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How Does Trade Evolve In The Aftermath Of Financial Crises
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Book Synopsis How Does Trade Evolve in the Aftermath of Financial Crises? by : Mr.Abdul Abiad
Download or read book How Does Trade Evolve in the Aftermath of Financial Crises? written by Mr.Abdul Abiad and published by International Monetary Fund. This book was released on 2011-01-01 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze trade dynamics following past episodes of financial crises. Using an augmented gravity model and 179 crisis episodes from 1970-2009, we find that there is a sharp decline in a country’s imports in the year following a crisis-19 percent, on average-and this decline is persistent, with imports recovering to their gravity-predicted levels only after 10 years. In contrast, exports of the crisis country are not adversely affected, and they remain close to the predicted level in both the short and medium-term.
Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens
Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Book Synopsis The Effects of Financial Crises on International Trade by : Leonard K. Cheng
Download or read book The Effects of Financial Crises on International Trade written by Leonard K. Cheng and published by . This book was released on 2003 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper studies empirically the effects of financial crises on international trade. The major findings are that banking crises had a negative impact on imports but a positive impact on exports in the short term, whereas currency crises decreased imports in the short term and stimulated exports in the longer term"--NBER website
Book Synopsis International Trade in East Asia by : Takatoshi Ito
Download or read book International Trade in East Asia written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2007-11-01 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: The practice of trading across international borders has undergone a series of changes with great consequences for the world trading community, the result of new trade agreements, a number of financial crises, the emergence of the World Trade Organization, and countless other less obvious developments. In International Trade in East Asia, a group of esteemed contributors provides a summary of empirical factors of international trade specifically as they pertain to East Asian countries such as China, Japan, Korea, and Taiwan. Comprised of twelve fascinating studies, International Trade in East Asia highlights many of the trading practices between countries within the region as well as outside of it. The contributors bring into focus some of the region's endemic and external barriers to international trade and discuss strategies for improving productivity and fostering trade relationships. Studies on some of the factors that drive exports, the influence of research and development, the effects of foreign investment, and the ramifications of different types of protectionism will particularly resonate with the financial and economic communities who are trying to keep pace with this dramatically altered landscape.
Book Synopsis The Sectoral Trade Losses from Financial Crises by : Jean-Marc B. Atsebi
Download or read book The Sectoral Trade Losses from Financial Crises written by Jean-Marc B. Atsebi and published by International Monetary Fund. This book was released on 2021-06-25 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: The “Great Trade Collapse” triggered by the 2008-09 crisis calls for a careful assessment of the trade losses from financial crises. We adopt a more detailed perspective by looking at the response of different types of trade (i.e. agricultural, mining, and manufactured goods, and services) following various types of financial crises (i.e. debt, banking, and currency crises). Estimations performed on the 1980-2018 period using a combination of impact assessment and local projections to capture a causal dynamic effect running from financial crises to the trade activity show that the collapse of total trade is long-lasting and mainly driven by the fall of manufacturing and to some extent services trade. These causal effects are found to operate through three channels: a structural, a demand-side, and a supply-side channel. By contributing to the understanding of the trade effects of financial crises, our analysis provides insightful support for the design and implementation of policies aimed at coping with these effects.
Book Synopsis The Global Trade Slowdown by : Cristina Constantinescu
Download or read book The Global Trade Slowdown written by Cristina Constantinescu and published by International Monetary Fund. This book was released on 2015-01-21 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.
