The collapse in trade and contraction of output that occurred during 2008-09 was comparable to, and in many countries more severe than, the Great Depression of 1930, but did not give rise to the rampant protectionism that followed the Great Crash. Theory suggests several hypotheses for why it was not in the interest of many firms to lobby for protection, including much greater macroeconomic "policy space" today, the rise of intra-industry trade (specialization...
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2011/10/01
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WPS5862
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1
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1
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2011/10/01
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Disclosed
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Determinants of trade policy responses to the 2008 financial crisis
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Poverty Reduction & Economic Management
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