<abstract xmlns="http://www.w3.org/1999/xhtml"><p> The paper analyses the factors explaining the vulnerability of the European countries’ industries to foreign trade and production downturn in the years 2008-2009 and attempts to identify branches and industries (or their features significant in this context) that most greatly contributed to the last crisis transmission in Europe, mainly through the slump in their trade. Among those factors we took into particular consideration: the level of specialization versus diversification of the export basket and production, trade openness in the cross-country and cross-industry perspective, the intra-industry/inter-industry structure of trade and the financial openness.</p></abstract>

The paper analyses the factors explaining the vulnerability of the European countries’ industries to foreign trade and production downturn in the years 2008-2009 and attempts to identify branches and industries (or their features significant in this context) that most greatly contributed to the last crisis transmission in Europe, mainly through the slump in their trade. Among those factors we took into particular consideration: the level of specialization versus diversification of the export basket and production, trade openness in the cross-country and cross-industry perspective, the intra-industry/inter-industry structure of trade and the financial openness.

Vulnerability to foreign macroeconomic shocks – an empirical study in cross-industry perspective. Example of 2008–2009 global crisis in Europe*

Warsaw School of Economics Institute for International Studi Al. Niepodległości 162, 02-554 Warszawa, Poland

Warsaw School of Economics Institute of Econometric Al. Niepodległości 162, 02-554 Warszawa, Poland

Folia Oeconomica Stetinensia

The paper analyses the factors explaining the vulnerability of the European countries’ industries to foreign trade and production downturn in the years...

Vulnerability to foreign macroeconomic shocks – an empirical study in cross-industry perspective. Example of 2008–2009 global crisis in Europe*

Published Online: Mar 25, 2014

Page range: 150 - 173

DOI: https://doi.org/10.2478/foli-2013-0003

This content is open access.