This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a suc cess rate in excess of 80 percent under some criteria. The policy works well in terms of...

Bulgaria follows a currency board tied to the euro and we find that multi-product firms (MPFs) specializing only in Non-EU markets absorb exchange rate movements relatively more in their export volume than in their prices of every variety. Such effects can be however offset by cannibalization...

In this paper we investigate the different behaviors between new and continuing exporters in response to exchange rate shocks. We establish a dynamic model, in which new exporters strategically charge a lower price than continuing exporters in order to increase their current sales and accumulate...

As is the case with several other developing countries which grew rapidly in the 1980s and 1990s, Thailand was largely influenced by neoliberalism. This essay discusses neoliberalism, its influence on Thailand, and the role that neoliberalism played in the subsequent Asian financial crisis....

Substantial tariff reductions and increased usage of non-tariff measures (NTMs) have been key dynamics of global trade policy in recent decades. We use highly disaggregated data on tariffs, NTMs, and trade to investigate how IMF conditionality as a form of external pressure to reduce tariffs...

In this paper we investigate whether the design of World Bank conditionality, namely the extent of trade liberalization conditions, is influenced by the commercial motives of the Bank’s five major shareholders. Using a newly available dataset on World Bank conditionality we analyze the...

There is a stark contrast between the ambitious investment promotion efforts of many least developed countries (LDCs) and their often minimal commitments under the General Agreement on Trade in Service (GATS). At a time of urgent need to address domestic infrastructure and investment gaps, this...

Notwithstanding some progress in market and product diversification - including services - LDCs remain particularly vulnerable to external shocks. With the exception of 2006-2008, the LDCs as a group have systematically recorded a trade deficit. The 2008-2009 global crisis and the bumpy recovery...