期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：During the 2008-2009 crisis trade in goods experienced the deepest decline everrecorded. Surprisingly, trade in services came through the crisis unscathed andsome service categories carelessly stuck to their growth paths. Using firm-productdestinationexports for Belgium, we show that the particular resilience of servicesis explained by a significantly lower elasticity to demand in export markets. Morespecifically, services exports tend to decline on average 5% less than exports ofgoods following a 1% decrease in GDP growth in destination countries. Mostof this effect is accounted for by business services, it is more pronounced withrespect to durables than to consumable products and it is stronger for OECDexports than for non-OECD. In terms of economic magnitude, if goods had thesame elasticity to GDP growth of services, they would have decreased of abouthalf. Conversely, if services had the same elasticity of goods, their fall would havebeen more than thrice as much
关键词：Trade Collapse; Service Resilience; Services and Goods Trade
