Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/248945 
Year of Publication: 
2021
Series/Report no.: 
CESifo Working Paper No. 9400
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
This paper analyses the impact of the Covid-19 pandemic on exports and imports in the case of 35 OECD countries during the 2019Q1-2021Q2 period using a dynamic panel approach, specifically the system Generalized Method of Moments (GMM). In contrast to earlier studies, the empirical specification incorporates not only an index for the restrictive (and fiscal) measures adopted by national governments, but also an interaction term with private credit which captures the role of the financial sector in the context of the current crisis. The findings suggest that the negative effects of the Covid-19 pandemic on international trade can be attenuated through (policies supporting) private credit, which confirms the importance of the trade-finance nexus.
Subjects: 
Covid-19 pandemic
stringency index
overall government response index
credit to the private non-financial sector
dynamic panel models
GMM
JEL: 
C25
E61
F13
F15
Document Type: 
Working Paper
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