Finance and International Trade: A Review of the Literature

Anne-Gaël Vaubourg

doi:10.3917/redp.261.0057

Revue d'économie politique 2016/1 Vol. 126

Journal article

Finance and International Trade: A Review of the Literature

By Anne-Gaël Vaubourg

Pages 57 to 87

VAUBOURG, Anne-Gaël,

2016. Finance and International Trade: A Review of the Literature. Revue d'économie politique, 2016/1 Vol. 126, p.57-87. DOI : 10.3917/redp.261.0057. URL : https://shs.cairn.info/revue-d-economie-politique-2016-1-page-57?lang=en.

Vaubourg, Anne-Gaël.

« Finance and International Trade: A Review of the Literature ». Revue d'économie politique, 2016/1 Vol. 126, 2016. p.57-87. CAIRN.INFO, shs.cairn.info/revue-d-economie-politique-2016-1-page-57?lang=en.

Vaubourg, A.-G.

(2016). Finance and International Trade: A Review of the Literature. Revue d'économie politique, . 126(1), 57-87. https://doi.org/10.3917/redp.261.0057.

https://doi.org/10.3917/redp.261.0057

Figure 1

Image description generated by AI: Line graph showing real imports and insured trade credits from 2005 to 2011.

The image is a line graph depicting the relationship between real imports and insured trade credits in million US dollars, averaged over all countries, from the third quarter of 2005 (2005q3) to the third quarter of 2011 (2011q3). The x-axis represents time, marked in quarters from 2005 to 2011. The y-axis on the left shows the real imports in million US dollars, ranging from 3000 to 5500. The y-axis on the right shows the insured trade credits in million US dollars, ranging from 0 to 6000. There are two lines on the graph: a solid line representing real imports and a dashed line representing insured trade credits. Both lines show fluctuations over the given time period. From 2005q3 to 2007q3, both real imports and insured trade credits generally increase. There is a noticeable peak around 2007q3 for both metrics. Following this peak, there is a sharp decline around 2008q3, coinciding with the global financial crisis. After this decline, both real imports and insured trade credits show a recovery trend, with some fluctuations, continuing to rise until 2011q3. The graph illustrates the correlation between real imports and insured trade credits over the specified period, highlighting significant economic events and trends.

The relation between imports and insured trade credits in million USS (averaged over all countries)

Auboin and Engemann [2014]

Figure 2

Image description generated by AI: Line graph showing quarterly changes in global merchandise exports from 2007 to 2009 for three regions.

The image is a line graph depicting the quarterly percentage change in global merchandise exports from the first quarter of 2007 (2007:Q1) to the second quarter of 2009 (2009:Q2). The graph includes three lines representing different regions: the United States, other developed countries, and developing countries. The x-axis represents the time period from 2007:Q1 to 2009:Q2, while the y-axis shows the percentage change in merchandise exports, ranging from -30% to 20%. - The line representing the United States shows fluctuations in export changes, starting with a positive trend in 2007, peaking around 2007:Q4, followed by a significant decline in 2008, and a sharp recovery in 2009. - The line for other developed countries follows a similar pattern, with a peak in 2007, a decline in 2008, and a recovery in 2009, though the changes are less pronounced compared to the United States. - The line for developing countries also shows a peak in 2007, a decline in 2008, and a recovery in 2009, but with more variability and a steeper decline compared to the other two regions. Overall, the graph illustrates the impact of the global economic downturn on merchandise exports during this period, with all regions experiencing a decline in 2008 followed by a recovery in 2009.

Global merchandise exports, 2007:Q1 to 2009:Q2

Figure 3

Image description generated by AI: Line graph showing changes in external positions of banks from 2007:Q1 to 2009:Q2 for the United States and all other countries.

The image is a line graph titled "External positions of banks, 2007:Q1 to 2009:Q2." It displays data on the quarterly changes in external positions of banks in the United States and all other countries over a period from the first quarter of 2007 to the second quarter of 2009. The x-axis represents the time period, marked in quarters from 1st quarter of 2007 (1st Q7) to the 2nd quarter of 2009 (2nd Q9). The y-axis represents the percentage change in external positions, ranging from -10% to 10%. There are two lines on the graph: 1. A black line representing the United States. 2. A gray line representing all other countries. Key observations: - In the 1st quarter of 2007, the United States shows a significant positive change, while all other countries show a smaller positive change. - Throughout 2007, the United States experiences fluctuations, with a notable peak around the 4th quarter of 2007. - In 2008, the United States shows a sharp decline, reaching a negative change around the 3rd quarter of 2008. - All other countries also experience a decline in 2008, but the drop is less pronounced compared to the United States. - In 2009, both the United States and all other countries show a recovery, with the United States reaching a positive change by the 2nd quarter of 2009. Overall, the graph illustrates the impact of the financial crisis on the external positions of banks in the United States compared to other countries, highlighting significant volatility and eventual recovery.

External positions of banks, 2007:Q1 to 2009:Q2

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