Data for: Banking Crises and Exports: Lessons from the Past

Published: 01-02-2019| Version 1 | DOI: 10.17632/dwnb9fspdn.1
Contributors:
Leonardo Iacovone,
Esteban Ferro,
Mariana Pereira-López,
Veronika Zavacka

Description

This dataset and do file allow replicating the results of the paper Banking Crises Banking Crises and Exports: Lessons from the Past. This paper analyzes the impact of banking crises on manufacturing exports, exploiting the fact that sectors differ in their needs for external financing. Relying on data from 160 developed and developing countries during 1970-2012, we analyze 147 banking crisis episodes and separate their impact on export growth from the impact of other exogenous shocks (e.g., demand shocks, exchange rate shocks). Our findings show that during a crisis, the exports of sectors more dependent on external finance grow significantly less than other sectors. However, this result holds only for sectors that depend on banking finance as opposed to interfirm finance (i.e., trade finance or trade credit). For sectors that depend heavily on banking finance, the effect of banking crises on exports is robust, additional to external demand shocks, and not driven by exchange rate shocks. The database includes trade data from WITS for 1976-2012 and from NBER for 1970-1975 at the ISIC rev. 2 3-digits level, crisis data from Laeven and Valencia (2013), a measure of external dependence based on Rajan and Zingales (1998), Trade Credit from Fisman and Love (2003) and Tangibility from Kroszner et al. (2007). A README file is included, explaining how to obtain the results.

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