BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

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Autor
Broll Udo (Technische Universität Dresden, Germany), Jauer Julia (Technische Universität Dresden, Germany)
Tytuł
International Trade in Differentiated Goods, Financial Crisis and the Gravity Equation
Źródło
Economics and Business Review, 2015, vol. 1 (15), nr 2, s. 76-94, rys., tab., bibliogr. 25 poz.
Słowa kluczowe
Kryzys finansowy, Handel międzynarodowy, Globalizacja
Financial crisis, International trade, Globalization
Uwagi
summ.
Abstrakt
The study examines the effect of financial crises on international trade with a gravity equation approach. We use a large data set covering almost 70 importing and 200 exporting countries from 1950 to 2009. Thus it is possible to put the 'Great Trade Collapse' witnessed during the financial crisis 2008-2009 into a historical perspective. Both the period for which the crisis is observed, and the level of the trading partners' economic development constitute important factors in explaining the negative effects of a banking crisis on international trade. As the analysis indicates financial crises have a stronger negative effect on differentiated goods compared to overall export flows. In addition the negative effects of financial crises persist even after the income effect is accounted for. The study therefore suggests that the increasing share of differentiated goods in international trade might be one possible reason for the comparatively large effect of the recent financial crisis on international trade relative to previous financial turmoil in post-war economic history.(original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka SGH im. Profesora Andrzeja Grodka
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Admati, A., Hellwig, M., 2013, The Bankers' New Clothes, Princeton University Press, Princeton and Oxford.
  2. Amiti, M, Weinstein, D.E., 2011, Exports and Financial Shocks, Quarterly Journal of Economics, vol. 126: 1841-1877.
  3. Anderson, J.E., van Wincoop, E., 2003, Gravity with Gravitas: A Solution to the Border Puzzle, American Economic Review, vol. 93: 170-192.
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  5. Baldwin, R., 2009, The Great Trade Collapse: Causes, Consequences and Prospects, VoxEU.org Publication.
  6. Berman, N., de Sousa, J., Martin, P., Mayer, T., 2012, Time to Ship during Financial Crises, Center for Economic Policy Research, 2012-25.
  7. Bricongnge, J.-C., Fontagne, L., Gaulier, G., Taglioni, D., Vicard, V., 2012, Firms and the Global Crisis: French Exports in the Turmoil, Journal of International Economics, vol. 87: 134-146.
  8. Broll, U., Rajiv, M., Pong Wong, K., 2001, International Trade and Hedging in Economies in Transition, Economic Systems, vol. 25: 149-159.
  9. Chaney, T., 2008, Distorted Gravity: The Intensive and Extensive Margins of International Trade, American Economic Review, vol. 98: 1707-1721.
  10. Chor, D., Manova, K., 2012, Of the Cliff and Back: Credit Conditions and International Trade during the Global Financial Crisis, Journal of International Economics, vol. 87: 117-133.
  11. Didier, T., Hevia, C., Schmukler, S.L., 2011, How Resilient Were Emerging Economies to the Global Crisis? World Bank Policy Research, Working Paper, no. 5637.
  12. Disdier, A.-C., Head, K., 2008, The Puzzling Persistence of the Distance Effect on Bilateral Trade, Review of Economics and Statistics, vol. 90: 37-48.
  13. Eaton, J., Kortum, S., Neiman, B., Romalis, J., 2013, Trade and the Global Recession, Booth School of Business, University of Chicago (and National Bureau of Economic Research, Working Paper, no. 16666; 2011).
  14. Engel, C., Wang, J., 2011, International Trade in Durable Goods: Understanding Volatility, Cyclicality, and Elasticities, Journal of International Economics, vol. 83: 37-52.
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  16. Head K., Mayer, T., Ries, J., 2010, The Erosion of Colonial Trade Linkages after Independence, Journal of International Economics, vol. 81: 1-14.
  17. IMF, 2009a, Global Financial Stability Report, Navigating the Financial Challenges Ahead, October.
  18. IMF, 2009b, Survey of Private Sector Trade Credit Developments, February.
  19. Kellman, M.. Shachmurove, Y., 2011, Diversification and Specialization Paradox in Developing Country Trade, Review of Development Economics, vol. 15: 212-222.
  20. Kellman, M.. Shachmurove, Y., 2012, Evolving Sophistication of Trade Pattersn in a Transition Economy - Machinery Exports of Poland 1980-2009, Poznań University of Economics Review, vol. 12: 9-41.
  21. Kellman, M.. Shachmurove, Y., 2013, Exports and Development Montenegro 2006-2012, Montenegrin Journal of Economics, vol. 9: 29-43.
  22. Martin, P., Mayer, T., Thoenig, M., 2008, Make Trade Not War?, Review of Economic Studies, vol. 75: 865-900.
  23. OECD, 2010, Trade and Economic Effects of Responses to the Economic Crisis, Trade Policy Studies, Paris.
  24. Rauch, J.E., 1999, Networks versus Markets in International Trade, Journal of International Economics, vol. 48: 7-35.
  25. Reinhart, C.M., Rogoff, K.S., 2011, From Financial Crash to Debt Crisis, American Economic Review, vol. 101: 1676-1706.
Cytowane przez
Pokaż
ISSN
2392-1641
Język
eng
URI / DOI
http://dx.doi.org/10.18559/ebr.2015.2.4
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