The real effective exchange rate (REER) is one of the most cited statistical constructs in open-economy macroeconomics. We show that the models used to compute these numbers are not rich enough to allow for the rising importance of global value chains. Moreover, because different sectors within...

Trade can and should play an important role in making progress to achieve the Sustainable Development Goals. This includes trade and investment in services, as realizing many of the goals is conditional on improved performance of services sectors in developing countries. The global environment...

This paper examines the developments of cross-border portfolio assets and liabilities in the Asia and Pacific region over the periods of 2001-2017. Rapid increases in both portfolio foreign assets and liabilities have taken place particularly after the 2008-2009 global financial crisis. These...