International trade collapsed in 2008–09, particularly in countries that experienced a financial crisis. Was this collapse unique or part of a broader historical pattern? Using an augmented gravity model and 179 episodes from 1970 to 2009, we find that financial crises are associated with...

This paper reviews the monetary transmission mechanism in low-income countries (LICs). We use the standard description of monetary transmission as a benchmark to identify aspects of the transmission mechanism that may operate differently in LICs. In particular, the paper focuses on the effects...