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Still standing: how European firms weathered the crisis - The third EFIGE policy report. Bruegel Blueprint 15, 22 December 2011

Békés, Gábor and Halpern, László and Koren, Miklós and Muraközy, Balázs (2011) Still standing: how European firms weathered the crisis - The third EFIGE policy report. Bruegel Blueprint 15, 22 December 2011. [Policy Paper]

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    Abstract

    This research output confirms the strength of the approach underpinning the EFIGE project, which is based on the recognition that firms are heterogeneous in the extent and the pattern of their internationalisation, as they are in many other respects. The project provides more, and more precise, evidence of what makes firms successful and therefore also what makes countries successful in the context of globalisation. Internationalisation, however, also makes firms vulnerable to shocks affecting international trade and may transform them into agents of propagation of global downturns. At the time of the Great Recession of 2009, there was intense speculation about the reasons why trade collapsed much more than output. It was sometimes claimed that global supply chains were not only propagators, but also multipliers of international fluctuations. This report by László Halpern and his colleagues makes use of the fact that the EFIGE survey was – by accident – conducted in 2009 and – by design – included questions about the firms’ response to the global crisis. It provides a fascinating account of what happened to them in an especially turbulent environment. The stylised facts presented in this report are important to bear in mind at a time when Europe is heading for another severe downturn.

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    Item Type: Policy Paper
    Uncontrolled Keywords: EFIGE=European Firms in a Global Economy.
    Subjects for non-EU documents: EU policies and themes > External relations > international economy
    EU policies and themes > Policies & related activities > economic and financial affairs > business/private economic activity
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    EU policies and themes > External relations > globalisation/globalization
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Bruegel (Brussels) > Blueprint Series
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 23 Dec 2011 22:27
    Number of Pages: 66
    Last Modified: 16 Jan 2012 13:13
    URI: http://aei.pitt.edu/id/eprint/33184

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