you've got that wrong

Message do 2 sep 2010 8:48

From: "Richard Baldwin"

To: Peter van Bergeijk

Subject: Your paper on trade collapse.

Attachments: Attach0.html 8K
Your paper asserts: "the main stream narrative that links the strength and speed of the world trade collapse in 2008-9 to (i) lacking trade finance, (ii) international value chains and (iii) ‘murky’ protectionism."
I think you’ve got that wrong. See for what is the mainstream explanation. It was a demand shock multiplied by a composition effect.

Richard Baldwin


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