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 Gérard Fontagné

Banque de France; CEPII; University of Paris 1 Panthéon Sorbonne; Paris School of Economics

Guillaume Gaulier

Independent

Daria Taglioni

World Bank, Development Economics

Vincent Vicard

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

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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 Fontagné, 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 Fontagné

Banque de France ( email )

Paris
France

HOME PAGE: http://www.lionel-fontagne.eu/

CEPII ( email )

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Paris, 75015
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+33 1 53 68 55 06 (Phone)

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

Paris School of Economics ( email )

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

University of Paris 1 Panthéon Sorbonne ( email )

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Paris, 75013
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+33 1 44 07 89 94 (Phone)
+33 1 53 68 55 01 (Fax)

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

Guillaume Gaulier

Independent ( email )

Daria Taglioni

World Bank, Development Economics ( email )

Washington, DC 20433
United States

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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