Understanding the World Trade Collapse [electronic resource] / Calista Cheung and Stéphanie Guichard = Comprendre l'effondrement du commerce mondial / Calista Cheung et Stéphanie Guichard

By:

Cheung, Calista

Contributor(s):

Guichard, Stéphanie

Material type: Article

ArticleSeries: OECD Economics Department Working Papers ; no.729.Publication details: Paris : OECD Publishing, 2009.Description: 35 p. ; 21 x 29.7cmOther title:

Comprendre l'effondrement du commerce mondial

Subject(s):

Economics

Other classification:

Online resources:

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Abstract: 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.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección OECD	OECD 220821574732 (Browse shelf(Opens below))	Not For Loan

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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.

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