Trade Reorientation and Restructuring towards Fast-growing Emerging Economies: Crisis Response of the EU Member States
Yu. Shang (),
M. SvetliÄ iÄ () and
K. Zajc KejÅ¾ar ()
Outlines of global transformations: politics, economics, law, 2020
This paper deals with the geographical reorientation and product restructuring of trade as s a crisis-responseÂ strategy. We exploit the logic of constantÂ market share analysis for decomposing theÂ total change in export market shares intoÂ the contribution of the competitiveness effect and the structure effect in terms ofÂ geographical and product specialisation andÂ apply it to the case of 2008/2009 global financial crisis (GFC) in the â€˜oldâ€™ and â€˜newâ€™Â EU member states. Constant market shareÂ analysis considering both gross and value-added tradeÂ data indicates lack of proactive reorientation towards the fast-growing emerging economies in either the EU-15Â or the EU-10. The product structure effectÂ played a relatively more positive role in theÂ old EU members during the crisis, particularly on account of the mid-tech productÂ group, but technology upgrading was moreÂ pronounced in the new EU member states.While the analysis in this paper provides lessons from 2008/2009 GFC with respect toÂ export pattern adjustments, the Covid-19Â pandemic crisis differs from the GFC mainly in that it led to major global value chainÂ disruptions which may lead to a certain degree of domestication, diversification andÂ regionalization of GVCs implying trade reorientation from more distant countries towards nearby ones.
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ccs:journl:y:2020:id:667
Access Statistics for this article
More articles in Outlines of global transformations: politics, economics, law from Center for Crisis Society Studies
Bibliographic data for series maintained by ÐœÐ¾Ð»Ñ‡Ð°ÐºÐ¾Ð² Ð Ð¸ÐºÐ¸Ñ‚Ð° Ð®Ñ€ÑŒÐµÐ²Ð¸Ñ‡ ().