The article considers the theoretical and methodological approaches to global value chains when measuring international trade. Global trends in the modern development of international trade are analysed, and the main challenges of international trade policy for Ukraine are characterised. It is...

Geopolitical conflicts have increasingly been a driver of trade policy. We study the potential effects of global and persistent geopolitical conflicts on trade, technological innovation, and economic growth. In conventional trade models the welfare costs of such conflicts are modest. We build a...

Global growth has decelerated over the course of the year under the impact of high energy prices and great uncertainty. Monetary policy, which is being tightened very quickly in view of high inflationary pressure across the board, is now also putting a drag on economic activity. Overall,...

The Covid-19 pandemic disrupted the international transportation industry, causing container freight rates to reach record highs from late 2020 and into 2021. I evaluate the dynamic effects of the observed increases in container freight rates all around the world on the domestic inflation, real...

China has achieved rapid economic growth and international trade development through integration into global value chains (GVCs). However, integration has also resulted in massive greenhouse gas emissions, aggravating the pressure imposed by global climate change. Based on the World...

We study the diffusion of shocks in the global financial cycle and global liquidity conditions to emerging and developing economies. We show that the classification according to their external trade patterns (as commodities’ net exporters or net importers) allows to evaluate the relative...

This chapter was prepared for the Handbook of International Economics (Vol. 5) edited by Gita Gopinath, Elhanan Helpman, and Kenneth Rogoff. We provide a review of the recent literature —both theoretical and empirical — analyzing the multi-dimensional connections between globalization and...