{"type":"survey","doc_desc":{"title":"WLD_2006_BCE_v01_M","idno":"DDI_WLD_2006_BCE_v01_M","prod_date":"2010-09-08","version_statement":{"version":"version 01 (September 2010)"}},"study_desc":{"title_statement":{"idno":"WLD_2006_BCE_v01_M","title":"Banking Crisis and Exports 1980-2006","alt_title":"BCE 1980-2006"},"authoring_entity":[{"name":"Leonardo Iacovone (World Bank) and Veronika Zavacka (Graduate Institute for International and Development Studies)","affiliation":""}],"production_statement":{"prod_date":"2010-09-08"},"distribution_statement":{"contact":[{"name":"Development Research Group","affiliation":"World Bank","email":"research@worldbank.org","uri":"http:\/\/go.worldbank.org\/B9W4QTDHR0"}]},"study_info":{"abstract":"For the first time since 1982, in 2009, global trade flows will not grow. According to the latest IMF projections global trade in goods and services is expected to drop by 11% during 2009 and to stagnate in year 2010. The recent collapse in exports following the unfolding of the financial crisis has generated new pressing questions about the relationship between banking crises and exports growth. Are the supply shocks due to the collapse in the banking system responsible for the falls in exports? Or is what we observe completely attributable to the demand side where we have also observed unprecedented drops particularly in developed countries? In Iacovone and Zavacka (2009) we explore these questions using data, below, from 23 past banking crises episodes involving both developed and developing countries during 1980-2000.","time_periods":[{"start":"1980","end":"2006","cycle":""}],"coll_dates":[{"start":"1980","end":"2006","cycle":""}],"nation":[{"name":"World","abbreviation":"WLD"}],"data_kind":"Aggregate data [agg]","notes":"The dataset includes indicators related to:\n- Export\n- Export growth rate\n- Banking crisis\n- External finance dependence\n- Dependence on trade credit\n- Tangibility\n- Financial institution assets\n- Stock market capitalization     \n- Private credit   \n- Trade\n- GDP loss during crisis\n- Real GDP per capita\n- Blanket guarantee\n- Liquidity support\n- Forbearance\n- Recapitalizations\n- Debt relief\n- Recession\n- Real gdp growth\n- Inventories\/sales\n- Cash conversion cycle\n- External finance dependence\n- Capital\/labor\n- R&D intensity\n- Product homogeneity","study_scope":"The dataset includes indicators related to:\n- Export\n- Export growth rate\n- Banking crisis\n- External finance dependence\n- Dependence on trade credit\n- Tangibility\n- Financial institution assets\n- Stock market capitalization     \n- Private credit   \n- Trade\n- GDP loss during crisis\n- Real GDP per capita\n- Blanket guarantee\n- Liquidity support\n- Forbearance\n- Recapitalizations\n- Debt relief\n- Recession\n- Real gdp growth\n- Inventories\/sales\n- Cash conversion cycle\n- External finance dependence\n- Capital\/labor\n- R&D intensity\n- Product homogeneity"},"method":{"data_collection":{"coll_mode":"Other [oth]","coll_situation":"Exports data, from UN Comtrade, are disaggregated at 4 digits ISIC Rev 2 and cover the period 1980 to 2006. There are 81 industries at this level of disaggregation, however, not all countries have exported in all industries and years and therefore the resulting panel is unbalanced with the number of observations slightly above 30000.\n\nThe information on banking crises is obtained from Dell'Ariccia, Detragiache, and Rajan (2008) who identify 48 episodes of systemic financial crises in both developed and developing countries. Because we are only interested in the effect of pure banking crises we exclude all \\twin crises\" when a currency crisis occurred jointly with the banking crisis. The rationale for this exclusion is that we want to isolate the credit crunch channel from balance sheet effects. During twin crises, when large devaluations occur, firms with high exposure to foreign debt will be hit particularly hard. If these firms are also the firms highly dependent on external finance, the effect of the crisis on exporters that we observe might be a consequence of their own balance sheet problems rather than a consequence of the credit crunch due to the banking crisis. Finally, out of the remaining 32 crisis episodes we only have disaggregated trade data for 23 crises in 21 countries. We use Dell'Ariccia, Detragiache, and Rajan's (2008) database to identify the start of the crisis but in the estimations the financial crisis dummy is actually a \\crisis window\". This is equal to 1 if country if faces a financial crisis in year t as well as in the two following years .The reason of using a crisis window is because we are not only interested in the immediate short run effects of the crisis but also its medium-term effects. Furthermore, given the lumpiness of certain investments it is possible that the impact of the credit crunch due to the crisis may emerge with a lag as firms do not have to finance investment continuously."}},"data_access":{"dataset_use":{"cit_req":"Use of the dataset must be acknowledged using a citation which would include:\n- the Identification of the Primary Investigator\n- the title of the survey (including acronym and year of implementation)\n- the survey reference number\n- the source and date of download\n\nExample:\n\nLeonardo Iacovone and Veronika Zavacka. Banking Crisis and Exports (BCE) 1980-2006. Ref. WLD_2006_BCE_v01_M. Dataset downloaded from http:\/\/microdata.worldbank.org on [date].","disclaimer":"The user of the data acknowledges that the original collector of the data, the authorized distributor of the data, and the relevant funding agency bear no responsibility for use of the data or for interpretations or inferences based upon such uses."}}},"data_files":[{"file_id":"F1","file_name":"FinalDataset","description":"Exports data, from UN Comtrade, are disaggregated at 4 digits ISIC Rev 2 and cover the period 1980 to 2006. There are 81 industries at this level of disaggregation, however, not all countries have exported in all industries and years and therefore the resulting panel is unbalanced with the number of observations slightly above 30000.\n\nThe information on banking crises is obtained from Dell'Ariccia, Detragiache, and Rajan (2008) who identify 48 episodes of systemic financial crises in both developed and developing countries. Because we are only interested in the effect of pure banking crises we exclude all \\twin crises\" when a currency crisis occurred jointly with the banking crisis. The rationale for this exclusion is that we want to isolate the credit crunch channel from balance sheet effects. During twin crises, when large devaluations occur, firms with high exposure to foreign debt will be hit particularly hard. If these firms are also the firms highly dependent on external finance, the effect of the crisis on exporters that we observe might be a consequence of their own balance sheet problems rather than a consequence of the credit crunch due to the banking crisis. Finally, out of the remaining 32 crisis episodes we only have disaggregated trade data for 23 crises in 21 countries. We use Dell'Ariccia, Detragiache, and Rajan's (2008) database to identify the start of the crisis but in the estimations the financial crisis dummy is actually a \\crisis window\". This is equal to 1 if country if faces a financial crisis in year t as well as in the two following years .The reason of using a crisis window is because we are not only interested in the immediate short run effects of the crisis but also its medium-term effects. 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The measure of external finance dependence is based on data of listed US companies provided in Compustat and obtained from Rajan and Zingales (1998). They compute the proxy as a fraction of capital expenditures that an industry is not able to finance with internal funds. 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