This paper critiques the methods used to investigate integration and efficiency in international markets. Integration is best reflected by quantity-based indicators of tradability, while efficiency is related to price-based notions of market equilibrium. Data insufficiency poses a serious...

his paper takes a new empirical look at the long-standing question of the effect of exchange rate volatility on international trade flows by studying the case of Taiwan's exports to the United States from 1989-1998. In particular, we employ sectoral-level, monthly data and an innovative...