Broken Relationships: Derisking by Correspondent Banks and International Trade

• 成果类型: Article; Early Access
• 署名作者: Borchert, Lea; De Haas, Ralph; Kirschenmann, Karolin; Schultz, Alison
• 署名单位: Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); University of Mannheim; KU Leuven; Johannes Gutenberg University of Mainz
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag045
• 发表日期: 2026-05-31
• 关键词: F14; F15; F36; G21; G28; L14; Sovereign debt crisis; lending relationships; Capital requirements; Shock transmission; credit; RISK; guarantees; networks; distance; exports

摘要

We study how terminated correspondent banking relationships affect international trade. Drawing on firm-level export data from emerging Europe, we show that when local banks lose access to correspondent services, their corporate clients, especially small- and medium-sized enterprises, experience significant export declines. Firms only partially offset lost exports with higher domestic sales, resulting in lower total revenues and employment. Other firms cease operations entirely. These firm-level impacts aggregate to lower product-level exports from countries more exposed to correspondent bank retrenchment.