Amiti, Mary; Weinstein, David E. - C.E.P.R. Discussion Papers - 2009
A striking feature of many financial crises is the collapse of exports relative to output. In the 2008 financial crisis …, real world exports plunged 17 percent while GDP fell 5 percent. This paper examines whether the drying up of trade finance … can help explain the large drops in exports relative to output. This paper is the first to establish a causal link between …