Estimating the effect of trade on capital flows is difficult given the inherent identification problem. We use … fluctuations in rainfall to capture the exogenous variation in trade between Germany, France, the U.K., and the Ottoman Empire … findings support trade theories predicting complementarity between trade and capital flows …

history analysis, we find that trade was also a pathway of diffusion. Market access served as an important instrument to … encourage a level playing field. The type of trade mattered as much as the volume. In the European core, states emulated the … labor regulation of partners because intraindustry trade was important. The New World exported less differentiated products …

that researchers might have correctly identified the increasing effect of distance on bilateral trade over time. In other … words, trade costs may have not declined nearly as dramatically in the late twentieth century as has been supposed …, especially in light of the nineteenth century, a time of documented trade cost decline and commodity market integration …

Although many modern studies find large and significant effects of prior colonial status on bilateral trade, there is … very little empirical research that has focused on the contemporaneous impact of empire on trade. We employ a new database … of over 21,000 bilateral trade observations during the Age of High Imperialism, 1870-1913, to quantitatively assess the …

institutions to affect growth. Institutions can directly affect growth, or it can impact on trade, which in turn affects growth …. Once we separately quantify the link from institutions to trade, and trade to growth, the independent effect of … institutions on growth is small. This suggests that part of what is often understood as trade's effect on growth can be attributed …

We study linkages between financial development, international trade, and long-run growth using data since 1880 for … trade reinforced each other before 1930, but that these effects did not persist after the Second World War. Financial … development has positive effects on growth throughout the sample period, while trade affects growth strongly and independently …

oceanic trade. Moreover, Atlantic ports grew much faster than other West European cities, including Mediterranean ports …. Atlantic trade and colonialism affected Europe both directly, and indirectly by inducing institutional changes. In particular …, the growth of New World, African, and Asian trade after 1500 strengthened new segments of the commercial bourgeoisie, and …