We evaluate the effect of exchange rate misalignments on the balance of trade and the role that global value chain participation plays in this effect for 11 new European Union member states. Using heterogeneous panel cointegration methods, we first estimate the real equilibrium exchange rate and...

In the period 2003-2014, Romania became an important source for the export of live animals (bovines and sheep), both for the intra-Community trade and for third countries. Although in the same period the imports consisted mainly of breeding animals, the balance of trade was constantly positive....