Trade Crisis? What Trade Crisis?
利用比利时微观数据研究2008-2009年贸易崩溃，发现主要原因是需求下降，而非贸易本身危机，对理解贸易波动有参考价值。
We investigate the 2008-2009 trade collapse using microdata from a small open economy, Belgium. Belgian exports and imports mostly fell because of smaller quantities sold and unit prices charged rather than fewer firms, trading partners, and products being involved in trade. Our difference-in-difference results point to a fall in the demand for tradables as the main driver of the collapse. Finance and involvement in global value chains played a minor role. Firm-level exports-to-turnover and imports-tointermediates ratios reveal a comparable collapse of domestic and crossborder operations. Overall, our results reject a crisis of cross-border trade per se. © 2013 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.