title: What is the import intensity of global aggregate demand?
metadata.name: dc.contributor.author
metadata.value: Auboin, Marc
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2018-04-04T16:18:48Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2018-04-04T16:18:48Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2018-03
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Auboin M. What is the import intensity of global aggregate demand? St Petersburg University Journal of Economic Studies, 2018, vol. 34, issue 1, pp. 59–76.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: 10.21638/11701/spbu05.2018.103
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/9315
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: While many studies look at the impact of trade on the supply side, notably through its impact on international vertical specialization and global supply chains, fewer papers examine how import penetration affects aggregate demand. The increased import intensity of aggregate demand has been a feature of the globalization process until the 2008–2009 financial crisis. Since then, the import / trade intensity of some aggregate demand components seems to have behaved differently. Using input / output tables for almost forty countries accounting for the bulk of global trade, this paper calculates the import intensity of aggregate demand over the period 1995–2014. The most pro-cyclical components of aggregate demand, i.e. investment, exports, and private consumption, are also found to be most import intensive; net government expenditures are less so. The most import intensive demand component of all is investment, which globally has an import content of 37 %. Unsurprisingly, investment is the only aggregate demand component that, by 2014, had not recovered to its pre-crisis level, a reason that might explain the relative slowdown of trade since the end of the financial crisis, for any given level of import intensity. Further, import intensity of investment seemed to have leveled off, if not fallen, in some emerging market economies. While the phenomenon is not long enough to be examined in detail, this is a change which might affect the pace of trade globalization.
metadata.lang: en_GB
metadata.name: dc.description.sponsorship
metadata.value: The article is written on the basis of the report presented by the author during international conference “Evolution of International Trading System: Prospects and Challenges” (St. Petersburg, Faculty of Economics SPSU, October 26–27, 2017).
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 34; Issue 1
metadata.lang: -
metadata.name: dc.subject
metadata.value: international trade
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: investment
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: trade policy
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: business cycles
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: global supply chains
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: What is the import intensity of global aggregate demand?
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 03-Auboin.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/9315/1/03-Auboin.pdf
resources.format: Adobe PDF
resources.size: 1,15 MB