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Export performance of Korean industries during the 2008-09 global crisis

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Frame of Image orean total exports(in nominal terms) began to decline in the third quarter of 2008 until it bottomed at -25% in the first quarter of 2009. It then rebounded
rapidly, peaking at 36% in the first quarter of 2010. The purpose of this article is to examine the export performance of Korea at the industry-level, and try to explain inter-industry differences.
1) Freund, C.(2009). “The Trade Response to Global Downturns: Historical Evidence”, World Bank Policy Research Working Paper 5015. 2) Cheung, C. and S. Guichard(2009). “Understanding World Trade Collapse”, Organisation for Economic Co-operation and Development Working Paper ECO/WKP(2009)70.
1. Crisis and Industry Export Performance : Three Hypotheses
A c c o r d i n g to the literature, the inter-industry differences in export performance during the 2008-09 crisis could be attributed to three factors. First, the sharpest drops in trade tend to be found in durables and capital goods. By contrast, trade in non-durables and service goods experienced a far smaller decrease; see Levchenko, Lewis, and Tesar(2010)3) for the U.S. case, Bricongne, Fontagne, Gaulier, Taglioni, and Vicard(2010)4) for the French case, ′ Behrens, Corcos, and Mion(2010)5) for the Belgian case. One possible explanation is based on the fact that the elasticity of trade to output is several times higher in investment and durables consumption than in non-durables consumption. Another strand of literature emphasizes that spillover effects from global production


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Title Export performance of Korean industries during the 2008-09 global crisis
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Material Type Reports
Author(English)

Hwang, Sunoong

Publisher

[Seoul]:Korea Institute for Industrial Economics & Trade

Date 2011
Journal Title; Vol./Issue KIET Industrial Economic Review:vol. 16(no. 1)
Pages 13
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Holding KIET; KDI School

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