| 000 -LEADER |
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| fixed length control field |
01553nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
210722b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Benguria, Felipe and Taylor, Alan M. |
| 245 ## - TITLE STATEMENT |
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| Title |
After the panic: Are financial crises demand or supply shocks: Evidence from international trade |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
The American Economic Review: Insights |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
2(4), Dec, 2020: p.509-526 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
Are financial crises a negative shock to aggregate demand or supply? This is a fundamental question for research and policy making. Arguments for stimulus usually presume demand-side shortfalls; arguments for tax cuts or structural reform look to the supply side. Resolving the question requires models with both mechanisms, and empirical tests to tell them apart. We develop a small open economy model, where a country is subject to deleveraging shocks that impose binding credit constraints on households and/or firms. These financial crisis events leave distinct statistical signatures in the time series record that divide sharply between each type of shock. Empirical analysis reveals a clear picture: after financial crises the dominant pattern is that imports contract, exports hold steady or even rise, and the real exchange rate depreciates. History shows financial crises are predominantly a negative shock to demand.- Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name as entry element |
Economic History: Transport, International and Domestic Trade, Energy, Technology |
| 9 (RLIN) |
27360 |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
The American Economic Review: Insights |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
FINANCIAL CRISES |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
