Do links between banks matter for bilateral trade? Evidence from financial crises
Do links between banks matter for bilateral trade? Evidence from financial crises
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银行之间的联系对双边贸易重要吗？
DOI：
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发表时间：
2020
期刊：
影响因子：
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通讯作者：
S. Federico
中科院分区：
文献类型：
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作者：
Silvia Del Prete;S. Federico
金融危机是否通过对企业风险或银行风险的冲击对贸易流动产生影响？关注意大利在全球金融危机和主权债务危机期间的出口，我们利用标准贸易模型的预测，根据该模型，金融冲击应该被货物运往进口国所需的时间和部门层面的金融脆弱性放大。我们还使用意大利银行相对于-à-vis在特定国家的外国银行的资产和负债的银行对数据来构建特定市场中贸易融资可用性的代理。我们发现了金融冲击对出口产生负面影响的证据，特别是对距离较远的国家和金融脆弱部门的出口。主要渠道似乎与企业风险的增加有关（反映了对银行融资和买方-供应商贸易信贷的冲击），而源于银行风险的冲击的“传染效应”似乎不那么显著。
Do financial crises have an impact on trade flows via a shock to corporate risk or to bank risk? Focusing on Italy’s exports during a period characterized by both the global financial crisis and by the sovereign debt crisis, we exploit the prediction of standard trade models according to which financial shocks should be magnified by the time needed to ship a good to the importer’s country and by sector-level financial vulnerability. We also use bank-pair data on Italian banks’ assets and liabilities vis-à-vis their foreign bank counterparts in a specific country to construct proxies for the availability of trade finance in a given market. We find evidence of a negative impact of financial shocks on exports, especially to more distant countries and in more financially vulnerable sectors. The main channels seem to be related to an increase in corporate risk (reflecting shocks to bank finance and to buyer-supplier trade credit), while the ‘contagion effect’ of shocks stemming from bank risk seems to be much less significant.