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The 2008 - Financial Crisis and the Effects on International Trade: New Empirical Evidence

Author

Listed:
  • Giuliano Pirrone

    (University of Palermo)

Abstract

The purpose of this study is to analyze the effect of financial crises on international trade flows. For this purpose, Impulse Response Functions (IRFs) of trade flow to financial crisis occurrences are estimated for a large set of advanced and developing economies over the period 1960-2009. The results of this analysis show that trade flows are significantly reduced in the aftermath of financial crises. However, while debt crises have very persistent effects on imports and exports, the effect of banking and currency crises is reversed over the medium-term. The results are robust to different set of controls and robustness checks.

Suggested Citation

  • Giuliano Pirrone, 2012. "The 2008 - Financial Crisis and the Effects on International Trade: New Empirical Evidence," Rivista di Politica Economica, SIPI Spa, issue 4, pages 121-145, October-D.
    • Handle: RePEc:rpo:ripoec:y:2012:i:4:p:121-145
    as

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    More about this item

    Keywords

    financial crises; international trade; globalization;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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