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Growth, real exchange rates and trade protectionism since the financial crisis

Georgios Georgiadis and Johannes Gräb ()

No 1618, Working Paper Series from European Central Bank

Abstract: Existing evidence suggests that protectionist activity since the financial crisis has been muted, raising the question whether the historically well-documented relationship between growth, real exchange rates and trade protectionism has broken down. This paper re-visits this relationship for the time period since 2009. To this end, we use a novel and comprehensive dataset which considers a wide range of trade policies stretching beyond the traditionally considered tariff and trade defence measures. We find that the specter of protectionism has not been banished: Countries continue to pursue more trade-restrictive policies when they experience recessions and/or when their competitiveness deteriorates through an appreciation of the real exchange rate; and this finding holds for a wide array of contemporary trade policies, including JEL Classification: F13, F14

Keywords: exchanges rates; growth; trade protectionism (search for similar items in EconPapers)
Date: 2013-11
New Economics Papers: this item is included in nep-cba, nep-int and nep-opm
Note: 2435756
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Journal Article: Growth, Real Exchange Rates and Trade Protectionism since the Financial Crisis (2016) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20131618

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