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Understanding the great trade collapse of 2008–09 and the subsequent trade recovery

  • Meredith A. Crowley
  • Xi Luo

This article documents the Great Trade Collapse of 2008–09, as well as the dramatic recovery in trade of 2009–10. The authors consider how three distinct policy actions — fiscal stimulus, funding for trade finance and a commitment to refrain from increasing trade barriers — might have affected both the collapse and recovery.

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File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/2011/2qtr2011_part1_crowley_luo.pdf
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Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2011)
Issue (Month): Q II ()
Pages: 44-68

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Handle: RePEc:fip:fedhep:y:2011:i:qii:p:44-68:n:v.35no.2
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  1. Subramanian, Arvind & Wei, Shang-Jin, 2005. "The WTO Promotes Trade, Strongly But Unevenly," CEPR Discussion Papers 5122, C.E.P.R. Discussion Papers.
  2. Leland Crane & Meredith Crowley & Saad Quayyum, 2007. "Understanding the evolution of trade deficits: trade elasticities of industrialized countries," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 2-17.
  3. Thomas J. Prusa, 1999. "On the spread and impact of antidumping," Departmental Working Papers 199916, Rutgers University, Department of Economics.
  4. Meredith A. Crowley, 2003. "An introduction to the WTO and GATT," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 42-57.
  5. Sébastien Miroudot & Rainer Lanz & Alexandros Ragoussis, 2009. "Trade in Intermediate Goods and Services," OECD Trade Policy Papers 93, OECD Publishing.
  6. Virgiliu Midrigan & Joseph Kaboski & George Alessandria, 2010. "The Great Trade Collapse of 2008-09: An Inventory Adjustment?," 2010 Meeting Papers 107, Society for Economic Dynamics.
  7. 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.
  8. Djankov, Simeon & Freund, Caroline & Pham, Cong S., 2006. "Trading on time," Policy Research Working Paper Series 3909, The World Bank.
  9. Caroline L. Freund & Diana Weinhold, 2000. "On the effect of the Internet on international trade," International Finance Discussion Papers 693, Board of Governors of the Federal Reserve System (U.S.).
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