Gawande, Kishore; Hoekman, Bernard; Cui, Yue - Economics Research, World Bank Group - 2011
The collapse in trade and contraction of output that occurred during 2008-09 was comparable to, and in many countries …, including much greater macroeconomic"policy space"today, the rise of intra-industry trade (specialization in specific varieties … trade in intermediates). Institutions may also have played a role in limiting the extent of protectionist responses. World …