Book Synopsis After the Panic by : Felipe Benguria
Download or read book After the Panic written by Felipe Benguria and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are financial crises a negative shock to demand or a negative shock to supply? This is a fundamental question for both macroeconomics researchers and those involved in real-time policymaking, and in both cases the question has become much more urgent in the aftermath of the recent financial crisis. Arguments for monetary and fiscal stimulus usually interpret such events as demand-side shortfalls. Conversely, arguments for tax cuts and structural reform often proceed from supply-side frictions. Resolving the question requires models capable of admitting both mechanisms, and empirical tests that can tell them apart. We develop a simple small open economy model, where a country is subject to deleveraging shocks that impose binding credit constraints on households and/or firms. These financial crisis events leave distinct statistical signatures in the empirical time series record, and they divide sharply between each type of shock. Household deleveraging shocks are mainly demand shocks, contract imports, leave exports largely unchanged, and depreciate the real exchange rate. Firm deleveraging shocks are mainly supply shocks, contract exports, leave imports largely unchanged, and appreciate the real exchange rate. To test these predictions, we compile the largest possible crossed dataset of 200+ years of trade flow data and event dates for almost 200 financial crises in a wide sample of countries. Empirical analysis reveals a clear picture: after a financial crisis event we find the dominant pattern to be that imports contract, exports hold steady or even rise, and the real exchange rate depreciates. History shows that, on average, financial crises are very clearly a negative shock to demand.
Book Synopsis Trade Finance during the Great Trade Collapse by : Jean-Pierre Chauffour
Download or read book Trade Finance during the Great Trade Collapse written by Jean-Pierre Chauffour and published by World Bank Publications. This book was released on 2011-06-22 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: On September 15, 2008, Lehman Brothers, the fourth largest U.S. investment bank filed for bankruptcy. Global credit markets tightened. Spreads skyrocketed. International trade plummeted by double digits. Banks were reportedly unable to meet the demand from their customers to finance their international trade operations, leaving a trade finance 'gap' estimated at around US$25 billion. Governments and international institutions felt compelled to intervene based on the information that some 80-90 percent of world trade relies on some form of trade finance. As the recovery unfolds, the time has come to provide policy makers and analysts with a comprehensive assessment of the role of trade finance in the 2008-09 great trade collapse and the subsequent role of governments and institutions to help restore trade finance markets. After reviewing the underpinning of trade finance and interfirm trade credit, 'Trade Finance during the Great Trade Collapse' aims to answer the following questions: - Was the availability and cost of trade finance a major constraint on trade during the 2008-09 global economic crisis? - What are the underpinnings and limits of national and international public interventions in support of trade finance markets in times of crisis? - How effective were the public and private sector mechanisms put in place during the crisis to support trade and trade finance? - To what extent have the new banking regulations under Basel II and Basel III exacerbated the trade finance shortfall during the crisis and in the post-crisis environment, respectively? 'Trade Finance during the Great Trade Collapse' is the product of a fruitful collaboration during the crisis among the World Bank Group, international financial partners, private banks, and academia. 'Trade is the lifeblood of the world economy, and the sharp collapse in trade volumes was one of the most dramatic consequences of the global financial crisis. It was the moment the financial crisis hit the real economy, and when parts of the world far from the epicenter of financial turbulence felt its full fury. This book is extremely timely and full of critical insights into the role of trade finance and the potential damaging impact from the unintended consequences of regulatory changes.' --Peter Sands, CEO, Standard Chartered Bank
Book Synopsis The Great Trade Collapse: Causes, Consequences and Prospects by : Richard E. Baldwin
Download or read book The Great Trade Collapse: Causes, Consequences and Prospects written by Richard E. Baldwin and published by CEPR. This book was released on 2009 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Book Synopsis Impact of Global Issues on International Trade by : Co?kun Özer, Ahu
Download or read book Impact of Global Issues on International Trade written by Co?kun Özer, Ahu and published by IGI Global. This book was released on 2021-06-25 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: International trade is vital in today’s world; international trade can be affected by a number of issues such as terrorism, economic crises, and pandemics such as COVID-19. It is crucial to understand the impact these global issues have on international trade and what happens to trade when global issues arise. A comprehensive guide of these issues is needed to provide background and understanding about international trade and its relationship with global issues. Global issues occasionally dominate a continuing theme of the international globalized world: global crises, war, security issues, global pandemics such as COVID-19, and trade wars. Global cooperation is required to solve such problems. Economically intellectual thinking will enable the development of guiding policies in solving these global problems. In this book, the effects of global issues on international trade will be evaluated, and policy recommendations will be made for the solution of the global issues. Impact of Global Issues on International Trade is a critical reference source that uses analytic research to analyze the effects of global economic and financial crises as well as global health crises and their impact on international trade. Pandemics such as the COVID-19 pandemic, the global economic crisis, and trade wars are discussed, and political suggestions are made to mitigate negative impacts. Covering a wide range of topics such as financial fragility and trade fairs, it is ideal for trade specialists, policymakers, government officials, managers, executives, economists, academicians, researchers, students, and industry professionals.
