Abstract One of the main stylised facts that has emerged from the recent literature on global value chains is that bilateral trade imbalances in gross terms can differ substantially from those measured in value added terms. However, the factors underlying the extent and sign of the differences...

Since the mid-1980s a substantial body of research has taken shape on trade in services. Much of this is inspired by the WTO and regional trade agreements. However, an increasing number of papers focus on the impacts of unilateral services sector liberalization. The literature touches on...

Ukraine's recent political developments have been rather turbulent and their effects on the economy controversial. The economy was rapidly growing between 2000 and 2004, albeit starting from a very low base. Among the growth factors were the devaluation of the hryvnia in 1999, the rising demand...

The EU, on the one hand, and Russia and Ukraine, on the other, are very unequal partners in nearly all respects - a fact manifesting itself also in their economic relations. The EU is a relatively important trading partner for Russia and (although less so) for Ukraine. However, apart from being...

This report counter-poses the patterns of trade specialization and trade diversification of two groups of economies the new member states of the European Union, NMS, and the follower countries of the Soviet Union, the NIS (Newly Independent States). It is shown that the NIS export structures are...

Abstract It is now widely accepted that when controlling for international differences in production techniques, the predictions from the Heckscher-Ohlin-Vanek (HOV) theorem are largely satisfied. However, a large amount of ‘missing trade’ remains. This paper makes two main contributions...

Abstract The increasing international fragmentation of production has triggered the development of a number of widely used indicators accounting for value added flows in the world economy. This paper generalises these measures by simultaneously considering the import side and focusing on...

This paper analyses some of the main factors behind the recent rapid growth in the Commonwealth of Independent States (CIS) and the prospects for its continuation. Two approaches are used. The first approach uses growth accounting exercises to estimate the total factor productivity (TFP) growth...

There is evidence that the skilled to unskilled wage rates were rising in the 1980s and at the beginning of the 1990s. This can potentially be explained by a Heckscher-Ohlin framework where economic integration implies that the advanced countries specialize in skilled-labour-intensive industries...

Ukraine was confronted with an unprecedented economic and financial crisis during 2008-2009. That crisis has until recently been compounded by a highly unstable political situation. The European Union, Ukraine's neighbours and the international community have been concerned about possible...