Trade Crisis? What Trade Crisis?
Top Cited Papers
- 1 May 2013
- journal article
- Published by MIT Press in The Review of Economics and Statistics
- Vol. 95 (2) , 702-709
- https://doi.org/10.1162/rest_a_00287
Abstract
We investigate the 2008–2009 trade collapse using microdata from a small open economy, Belgium. Belgian exports and imports mostly fell because of smaller quantities sold and unit prices charged rather than fewer firms, trading partners, and products being involved in trade. Our difference-in-difference results point to a fall in the demand for tradables as the main driver of the collapse. Finance and involvement in global value chains played a minor role. Firm-level exports-to-turnover and imports-to-intermediates ratios reveal a comparable collapse of domestic and cross-border operations. Overall, our results reject a crisis of cross-border trade per se.Keywords
This publication has 7 references indexed in Scilit:
- Exports and Financial ShocksThe Quarterly Journal of Economics, 2011
- Robust Inference With Multiway ClusteringJournal of Business & Economic Statistics, 2011
- Trade booms, trade busts, and trade costsJournal of International Economics, 2011
- The Collapse of International Trade during the 2008–09 Crisis: In Search of the Smoking GunIMF Economic Review, 2010
- The Great Trade Collapse of 2008–09: An Inventory Adjustment?IMF Economic Review, 2010
- The Margins of US TradeAmerican Economic Review, 2009
- Networks versus markets in international tradeJournal of International Economics, 1999