Kishore Gawande, Bernard Hoekman, Yue Cui, Thursday, November 10, 2011 - 00:00

The Great Trade Collapse of 2008–09 did not give rise to rampant protectionism. This column examines the determinants of the observed pattern of trade-policy responses to the 2008 crisis, using data for seven large emerging markets that have a history of active use of trade policy. Vertical specialisation is found to be the most powerful economic factor determining trade-policy responses.

CEPR Policy Research