The 2008 - Financial Crisis and the Effects on International Trade: New Empirical Evidence

Giuliano Pirrone ()
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Giuliano Pirrone: University of Palermo

Rivista di Politica Economica, 2012, issue 4, 121-145

Abstract: The purpose of this study is to analyze the effect of financial crises on international trade flows. For this purpose, Impulse Response Functions (IRFs) of trade flow to financial crisis occurrences are estimated for a large set of advanced and developing economies over the period 1960-2009. The results of this analysis show that trade flows are significantly reduced in the aftermath of financial crises. However, while debt crises have very persistent effects on imports and exports, the effect of banking and currency crises is reversed over the medium-term. The results are robust to different set of controls and robustness checks.

Keywords: financial crises; international trade; globalization (search for similar items in EconPapers)
JEL-codes: F14 G01 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:rpo:ripoec:y:2012:i:4:p:121-145

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