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Banking crises and exports : lessons from the past

Author:	Iacovone, Leonardo; Zavacka, Veronika;	Collection Title:	Policy Research working paper ; no. WPS 5016
Country:	World;	Date Stored:	2009/08/18
Document Date:	2009/08/01	Document Type:	Policy Research Working Paper
Language:	English	Region:	The World Region
Report Number:	WPS5016	SubTopics:	Access to Finance; Economic Theory & Research; Emerging Markets; Debt Markets; Banks & Banking Reform
Volume No:	1 of 1	Related Dataset:	Banking Crisis and Exports dataset;

Summary: This paper analyzes the impact of banking crises on manufacturing exports exploiting the fact that sectors differ in their needs for external financing. Relying on data from 23 banking crises episodes involving both developed and developing countries during the period 1980-2000 the authors separate the impact of banking crises on export growth from that of other exogenous shocks (i.e. demand shocks). Their findings show that during a crisis the export of sectors more dependent on external finance grow significantly less than other sectors. However, this result holds only for sectors depending more heavily on banking finance as opposed to inter-firm finance. Furthermore, sectors characterized by higher degree of assets tangibility appear to be more resilient in the face of a banking crisis. The effect of the banking crises on exports is robust and additional to external demand shocks. The effect of the latter is independent and additional to that of a banking shock, and is particularly significant for sectors producing durable goods.


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