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Trade Finance during the Great Trade Collapse

On September 15, 2008, Lehman Brothers, the fourth-largest U.S. investment bank, filed for bankruptcy, marking the largest bankruptcy in U.S. history and the burst of the U.S. subprime mortgage crisis. Concerns about the soundness of U.S. credit and financial markets led to tightened global credit markets around the world. Spreads skyrocketed. International trade plummeted by double digits, as figure O.1 illustrates. Banks reportedly could not meet customer demand to finance international trade operations, leaving a trade finance “gap” estimated at around $25 billion. The liquidity problem spread from the United States and the European Union (EU) to developing countries’ markets. As the secondary market dried up in late 2008,. | Trade Finance DURING the Great Trade Collapse Editors Jean-Pierre Chauffeur Mariem Malouche TRADE FINANCE DURING THE GREAT TRADE .