[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/onb/oenbfi/y2010i1b4.html
   My bibliography  Save this article

Trade, Economic Structure and the Great Recession: The Example of Central, Eastern and Southeastern Europe

Author

Listed:
Abstract
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.

Suggested Citation

  • Joseph F. Francois & Julia Wörz, 2010. "Trade, Economic Structure and the Great Recession: The Example of Central, Eastern and Southeastern Europe," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 67-72.
    • Handle: RePEc:onb:oenbfi:y:2010:i:1:b:4
    as

    Download full text from publisher

    File URL: https://www.oenb.at/dam/jcr:dc66c3f7-329b-4149-9b82-748af05151f0/feei_2010_q1_studies_woerz_tcm16-186372.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Dirk WILLENBOCKEL & Sherman ROBINSON, "undated". "The Global Financial Crisis, LDC Exports and Welfare: Analysis with a World Trade Model," EcoMod2009 21500092, EcoMod.
    2. Marcel P. Timmer & Mary O’Mahony & Bart van Ark, 2007. "EU KLEMS Growth and Productivity Accounts: An Overview," International Productivity Monitor, Centre for the Study of Living Standards, vol. 14, pages 71-85, Spring.
    3. Ingo Borchert & Aaditya Mattoo, 2009. "The crisis-resilience of services trade," The Service Industries Journal, Taylor & Francis Journals, vol. 30(13), pages 2115-2136, August.
    4. Freund, Caroline, 2009. "The trade response to global downturns : historical evidence," Policy Research Working Paper Series 5015, The World Bank.
    5. Warwick J. McKibbin & Andrew Stoeckel, 2009. "Modelling the global financial crisis," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 25(4), pages 581-607, Winter.
    6. repec:pra:mprapa:15377 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Channing Arndt & Azhar Hussain & Sam Jones & Virgulino Nhate & Finn Tarp & James Thurlow, 2011. "Explaining Poverty Evolution: The Case of Mozambique," WIDER Working Paper Series wp-2011-017, World Institute for Development Economic Research (UNU-WIDER).
    2. Chor, Davin & Manova, Kalina, 2012. "Off the cliff and back? Credit conditions and international trade during the global financial crisis," Journal of International Economics, Elsevier, vol. 87(1), pages 117-133.
    3. Ariu, Andrea, 2016. "Crisis-proof services: Why trade in services did not suffer during the 2008–2009 collapse," Journal of International Economics, Elsevier, vol. 98(C), pages 138-149.
    4. Carlo Altomonte & Filippo Di Mauro & Gianmarco I. P. Ottaviano & Armando Rungi & Vincent Vicard, 2012. "Global Value Chains During the Great Trade Collapse: A Bullwhip Effect?," CEP Discussion Papers dp1131, Centre for Economic Performance, LSE.
    5. Joseph F. Francois & Julia Wörz, 2011. "Shifts in International Trade and Value Added from 1995 to 2007: Insights into the Drivers of Growth," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 37-56.
    6. World Bank Group, 2015. "Global Economic Prospects, January 2015 : Having Fiscal Space and Using It," World Bank Publications - Books, The World Bank Group, number 20758.
    7. Åsa Johansson & Eduardo Olaberría, 2014. "Global Trade and Specialisation Patterns Over the Next 50 Years," OECD Economic Policy Papers 10, OECD Publishing.
    8. repec:wsr:ecbook:2011:i:iii-006 is not listed on IDEAS
    9. Åsa Johansson & Eduardo Olaberría, 2014. "Long-term Patterns of Trade and Specialisation," OECD Economics Department Working Papers 1136, OECD Publishing.
    10. Escaith, Hubert & Lindenberg, Nannette & Miroudot, Sébastien, 2010. "International supply chains and trade elasticity in times of global crisis," WTO Staff Working Papers ERSD-2010-08, World Trade Organization (WTO), Economic Research and Statistics Division.
    11. Fan, Ying, 2011. "Services Policy Reform in the People’s Republic of China: Before and After the Global Financial Crisis," ADBI Working Papers 304, Asian Development Bank Institute.
    12. Iacovone, Leonardo & Ferro, Esteban & Pereira-López, Mariana & Zavacka, Veronika, 2019. "Banking crises and exports: Lessons from the past," Journal of Development Economics, Elsevier, vol. 138(C), pages 192-204.
    13. Joseph Francois & Bernard Hoekman, 2010. "Services Trade and Policy," Journal of Economic Literature, American Economic Association, vol. 48(3), pages 642-692, September.
    14. Molnárová, Zuzana & Reiter, Michael, 2022. "Technology, demand, and productivity: What an industry model tells us about business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 134(C).
    15. Marc Auboin & Alisa DiCaprio, 2017. "Why Do Trade Finance Gaps Persist: Does it Matter for Trade and Development?," CESifo Working Paper Series 6425, CESifo.
    16. Tony McDonald & Steven Morling, 2011. "The Australian economy and the global downturn, Part 1: Reasons for resilience," Economic Roundup, The Treasury, Australian Government, issue 2, pages 1-31, September.
    17. Samrat Roy & Chanchal Chatterjee, 2013. "Dynamics of Trade Potentials in ‘Emerging Asia’ in the Post Financial Crisis Era," Global Business Review, International Management Institute, vol. 14(4), pages 639-650, December.
    18. Georges Daw, 2022. "Determinants of Wealth Disparities in the EU: A Multi-scale Development Accounting Investigation," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 64(2), pages 211-254, June.
    19. Shahbaz Nasir & Kaliappa Kalirajan, 2016. "Information and Communication Technology-Enabled Modern Services Export Performances of Asian Economies," Asian Development Review, MIT Press, vol. 33(1), pages 1-27, March.
    20. Mr. Joong S Kang & Mr. Jay C Shambaugh, 2014. "Progress Towards External Adjustment in the Euro Area Periphery and the Baltics," IMF Working Papers 2014/131, International Monetary Fund.
    21. Kyoji Fukao, 2013. "Explaining Japan's Unproductive Two Decades," Asian Economic Policy Review, Japan Center for Economic Research, vol. 8(2), pages 193-213, December.

    More about this item

    Keywords

    trade collapse; industrial structure; Central; Eastern and Southeastern Europe;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:onb:oenbfi:y:2010:i:1:b:4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Elisabeth Beckmann (email available below). General contact details of provider: https://edirc.repec.org/data/oenbbat.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.