Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/118601
Authors: 
Eppinger, Peter S.
Meythaler, Nicole
Sindlinger, Marc-Manuel
Smolka, Marcel
Year of Publication: 
2015
Series/Report no.: 
IAW-Diskussionspapiere 120
Abstract: 
We provide novel evidence on the micro-structure of international trade during the 2008 financial crisis and subsequent global recession exploring a rich firm-level data set from Spain. The analysis is motivated by the surprisingly strong export performance of Spain in the aftermath of the great trade collapse (dubbed by some as the 'Spanish export miracle'). The focus of our analysis is on changes at the extensive and intensive firm-level margins of trade, as well as on performance differences (jobs, productivity, and firm survival) across firms that differ in their export status. We find no adverse effects of the financial crisis on foreign market entry or exit, but a considerable increase in the export intensity of firms after the financial crisis. Moreover, we find that those firms that entered the crisis as exporters (and continued exporting throughout the crisis years) were more resilient to the crisis than those firms that restricted their sales to the domestic market. Finally, in contrast to exporters, non-exporters experienced a significant deterioration in their total factor productivity, which led to an overall decline in the productivity of a significant number of industries in Spanish manufacturing.
Subjects: 
international trade
financial crisis
manufacturing
firm-level data
Spain
JEL: 
F10
F14
G01
D24
Document Type: 
Working Paper

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