- 8 Data Appendix A. Trade flows US trade flows: From the US Census Bureau Foreign Trade Statistics, which reports monthly US trade flows at the 3-digit or 6-digit NAICS level. For US imports, we use the imports series rather than the Cimports series. The two series differ in their treatment of imports destined for US foreign trade zones (FTZs) or bonded warehouses. The Cimports series records the value of these goods as they are imported from or withdrawn from the FTZs or bonded warehouses, whereas the imports series record this value at their time of arrival in the FTZs or bonded warehouses (see Feenstra et al. 2002). The correlation between the two import concepts is in any case very high: 0.9917.
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- Accounting standards: From Rajan and Zingales (1998). Index measure reflecting the amount of disclosure in annual company reports in each country.
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Alessandria, George, Joseph P. Kaboski, and Virgiliu Midrigan, (2010), The Great Trade Collapse of 2008-09: An Inventory Adjustment? NBER Working Paper 16059.
Amiti, Mary, and David Weinstein, (2009), Exports and Financial Shocks, NBER Working Paper 15556.
Antrà s, Pol, Mihir Desai, and C. Fritz Foley, (2009), Multinational Firms, FDI Flows and Imperfect Capital Markets, Quarterly Journal of Economics 124: 1171-1219.
- Asset tangibility (): Constructed following Braun (2003), using the same Compustat data as for . For each firm, asset tangibility is computed as the total value of a firm's net plant, property and equipment divided by the total value of its assets for the period 1996-2005. The median value across firms in each NAICS 3-digit category is used as the industry measure of .
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- Auboin, Marc, (2009), Boosting the Availability of Trade Finance in the Current Crisis: Background Analysis for a Substantial G20 Package, Centre for Economic Policy Research Policy Research No. 35.
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Bartelsman, Eric J., Randy A. Becker, and Wayne B. Gray, (2000), NBER-CES Manufacturing Industry Database, http://www.nber.org/nberces/ Beck, Thorsten, (2002), Financial Development and International Trade: Is There a Link? Journal of International Economics 57: 107-131.
Beck, Thorsten, (2003), Financial Dependence and International Trade, Review of International Economics 11: 296-316.
- Beck, Thorsten, Asli Demirgüc-Kunt, and Ross Levine, (2009), A New Database on Financial Development and Structure, World Bank dataset, May 2009 update.
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- Becker, Bo, and David Greenberg, (2007), Financial Development, Fixed Costs and International Trade, Harvard Business School mimeo.
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- Bems, Rudolfs, Robert C. Johnson, and Kei-Mu Yi, (2010), The Role of Vertical Linkages in the Propagation of the Global Downturn of 2008, Federal Reserve Bank of Philadelphia mimeo.
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Berman, Nicolas, and Philippe Martin, (2010), The Vulnerability of Sub-Saharan Africa to the Financial Crisis: The Case of Trade, CEPR Working Paper 7765.
Borchert, Ingo, and Aaditya Mattoo, (2009), The Crisis-Resilience of Services Trade, World Bank Policy Research Working Paper 4917.
- Braun, Matias, (2003), Financial Contractibility and Asset Hardness, University of California-Los Angeles mimeo.
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Braun, Matias, and Borja Larrain, (2005), Finance and the Business Cycle: International, InterIndustry Evidence, Journal of Finance 40: 1097-1128.
Bricongne, Jean-Charles, Lionel Fontagné, Guillaume Gaulier, Daria Taglioni, and Vincent Vicard, (2010), Firms and the Global Crisis: French Exports in the Turmoil, Bank of France mimeo.
Campello, Murillo, John Graham, and Campbell Harvey, (2010), The Real Effects of Financial Constraints: Evidence from a Financial Crisis, Journal of Financial Economics 97: 470-487.
Caselli, Francesco (2005), Accounting for Cross-Country Income Differences, in Philippe Aghion and Steven Durlauf, eds. Handbook of Economic Growth, Amsterdam: North-Holland.
- Chaney, Thomas, (2005), Liquidity Constrained Exporters, University of Chicago mimeo.
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Chauffour, Jean-Pierre, and Thomas Farole, (2009), Trade Finance in Crisis: Market Adjustment or Market Failure? World Bank Policy Research Working Paper 5003.
