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Trade And The Crisis: Protect Or Recover

  • ROB GREGORY

    (Strategy, Policy, and Review Department, International Monetary Fund, 700 19th Street, NW, Washington, D.C., 20431, USA)

  • CHRISTIAN HENN

    (Strategy, Policy, and Review Department, International Monetary Fund, 700 19th Street, NW, Washington, D.C., 20431, USA)

  • BRAD MCDONALD

    ()

    (Strategy, Policy, and Review Department, International Monetary Fund, 700 19th Street, NW, Washington, D.C., 20431, USA)

  • MIKA SAITO

    (Strategy, Policy, and Review Department, International Monetary Fund, 700 19th Street, NW, Washington, D.C., 20431, USA)

We show that new trade restrictions implemented since the onset of the global financial crisis have had — in the limited products targeted — a strong distortionary impact on trade. Their aggregate impact is modest, however, as most countries have resisted a widespread resort to protectionism. Looking ahead, sustained high unemployment, uneven growth, and an unwinding of government stimulus measures suggest that protectionist pressures may rise. Continuing and further enhancing monitoring of all protectionist measures will help, but the surest way to avoid such a downside scenario is to tighten multilateral trade commitments by completing the World Trade Organization (WTO) Doha Round.

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Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Journal of International Commerce, Economics and Policy.

Volume (Year): 01 (2010)
Issue (Month): 02 ()
Pages: 165-181

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Handle: RePEc:wsi:jicepx:v:01:y:2010:i:02:p:165-181
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  1. Michael M. Knetter & Thomas J. Prusa, 2000. "Macroeconomic Factors and Antidumping Filings: Evidence from Four Countries," NBER Working Papers 8010, National Bureau of Economic Research, Inc.
  2. Amiti, Mary & Weinstein, David E., 2009. "Exports and Financial Shocks," CEPR Discussion Papers 7590, C.E.P.R. Discussion Papers.
  3. Bussière, Matthieu & Pérez-Barreiro, Emilia & Straub, Roland & Taglioni, Daria, 2010. "Protectionist responses to the crisis – global trends and implications," Occasional Paper Series 110, European Central Bank.
  4. Kee, Hiau Looi & Nicita, Alessandro & Olarreaga, Marcelo, 2006. "Estimating Trade Restrictiveness Indices," CEPR Discussion Papers 5576, C.E.P.R. Discussion Papers.
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  7. Eichengreen, Barry & Irwin, Douglas A., 2010. "The Slide to Protectionism in the Great Depression: Who Succumbed and Why?," The Journal of Economic History, Cambridge University Press, vol. 70(04), pages 871-897, December.
  8. John Romalis, 2007. "Market Access, Openness and Growth," NBER Working Papers 13048, National Bureau of Economic Research, Inc.
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