Dorsey, Thomas William; Saito, Mika; Khachatryan, Armine; … - International Monetary Fund (IMF) - 2011
Global merchandise trade sharply declined in late 2008 and early 2009, and some press and financial market reports assigned a large role for the decline to trade finance. However, the available evidence suggests that shocks to trade finance were not the major factor in the decline in trade....