{
  "title": "The Sectoral Trade Losses from Financial Crises",
  "publication": "IMF Working Papers, June 25, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2021/06/25/the-sectoral-trade-losses-from-financial-crises-461282",
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  "summary": "The “Great Trade Collapse” triggered by the 2008-09 crisis calls for a careful assessment of the trade losses from financial crises. We adopt a more detailed perspective by looking at the response of different types of trade (i.e.",
  "sections": [
    {
      "heading": "Scope and objective",
      "content": "- Examines trade losses from financial crises with a sectoral perspective: agricultural, mining, manufactured goods, and services.\n- Considers different types of financial crises: debt, banking, and currency crises.\n- Period covered: 1980-2018.\n- Authors: Jean-Marc Atsebi, Jean-Louis Combes, Alexandru Minea.\n- Publication date: June 25, 2021."
    },
    {
      "heading": "Methodology",
      "content": "- Uses a combination of impact assessment and local projections to capture a causal dynamic effect running from financial crises to trade activity.\n- Empirical estimations performed on the 1980-2018 period."
    },
    {
      "heading": "Key findings",
      "content": "- The collapse of total trade following financial crises is long-lasting.\n- Declines in trade are mainly driven by the fall of manufacturing trade and, to some extent, services trade.\n- The causal effects of financial crises on trade operate through three channels:\n  - Structural channel.\n  - Demand-side channel.\n  - Supply-side channel."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Analysis provides support for the design and implementation of policies aimed at coping with trade effects induced by financial crises.\n- Policies should consider sectoral heterogeneity, with particular focus on manufacturing and services trade recovery measures.\n- Addressing all three channels (structural, demand-side, supply-side) is important for comprehensive policy responses.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2021/06/25/the-sectoral-trade-losses-from-financial-crises-461282"
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    "Authors: Jean-Marc Atsebi, Jean-Louis Combes, Alexandru Minea",
    "Published: June 25, 2021",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513586731.001",
    "Examines trade losses from financial crises with a sectoral perspective: agricultural, mining, manufactured goods, and services.",
    "Considers different types of financial crises: debt, banking, and currency crises.",
    "Period covered: 1980-2018.",
    "Authors: Jean-Marc Atsebi, Jean-Louis Combes, Alexandru Minea.",
    "Publication date: June 25, 2021.",
    "Uses a combination of impact assessment and local projections to capture a causal dynamic effect running from financial crises to trade activity.",
    "Empirical estimations performed on the 1980-2018 period.",
    "The collapse of total trade following financial crises is long-lasting.",
    "Declines in trade are mainly driven by the fall of manufacturing trade and, to some extent, services trade.",
    "The causal effects of financial crises on trade operate through three channels:",
    "Analysis provides support for the design and implementation of policies aimed at coping with trade effects induced by financial crises.",
    "Policies should consider sectoral heterogeneity, with particular focus on manufacturing and services trade recovery measures.",
    "Addressing all three channels (structural, demand-side, supply-side) is important for comprehensive policy responses.",
    "**Working Paper**"
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