the most important mattering is the one which concerns the free trade area with the EU on the horizon 2010-1012. These … the real exchange rate relative to its equilibrium value. Unlike volatility, the distortion of the real exchange rate can …

efficiency of countries by considering three major channels of embodied and disembodied spillovers, namely trade, foreign direct … across 47 developed and transition countries between 1990 and 2009. Overall, I find that trade remains the dominant factor …