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Protectionism during the crisis: Tit-for-tat or chicken games?

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  • Boffa, Mauro
  • Olarreaga, Marcelo

Abstract

During the recent financial crisis many countries resorted to protectionist measures to try to boost demand for domestically-produced goods. In this paper we explore the extent to which the adoption of protectionist measures led to retaliation by other countries undermining the increase in demand. We found no evidence of retaliation. On the contrary, there is strong evidence of chicken-games being played. Indeed, the probability of a protectionist measure being imposed on a trading partner's export bundle is significantly smaller when the partner imposes a protectionist measure on home exports.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 9119.

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Date of creation: Sep 2012
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Handle: RePEc:cpr:ceprdp:9119

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Keywords: Chicken-games; Financial crisis; Trade Retaliation;

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  1. Giovanni Maggi & Andrés Rodríguez-Clare, 2007. "A Political-Economy Theory of Trade Agreements," American Economic Review, American Economic Association, vol. 97(4), pages 1374-1406, September.
  2. Kyle Bagwell & Robert W. Staiger, 1997. "An Economic Theory of GATT," NBER Working Papers 6049, National Bureau of Economic Research, Inc.
  3. A. Colin Cameron & Jonah B. Gelbach & Douglas L. Miller, 2006. "Robust Inference with Multi-way Clustering," NBER Technical Working Papers 0327, National Bureau of Economic Research, Inc.
  4. Hiau Looi Kee & Cristina Neagu & Alessandro Nicita, 2013. "Is Protectionism on the Rise? Assessing National Trade Policies during the Crisis of 2008," The Review of Economics and Statistics, MIT Press, vol. 95(1), pages 342-346, March.
  5. Douglas A. Irwin, 1996. "The Smoot-Hawley Tariff: A Quantitative Assessment," NBER Working Papers 5509, National Bureau of Economic Research, Inc.
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  1. repec:hal:cesptp:hal-00796708 is not listed on IDEAS
  2. repec:hal:wpaper:hal-00796708 is not listed on IDEAS
  3. Georgiadis, Georgios & Gräb, Johannes, 2013. "Growth, real exchange rates and trade protectionism since the financial crisis," Working Paper Series 1618, European Central Bank.

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