Was the collapse of world trade between 1928 and 1937 caused by higher transport costs, increased protectionism or the … equilibrium effects of bilateral distance, international borders, and the payment system on trade. My results suggest that had … average tari and non-tari trade barriers remained at their 1928 level, total international trade would have been 64.6 % higher …

This paper studies the great collapse in value added trade using a structural decomposition analysis. We show that … changes in vertical specialisation accounted for almost half of the great trade collapse, while the previous literature on … gross trade has mainly focused on final expenditure, inventory adjustment and adverse credit supply conditions. The decline …

financial crime regulation) to assess how payment disruptions impede cross-border trade. Using firm-level export data from … borrowers start to export less. This trade decline occurs on both the extensive and intensive margins, and firms only partially … findings highlight an often overlooked function of global banks: providing the payment infrastructure and trade finance that …