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 codes: F02, F10, G01 RésuméLa chute sans précédent du commerce international pendant le quatrième trimestre 2008 et le premier trimestre 2009 a été analysée au niveau macroéconomique ou sectoriel. Toutefois, des exportateurs qui sont hétérogènes en termes de productivité, de taille ou de dépendance à la finance externe devraient être touchés de manière différenciée. Cette question est analysée dans cet article en utilisant les données mensuelles d'exportations françaises désagrégées par produits et destinations, pour environ 100.000 entreprises exportatrices jusqu'en avril 2009. Nous montrons que la chute des exportations françaises est due principalement à la marge intensive des plus gros exportateurs. Tous les exportateurs, quelle que soit leur taille, sont cependant touchés de façon comparable quand on contrôle pour les effets liés aux spécialisations sectorielles et géographiques. Enfin, les entreprises, qu'elles soient grandes ou petites, appartenant aux secteurs qui sont structurellement les plus dépendants des financements externes, ont été les plus touchées par la crise.
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 codes: F02, F10, G01 RésuméLa chute sans précédent du commerce international pendant le quatrième trimestre 2008 et le premier trimestre 2009 a été analysée au niveau macroéconomique ou sectoriel. Toutefois, des exportateurs qui sont hétérogènes en termes de productivité, de taille ou de dépendance à la finance externe devraient être touchés de manière différenciée. Cette question est analysée dans cet article en utilisant les données mensuelles d'exportations françaises désagrégées par produits et destinations, pour environ 100.000 entreprises exportatrices jusqu'en avril 2009. Nous montrons que la chute des exportations françaises est due principalement à la marge intensive des plus gros exportateurs. Tous les exportateurs, quelle que soit leur taille, sont cependant touchés de façon comparable quand on contrôle pour les effets liés aux spécialisations sectorielles et géographiques. Enfin, les entreprises, qu'elles soient grandes ou petites, appartenant aux secteurs qui sont structurellement les plus dépendants des financements externes, ont été les plus touchées par la crise.
Analyzing a new database that makes it possible to disaggregate trade flows across many countries according to unit values, we show that international specialization in terms of quality within industries and product categories plays an important role in the dynamics of North-South competition. The different specialization of countries at different levels of development within products and across varieties is mirrored in the recent shifts in world market shares, which are very different across quality segments: the South is not gaining market share in high-value portions of trade pattern. In this respect Europe's specialization pattern appears to be different from that of the US and Japan, and may allow it to better resist the competitive pressure of the South
China has taken advantage of the globalisation process and has become an assembly country for firms in Asia, which have extended their production and trade networks to China. China's position in the segmentation of the production processes has fostered its trade in high-technology products. However the rapid technological upgrading of China's trade is associated with an increasing dependence on foreign capital and technology. The emergence of China has led to the reorganisation of production in Asia and to a triangular trade pattern: firms in advanced Asian economies use China as an export base and instead of exporting finished goods to the US and Europe, now export intermediate goods to their affiliates in China. JEL Classification
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