Data for: Banking Crises and Exports: Lessons from the Past

This dataset and do file allow replicating the results of the paper Banking Crises Banking Crises and Exports: Lessons from the Past. This paper analyzes the impact of banking crises on manufacturing exports, exploiting the fact that sectors differ in their needs for external financing. Relying on data from 160 developed and developing countries during 1970-2012, we analyze 147 banking crisis episodes and separate their impact on export growth from the impact of other exogenous shocks (e.g., demand shocks, exchange rate shocks). Our findings show that during a crisis, the exports of sectors more dependent on external finance grow significantly less than other sectors. However, this result holds only for sectors that depend on banking finance as opposed to interfirm finance (i.e., trade finance or trade credit). For sectors that depend heavily on banking finance, the effect of banking crises on exports is robust, additional to external demand shocks, and not driven by exchange rate shocks.

The database includes trade data from WITS for 1976-2012 and from NBER for 1970-1975 at the ISIC rev. 2 3-digits level, crisis data from Laeven and Valencia (2013), a measure of external dependence based on Rajan and Zingales (1998), Trade Credit from Fisman and Love (2003) and Tangibility from Kroszner et al. (2007).

A README file is included, explaining how to obtain the results.

本数据集及其相关文件允许复现论文《银行危机与出口：历史经验教训》的研究结果。该论文通过对制造业出口受银行危机影响的分析，利用不同行业对外部融资需求差异的实际情况，展开了深入探讨。研究基于1970年至2012年间160个发达和发展中国家数据，分析了147次银行危机事件，并将出口增长受危机影响的效应与其他外生冲击（如需求冲击、汇率冲击）的影响进行了区分。研究发现，在危机期间，对外部融资依赖性较强的行业出口增长显著低于其他行业。然而，这一结论仅适用于依赖银行融资而非企业间融资（即贸易融资或贸易信贷）的行业。对于高度依赖银行融资的行业，银行危机对出口的影响稳健，且这种影响超出外部需求冲击，并非由汇率冲击所驱动。数据库中包含了1976年至2012年WITS贸易数据和1970年至1975年NBER数据的贸易数据，以及来自Laeven和Valencia（2013）的危机数据、基于Rajan和Zingales（1998）的外部依赖度衡量指标、Fisman和Love（2003）的贸易信贷数据以及Kroszner等人（2007）的有形资产数据。此外，还包含一个README文件，详细解释了如何获取研究结果。