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Trade booms, trade busts, and trade costs
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Jacks, David S. (David Steven), Meissner, Christopher M. (Christopher Michael) and Novy, Dennis (2011) Trade booms, trade busts, and trade costs. Journal of International Economics, Volume 83 (Number 2). pp. 185-201. doi:10.1016/j.jinteco.2010.10.008 ISSN 0022-1996.
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Official URL: http://dx.doi.org/10.1016/j.jinteco.2010.10.008
Abstract
What has driven trade booms and trade busts in the past and present? We employ a micro-founded measure of trade frictions consistent with leading trade theories to gauge the importance of bilateral trade costs in determining international trade flows. We construct a new balanced sample of bilateral trade flows for 130 country pairs across the Americas, Asia, Europe, and Oceania for the period from 1870 to 2000 and demonstrate an overriding role for declining trade costs in the pre-World War I trade boom. In contrast, for the post-World War II trade boom we identify changes in output as the dominant force. Finally, the entirety of the interwar trade bust is explained by increases in trade costs. (C) 2010 Elsevier B.V. All rights reserved.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HF Commerce | ||||
| Divisions: | Faculty of Social Sciences > Economics | ||||
| Library of Congress Subject Headings (LCSH): | International trade -- Econometric models, Business cycles -- Econometric models, Globalization, Gravity model of international trade | ||||
| Journal or Publication Title: | Journal of International Economics | ||||
| Publisher: | Elsevier BV | ||||
| ISSN: | 0022-1996 | ||||
| Official Date: | 2011 | ||||
| Dates: |
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| Volume: | Volume 83 | ||||
| Number: | Number 2 | ||||
| Page Range: | pp. 185-201 | ||||
| DOI: | 10.1016/j.jinteco.2010.10.008 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Funder: | Economic and Social Research Council (Great Britain) (ESRC), Social Sciences and Humanities Research Council of Canada (SSHRC) | ||||
| Grant number: | RES-000-22-3112 (ESRC) | ||||
| Version or Related Resource: | Jacks, David S., et al. (2009). Trade booms, trade busts, and trade costs. (NBER Working Papers, no.15267). http://wrap.warwick.ac.uk/id/eprint/44752 | ||||
| Related URLs: |
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