Credit Conditions and International Trade during the Global Financial Crisis

摘要

In Off the Cliff and Back? Credit Conditions and International Trade During the Global Financial Crisis (NBER Working Paper No. 16174), co-authors Davin Chor and Kalina Manova provide new evidence that adverse credit conditions were an important channel through which the global economic and financial crisis of 2008-9 affected trade volumes. Using data on U.S. trade with the world before and during the crisis, they find that countries with tighter credit markets exported less to the United States during the peak of the crisis.