Banking Crises and Exports : Lessons from the Past

Iacovone, Leonardo ; Zavacka, Veronika

关键词: ACCESS TO FINANCE;    ADVERSE DEMAND;    ADVERSE EFFECT;    ADVERSE IMPACT;    ADVERSE SELECTION;   

DOI  :  10.1596/1813-9450-5016
RP-ID  :  WPS5016

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper analyzes the impact ofbanking crises on manufacturing exports exploiting the factthat sectors differ in their needs for external financing.Relying on data from 23 banking crises episodes involvingboth developed and developing countries during the period1980-2000 the authors separate the impact of banking criseson export growth from that of other exogenous shocks (i.e.demand shocks). Their findings show that during a crisis theexport of sectors more dependent on external finance growsignificantly less than other sectors. However, this resultholds only for sectors depending more heavily on bankingfinance as opposed to inter-firm finance. Furthermore,sectors characterized by higher degree of assets tangibilityappear to be more resilient in the face of a banking crisis.The effect of the banking crises on exports is robust andadditional to external demand shocks. The effect of thelatter is independent and additional to that of a bankingshock, and is particularly significant for sectors producingdurable goods.