Trade Finance and the Great Trade Collapse
研究发现，不考虑金融摩擦的经济模型只能解释2008-2009年世界贸易下降的70%-80%，而金融因素也起了作用，证据是危机期间制成品出口价格相对国内价格上涨，以及海运贸易价格相对空运和陆运上涨。
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.