Trade Crisis? What Trade Crisis?
Copyright policy )Trade Crisis? What Trade Crisis?
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.
- University of Surrey United Kingdom
- Université du Québec à Montréal Canada
- University of Quebec Canada
- London School of Economics and Political Science United Kingdom
- Norwegian School of Economics Norway
2008–2009 trade collapse; trade crisis; margins of trade; firm-level analysis; Belgium, Kleine offene Volkswirtschaft, trade crisis; trade collapse; margins of trade; firm-level analysis; Belgium, 2008-2009 trade collapse, trade crisis, margins of trade, firm-level analysis, Belgium, 2008–2009 trade collapse, margins of trade, H, Belgium, Industrie, F10, trade collapse, Wirtschaftskrise, Internationale Wirtschaft, trade crisis, trade collapse, margins of trade, firm-level analysis, Belgium., Belgien, ddc:330, F14, 2008–2009 trade collapse, Belgian microdata, margins of trade, difference-indifference, Internationale Wirtschaftsbeziehungen, trade crisis, F01, Belgium; firm-level analysis; margins of trade; trade collapse; trade crisis, firm-level analysis, jel: jel:F01, jel: jel:F10, jel: jel:F14
2008–2009 trade collapse; trade crisis; margins of trade; firm-level analysis; Belgium, Kleine offene Volkswirtschaft, trade crisis; trade collapse; margins of trade; firm-level analysis; Belgium, 2008-2009 trade collapse, trade crisis, margins of trade, firm-level analysis, Belgium, 2008–2009 trade collapse, margins of trade, H, Belgium, Industrie, F10, trade collapse, Wirtschaftskrise, Internationale Wirtschaft, trade crisis, trade collapse, margins of trade, firm-level analysis, Belgium., Belgien, ddc:330, F14, 2008–2009 trade collapse, Belgian microdata, margins of trade, difference-indifference, Internationale Wirtschaftsbeziehungen, trade crisis, F01, Belgium; firm-level analysis; margins of trade; trade collapse; trade crisis, firm-level analysis, jel: jel:F01, jel: jel:F10, jel: jel:F14
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