We take a new approach to the study of the impact of EMU on consumption smoothing that allows a broader range of channels to enter into view. It is no longer simply a question of the smoothing of asymmetric output shocks via cross-country holdings of property and claims, as is often the case....

Despite increasing capital mobility and the subsequent difficulty in controlling exchange rates, intermediate exchange-rate regimes have remained widespread, especially in emerging and developing economies. This piece of evidence hardly fits the "impossible Trinity" theory arguing that it...

We investigate how the export performance of firms in China is influenced by credit constraints. Using panel data from Chinese customs for 1997-2007, we show that credit constraints restrict international trade flows and affect the sectoral composition of firms’ activity. We confirm that...

Ten countries in Central and Eastern Europe have applied for EU membership and five of them (Estonia, Hungary, Czech Republic, Poland, Slovenia) have already begun negotiation for accession . All ten countries have Association agreements with the EU, which have liberalised most trade in...

Based on matching techniques in combination with a difference-in-difference estimator, this paper estimates the effects at home of initiating production abroad through the establishment of a foreign production affiliate. The analysis covers manufacturing and service firms active in France during...