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Global Crises: A Network Perspective on the Economic Integration


  • Leila, Ali

    () (University of Poitiers)


This paper borrows from network analysis to study the impact of trade and financial integrations on output drop during the 2008-2009 crisis. Using network analysis, I show that international trade and financial linkages have different effects on economic activity. Relationships involving the trade of goods appear to explain the severity of the crisis to some extent, whereas financial relationships do not. This finding suggests that real shocks that occur through the trade channel cannot be easily and quickly absorbed by connected economies, while financial shocks can be absorbed more easily among partners. The global shift from complex products to safer assets in the wake of the subprime crisis supports this view.

Suggested Citation

  • Leila, Ali, 2011. "Global Crises: A Network Perspective on the Economic Integration," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 26, pages 197-216.
  • Handle: RePEc:ris:integr:0535

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    References listed on IDEAS

    1. Hiau LooiKee & Alessandro Nicita & Marcelo Olarreaga, 2009. "Estimating Trade Restrictiveness Indices," Economic Journal, Royal Economic Society, vol. 119(534), pages 172-199, January.
    2. James E. Anderson & Eric van Wincoop, 2004. "Trade Costs," Journal of Economic Literature, American Economic Association, vol. 42(3), pages 691-751, September.
    3. Disdier, Anne-Celia & Fontagne, Lionel & Mimouni, Mondher, 2007. "The Impact of Regulations on Agricultural Trade: Evidence from SPS and TBT Agreements," Working Papers 18869, TRADEAG - Agricultural Trade Agreements.
    4. Anne-Célia Disdier & Lionel Fontagné, 2010. "Trade impact of European measures on GMOs condemned by the WTO panel," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 146(3), pages 495-514, September.
    5. Hoekman, Bernard & Nicita, Alessandro, 2011. "Trade Policy, Trade Costs, and Developing Country Trade," World Development, Elsevier, vol. 39(12), pages 2069-2079.
    6. Witold Czubala & Ben Shepherd & John S. Wilson, 2009. "Help or Hindrance? The Impact of Harmonised Standards on African Exports †," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 18(5), pages 711-744, November.
    7. Alberto Portugal‐Perez & José‐Daniel Reyes & John S. Wilson, 2010. "Beyond the Information Technology Agreement: Harmonisation of Standards and Trade in Electronics," The World Economy, Wiley Blackwell, vol. 33(12), pages 1870-1897, December.
    8. Leamer, Edward E., 1990. "Latin America as a target of trade barriers erected by the major developed countries in 1983," Journal of Development Economics, Elsevier, vol. 32(2), pages 337-368, April.
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    Cited by:

    1. repec:isv:jouijm:v:6:y:2017:i:2:p:175-192 is not listed on IDEAS
    2. repec:eee:riibaf:v:42:y:2017:i:c:p:1244-1253 is not listed on IDEAS

    More about this item


    Contagion; Global Crises; Network Analysis;

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F10 - International Economics - - Trade - - - General
    • F30 - International Economics - - International Finance - - - General
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets


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