ECB paper identifies source of slump in global trade

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A European Central Bank paper, published on Monday, says a combination of declines in consumption, investment, government expenditure and exports help explain the severity of the impact of the financial crisis on global trade.

Robert Anderton and Tadios Tewolde, the paper's authors, attempt to shed light on why the downturn in global trade during the intensification of the financial crisis was so severe and synchronised across the world.

The authors find that a structural imports function, which

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