The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun
---- Acknowledgements -----
Preliminary version of a paper prepared for the IMF/Banque de France/PSE Conference on "Economic Linkages, Spillovers and the Financial Crisis" and IMF Economic Review. We are grateful to Lionel Fontagn ́e, Pierre-Olivier Gourinchas, Ayhan Kose, David Weinstein, two anonymous referees, and workshop participants at the University of Michigan, Federal Reserve Board of Governors, Dartmouth College, and the Paris conference for helpful suggestions. C ̧ag ̆atay Bircan provided excellent research assistance. Financial support from Cepremap is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.