Broken Relationships: De-Risking by Correspondent Banks and International Trade
研究了代理行关系终止如何影响国际贸易，利用新兴欧洲的企业出口数据，发现当地银行失去代理服务后，其企业客户尤其是中小企业出口显著下降，部分企业倒闭，整体上降低了国家层面的产品出口。
Abstract We study how terminated correspondent banking relationships affect international trade. Drawing on firm-level export data from emerging Europe, we show that when local banks lose access to correspondent services, their corporate clients, especially small- and medium-sized enterprises, experience significant export declines. Firms only partially offset lost exports with higher domestic sales, resulting in lower total revenues and employment. Other firms cease operations entirely. These firm-level impacts aggregate to lower product-level exports from countries more exposed to correspondent bank retrenchment.