International trade exposes exporters and importers to substantial risks. To mitigate these
risks, firms can buy special trade finance products from banks. Based on unique data with …

Does armed conflict reduce trade, even in noncombat areas, through the destruction of
intergroup social capital? We analyze Ukrainian trade transactions before and after the 2014 …

This study documents a substantial decline in the exports of major trading nations taking
place in March 2020. Accounting for product-specific seasonality and annual trends, the …

Employing new data on US banks' trade-finance claims by country, this paper estimates the
effect of letter-of-credit supply shocks on US exports. We show that a one-standard deviation …

This study argues that the ability to mitigate risks associated with international trade is
particularly important at times of heightened uncertainty, such as the economic crisis caused …

When trading across borders, firms choose between different payment contracts.
Theoretically, this should allow firms to trade‐off differences in financing costs and …

We study the role of Export Credit Agencies—the predominant tool of industrial policy—on
firm behavior by using the effective shutdown of the Export-Import Bank of the United States …

Exporting firms face foreign exchange risk when the export contract is invoiced in a foreign
currency. For instance, for firms located outside of the United States, the US dollar is often …

Purpose Large global banks were at the heart of the global financial crisis. In response to
the crisis, the Financial Stability Board published an integrated set of policy measures, such …

This paper examines the impact of risk-sensitive Basel regulations on debt financing of firms
around the world. It investigates how firms cope with the impact through adjustments to their …