Financial Frictions and Exports in an Economy with ProductionHeterogeneity.

本课题研究2008-2009年雷曼破产后，主要工业化国家遭受大规模金融冲击后的贸易崩溃。本文主要研究金融冲击与国际贸易之间的关系，主要观点是出口商需要借贷来支付与贸易相关的成本。由于金融危机后借贷变得更加困难，能够支付与国际贸易相关的成本的公司越来越少，因此我们看到国际贸易的崩溃。

This project studies the trade collapse which follows immediately after major industrialized countries experienced large financial shocks around 2008-2009, the Lehman bankruptcy. I investigate the link between financial shocks and their impacts on the international trade.The main idea is that the exporters need to borrow to finance the cost associated with trade. As the borrowing becomes much more difficult after financial crisis, there are less firms who can afford to pay the cost associated with international trade, and therefore we observe the collapse of international trade.