Behrens, Kristian; Corcos, Gregory; Mion, Giordano - C.E.P.R. Discussion Papers - 2010
We provide an analysis of the 2008-2009 trade collapse using microdata from a small open economy, Belgium. First, we …% less than what we observe. Trade in consumer durables and capital goods fell more severely than trade in other product … in trade was mostly driven by the fall in economic activity. It is not a trade crisis --- just a trade collapse …