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灭引发了世界经济史无前例的系统性危机。金融崩溃迅速蔓延到实体经济，除其他影响外，还导致世界贸易流量急剧下降。使用巴西城市的出口数据，我们表明次贷危机对出口城市的生产和就业的影响比更专注于国内经济的城市更显着。我们发现，出口城市的制造业和建筑业在危机期间受到的影响最大。然而，服务活动占很大比例的出口城市对外部危机的抵御能力更强。这种差异是显着的，并阐明了关于危机对巴西地区和城市影响的辩论。使用包含企业间控制的独特业务管理数据集，我们还发现劳动力市场通过工作重新分配从出口到国内城市的溢出效应。我们的研究结果表明，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。