dramatic trade collapse in 2008-9, which despite a substantial recovery, has left a persistently slower growth rate in trade. We find conditions under which a transitory financial shock significantly reduces the investment by firms in entering the export market, and that this can have long-lasting effects on the range of goods exported and hence overall trade. Important to our mechanism are endogenous capital structure decisions by firms in response to the financial shock, and firm entry investment that requires traded goods. This mechanism provides an example of how firm dynamics can serve as a potent propagation mechanism, generating very long-lasting effects of transitory macroeconomic shocks.
主题International Economics ; International Macroeconomics
URLhttps://www.nber.org/papers/w24503
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/582177
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GB/T 7714
Paul Bergin,Ling Feng,Ching-Yi Lin. Financial Frictions and Trade Dynamics. 2018.
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