ICSSIET CONGRESS 3st International Congress on Social Sciences, Innovation and Educational Technologies PROCEEDINGS BOOK

ICSSIET CONGRESS 3st International Congress on Social Sciences, Innovation and Educational Technologies ABSTRACT BOOK

Editor Prof. Dr. Beatriz Lucia SALVADOR BIZOTTO- Centro Universitário Unifacvest/BRAZIL ISBN: 9786258284614 PUBLISHER: Global Academy Publishing House Date: 28.02.2023

Editor Prof. Dr. Beatriz Lucia SALVADOR BIZOTTO ISBN: 978-625-8284-60-7 Publishing Date: 27.02.2023 All rights of this book belong to Global Academy Publishing House. No part of this publication may be reproduced, stored, retrieved system, ortransmitted, in any form or by any means, without the written permission of the Global Academy Publishing House. Norbe otherwise circulated in any form of binding or cover. ©Copyright February, 2023 Certificate No: 64419 Global Academy Publishing House The individual essays remain the intellectual properties of the contributors. All papers published in this abstract book have been peer reviewed.

This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.