Replication data for: Trade Finance and the Great Trade Collapse

Economic models that do not incorporate financial frictions only explain about 70 to 80 percent of the decline in world trade that occurred in the 2008-2009 crisis. We review evidence that shows financial factors also contributed to the great trade collapse and uncover two new stylized facts in support of it. First, we show that the prices of manufactured exports rose relative to domestic prices during the crisis. Second, we show that US seaborne exports and imports, which are likely to be more sensitive to trade finance problems, saw their prices rise relative to goods shipped by air or land.

未纳入金融摩擦（financial frictions）的经济模型，仅能解释2008-2009年全球贸易衰退中约70%至80%的降幅。本文梳理了相关证据，表明金融因素同样助推了此次大贸易崩溃，并揭示了两个可支持该结论的全新程式化事实（stylized facts）。其一，本文发现在危机期间，制成品出口价格相对国内价格出现上涨。其二，本文发现，对贸易融资问题更为敏感的美国海运进出口货物，其价格相对航空或陆路运输的货物出现上涨。