Claessens, Stijn and Luc Laeven, (2003), Financial Development, Property Rights, and Growth, Journal of Finance 58: 2401-2436.
Dell'Ariccia, Giovanni, Enrica Detragiache, and Raghuram Rajan, (2008), The Real Effect of Banking Crises, Journal of Financial Intermediation, 17: 89-112.
Djankov, Simeon, Caroline Freund, and Cong S. Pham, (2010), Trading on Time, Review of Economics and Statistics 92: 166-173.
Do, Quy-Toan, and Andrei A. Levchenko, (2007), Comparative Advantage, Demand for External Finance, and Financial Development, Journal of Financial Economics 86: 796-834.
Eaton, Jonathan, Samuel Kortum, Brent Neiman, and John Romalis, (2010), Trade and the Global Recession, University of Chicago mimeo.
Ellingsen, Tore, and Jonas Vlachos, (2009), Trade Finance in a Liquidity Crisis, World Bank Policy Research Working Paper 5136.
Evenett, Simon J., (2009), What Can Be Learnt from Crisis-Era Protectionism? An Initial Assessment, The Berkeley Electronic Press Journals: Business and Politics 11: Article 4.
- Factor abundance (log() log()): Based on Caselli (2005) and the Penn World Tables, Version 6.2 (Heston et al. 2006). Physical capital stock is calculated using the perpetual inventory method, namely: = + -1, where is investment and = 006 is the assumed depreciation rate.
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Feenstra, Robert C., John Romalis, and Peter K. Schott, (2002), US Imports, Exports and Tariff Data, http://www.internationaldata.org/ Fisman, Raymond, and Inessa Love, (2003), Trade Credit, Financial Intermediary Development, and Industry Growth, Journal of Finance 58: 353-374.
- Freund, Caroline, (2009), The Trade Response to Global Downturns, World Bank Policy Research Working Paper 5015.
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- GDP and GDP per capita: From the World Development Indicators (WDI), in PPP units. Averaged over 1996-2005.
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Greenaway, David, Alessandra Guariglia, and Richard Kneller, (2007), Financial Factors and Exporting Decisions, Journal of International Economics 73: 377-95.
Hall, Robert, and Charles Jones, (1999), Why Do Some Countries Produce So Much More Output Per Worker Than Others? Quarterly Journal of Economics 114: 83-116.
- Healy, Jack, (2009), 62,000 Jobs are Cut by U.S. and Foreign Companies, The New York Times January 27, 2009.
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- Heston, Alan, Robert Summers, and Bettina Aten, (2006), Penn World Table Version 6.2, Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania.
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- Hur, Jung, Manoj Raj, and Yohanes Riyanto, (2006), The Impact of Financial Development and Asset Tangibility on Export, World Development 34: 1728-1741.
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Iacovone, Leonardo, and Veronika Zavacka, (2009), Banking Crises and Exports: Lessons from the Past, World Bank Policy Research Working Paper 5016.
IMF- BAFT (2009), A Survey among Banks Assessing the Current Trade Finance Environment. Ju, Jiandong, and Shang-Jin Wei, (2008), When Is Quality of Financial System a Source of Comparative Advantage? NBER Working Paper 13984.
Kee, Hiau Looi, Cristina Neagu, and Alessandro Nicita, (2010), Is Protectionism on the Rise? Assessing National Trade Policies during the Crisis of 2008, World Bank Policy Research Working Paper 5274.
Kletzer, Kenneth, and Pranab Bardhan, (1987), Credit Markets and Patterns of International Trade, Journal of Development Economics 27: 57-70.
Kroszner, Randall S., Luc Laeven, Daniela Klingebiel, (2007), Banking Crises, Financial Dependence, and Growth, Journal of Financial Economics 84: 187-228.
Levchenko, Andrei A., Logan Lewis, and Linda L. Tesar, (2010), The Collapse of International Trade during the 2008-2009 Crisis: In Search of the Smoking Gun, NBER Working Paper 16006.
Malouche, Mariem, (2009), Trade and Trade Finance Developments in 14 Developing Countries Post September 2008: A World Bank Survey, World Bank Policy Research Working Paper 5138.
- Manova, Kalina, (2008a), Credit Constraints, Equity Market Liberalizations and International Trade, Journal of International Economics 76: 33-47.
