Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand?: = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande?
Global trade growth over the past few years has appeared extraordinarily weak, even in relation to weak global GDP growth. This paper shows that the apparent breakdown in the relationship between global trade and global GDP growth is largely explained by two factors: an inappropriate measurement of...
Gespeichert in:
1. Verfasser: | |
---|---|
Weitere Verfasser: | |
Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Paris
OECD Publishing
2015
|
Schriftenreihe: | OECD Economics Department Working Papers
no.1216 |
Schlagworte: | |
Online-Zugang: | DE-862 DE-863 |
Zusammenfassung: | Global trade growth over the past few years has appeared extraordinarily weak, even in relation to weak global GDP growth. This paper shows that the apparent breakdown in the relationship between global trade and global GDP growth is largely explained by two factors: an inappropriate measurement of global GDP and extraordinary demand weakness in the euro area. As a measure of demand for traded goods, global GDP at market exchange rates is more appropriate than the conventional purchasing power parity-based measure. Moreover, extraordinary demand weakness in the euro area - which is a particularly trade intensive region - has had a substantial negative effect on intra-euro area trade flows, which are commonly counted towards global trade. When global GDP is measured at market exchange rates and intra-euro area flows are removed from the measure of global trade, econometric estimations suggest that over the past 15 years the long-term elasticity of global trade to GDP has been similar to that of the 1990s. Indeed, the overwhelming part of post-crisis trade weakness can be attributed to weak global demand rather than structural changes, according to the econometric estimations in this paper and supporting evidence on changes in global investment, international production fragmentation and protectionism. |
Beschreibung: | 1 Online-Ressource (37 Seiten) 21 x 29.7cm. |
Internformat
MARC
LEADER | 00000cam a22000002 4500 | ||
---|---|---|---|
001 | ZDB-13-SOC-061284661 | ||
003 | DE-627-1 | ||
005 | 20241028113906.0 | ||
007 | cr uuu---uuuuu | ||
008 | 210204s2015 xx |||||o 00| ||eng c | ||
024 | 7 | |a 10.1787/5js1qvnff3hk-en |2 doi | |
035 | |a (DE-627-1)061284661 | ||
035 | |a (DE-599)KEP061284661 | ||
035 | |a (FR-PaOEC)5js1qvnff3hk-en | ||
035 | |a (DE-627-1)061284661 | ||
040 | |a DE-627 |b ger |c DE-627 |e rda | ||
041 | |a eng | ||
084 | |a C53 |2 jelc | ||
084 | |a F17 |2 jelc | ||
084 | |a F10 |2 jelc | ||
100 | 1 | |a Ollivaud, Patrice |e VerfasserIn |4 aut | |
245 | 1 | 0 | |a Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand? |b = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? |c Patrice, Ollivaud and Cyrille, Schwellnus |
246 | 3 | 1 | |a La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? |
264 | 1 | |a Paris |b OECD Publishing |c 2015 | |
300 | |a 1 Online-Ressource (37 Seiten) |c 21 x 29.7cm. | ||
336 | |a Text |b txt |2 rdacontent | ||
337 | |a Computermedien |b c |2 rdamedia | ||
338 | |a Online-Ressource |b cr |2 rdacarrier | ||
490 | 0 | |a OECD Economics Department Working Papers |v no.1216 | |
520 | |a Global trade growth over the past few years has appeared extraordinarily weak, even in relation to weak global GDP growth. This paper shows that the apparent breakdown in the relationship between global trade and global GDP growth is largely explained by two factors: an inappropriate measurement of global GDP and extraordinary demand weakness in the euro area. As a measure of demand for traded goods, global GDP at market exchange rates is more appropriate than the conventional purchasing power parity-based measure. Moreover, extraordinary demand weakness in the euro area - which is a particularly trade intensive region - has had a substantial negative effect on intra-euro area trade flows, which are commonly counted towards global trade. When global GDP is measured at market exchange rates and intra-euro area flows are removed from the measure of global trade, econometric estimations suggest that over the past 15 years the long-term elasticity of global trade to GDP has been similar to that of the 1990s. Indeed, the overwhelming part of post-crisis trade weakness can be attributed to weak global demand rather than structural changes, according to the econometric estimations in this paper and supporting evidence on changes in global investment, international production fragmentation and protectionism. | ||
650 | 4 | |a Economics | |
