Saturday, February 6, 2016

Giovanni Federico and Antonio Tena-Junguito — World trade, 1800-2015

Parallels are often drawn between the Great Recession of the past decade and the economic turmoil of the interwar period. In terms of global trade, these comparisons are based on obsolete and incomplete data. This column re-estimates world trade since the beginning of the 19th century using a new database that includes fewer developed countries. The effect of the Great Recession on trade growth is sizeable but fairly small compared with the joint effect of the two world wars and the Great Depression. However, the effects will become more and more comparable if the current trade stagnation continues.
Vox.eu
World trade, 1800-2015
Giovanni Federico, Professor of Economic History, University of Pisa. and Antonio Tena-Junguito, Associate professor in the Department of Social Science, Universidad Carlos III de Madrid

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