Global value chains (GVCs) involve trade in goods that have multiple production stages that take place in many different countries (that is, ‘production fragmentation’ or ‘slicing up the value chain’), and in which multiple imports and exports of intermediate goods are necessary to produce a final good, which may also be exported.
Global value chains in the current trade slowdown
Michael J Ferrantino, Daria Taglioni, 6 April 2014
Uncertainty and the Great Trade Collapse: New evidence
Dennis Novy, Alan Taylor, 19 March 2014
When the Great Recession hit with full force in 2008, many countries experienced a sharp decline in their economic output. However, the accompanying decline in international trade volumes was even sharper, and almost twice as big.
Trade Prices and the Global Trade Collapse of 2008-2009
Gita Gopinath, Oleg Itskhoki, Brent Neiman, 30 September 2012
Vox readers can download Discussion Paper 9158 for free here.
The Great Trade Quantities Collapse
Gita Gopinath, Oleg Itskhoki, Brent Neiman, 28 July 2012
One of the most unique and concerning features of the recent global recession was the sharp collapse in trade values (see Baldwin 2009).
Estimating trade elasticities: Demand composition and the trade collapse of 2008–09
Matthieu Bussière, Fabio Ghironi, Giulia Sestieri, 14 February 2012
South Korea’s temporary trade barriers before and during the crisis
Moonsung Kang, Soonchan Park, 4 September 2011
During the global crisis there was a severe decline in trade known as the Great Trade Collapse (Baldwin 2009). As described by the OECD (2010) and WTO (2010), in 2009 world merchandise exports fell by 12% while world GDP fell by 2.5%. South Korea (hereafter, Korea) was no exception.
International trade finance practices
Pol Antràs, C Fritz Foley, 29 July 2011
During the recent economic crisis, several practitioners claimed that financial constraints contributed to the large decline in global trade flows relative to gross domestic product. Some evidence collected in a survey conducted by the International Chamber of Commerce and in a survey conducted by the IMF and the Banker’s Association for Finance and Trade supported their claims.
Dissecting the effect of credit supply on trade
Daniel Paravisini, Veronica E Rappoport, Philipp Schnabl, Daniel Wolfenzon, 27 July 2011
One of the most striking aspects of the Great Recession was the Great Trade Collapse. According to the IMF Global Data Source, between the first quarter of 2008 and the first quarter of 2009 international trade fell by 15%, while real world GDP fell by 3.7%.
Is protectionism dying?
Uri Dadush, Shimelse Ali, Rachel Esplin Odell, 7 June 2011
Though countries enacted hundreds of protectionist measures during the global financial crisis, only a small part of world trade has been affected – just 0.8% between October 2008 and October 2009 (WTO 2011).
Recovery and beyond: Lessons for trade adjustment and competitiveness
Filippo di Mauro, Benjamin R. Mandel, 5 May 2011
International trade is in the midst of recovery from its precipitous fall during the 2008-2009 global financial crisis (see Baldwin 2009). Are international markets for goods and services snapping back to their pre-crisis state or, alternatively, did the crisis give rise to long-lasting (even permanent) effects?
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