Recently gravity trade models are applied to disaggregated trade data. Here many zeros are characteristic. In the presence of excess zeros usual Poisson Pseudo Maximum Likelihood (PPML) is still consistent, the variance covariance matrix however is invalid. Correct economic interpretation...

The deepening of the Barcelona Agreement and the discussions of the creation of a Mediterranean Union has awakened the interest of the non-EU Mediterranean countries to expand their exports to the European markets. This study analyses the factors that influence the German imports of olive oil by...

Evidence suggests there is a strong tendency among states to choose fixed exchange rates. Yet he interpretation of fixed exchange rates as a monetary policy rule remains unconvincing. Adopting an endogenous policy perspective, this paper argues that political-support maximizing governments...

This 2007 Article IV Consultation highlights that Malta’s economic recovery is gaining traction, owing in large part to cyclical strength and some structural change. A public investment boom, financed largely by grants from the European Union, reignited growth in 2005. A modest recovery...

This Selected Issues paper assesses The Gambia’s external competitiveness by reviewing developments in several indicators, ranging from exchange rate-based indices to survey-based assessments of the investment climate. The paper reviews the evolution of several multilateral and bilateral...