Financial Frictions and Exports in an Economy with ProductionHeterogeneity.

本项目研究主要工业化国家在2008-2009年雷曼破产前后经历大规模金融冲击后立即发生的贸易崩溃。我研究金融冲击及其对国际贸易的影响之间的联系。其主要观点是，出口商需要通过借贷来支付与贸易相关的成本。金融危机后，借贷变得更加困难，有能力支付国际贸易相关成本的企业越来越少，因此我们观察到国际贸易的崩溃。

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.