Do Turbulent Business Environments Shape Asymmetric Trade Policy Responses? Insights into the Covid-19 Pandemic and the Great Recession

ABSTRACT

The current pandemic crisis and the Great Recession are the most turbulent events of the XXI century. The aim of the paper is to explore and identify the pattern of response through mixes of harmful trade policy interventions during these two systemic crises.The comparative descriptive assessment focuses on two broad categories of measures, i.e. import-related and export-related harmful interventions. Some stylized facts emerged from this analysis and draw the conclusion that the two major crises have led to different responses from governments, dictated by reasons and specific needs. These patterns of response challenge the future and stability of international trading system and the behavior of companies in the global business environment. Therefore, this research provides valuable information not only for the business community, but for macro-policy makers as well.