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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 (2010) Trade booms, trade busts and trade costs. Working Paper. Coventry, UK: Department of Economics, University of Warwick. CAGE Online Working Paper Series, Volume 2010 (Number 31).
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Text (Working paper)
WRAP_33.2010_novy.pdf - Published Version Download (636Kb) | Preview |
Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
What has driven trade booms and trade busts in the past and present? We derive a micro-founded measure
of trade frictions from leading trade theories and use it 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.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HF Commerce |
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Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | International trade -- Econometric models, Business cycles -- Econometric models, Commercial treaties, Free trade -- Econometric models | ||||
Series Name: | CAGE Online Working Paper Series | ||||
Publisher: | Department of Economics, University of Warwick | ||||
Place of Publication: | Coventry, UK | ||||
Official Date: | December 2010 | ||||
Dates: |
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Volume: | Volume 2010 | ||||
Number: | Number 31 | ||||
Number of Pages: | 45 | ||||
Institution: | University of Warwick | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Date of first compliant deposit: | 1 August 2016 | ||||
Date of first compliant Open Access: | 1 August 2016 |
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