measures such as asset concentration, market capitalization to GDP, size of the trade sector, cross-sectional volatility of … has focused on average returns, we analyze the volatility of the returns in emerging equity markets. We characterize the … time-series of volatility in emerging markets and explore the distributional foundations of the variance process. Of …

-product firms live forever, and the large firms invest in innovation in order to enlarge their product spans. All firms export. I …

We study unanticipated tariffs on imports of intermediate goods in a setting with firm-to-firm supply relationships … free trade. Once they are in place, the home government surprises with an input tariff. This can lead to renegotiation with … deterioration in the terms of trade. The welfare implications of a tariff are ambiguous in this second-best setting, but plausible …

Using an extensive new data set on U.S. and U.K.-traded closed- end funds, we examine the diversification benefits from … emerging equity markets and the extent of their integration with global capital markets. To measure diversification benefits … significant diversification benefits for the U.K. country funds, but not for the U.S. funds. The difference appears to relate to …

aggregate export and FDI sales relative to the domestic and foreign market sizes. In particular, it is shown that firm level … heterogeneity is an important determinant of relative export and FDI flows. We use the model to derive testable empirical … predictions on the relative aggregate export and FDI sales in a given country for a given sector based both on relative costs and …

unions to estimate the effect of currency unions on trade using (then-) conventional gravity models. In this paper, we use a … variety of empirical gravity models to estimate the currency union effect on trade and exports, using recent data which … a smaller trade effect than other currency unions; it has a mildly stimulating effect at best. Third and most …

Supply chain disruptions, which have become commonplace, are often associated with globalization and trade. Little is … CES case, a subsidy for diversification achieves the constrained social optimum and dominates a policy that promotes … at home versus abroad may achieve greater welfare than ones that encourage or discourage diversification …

We characterize trade policies that result from political competition when assessments of well-being include both … increased income inequality or heightened racial and ethnic tensions, lead to pronounced changes in trade policy. We analyze the …