Trade, Economic Structure and the Great Recession: The Example of Central, Eastern and Southeastern Europe

Joseph Francois and Julia Wörz ()
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Julia Wörz: Foreign Research Division, Oesterreichische Nationalbank, http://www.oenb.at
Authors registered in the RePEc Author Service: Julia Maria Woerz ()

Focus on European Economic Integration, 2010, issue 1, 67-72

Abstract: As measured by the most recent monthly data, the trade collapse that had started in late 2008 has shifted into a rapid recovery phase. The simplest explanation that fits the facts is that trade has followed the sectoral composition of the recession. The recession has caused particularly strong declines of trade flows in heavy manufacturing, i.e. machinery, vehicles and related raw materials. This has translated into a deep manufacturing recession and an even stronger drop in trade. In particular, for CESEE countries these sectors are far more important in the composition of trade than they are in the composition of GDP.

Keywords: trade collapse; industrial structure; Central; Eastern and Southeastern Europe (search for similar items in EconPapers)
JEL-codes: F14 F15 O52 (search for similar items in EconPapers)
Date: 2010
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