The anatomy of a trade collapse: the UK, 1929–1933

Alan de Bromhead, Alan Fernihough, Markus Lampe and Kevin Hjortshøj O’Rourke
Authors registered in the RePEc Author Service: Kevin Hjortshøj O'Rourke

European Review of Economic History, 2019, vol. 23, issue 2, 123-144

Abstract: A recent literature explores the nature and causes of the 2008–2009 collapse in international trade. The decline was particularly great for automobiles and industrial supplies; it occurred largely along the intensive margin; quantities fell by more than prices; and prices fell less for differentiated products. Do these “stylized facts” hold for all trade collapses? This paper uses detailed, commodity-specific information on UK imports between 1929 and 1933 to compare the Great Depression and the Great Recession. It also compares the free trading collapse of 1929–1931 with the protectionist collapse of 1931–1933, to examine the relative importance of protection for the UK trade patterns.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ereveh:v:23:y:2019:i:2:p:123-144.

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