700 | 1 | |a Schwellnus, Cyrille |e MitwirkendeR |4 ctb | |
966 | 4 | 0 | |l DE-862 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5js1qvnff3hk-en |m X:OECD |x Resolving-System |z lizenzpflichtig |3 Volltext |
966 | 4 | 0 | |l DE-863 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5js1qvnff3hk-en |m X:OECD |x Resolving-System |z lizenzpflichtig |3 Volltext |
912 | |a ZDB-13-SOC | ||
912 | |a ZDB-13-SOC-ebook | ||
912 | |a ZDB-13-SOC | ||
951 | |a BO | ||
912 | |a ZDB-13-SOC | ||
049 | |a DE-862 | ||
049 | |a DE-863 |
Datensatz im Suchindex
DE-BY-FWS_katkey | ZDB-13-SOC-061284661 |
---|---|
_version_ | 1826942524951887872 |
adam_text | |
any_adam_object | |
author | Ollivaud, Patrice |
author2 | Schwellnus, Cyrille |
author2_role | ctb |
author2_variant | c s cs |
author_facet | Ollivaud, Patrice Schwellnus, Cyrille |
author_role | aut |
author_sort | Ollivaud, Patrice |
author_variant | p o po |
building | Verbundindex |
bvnumber | localFWS |
collection | ZDB-13-SOC ZDB-13-SOC-ebook |
ctrlnum | (DE-627-1)061284661 (DE-599)KEP061284661 (FR-PaOEC)5js1qvnff3hk-en |
discipline | Wirtschaftswissenschaften |
format | Electronic eBook |
fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02841cam a22004092 4500</leader><controlfield tag="001">ZDB-13-SOC-061284661</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20241028113906.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">210204s2015 xx |||||o 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/5js1qvnff3hk-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061284661</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP061284661</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)5js1qvnff3hk-en</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061284661</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">C53</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">F17</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">F10</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Ollivaud, Patrice</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand?</subfield><subfield code="b"> = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande?</subfield><subfield code="c">Patrice, Ollivaud and Cyrille, Schwellnus</subfield></datafield><datafield tag="246" ind1="3" ind2="1"><subfield code="a">La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande?</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2015</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (37 Seiten)</subfield><subfield code="c">21 x 29.7cm.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Economics Department Working Papers</subfield><subfield code="v">no.1216</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Global trade growth over the past few years has appeared extraordinarily weak, even in relation to weak global GDP growth. This paper shows that the apparent breakdown in the relationship between global trade and global GDP growth is largely explained by two factors: an inappropriate measurement of global GDP and extraordinary demand weakness in the euro area. As a measure of demand for traded goods, global GDP at market exchange rates is more appropriate than the conventional purchasing power parity-based measure. Moreover, extraordinary demand weakness in the euro area - which is a particularly trade intensive region - has had a substantial negative effect on intra-euro area trade flows, which are commonly counted towards global trade. When global GDP is measured at market exchange rates and intra-euro area flows are removed from the measure of global trade, econometric estimations suggest that over the past 15 years the long-term elasticity of global trade to GDP has been similar to that of the 1990s. Indeed, the overwhelming part of post-crisis trade weakness can be attributed to weak global demand rather than structural changes, according to the econometric estimations in this paper and supporting evidence on changes in global investment, international production fragmentation and protectionism.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Schwellnus, Cyrille</subfield><subfield code="e">MitwirkendeR</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="966" ind1="4" ind2="0"><subfield code="l">DE-862</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/5js1qvnff3hk-en</subfield><subfield code="m">X:OECD</subfield><subfield code="x">Resolving-System</subfield><subfield code="z">lizenzpflichtig</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="4" ind2="0"><subfield code="l">DE-863</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/5js1qvnff3hk-en</subfield><subfield code="m">X:OECD</subfield><subfield code="x">Resolving-System</subfield><subfield code="z">lizenzpflichtig</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC-ebook</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">BO</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-862</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
