The Impact of 2008 Global Financial and Economic Crisis on Foreign Trade of Vietnam

Received: 27-06-2013

Accepted: 22-08-2013

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Issue: Vol. 11 No. 5 (2013)

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KINH TẾ XÃ HỘI VÀ PHÁT TRIỂN NÔNG THÔN

How to Cite:

Cuong, H., & Nhan, B. (2024). The Impact of 2008 Global Financial and Economic Crisis on Foreign Trade of Vietnam. Vietnam Journal of Agricultural Sciences, 11(5), 751–766. http://testtapchi.vnua.edu.vn/index.php/vjasvn/article/view/61

The Impact of 2008 Global Financial and Economic Crisis on Foreign Trade of Vietnam

Hoang Chi Cuong (*) 1, 2 , Bui Thi Thanh Nhan 2

  • 1 Đại học Waseda, Tokyo, Nhật Bản
  • 2 Đại học Dân Lập Hải Phòng, Hải Phòng, Việt Nam

    • Keywords

    2008 Crisis, exports, gravity model, Hausman–Taylor estimator, impact, imports, Vietnam

    Abstract


    The global financial and economic crisis, which was triggered by the Lehman Brothers shock in September 2008, has had enormous negative impacts on the global economy and Vietnam. In this paper, some gravity models were constructed using the Hausman–Taylor (1981) estimator, Fixed-effects (FE), Random-effects (RE) estimations, and applied to recent panel data that includes 18 of Vietnam’s major trade partners during the period from 1995 to 2011. This purpose was to examine the possible impacts of the 2008 global financial and economic crisis on the export and import of Vietnam. The authors found evidence broadly consistent with the prediction that the crisis strongly reduced the country’s import. By contrast, there was no evidence that demonstrated convincingly that this crisis decreased the country’s export. In addition, the authors modeled and found the reciprocal relationship between the export and import of Vietnam.

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