127. The COVID-19 Trade Collapse: Lessons from 2009?

Amid the Great Recession of 2008-9, global trade collapsed by 15 percent. Decomposing the role of supply chains, trade in autos and other durable goods, inventory adjustments, trade finance, protectionism, the shock to demand, and even the exchange rate movements, may help us understand how the trade collapse of 2020 evolves, as well as the prospects for a V-shaped recovery.

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