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This paper explores the 2008â€“2009 Global Trade Collapse to estimate the effects of a credit supply shock on exportersâ€™ investment decisions. Using a Brazilian firm-level dataset compiled by the Brazilian Internal Revenue Service (IRS) over the 2007â€“2013 period, we pair export-intensive firms with their domestically oriented counterparts. We subsequently calculate the differences in terms of the sensitivity of investment to cash flow between these two groups over the years. After controlling for the effect of international falling demand, our study reveals that exporters are more severely constrained than their peers in the control group only in 2009, when the supply of credit instruments to finance international trade decreased. Given their high need for external financing to support exporting activities and the volatility of the cost of trade finance, which is usually priced against the 3-month LIBOR, our results are in line with our expectations. A number of robustness and placebo tests confirm the validity of the findings.

The perfils of crossing borders: the financial constraints of brazilian exporters during the 2009 global trade collapse