The bursting of the US housing bubble in the second half of 2008 triggered an almost unprecedented systemic crisis in the world economy. The financial collapse quickly overflowed into the real economy and caused, among other effects, a sharp fall in the flow of world trade. Using export data from Brazilian municipalities, we show that the subprime crisis had a more significant effect on production and employment in exporting cities than municipalities more devoted to the domestic economy. We find that the manufacturing and construction sectors of exporting cities were the most affected during the crisis. However, exporting municipalities with a substantial share of services activities were more resilient to the external crisis. This difference is significant and sheds light on the debate on the effects of the crisis on Brazilian regions and cities. Using a unique business management dataset that contains firm-to-firm controls, we also find spillovers in the labor market from exporting to domestic-oriented cities through job reallocation. Our results suggest that workers migrate from exporting municipalities to other non-exporting municipalities within the same firm economic group.

中文翻译：

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次贷危机对实体部门的间接和直接影响：劳动力市场迁移。

2008年下半年美国房地产泡沫的破裂引发了世界经济几乎前所未有的系统性危机。金融崩溃迅速扩散到实体经济中，并造成了其他影响，例如世界贸易流量的急剧下降。使用巴西直辖市的出口数据，我们发现，次贷危机对出口城市的生产和就业的影响要比更专注于国内经济的直辖市更为严重。我们发现，出口城市的制造业和建筑业在危机期间受影响最大。但是，在服务活动中占很大比重的出口城市对外部危机的抵御能力更强。这种差异是巨大的，为有关危机对巴西地区和城市的影响的辩论提供了启示。通过使用包含公司对公司控制的独特业务管理数据集，我们还发现了劳动力市场的溢出效应，从通过工作再分配向以国内为导向的城市出口。我们的结果表明，工人从出口城市迁移到同一企业经济集团内的其他非出口城市。