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The great synchronization of international trade collapse

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  • Antonakakis, Nikolaos

Abstract

In this paper we examine the extent of international trade synchronization during periods of international trade collapses and US recessions. Based on monthly data for the G7 economies over the period 1961-2011, our results suggest rather idiosyncratic patterns of international trade synchronization during international trade collapses and US recessions. During the great recession of 2007-2009, however, international trade experienced the most sudden, severe and globally synchronized collapse.

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File URL: http://mpra.ub.uni-muenchen.de/39859/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39859.

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Date of creation: 05 Jul 2012
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Handle: RePEc:pra:mprapa:39859

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Keywords: International trade collapse; Synchronization; Recession; Dynamic conditional correlation;

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  1. Araújo, Sónia & Oliveira Martins, Joaquim, 2011. "The Great Synchronisation : tracking the trade collapse with high-frequency data," Economics Papers from University Paris Dauphine, Paris Dauphine University 123456789/8088, Paris Dauphine University.
  2. Jean Imbs, 2004. "Trade, Finance, Specialization, and Synchronization," The Review of Economics and Statistics, MIT Press, vol. 86(3), pages 723-734, August.
  3. 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.
  4. Ann Spehar, 2010. "The Collapse of Global Trade," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 11(3), pages 133-157, July.
  5. JaeBin Ahn & Mary Amiti & David E. Weinstein, 2011. "Trade Finance and the Great Trade Collapse," American Economic Review, American Economic Association, American Economic Association, vol. 101(3), pages 298-302, May.
  6. Imbs, Jean, 2010. "The First Global Recession in Decades," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7973, C.E.P.R. Discussion Papers.
  7. Rudolfs Bems & Robert C. Johnson & Kei-Mu Yi, 2011. "Vertical Linkages and the Collapse of Global Trade," American Economic Review, American Economic Association, American Economic Association, vol. 101(3), pages 308-12, May.
  8. Nikolaos Antonakakis & Johann Scharler, 2012. "The synchronization of GDP growth in the G7 during US recessions," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 19(1), pages 7-11, January.
  9. Carlo Altomonte & Filippo Di Mauro & Gianmarco I. P. Ottaviano & Armando Rungi & Vincent Vicard, 2012. "Global Value Chains During the Great Trade Collapse: A Bullwhip Effect?," CEP Discussion Papers, Centre for Economic Performance, LSE dp1131, Centre for Economic Performance, LSE.
  10. Engle, Robert, 2002. "Dynamic Conditional Correlation: A Simple Class of Multivariate Generalized Autoregressive Conditional Heteroskedasticity Models," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 20(3), pages 339-50, July.
  11. Andrei A Levchenko & Logan T Lewis & Linda L Tesar, 2010. "The Collapse of International Trade during the 2008–09 Crisis: In Search of the Smoking Gun," IMF Economic Review, Palgrave Macmillan, Palgrave Macmillan, vol. 58(2), pages 214-253, December.
  12. Calista Cheung & Stéphanie Guichard, 2009. "Understanding the World Trade Collapse," OECD Economics Department Working Papers 729, OECD Publishing.
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Cited by:
  1. Susanne Bärenthaler-Sieber & Sandra Bilek-Steindl & Christian Glocker, 2013. "Trade Synchronisation During Major Economic Crises," WIFO Working Papers, WIFO 449, WIFO.

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