Did WTO Membership Reduce the Collapse of Trade? Evidence from the CIS region
Many countries experienced dramatic reductions in their exports in the first half of 2009. No doubt much of those reductions was due to falling demand in overseas markets reinforced by a scarcity of credit, including trade finance and working capital. Still, given the diversity of international trade arrangements in existence today with their varied obligations and privileges it is worth asking whether any particular arrangements tended to mitigate the collapse in exports. It may be that certain trade arrangements not only foster trade during stable economic times but also limit export reductions during systemic economic crises.
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