We find that Chinese trade flows respond to economic activity and relative prices - as represented by a trade weighted … sensitive to the treatment of time trends. Estimates of aggregate imports are more problematic. In many cases, Chinese aggregate … imports actually rise in response to a RMB depreciation and decline with Chinese GDP. This is true even after accounting for …

This paper examines the stability of import and export demand functions for the United States over the 1975q1-2001q2 … period. Using the Johansen maximum likelihood approach, an export demand function is readily identified. In contrast, there … typically found in other studies of aggregate U.S. trade flows …

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 …

A gravity model is used to assess the separate effects of exchange rate volatility and currency unions on international … trade. The panel data set used includes bilateral observations for five years spanning 1970 through 1990 for 186 countries … same currency. I find a large positive effect of a currency union on international trade, and a small negative effect of …

investment or trade channel depending on the openness of the economies. While a higher degree of exchange rate stability could … three policy goals in the trilemma--monetary independence, exchange rate stability, and financial openness--we examine how … choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with …

This paper shows that proximity to major international financial centers seems to reduce business cycle volatility. In … experience more volatile growth rates in both output and consumption, even after accounting for political institutions, trade …

dampening effect on trade volatility …I examine the hypothesis that membership in the World Trade Organization (WTO) and its predecessor the General … Agreement on Tariffs and Trade (GATT) has increased the stability and predictability of trade flows. I use a large data set …

This paper addresses the issue of whether regimes of fixed exchange rates are a mechanism for shifting volatility inter … devaluations reveals little evidence of significant increases in volatility following these events …