This paper assesses the effect of constrained trade finance on trade flows in countries undergoing financial and balance of payments crises. Most of the countries that had a major crisis had a significant trade contraction, while trade-related finance declined sharply. However, trade may also be...

The rapid spread of the COVID-19 pandemic and subsequent countermeasures, such as school closures, the shift to working from home, and social distancing are disrupting economic activity around the world. As with other major economic shocks, there are winners and losers, leading to increased...