Understanding the World Trade Collapse:
The collapse in world trade volumes at the end of 2008 and beginning of 2009 was exceptional by historical standards. This paper shows that world demand (to which trade has become more responsive in recent decades) can explain most of the collapse in world trade, but that tight credit conditions hav...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2009
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| Schriftenreihe: | OECD Economics Department Working Papers
no.729 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The collapse in world trade volumes at the end of 2008 and beginning of 2009 was exceptional by historical standards. This paper shows that world demand (to which trade has become more responsive in recent decades) can explain most of the collapse in world trade, but that tight credit conditions have likely amplified the short-term trade response. Credit tightening likely accelerated the trade decline through trade finance constraints and its relatively larger impact on trade-intensive sectors. A portion of the trade decline remains unexplained, which may reflect a possible breakdown in global supply chains. Looking ahead, the pace of normalisation in financial conditions and the future evolution of global supply integration will affect the speed of recovery in trade and global output. |
| Beschreibung: | 1 Online-Ressource (35 p.) 21 x 29.7cm. |
| DOI: | 10.1787/220821574732 |
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| spelling | Cheung, Calista VerfasserIn aut Understanding the World Trade Collapse Calista, Cheung and Stéphanie, Guichard = Comprendre l'effondrement du commerce mondial / Calista, Cheung et Stéphanie, Guichard Comprendre l'effondrement du commerce mondial Paris OECD Publishing 2009 1 Online-Ressource (35 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.729 The collapse in world trade volumes at the end of 2008 and beginning of 2009 was exceptional by historical standards. This paper shows that world demand (to which trade has become more responsive in recent decades) can explain most of the collapse in world trade, but that tight credit conditions have likely amplified the short-term trade response. Credit tightening likely accelerated the trade decline through trade finance constraints and its relatively larger impact on trade-intensive sectors. A portion of the trade decline remains unexplained, which may reflect a possible breakdown in global supply chains. Looking ahead, the pace of normalisation in financial conditions and the future evolution of global supply integration will affect the speed of recovery in trade and global output. Economics Guichard, Stéphanie MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/220821574732 Volltext |
| spellingShingle | Cheung, Calista Understanding the World Trade Collapse Economics |
| title | Understanding the World Trade Collapse |
| title_alt | Comprendre l'effondrement du commerce mondial |
| title_auth | Understanding the World Trade Collapse |
| title_exact_search | Understanding the World Trade Collapse |
| title_full | Understanding the World Trade Collapse Calista, Cheung and Stéphanie, Guichard = Comprendre l'effondrement du commerce mondial / Calista, Cheung et Stéphanie, Guichard |
| title_fullStr | Understanding the World Trade Collapse Calista, Cheung and Stéphanie, Guichard = Comprendre l'effondrement du commerce mondial / Calista, Cheung et Stéphanie, Guichard |
| title_full_unstemmed | Understanding the World Trade Collapse Calista, Cheung and Stéphanie, Guichard = Comprendre l'effondrement du commerce mondial / Calista, Cheung et Stéphanie, Guichard |
| title_short | Understanding the World Trade Collapse |
| title_sort | understanding the world trade collapse |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/220821574732 |
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