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Quality and the Great Trade Collapse

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  • Natalie Chen

    (University of Warwick, CAGE, CESifo and CEPR)

  • Luciana Juvenal

    (International Monetary Fund)

Abstract

We explore the heterogeneous effects of the global financial crisis on international trade flows differentiated by quality. Combining a dataset of Argentinean firm-level destination-specific wine exports with experts quality ratings, we show that higher quality exports collapsed more dramatically during the recession. This flight from quality was triggered by a fall in aggregate demand, and was stronger for smaller firms’ exports and in the countries where households could substitute imports by domestic alternatives. Quantitatively, our results suggest that the quality composition of exports can explain up to nine percentage points difference in trade performance.

Suggested Citation

  • Natalie Chen & Luciana Juvenal, 2016. "Quality and the Great Trade Collapse," Development Working Papers 392, Centro Studi Luca d'Agliano, University of Milano, revised 09 May 2016.
  • Handle: RePEc:csl:devewp:392
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    3. Jaimovich, Nir & Rebelo, Sergio & Wong, Arlene, 2019. "Trading down and the business cycle," Journal of Monetary Economics, Elsevier, vol. 102(C), pages 96-121.
    4. Paulo Bastos & Joana Silva & Eric Verhoogen, 2018. "Export Destinations and Input Prices," American Economic Review, American Economic Association, vol. 108(2), pages 353-392, February.
    5. Di Ubaldo, Mattia, 2016. "Firms and trade in downturns," Economics PhD Theses 0416, Department of Economics, University of Sussex Business School.
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    8. A. M. M. Shahiduzzaman Quoreshi & Trudy-Ann Stone, 2019. "Do Global Value Chains Make Firms More Vulnerable to Trade Shocks?—Evidence from Manufacturing Firms in Sweden," JRFM, MDPI, vol. 12(3), pages 1-16, September.

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    More about this item

    Keywords

    Exports; financial crisis; heterogeneity; multi-product firms; quality; wine.;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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