Firms and the Global Crisis: French Exports in the Turmoil
By Jean-Charles Bricongne, Lionel Fontagné, G. Gaulier, Daria Taglioni, V. Vicard. Social Science Research Network, 2012
535 citations recorded by the source corpus.
Global trade contracted quickly and severely during the global crisis. This paper uses a unique dataset of French firms to match export data to firm-level credit constraints and shows that most of the 2008-2009 trade collapse was due to the unprecedented demand shock and to product characteristics. While all firms have been affected by the crisis, the effect on large firms has been mainly at the intensive margin and has resulted in a smaller portfolio of products being offered to export destinations. The effect on smaller exporters has been to reduce the range of destinations served or to stop exporting altogether. Credit constraints have been an added aggravation for firms active in high financial dependence sectors. However, the share of credit constrained firms is small and their number has not increased hugely during the crisis, with the result that the overall impact of credit constraints on trade has been limited.
Subfields: Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/e1e81b6af61d7ca555399ccfa2ae5723941529e8
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Citations in the corpus
- Global networks, local specialisation and regional patterns of innovation (2020, background): “In fact, it is more plausible that access to venture capital in 1999 is exogeneous to the status of firm internationalisation and innovativeness during our sample period, especially in the light of the deep disruption of financial linkages and dynamics caused by the crisis (Campello et al., 2010; Br”
- Firm Exports and Multinational Activity Under Credit Constraints (2011, background): “Bricongne et al. (2010) study the effect of the latter on French firms.”
- Trade Crisis? What Trade Crisis? (2013, unknown): “…be written as X ≡ f c, g x, where f , c, and g denote the the number of exporters, the average number of countries each exporter sells to, and the average number of products each exporter ships to each country, respectively, and where x ≡ X/( f c g) are average sales per exportercountry-product.”
- How Firms Export: Processing vs. Ordinary Trade with Financial Frictions (2016, unknown): “…firms' export activity and distort aggregate trade flows, both in normal times and during crisis episodes (Foley and Manova, 2015; Manova, 2013; Berman and Héricourt, 2010; Bricongne et al., 2012; Amiti and Weinstein, 2011; Minetti and Zhu, 2011; Chor and Manova, 2012; Feenstra et al., 2011).”
- Gravity Equations: Workhorse,Toolkit, and Cookbook (2013, background): “A recent example is Bricongne et al. (2012), who apply this decomposition to the 2008–2009 trade collapse to find that most of the adjustment came from existing firms cutting their shipments rather than from exit.”
- Testing the trade credit and trade link: evidence from data on export credit insurance (2014, background): “With firm-level, high frequency customs and credit data, Bricongne et al. (2012) demonstrated that French export-oriented firms in sectors more dependent on external finance have been most affected by the crisis, while Manova (2012) showed that in the United States the cost of external finance may…”
- Sustainable (2014, background): “Public investment should provide solid infrastructure to connect the producers with major centres of consumption (big cities and international markets).”
- De-Globalisation? Global Value Chains in the Post-COVID-19 Age (2020, unknown): “This is illustrated in Chart 9, borrowed from Bricongne et al. (2012), which indicates that the Trade Collapse did not significantly impact the evolution of the number of exporters in France (which was already on a mild downward trend), while the total volume exports fell quite dramatically during…”