Institute for Economic and Social History
Vienna University of Economics and Business
Welthandelsplatz 1, Geb. D4, 3. Stock, 1020 Wien/V
NBER Working Papers and Publications
|January 2018||The Anatomy of a Trade Collapse: The UK, 1929-33|
with Alan de Bromhead, Alan Fernihough, Kevin Hjortshøj O'Rourke: w24252
A recent literature explores the nature and causes of the collapse in international trade during 2008 and 2009. The decline was particularly great for automobiles and industrial supplies; it occurred largely along the intensive margin; quantities fell by more than prices; and prices fell less for differentiated products. Do these stylised facts apply to trade collapses more generally? This paper uses detailed, commodity specific information on UK imports between 1929 and 1933, to see to what extent the trade collapses of the Great Depression and Great Recession resembled each other. It also compares the free trading trade collapse of 1929-31 with the protectionist collapse of 1931-3, to see to what extent protection, and gradual recovery from the Great Depression, mattered for UK trade pat...
|February 2017||When Britain turned inward: Protection and the shift towards Empire in Interwar Britain|
with Alan de Bromhead, Alan Fernihough, Kevin Hjortshøj O'Rourke: w23164
International trade became much less multilateral during the 1930s. Previous studies, looking at aggregate trade flows, have argued that discriminatory trade policies had comparatively little to do with this. Using highly disaggregated information on the UK’s imports and trade policies, we find that policy can explain the majority of Britain’s shift towards Imperial imports in the 1930s. Trade policy mattered, a lot.