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TDPE presents: Prachi Mishra

341 Eggers Hall

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Do Crises Have Lasting Effects on Trade? We explore country-level trade dynamics following past episodes of banking and debt crises. Using an augmented gravity model and 179 crisis episodes from 1970-2009, we find that there is a sharp decline in a country’s imports in the year following a crisis—14 percent, on average—and this decline is persistent, with imports remaining 12 percent below predicted, 5 years after the crisis. This is in addition to any import compression due to lower output, which the gravity model already controls for. In contrast, exports of the crisis country are not as adversely affected, and they remain close to the predicted level in both the short and medium-term. Prachi Mishra is an economist in the research department of the International Monetary Fund.  She is an expert on the political economy of trade, foreign aid, and the effect of trade and emigration on income distribution.  Her recent work has focused on the impact of economic crises on lobbying and trade.

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Exterior of Maxwell in black and white when there was no Eggers building

We’re Turning 100!

To mark our centennial in the fall of 2024, the Maxwell School will hold special events and engagement opportunities to celebrate the many ways—across disciplines and borders—our community ever strives to, as the Oath says, “transmit this city not only not less, but greater, better and more beautiful than it was transmitted to us.”

Throughout the year leading up to the centennial, engagement opportunities will be held for our diverse, highly accomplished community that now boasts more than 38,500 alumni across the globe.