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Resilience Mechanisms of the European Trade Network During the Pandemic

Author

Listed:
  • Manafi Ioana

    (Department of Economic Informatics and Cybernetics, Bucharest University of Economic Studies, Romania)

  • Huru Dragos

    (Faculty of Theoretical and Applied Economy, Bucharest University of Economic Studies, Romania)

  • Dobre Florin

    (Faculty of Accounting and Management Economic Systems, Bucharest University of Economic Studies, Romania)

  • Capbun Andreea Gabriela

    (Department of Economic Informatics and Cybernetics, Bucharest University of Economic Studies, Romania)

  • Roman Mihai Daniel

    (Department of Economic Informatics and Cybernetics, Bucharest University of Economic Studies, Romania)

Abstract
Subject and purpose of work: The economic crisis generated by the COVID-19 pandemic was fundamentally different from those of the past, with unforeseen implication on supply chains and European trade. As the literature regarding the pandemic is vast bibliometric techniques were used to find the most influential themes and authors. The aim of this paper is to test if cascading failure is possible when shocks arise in European trade. Materials and methods: To characterise the European commerce, network analysis was employed using Eurostat data of imports and exports in the following years: 2018, 2019 and 2020. Trade value indices were also used to characterised European trade during the pandemic and Enterprise Survey run by World Bank for in-depth, cross economies comparisons. Results: The results from the network analysis characterise the compactness of the network, showing that the European trade network is characterised by robustness. Conclusions: Cascading failure has a low probability of occurrence.

Suggested Citation

  • Manafi Ioana & Huru Dragos & Dobre Florin & Capbun Andreea Gabriela & Roman Mihai Daniel, 2023. "Resilience Mechanisms of the European Trade Network During the Pandemic," Economic and Regional Studies / Studia Ekonomiczne i Regionalne, Sciendo, vol. 16(2), pages 171-185, June.
    • Handle: RePEc:vrs:ecoreg:v:16:y:2023:i:2:p:171-185:n:5
    DOI: 10.2478/ers-2023-0012
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    More about this item

    Keywords

    European trade; import; export; network analysis; resilience; robustness;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
    • D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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