The role of trade costs in the great trade collapse
Jacks, David S., Meissner, Christopher M. and Novy, Dennis (2009) The role of trade costs in the great trade collapse. In: Baldwin, Richard, (ed.) The great trade collapse : causes, consequences and prospects. London: Centre for Economic Policy Research, pp. 159-167.Full text not available from this repository.
Official URL: http://www.voxeu.org/reports/great_trade_collapse_...
Trade has declined massively during the crisis. This chapter assesses the relative roles of falling demand and rising trade costs in explaining the collapse and compares it to the Great Depression. Surprisingly, the authors calculate that the increase in trade costs today is as large as in 1929 despite the absence of any modern protectionism resembling Smoot-Hawley. If their calculations turn out to be correct, reviving global demand alone will be insufficient to revive world trade.
|Item Type:||Book Item|
|Subjects:||H Social Sciences > HC Economic History and Conditions|
|Divisions:||Faculty of Social Sciences > Economics|
|Publisher:||Centre for Economic Policy Research|
|Place of Publication:||London|
|Book Title:||The great trade collapse : causes, consequences and prospects|
|Number of Pages:||235|
|Page Range:||pp. 159-167|
|Funder:||Economic and Social Research Council (ESRC)|
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