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Still standing: how European firms weathered the crisis - The third EFIGE policy report

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Author Info

  • Gábor Békés
  • László Halpern
  • Miklós Koren
  • Balázs Muraközy

Abstract

This research output confirms the strength of the approach underpinning the EFIGE project, which is based on the recognition that firms are heterogeneous in the extent and the pattern of their internationalisation, as they are in many other respects. The project provides more, and more precise, evidence of what makes firms successful and therefore also what makes countries successful in the context of globalisation. Internationalisation, however, also makes firms vulnerable to shocks affecting international trade and may transform them into agents of propagation of global downturns. At the time of the Great Recession of 2009, there was intense speculation about the reasons why trade collapsed much more than output. It was sometimes claimed that global supply chains were not only propagators, but also multipliers of international fluctuations. This report by László Halpern and his colleagues makes use of the fact that the EFIGE survey was â?? by accident â?? conducted in 2009 and â?? by design â?? included questions about the firmsâ?? response to the global crisis. It provides a fascinating account of what happened to them in an especially turbulent environment. The stylised facts presented in this report are important to bear in mind at a time when Europe is heading for another severe downturn.

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File URL: http://www.bruegel.org/download/parent/661-still-standing-how-european-firms-weathered-the-crisis-the-third-efige-policy-report/file/1532-still-standing-how-european-firms-weathered-the-crisis-the-third-efige-policy-report/
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Bibliographic Info

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This book is provided by Bruegel in its series Blueprints with number 661 and published in .

Handle: RePEc:bre:bluprt:661

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Cited by:
  1. Francesca Barbiero & Michael Blanga-Gubbay & Valeria Cipollone & Koen De Backer & Sébastien Miroudot & Alexandros Ragoussis & André Sapir & Reinhilde Veugelers & Erkki Vihriälä & Guntram B, . "Manufacturing Europeâ??s future," Blueprints, Bruegel, number 795, October.
  2. Békés, Gábor & Halpern, László & Muraközy, Balázs, 2013. "Külkereskedelem és a vállalatok közötti különbségek
    [Heterogeneous firms and foreign trade]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 1-24.
  3. Neil Foster & Roman Stöllinger & Carlo Altomonte & Richard Kneller, 2012. "The Trade-Productivity Nexus in the European Economy," FIW Specials series 005, FIW.

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