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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. 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.
  2. Francois, Joseph & Martin, Will, 2002. "Commercial Policy Variability, Bindings and Market Access," CEPR Discussion Papers 3294, C.E.P.R. Discussion Papers.
  3. 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.
  4. Logan Lewis & Linda Tesar & Andrei Levchenko, 2010. "The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun," 2010 Meeting Papers 109, Society for Economic Dynamics.
  5. Kee, Hiau Looi & Nicita, Alessandro & Olarreaga, Marcelo, 2006. "Estimating Trade Restrictiveness Indices," CEPR Discussion Papers 5576, C.E.P.R. Discussion Papers.
  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. Iacovone, Leonardo & Zavacka, Veronika, 2009. "Banking crises and exports : lessons from the past," Policy Research Working Paper Series 5016, The World Bank.
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Citations

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Cited by:
  1. 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.
  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. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. Marcel Kohler & Adrian Saville, 2011. "Measuring the Impact of Trade Finance on South African Export Flows," Working Papers 232, Economic Research Southern Africa.

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