Global value chains in the current trade slowdown

Michael J Ferrantino, Daria Taglioni 06 April 2014

a

A

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. Since the emergence of the North American GVC in automobiles in the 1960s and the East Asian electronics GVC in the 1970s, the role of GVCs in international trade has become more important and has attracted increasing attention.

a

A

Topics:  International trade

Tags:  great trade collapse, global value chains, trade slowdown

Uncertainty and the Great Trade Collapse: New evidence

Dennis Novy, Alan Taylor 19 March 2014

a

A

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. Globally, industrial production fell 12%, and trade volumes fell 20% in the twelve months from April 2008 – shocks of a magnitude not witnessed since the 1930s (Eichengreen and O’Rourke 2010). In addition, the decline was remarkably synchronised across countries.

a

A

Topics:  Global crisis International trade

Tags:  global crisis, great trade collapse

Trade Prices and the Global Trade Collapse of 2008-2009

Gita Gopinath, Oleg Itskhoki, Brent Neiman,

Date Published

Sun, 09/30/2012

a

A

Show in Editors Choice Box?

0

Display Order

0

Topics

Global crisis International trade

Partners

CEPR

URL

www.cepr.org/pubs/dps/DP9158.asp

Vox readers can download Discussion Paper 9158 for free here.

Journalists are entitled to free DP downloads on request; please contact pressoffice@cepr.org. To learn more about subscribing to CEPR's Discussion Paper Series, please visit the CEPR website.

Home Page

Display Order

0

cepr_featured

0
Tags
great trade collapse, trade prices

The Great Trade Quantities Collapse

Gita Gopinath, Oleg Itskhoki, Brent Neiman 28 July 2012

a

A

One of the most unique and concerning features of the recent global recession was the sharp collapse in trade values (see Baldwin 2009). Researchers subsequently provided myriad hypotheses for the drivers of this disproportionate decline in trade relative to output and value added.1 Many immediately concluded that a large price decline must be part of the collapse. And, indeed, for some categories of goods this was in fact the case. Levchenko et al.

a

A

Topics:  Global crisis International trade

Tags:  great trade collapse

Estimating trade elasticities: Demand composition and the trade collapse of 2008–09

Matthieu Bussière, Fabio Ghironi, Giulia Sestieri 14 February 2012

a

A

 

a

A

Topics:  International trade Macroeconomic policy

Tags:  supply chains, great trade collapse

South Korea’s temporary trade barriers before and during the crisis

Moonsung Kang, Soonchan Park 04 September 2011

a

A

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. In 2009, its exports fell by 13.9% while imports dropped by 25.8%.

a

A

Topics:  International trade

Tags:  global crisis, South Korea, murky protectionism, great trade collapse, temporary trade barriers, antidumping duties

International trade finance practices

Pol Antràs, C Fritz Foley 29 July 2011

a

A

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. Policymakers responded with a variety of measures to increase the available of capital for importers and exporters.

a

A

Topics:  International trade

Tags:  Trade finance, great trade collapse, poultry

Dissecting the effect of credit supply on trade

Daniel Paravisini, Veronica E Rappoport, Philipp Schnabl, Daniel Wolfenzon 27 July 2011

a

A

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%.

a

A

Topics:  International trade

Tags:  great trade collapse

Is protectionism dying?

Uri Dadush, Shimelse Ali, Rachel Esplin Odell 07 June 2011

a

A

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). Even the most frequent targets of trade-discriminatory measures – such as China – and perpetrators – such as India – saw export and import trends change little during the crisis.1 Moreover, the impact appears to have subsided quickly.

a

A

Topics:  Global crisis International trade

Tags:  international trade, protectionism, great trade collapse

Recovery and beyond: Lessons for trade adjustment and competitiveness

Filippo di Mauro, Benjamin R. Mandel 05 May 2011

a

A

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?

a

A

Topics:  Global crisis International trade

Tags:  international trade, great trade collapse, exchange-rate policy

Pages

Events