id | ZDB-13-SOC-061284661 |
illustrated | Not Illustrated |
indexdate | 2025-03-18T14:29:23Z |
institution | BVB |
language | English |
open_access_boolean | |
owner | DE-862 DE-BY-FWS DE-863 DE-BY-FWS |
owner_facet | DE-862 DE-BY-FWS DE-863 DE-BY-FWS |
physical | 1 Online-Ressource (37 Seiten) 21 x 29.7cm. |
psigel | ZDB-13-SOC FWS_PDA_SOC ZDB-13-SOC ZDB-13-SOC-ebook |
publishDate | 2015 |
publishDateSearch | 2015 |
publishDateSort | 2015 |
publisher | OECD Publishing |
record_format | marc |
series2 | OECD Economics Department Working Papers |
spelling | Ollivaud, Patrice VerfasserIn aut Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand? = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? Patrice, Ollivaud and Cyrille, Schwellnus La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? Paris OECD Publishing 2015 1 Online-Ressource (37 Seiten) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1216 Global trade growth over the past few years has appeared extraordinarily weak, even in relation to weak global GDP growth. This paper shows that the apparent breakdown in the relationship between global trade and global GDP growth is largely explained by two factors: an inappropriate measurement of global GDP and extraordinary demand weakness in the euro area. As a measure of demand for traded goods, global GDP at market exchange rates is more appropriate than the conventional purchasing power parity-based measure. Moreover, extraordinary demand weakness in the euro area - which is a particularly trade intensive region - has had a substantial negative effect on intra-euro area trade flows, which are commonly counted towards global trade. When global GDP is measured at market exchange rates and intra-euro area flows are removed from the measure of global trade, econometric estimations suggest that over the past 15 years the long-term elasticity of global trade to GDP has been similar to that of the 1990s. Indeed, the overwhelming part of post-crisis trade weakness can be attributed to weak global demand rather than structural changes, according to the econometric estimations in this paper and supporting evidence on changes in global investment, international production fragmentation and protectionism. Economics Schwellnus, Cyrille MitwirkendeR ctb |
spellingShingle | Ollivaud, Patrice Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand? = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? Economics |
title | Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand? = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? |
title_alt | La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? |
title_auth | Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand? = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? |
title_exact_search | Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand? = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? |
title_full | Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand? = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? Patrice, Ollivaud and Cyrille, Schwellnus |
title_fullStr | Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand? = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? Patrice, Ollivaud and Cyrille, Schwellnus |
title_full_unstemmed | Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand? = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? Patrice, Ollivaud and Cyrille, Schwellnus |
title_short | Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand? |
title_sort | does the post crisis weakness of global trade solely reflect weak demand la faiblesse du commerce mondiale apres la crise reflete t elle seulement une faible demande |
title_sub | = La faiblesse du commerce mondiale après la crise reflète-t-elle seulement une faible demande? |
topic | Economics |
topic_facet | Economics |
work_keys_str_mv | AT ollivaudpatrice doesthepostcrisisweaknessofglobaltradesolelyreflectweakdemandlafaiblesseducommercemondialeapreslacriserefletetelleseulementunefaibledemande AT schwellnuscyrille doesthepostcrisisweaknessofglobaltradesolelyreflectweakdemandlafaiblesseducommercemondialeapreslacriserefletetelleseulementunefaibledemande AT ollivaudpatrice lafaiblesseducommercemondialeapreslacriserefletetelleseulementunefaibledemande AT schwellnuscyrille lafaiblesseducommercemondialeapreslacriserefletetelleseulementunefaibledemande |