European Business Schools Librarian's Group

Department of Economics Working Papers,
Vienna University of Economics and Business, Department of Economics

The Great Synchronization of International Trade Collapse

Nikolaos Antonakakis (), and
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Nikolaos Antonakakis: Department of Economics, Vienna University of Economics and Business

Abstract: In this study we provide novel results on the extent of international trade synchronization during periods of trade collapses and US recessions.Based on monthly data for the G7 economies over the period 1961-2011, our results suggest rather idiosyncratic patterns of international trade synchronization during trade collapses and US recessions. During the great recession of 2007-2009, however, international trade experienced the most sudden, severe and globally synchronized collapse.

Keywords: International Trade Collapse, Synchronization, Recession, Dynamic Conditional Correlation

JEL-codes: E32; F15; F41; F43 June 2012

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