TRADE CRISIS? WHAT TRADE CRISIS?

• 成果类型: Article
• 署名作者: Behrens, Kristian; Corcos, Gregory; Mion, Giordano
• 署名单位: Norwegian School of Economics (NHH); Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00287
• 发表日期: 2013-05
• 页码: 702-709
• 关键词: COLLAPSE

摘要

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.