Is there evidence from China's pre-WTO accession period that newly imposed U.S. or EU import restrictions deflect Chinese exports to third markets? We examine this question by drawing on a newly constructed data set of U.S. and EU product-level import restrictions on Chinese trade imposed...

A large class of models with CES utility and iceberg trade costs are now known to generate isomorphic “gravity equations.” Economic interpretations of these gravity equations vary in terms of two basic elements: the exporter's “mass” variable and the elasticity of trade with respect to...

The large reduction in tariff rates worldwide under several rounds of the GATT is commonly credited with being one of the most notable economic policy accomplishments since World War II. However, the remarkable progress towards free trade of goods is unparalleled in trade with services where...

We address three themes on the New Regionalism. First, the prominent analogy to a “spaghetti bowl” of economic integration agreements (EIAs) should be replaced by reference to a « market » for EIAs. We suggest a systematic economic framework for analyzing « competitive...

China's deepening engagement in the global trading system and the threat of its export capacity have affected the negotiation, formation, and rules of international trade agreements. Among other changes, China's 2001 accession to the World Trade Organization (WTO) introduced new allowances for...

The US-China trade war forced a reluctant semiconductor industry into someone else’s fight, a very different position from its leading role in the 1980s trade conflict with Japan. This paper describes how the political economy of the global semiconductor industry has evolved since the 1980s....

We undertake a trade-growth accounting exercise by decomposing data on changes in bilateral international trade flows into their direct (endowment accumulation, productivity growth, changes in trade costs, changing preferences) and indirect components (general equilibrium effects). Furthermore,...

We undertake a trade-growth accounting exercise by decomposing data on changes in bilateral international trade flows into their direct (endowment accumulation, productivity growth, changes in trade costs, changing preferences) and indirect components (general equilibrium effects). Furthermore,...

We challenge the common practice of estimating gravity equations with time-interval data in order to capture dynamic-adjustment effects to trade-policy changes. Instead, we point to a series of advantages of using consecutive-year data recognizing dynamic-adjustment effects. Our analysis reveals...

We challenge the common practice of estimating gravity equations with time-interval data in order to capture dynamic-adjustment effects to trade-policy changes. Instead, we point to a series of advantages of using consecutive-year data recognizing dynamic-adjustment effects. Our analysis reveals...