Global trade, which fell to 20 per cent below its pre-crisis trend, was driven by sluggish growth in advanced economies, and the maturation of global value chains which has further reduced the elasticity of trade flows to economic activity and exchange rate changes.
Sometimes the originator and what I have called the packager are the same institution.) The most straightforward case involves combining the mortgage with other mortgages to create a mortgage-backed security (MBS); the owner (or owners) of an MBS has claims on the cash flows arising from the underlying mortgages.