Trade Reorientation and Restructuring towards Fast-growing Emerging Economies: Crisis Response of the EU Member States

This paper deals with the geographical reorientation and product restructuring of trade as s a crisis-response strategy. We exploit the logic of constant market share analysis for decomposing the total change in export market shares into the contribution of the competitiveness effect and the structu...

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Autores principales:	Yu. Shang, M. Svetličič, K. Zajc Kejžar
Formato:	article
Lenguaje:	EN RU
Publicado:	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”) 2020
Materias:	trade structure trade reorientation crisis response eu emerging markets constant market share analysis International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/84cea39f7d78448294d74a875fffffb8
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spelling	oai:doaj.org-article:84cea39f7d78448294d74a875fffffb82021-11-07T14:45:04ZTrade Reorientation and Restructuring towards Fast-growing Emerging Economies: Crisis Response of the EU Member States2542-02402587-932410.23932/2542-0240-2020-13-4-6https://doaj.org/article/84cea39f7d78448294d74a875fffffb82020-10-01T00:00:00Zhttps://www.ogt-journal.com/jour/article/view/667https://doaj.org/toc/2542-0240https://doaj.org/toc/2587-9324This paper deals with the geographical reorientation and product restructuring of trade as s a crisis-response strategy. We exploit the logic of constant market share analysis for decomposing the total change in export market shares into the contribution of the competitiveness effect and the structure effect in terms of geographical and product specialisation and apply it to the case of 2008/2009 global financial crisis (GFC) in the ‘old’ and ‘new’ EU member states. Constant market share analysis considering both gross and value-added trade data indicates lack of proactive reorientation towards the fast-growing emerging economies in either the EU-15 or the EU-10. The product structure effect played a relatively more positive role in the old EU members during the crisis, particularly on account of the mid-tech product group, but technology upgrading was more pronounced in the new EU member states.While the analysis in this paper provides lessons from 2008/2009 GFC with respect to export pattern adjustments, the Covid-19 pandemic crisis differs from the GFC mainly in that it led to major global value chain disruptions which may lead to a certain degree of domestication, diversification and regionalization of GVCs implying trade reorientation from more distant countries towards nearby ones.Yu. ShangM. SvetličičK. Zajc KejžarАссоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)articletrade structuretrade reorientationcrisis responseeuemerging marketsconstant market share analysisInternational relationsJZ2-6530ENRUКонтуры глобальных трансформаций: политика, экономика, право, Vol 13, Iss 4, Pp 117-143 (2020)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	trade structure trade reorientation crisis response eu emerging markets constant market share analysis International relations JZ2-6530
spellingShingle	trade structure trade reorientation crisis response eu emerging markets constant market share analysis International relations JZ2-6530 Yu. Shang M. Svetličič K. Zajc Kejžar Trade Reorientation and Restructuring towards Fast-growing Emerging Economies: Crisis Response of the EU Member States
description	This paper deals with the geographical reorientation and product restructuring of trade as s a crisis-response strategy. We exploit the logic of constant market share analysis for decomposing the total change in export market shares into the contribution of the competitiveness effect and the structure effect in terms of geographical and product specialisation and apply it to the case of 2008/2009 global financial crisis (GFC) in the ‘old’ and ‘new’ EU member states. Constant market share analysis considering both gross and value-added trade data indicates lack of proactive reorientation towards the fast-growing emerging economies in either the EU-15 or the EU-10. The product structure effect played a relatively more positive role in the old EU members during the crisis, particularly on account of the mid-tech product group, but technology upgrading was more pronounced in the new EU member states.While the analysis in this paper provides lessons from 2008/2009 GFC with respect to export pattern adjustments, the Covid-19 pandemic crisis differs from the GFC mainly in that it led to major global value chain disruptions which may lead to a certain degree of domestication, diversification and regionalization of GVCs implying trade reorientation from more distant countries towards nearby ones.
format	article
author	Yu. Shang M. Svetličič K. Zajc Kejžar
author_facet	Yu. Shang M. Svetličič K. Zajc Kejžar
author_sort	Yu. Shang
title	Trade Reorientation and Restructuring towards Fast-growing Emerging Economies: Crisis Response of the EU Member States
title_short	Trade Reorientation and Restructuring towards Fast-growing Emerging Economies: Crisis Response of the EU Member States
title_full	Trade Reorientation and Restructuring towards Fast-growing Emerging Economies: Crisis Response of the EU Member States
title_fullStr	Trade Reorientation and Restructuring towards Fast-growing Emerging Economies: Crisis Response of the EU Member States
title_full_unstemmed	Trade Reorientation and Restructuring towards Fast-growing Emerging Economies: Crisis Response of the EU Member States
title_sort	trade reorientation and restructuring towards fast-growing emerging economies: crisis response of the eu member states
publisher	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)
publishDate	2020
url	https://doaj.org/article/84cea39f7d78448294d74a875fffffb8
work_keys_str_mv	AT yushang tradereorientationandrestructuringtowardsfastgrowingemergingeconomiescrisisresponseoftheeumemberstates AT msvetlicic tradereorientationandrestructuringtowardsfastgrowingemergingeconomiescrisisresponseoftheeumemberstates AT kzajckejzar tradereorientationandrestructuringtowardsfastgrowingemergingeconomiescrisisresponseoftheeumemberstates
_version_	1718443366012682240

Trade Reorientation and Restructuring towards Fast-growing Emerging Economies: Crisis Response of the EU Member States

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