Belgian paper examines ‘crisis-proof’ services
Research examines elasticity of goods exports and services exports relative to GDP growth
While trade in goods fell by almost 30% during the crisis, trade in business, telecommunications and financial services were largely unaffected, according to a working paper published by the National Bank of Belgium.
In Crisis-proof services: Why trade in services did not suffer during the 2008–2009 collapse, Andrea Ariu finds "significant" differences between the elasticity of goods exports and services exports with respect to GDP growth.
"If goods exports had had the same elasticity to GDP
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