This paper empirically examines US goods trade with China, focusing on the performance of exports. Throughout the analysis, we explore whether US trade is unusual by contrasting it with trade from Japan and the EU-15. The issue is examined from three perspectives: the commodity composition of...

History provides us with many examples of multiple country fixed exchange rate regimes that have eventually fallen apart. In light of these failures, why has the EMS been so successful in stabilizing exchange rates among members, and in expanding its membership? This paper argues that one key...