Services offshoring is on the rise. Due to recent innovations in communication technologies, many services that used to be non-tradable can be delivered from distance today. Still, German services imports have grown much slower than exports over the past decades, indicating under-exploitation of...

We provide novel evidence on the micro-structure of international trade during the 2008 financial crisis and subsequent global recession exploring a rich firm-level data set from Spain. The analysis is motivated by the surprisingly strong export performance of Spain in the aftermath of the great...

We provide novel evidence on the micro-structure of international trade during the 2008 financial crisis and subsequent global recession by exploring a rich firm-level data set from Spain. The focus of our analysis is on changes at the extensive and intensive firm-level margins of trade, as well...

In early 2020, the disease Covid-19 caused a drastic lockdown of the Chinese economy. We use a quantitative trade model with input-output linkages to gauge the effects of this adverse supply shock in China on the global economy through international trade and global value chains (GVCs). We find...

How do financial market conditions affect real economic performance? Empirical investigations of this question have often relied on measures of external financial dependence (EFD) that are constructed using US data and applied to other countries under the assumption of a stable industry ranking...

We use an augmented gravity model to revisit the effect of similarity in income distributionson bilateral trade flows. Disentangling supply-side and demand-side mechanisms,we document a robust new regularity: while differences in average incomes betweentwo countries increase trade, differences...

Services offshoring is on the rise. Due to recent innovations in communication technologies, many services that used to be non-tradable can be delivered from distance today. Still, German services imports have grown much slower than exports over the past decades, indicating under-exploitation of...

Contractual frictions are widely known to shape firm boundaries. But do better contracting institutions, which reduce these frictions, induce firms to be more or less deeply integrated? This paper provides a large-scale investigation of this question using a unique micro dataset of ownership...

How do financial market conditions affect real economic performance? Empirical investigations of this question have often relied on measures of external financial dependence (EFD) that are constructed using U.S. data and applied to other countries under the assumption of a stable industry...