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Taking Stock of Trade Protectionism Since 2008

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  • Datt, Mohini

    ()
    (World Bank)

  • Hoekman, Bernard

    ()
    (World Bank)

  • Malouche, Mariem

    ()
    (World Bank)

Abstract

Following the onset of the financial crisis in September 2008 and the subsequent “Great Trade Collapse” (Baldwin 2009), many countries actively used trade policy instruments as part of their response to the global recession. Governments pursued a mix of trade liberalization, trade promotion, and trade restrictions. The choice of trade policy has varied, with limited use of tariff hikes or antidumping and safeguard actions. Sector-specific support to industries dominated initial responses to the crisis, and there has been increasing resort to nontariff measures. Recent research suggests that vertical specialization—the growth in global supply chains—has played a significant role in limiting the use of traditional protectionist instruments. Pressures on governments to support domestic economic activity may increase, given current gloomy economic prospects and more binding macroeconomic policy constraints, and the number of protectionist measures has recently risen. Open trade cannot be taken for granted, thus the need for monitoring persists.

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Bibliographic Info

Article provided by The World Bank in its journal Economic Premise.

Volume (Year): (2011)
Issue (Month): 72 (December)
Pages: 1-9

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Handle: RePEc:wbk:prmecp:ep72

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Keywords: trade; protectionism; financial crisis; trade policy; recession; trade liberalization; trade promotion; trade restrictions; WTO; Doha;

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  1. Olivier Cadot & Mariem Malouche & Sebastián Sáez, 2012. "Streamlining Non-Tariff Measures : A Toolkit for Policy Makers," World Bank Publications, The World Bank, number 6019, July.
  2. Martin, Will & Anderson, Kym, 2011. "Export restrictions and price insulation during commodity price booms," Policy Research Working Paper Series 5645, The World Bank.
  3. Chad P. Bown, 2010. "China's WTO Entry: Antidumping, Safeguards, and Dispute Settlement," NBER Chapters, in: China's Growing Role in World Trade, pages 281-337 National Bureau of Economic Research, Inc.
  4. Kee, Hiau Looi & Neagu, Cristina & Nicita, Alessandro, 2010. "Is protectionism on the rise ? assessing national trade policies during the crisis of 2008," Policy Research Working Paper Series 5274, The World Bank.
  5. Guillaume Daudin & Christine Rifflart & Danielle Schweisguth, 2011. "Who produces for whom in the world economy?," Canadian Journal of Economics, Canadian Economics Association, vol. 44(4), pages 1403-1437, November.
  6. Michael P. Leidy, 1997. "Macroeconomic Conditions and Pressures for Protection under Antidumping and Countervailing Duty Laws: Empirical Evidence from the United States," IMF Staff Papers, Palgrave Macmillan, vol. 44(1), pages 132-144, March.
  7. Bradley J. McDonald & Christian Henn, 2011. "Protectionist Responses to the Crisis," IMF Working Papers 11/139, International Monetary Fund.
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