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Manova, Kalina, (2008b), Credit Constraints, Heterogenous Firms, and International Trade, NBER Working Paper 14531.
- Manova, Kalina, Shang-Jin Wei, and Zhiwei Zhang, (2009), Credit Constraints and International Trade: A Firm-Level Analysis, Stanford University.
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Matsuyama, Kiminori, (2005), Credit Market Imperfections and Patterns of International Trade and Capital Flows, Journal of the European Economic Association 3: 714-723.
McKibbin, Warwick J., and Andrew Stoeckel, (2009), The Potential Impact of the Global Financial Crisis on World Trade, World Bank Policy Research Working Paper 5134.
Minetti, Raoul, and Susan Chun Zhu, (2009), Credit Constraints and Firm Export: Microeconomic Evidence from Italy, Michigan State University mimeo.
- Mora, Jesse, and William Powers, (2009), Did trade credit problems deepen the great trade collapse? VoxEU.org, 27 November.
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- Muûls, Mirabelle (2008), Exporters and Credit Constraints. A Firm Level Approach, London School of Economics mimeo.
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- Private credit: From Beck et al. (2009). Equal to the amount of credit extended by banks and other non-bank financial intermediaries to the private sector divided by GDP, averaged over 1996-2005.
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Raddatz, Claudio, (2006), Liquidity Needs and Vulnerability to Financial Underdevelopment, Journal of Financial Economics 80: 677-722.
Rajan, Raghuram, and Luigi Zingales, (1998), Financial Dependence and Growth, American Economic Review 88: 559-586.
- Rampell, Catherine, (2009), Layoffs Spread to More Sectors of the Economy, The New York Times January 27, 2009.
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Romalis, John, (2004), Factor Proportions and the Structure of Commodity Trade, American Economic Review 94: 67-97.
- Schwartz, Nelson, (2009a), Job Losses Pose a Threat to Stability Worldwide, The New York Times February 15, 2009.
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- Schwartz, Nelson, (2009b), Rapid Declines in Manufacturing Spread Global Anxiety, The New York Times March 20, 2009.
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Svaleryd, Helena, and Jonas Vlachos, (2005), Financial Markets, the Pattern of Industrial Specialization and Comparative Advantage, European Economic Review 49: 113-144.
- The investment flow and labor force data are from the latest version of the Penn World Tables. Human capital per worker is taken from Caselli (2005). Following Hall and Jones (1999), is calculated as a Mincerian return-weighted average years of schooling, namely = exp(()), where is the average years of schooling in the population over 25 years of age, and () is a piece-wise linear function with a slope of 013 for 4, 010 for 4 8, and 007 for 8. We use the average value of and over 1996-2005 as our measures of initial factor endowments. Exchange rates: From Thomson Datastream, in units of foreign currency per US dollar. A monthly average of daily rates is used. Industrial Production Index: From the IMF International Financial Statistics. Treasury Bill rate: Three-month rate. From the IMF International Financial Statistics.
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- These are calculated using 1996 data, the most recent year available in the dataset. We map SIC 4-digit to NAICS 3-digit industries using the Feenstra et al. (2002) US import database (1989-2006). In that database, import flows at a detailed HS-10 digit level are reported, with accompanying SIC and NAICS industry codes, from which concordance weights were constructed. The factor intensity of each NAICS 3digit industry is calculated as the concordance-weighted average of the factor intensities of its constituent SIC 4-digit industries. C. Country variables Interbank rates (): See Section 3 of the paper.
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- Trade credit (): Constructed following Fisman and Love (2003), using the same Compustat data as for . For each firm, access to trade credit in a given year is computed as the change in accounts payable divided by the change in the firm's total assets. This flow measure of access to trade credit is summed over the period 1996-2005 to get a firm measure for this decade. The median value across firms in each NAICS 3-digit category is used as the industry measure of . Factor intensities (log() log()): From the NBER-CES database. These are constructed first for SIC 4-digit industries: (i) Physical capital intensity as the log of the ratio of real capital stock to total employment; and (ii) Skill intensity as the log of the ratio of non-production workers to total employment.
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Yi, Kei-Mu, (2003), Vertical Specialization Explain the Growth of World Trade?, Journal of Political Economy 111: 52-102.