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Trade And The Crisis: Protect Or Recover

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Author Info

  • ROB GREGORY

    (Strategy, Policy, and Review Department, International Monetary Fund, 700 19th Street, NW, Washington, D.C., 20431, USA)

  • CHRISTIAN HENN

    (Strategy, Policy, and Review Department, International Monetary Fund, 700 19th Street, NW, Washington, D.C., 20431, USA)

  • BRAD MCDONALD

    ()
    (Strategy, Policy, and Review Department, International Monetary Fund, 700 19th Street, NW, Washington, D.C., 20431, USA)

  • MIKA SAITO

    (Strategy, Policy, and Review Department, International Monetary Fund, 700 19th Street, NW, Washington, D.C., 20431, USA)

Abstract

We show that new trade restrictions implemented since the onset of the global financial crisis have had — in the limited products targeted — a strong distortionary impact on trade. Their aggregate impact is modest, however, as most countries have resisted a widespread resort to protectionism. Looking ahead, sustained high unemployment, uneven growth, and an unwinding of government stimulus measures suggest that protectionist pressures may rise. Continuing and further enhancing monitoring of all protectionist measures will help, but the surest way to avoid such a downside scenario is to tighten multilateral trade commitments by completing the World Trade Organization (WTO) Doha Round.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Journal of International Commerce, Economics and Policy.

Volume (Year): 01 (2010)
Issue (Month): 02 ()
Pages: 165-181

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Handle: RePEc:wsi:jicepx:v:01:y:2010:i:02:p:165-181

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Related research

Keywords: Protectionism; transparency; WTO; F02; F13; F40;

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References

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  1. Eichengreen, Barry & Irwin, Douglas A., 2010. "The Slide to Protectionism in the Great Depression: Who Succumbed and Why?," The Journal of Economic History, Cambridge University Press, vol. 70(04), pages 871-897, December.
  2. Andrei A. Levchenko & Logan T. Lewis & Linda L. Tesar, 2010. "The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun," NBER Working Papers 16006, National Bureau of Economic Research, Inc.
  3. John Romalis, 2007. "Market Access, Openness and Growth," NBER Working Papers 13048, National Bureau of Economic Research, Inc.
  4. Amiti, Mary & Weinstein, David E., 2009. "Exports and Financial Shocks," CEPR Discussion Papers 7590, C.E.P.R. Discussion Papers.
  5. Iacovone, Leonardo & Zavacka, Veronika, 2009. "Banking crises and exports : lessons from the past," Policy Research Working Paper Series 5016, The World Bank.
  6. Hiau LooiKee & Alessandro Nicita & Marcelo Olarreaga, 2009. "Estimating Trade Restrictiveness Indices," Economic Journal, Royal Economic Society, vol. 119(534), pages 172-199, 01.
  7. Michael M. Knetter & Thomas J. Prusa, 2000. "Macroeconomic Factors and Antidumping Filings: Evidence from Four Countries," NBER Working Papers 8010, National Bureau of Economic Research, Inc.
  8. Bussière, M. & Pérez-Barreiro, E. & Straub, R. & Taglioni, D., 2011. "Protectionist Responses to the Crisis: Global Trends and Implications," Working papers 319, Banque de France.
  9. Joseph Francois & Will Martin, 2002. "Commercial Policy Variability, Bindings, and Market Access," International Trade 0210002, EconWPA.
  10. 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.
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Citations

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Cited by:
  1. Marga Peeters, 2010. "The changing pattern of international trade and capital flows of the GCC countries," European Economy - Economic Papers 415, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  2. Peeters, Marga, 2010. "The changing pattern in international trade and capital flows of the Gulf cooperation council countries in comparison with other oil-exporting countries," MPRA Paper 23539, University Library of Munich, Germany.
  3. Bradley J. McDonald & Christian Henn, 2011. "Protectionist Responses to the Crisis: Damage Observed in Product-Level Trade," IMF Working Papers 11/139, International Monetary Fund.
  4. van Bergeijk, P.A.G., 2011. "One is not enough! Understanding world trade collapses," ISS Working Papers - General Series 521, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
  5. Sabri, Nidal Rachid & Peeters, Marga & Abulaben, Diama K., 2012. "The impact of exchange rate volatility on trade integration among North and South Mediterranean countries," MPRA Paper 38080, University Library of Munich, Germany.
  6. Peeters, Marga & Sabri, Nidal Rachid, 2012. "International financial integration of Mediterranean economies : A bird’s-eye view," MPRA Paper 38081, University Library of Munich, Germany.
  7. Chauvin, Nicolas Depetris & Ramos, Maria Priscila, 2013. "The welfare effect of the new wave of protectionism: The case of Argentina," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 151626, Agricultural and Applied Economics Association.
  8. Isabel Ortiz & Jingqing Chai & Matthew Cummins, 2011. "Identifying Fiscal Space:Options for Social and Economic Development for Children and Poor Households in 184 Countries," Working papers 1108, UNICEF,Division of Policy and Strategy.
  9. Marcel Kohler & Adrian Saville, 2011. "Measuring the Impact of Trade Finance on South African Export Flows," Working Papers 232, Economic Research Southern Africa.
  10. Leonardo Baccini & Soo Kim, 2012. "Preventing protectionism: International institutions and trade policy," The Review of International Organizations, Springer, vol. 7(4), pages 369-398, December.

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