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North American Trade in the Post-Debt-Crisis Era

In: North American Free Trade Agreement

Author

Listed:
  • Barry W. Poulson
  • Mohan Penubarti

Abstract

Ordinarily we think of financial crises as having a negative impact on trade flows as well as financial flows. Charles Kindleberger, for example, provides the historical evidence of several centuries to show that periods of crisis in international financial markets have been accompanied by the collapse of international trade as well (Kindle-berger, 1978). The Great Depression of the 1930s is the classic case of a downward spiral in world trade, tied to the collapse of international financial markets. Based upon historical precedent we would predict that the financial crisis of 1982 would also have had a disruptive impact on world trade. Given the fact that the 1982 crisis was triggered by the Mexican government’s inability to service its foreign debt, and that that debt was held mainly in the United States, we would expect the crisis to have been particularly disruptive to Mexican-U.S. trade.

Suggested Citation

  • Barry W. Poulson & Mohan Penubarti, 1993. "North American Trade in the Post-Debt-Crisis Era," Palgrave Macmillan Books, in: Khosrow Fatemi (ed.), North American Free Trade Agreement, chapter 6, pages 84-97, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-22976-5_6
    DOI: 10.1007/978-1-349-22976-5_6
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