In this paper we explore the potential gains that a trade agreement (TA) can provide by regulating trade …-policy uncertainty, in addition to the more standard gains from reducing the mean levels of trade barriers. We show that in a standard … trade model with income-risk neutrality there tends to be an uncertainty-increasing motive for a TA. With income …

) bilateral trade openness reduces bilateral cultural distance; (ii) the more differentiated the products, the more trade reduces … cultural distance; (iii) trade openness has a lock-in effect on culture. Third, we test the model using an instrumental … bilateral trade openness translates into a 43% standard deviation decrease in bilateral cultural distance. …

To the extent that trade policy affects trade flows between countries, the ramifications can be far-reaching from an … of trade between countries on changes in the rate of reduction in the size of the income gap that exists between them …. Export and import data are used as the criteria for determining bilateral trade between major trade partners, resulting in …

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 …

The paper surveys the interactions between aid and trade, distinguishing between policies and outcomes as well as … recipient’s welfare via the trade channel, before turning to the empirical and institutional literature on the topic. It …

We estimate the respective contributions of institutions, geography, and trade in determining income levels around the … world, using recently developed instruments for institutions and trade. Our results indicate that the quality of … institutions are controlled for, trade is almost always insignificant, and often enters the income equation with the 'wrong' (i …