Trade, Economic Structure and the Great Recession: The Example of Central, Eastern and Southeastern Europe
As measured by the most recent monthly data, the trade collapse that had started in late 2008 has shifted into a rapid recovery phase. The simplest explanation that fits the facts is that trade has followed the sectoral composition of the recession. The recession has caused particularly strong declines of trade flows in heavy manufacturing, i.e. machinery, vehicles and related raw materials. This has translated into a deep manufacturing recession and an even stronger drop in trade. In particular, for CESEE countries these sectors are far more important in the composition of trade than they are in the composition of GDP.
Volume (Year): (2010)
Issue (Month): 1 ()
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References listed on IDEAS
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- Dirk WILLENBOCKEL & Sherman ROBINSON, "undated".
"The Global Financial Crisis, LDC Exports and Welfare: Analysis with a World Trade Model,"
- Willenbockel, Dirk & Robinson, Sherman, 2009. "The global financial crisis, LDC exports and welfare: analysis with a world trade model," MPRA Paper 15376, University Library of Munich, Germany.
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- Freund, Caroline, 2009. "The trade response to global downturns : historical evidence," Policy Research Working Paper Series 5015, The World Bank. Full references (including those not matched with items on IDEAS)
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