The study focuses on the effects of financial shocks stemming from the global financial crisis of 2008 and the sovereign debt crisis on the dynamics of Italian exports. It also investigates whether tensions on interbank markets have affected trust between Italian banks and foreign banks which intermediate between Italian exporters and foreign importers, possibly generating financial constraints to foreign trade.
During crisis episodes the fall in exports has been more acute in those towards more distant countries and for the most financially vulnerable sectors, especially those with a higher dependence on trade finance and trade credit. Italian banks' intermediation with foreign counterparts seems to have slightly attenuated the impact of financial tensions on exports.
Published in 2020 in: Review of World Economic, v. 156, 4, pp. 859 - 885.