Book Synopsis Effective Crisis Response and Openness by : Simon J. Evenett
Download or read book Effective Crisis Response and Openness written by Simon J. Evenett and published by CEPR. This book was released on 2009 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to examine the various ways in which the existing manifestations of openness, including binding international accords, have constrained or enhanced the options available to national policymakers during the crisis and influenced the degree, and potentially even the effectiveness, of cross-border cooperation. By examining state responses during the crisis in a number of distinct policy domains, this approach may shed light on potential complementarities and tensions as governments seek to tackle sharp national recessions while being mindful of the growing role that the international dimension has played in influencing national economies in an era of globalization. In principle, such an examination may reveal that some permutations of national policy choices and international (trade and other) obligations offer greater potential than others, in turn providing information on the possible scope for both domestic reforms and the global trade architecture.
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Book Synopsis The Global Economic Recovery 10 Years After the 2008 Financial Crisis by : Ms.Wenjie Chen
Download or read book The Global Economic Recovery 10 Years After the 2008 Financial Crisis written by Ms.Wenjie Chen and published by International Monetary Fund. This book was released on 2019-04-26 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis in 2007–08. Sluggish investment was a key channel through which these losses registered, accompanied by long-lasting capital and total factor productivity shortfalls relative to precrisis trends. Policy choices preceding the crisis and in its immediate aftermath influenced postcrisis variation in output. Underscoring the importance of macroprudential policies and effective supervision, countries with greater financial vulnerabilities in the precrisis years suffered larger output losses after the crisis. Countries with stronger precrisis fiscal positions and those with more flexible exchange rate regimes experienced smaller losses. Unprecedented and exceptional policy actions taken after the crisis helped mitigate countries’ postcrisis output losses.
Book Synopsis How Do Banking Crises Affect Bilateral Exports? by : Mr.Youssouf Kiendrebeogo
Download or read book How Do Banking Crises Affect Bilateral Exports? written by Mr.Youssouf Kiendrebeogo and published by International Monetary Fund. This book was released on 2013-06-19 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether banking crises are associated with declines in bilateral exports. We first develop a simple open economy model in which banking crises translate into negative liquidity shocks, leading to collapses in exports through supply-side and demand-side shocks. We then estimate a gravity model using a sample of developed and developing countries over the period 1988-2010. The results suggest that crisis-hit countries experience lower levels of bilateral exports, particularly in developing countries where supply-side shocks are found to be relatively more important than demand shocks. In developing countries, exports of manufactured goods are disproportionately hurt by banking crises and this negative effect is stronger in industries relying more on external finance. These findings are robust to correcting for potential endogeneity, to changes in the sample, and to alternative estimation methods.
Book Synopsis The Risk of Economic Crisis by : Martin Feldstein
Download or read book The Risk of Economic Crisis written by Martin Feldstein and published by University of Chicago Press. This book was released on 1991-08-13 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a special National Bureau of Economic Research conference held in Oct. 1989. Includes bibliographical references and indexes.
Book Synopsis Asian Economy and Finance: by : Dilip K. Das-Gupta
Download or read book Asian Economy and Finance: written by Dilip K. Das-Gupta and published by Springer Science & Business Media. This book was released on 2006-03-30 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers the newest knowledge related to relevant themes on the Asian economies as well as the latest concepts. In a succinct manner, it deals with the principal normative and positive strands with which one need to be properly familiar in this subject area. The tightly written volume covers a great deal of ground and imparts knowledge on the Asian economy related themes to students, researchers and policy makers alike.
