Światowy kryzys gospodarczy a handel międzynarodowy
Global Economic Crisis and International Trade

Summary/Abstract: The world economic crisis has caused significant changes in the world trade. The authors attempt to assess the change in the impact of main determinants of international trade during the crisis of 2009 and shortly after the crisis. In order to assess the impact of the main determinants of trade, notably GDP, per capita GDP, and geographical distance, a gravity model was estimated, based on panel data for the individual pairs of countries in the period 1995–2010, using the Hausman-Taylor estimator. The authors have also checked the changes observed in the last years (2009 and 2010) in the reaction of trade flows to the factors considered in the model. Since the crisis has caused not only big changes in the volume of trade of the individual countries, but it could also modify the reaction of exports to the factors considered in the model, the attempt was made to enlarge the classical gravity model by introducing the respective interaction effects.

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