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 http://www.voxeu.org/index.php?q=node/4297 for what is the mainstream explanation. It was a demand shock multiplied by a composition effect.