Firms and the Global Crisis: French Exports in the Turmoil

60 Pages Posted: 27 Jun 2010

See all articles by Jean Charles Bricongne

Jean Charles Bricongne

Banque de France

Lionel Fontagne

University of Paris 1 Panthéon Sorbonne; Paris School of Economics; CEPII

Guillaume Gaulier

Independent

Daria Taglioni

European Central Bank (ECB) - Directorate General Economics

Vincent Vicard

Centre d'Etudes Prospectives et d'Info. Internationales (CEPII)

Multiple version iconThere are 2 versions of this paper

Date Written: December 2009

Abstract

The unprecedented drop in international trade during the last quarter of 2008 and the first quarter of 2009 has mostly been analysed at the macroeconomic or sectoral level. However, heterogeneous exporters in terms of productivity, size or external finance dependence should be hit differently by the crisis. This issue is examined here using data on monthly exports at the product and destination level for some 100,000 individual French exporters, up to 2009M4. We show that the drop in French exports is mainly due to the intensive margin of large exporters. Small and large firms are evenly affected when sectoral and geographical specialisations are controlled for. Lastly, firms (small and large) in sectors structurally more dependent on external finance are the most affected by the crisis.

Keywords: Financial crisis, international trade, firms heterogeneity, intensive and extensive margins

JEL Classification: F02, F10, G01

Suggested Citation

Bricongne, Jean Charles and Fontagne, Lionel and Gaulier, Guillaume and Taglioni, Daria and Vicard, Vincent, Firms and the Global Crisis: French Exports in the Turmoil (December 2009). Banque de France Working Paper No. 265. Available at SSRN: https://ssrn.com/abstract=1630090 or http://dx.doi.org/10.2139/ssrn.1630090

Jean Charles Bricongne (Contact Author)

Banque de France ( email )

Paris
France

Lionel Fontagne

University of Paris 1 Panthéon Sorbonne ( email )

Maison des Sciences Economiques
106-112 Bd de l'Hôpital
Paris, 75013
France
+33 1 44 07 89 94 (Phone)
+33 1 53 68 55 01 (Fax)

HOME PAGE: http://lionelfontagne.weebly.com/

Paris School of Economics ( email )

48 Boulevard Jourdan
Paris, 75014 75014
France
+33 1 44 07 89 94 (Phone)

HOME PAGE: http://lionelfontagne.weebly.com/

CEPII ( email )

9 Rue Georges Pitard
Paris, 75015
France
+33 1 53 68 55 06 (Phone)

HOME PAGE: http://lionelfontagne.weebly.com/

Guillaume Gaulier

Independent ( email )

No Address Available

Daria Taglioni

European Central Bank (ECB) - Directorate General Economics ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Vincent Vicard

Centre d'Etudes Prospectives et d'Info. Internationales (CEPII) ( email )

20, avenur de Ségur
Paris Cedex 07, F-75334
France

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