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This paper shows that a regional bias resulting from trade integration alters the transmission of a country's monetary policy by shifting the burden of the exchange rate adjustment towards the less integrated trading partners. I first develop a simple model which illustrates how a concentration...
Persistent link: https://www.econbiz.de/10011621555
This paper documents the novel fact that Regional Trade Agreements (RTA) decrease bilateral trade imbalances as measured by conventional measure of the net export share in gross trade. While on average an RTA decreases bilateral trade imbalance by 7%, greater trade integration through a deeper...
Persistent link: https://www.econbiz.de/10011621556
This paper shows that regional trade integration shifts the burden of the exchange rate adjustment towards the less integrated trading partners. Thus, they bear the cost of trade balance expansion, while competitive exchange rate moves vis-a-vis RTA trading partners result in no expansion or...
Persistent link: https://www.econbiz.de/10011688708
The Organization of Islamic Cooperation members had proposed the establishment of an Islamic Common Market among themselves in the early 1970s. This notion currently listed among the core objectives of the Organization and, to this end, the members adopted the TPS agreement in 1990. This study...
Persistent link: https://www.econbiz.de/10011689528
Cultural factors and especially common languages are well-known determinants of trade. By contrast, the knowledge of foreign languages was not explored in the literature so far. We combine traditional gravity models with data on fluency in the main languages used in EU and candidate countries....
Persistent link: https://www.econbiz.de/10010333388
Foreign trade and foreign direct investments (FDI) are key elements for economic development and growth of both a country and its regions. This paper focuses on foreign trade and FDI in Austrian regions (Bundesländer). Unfortunately, data on regional trade in Austria is only available on a very...
Persistent link: https://www.econbiz.de/10011345637
This policy brief introduces a method to estimate foreign trade of the nine Austrian NUTS-2 regions. The basic idea of the method is to disaggregate national foreign trade data to the regional level using national input-output, regional employment and other supplemental data. This allows for the...
Persistent link: https://www.econbiz.de/10011379802
This policy paper, prepared as part of the Background Study for the European Competitiveness Report 2009, analyses the external trade in goods and services between the EU and the BRICs. The paper starts with the analysis of the global position of the EU and the BRICs in world trade (using the...
Persistent link: https://www.econbiz.de/10012100093
Both the current economic situation and the short-term growth outlook of virtually all countries in transition are better than at any time during the last decade. Driven by higher import demand from the EU, the Central and East European countries are enjoying an export boom which fuels their GDP...
Persistent link: https://www.econbiz.de/10012100004
Trade in services, although often neglected by theory and empiricism, plays a quite influential role in the balance of payments of most countries. In the case of the CEE countries, services trade also enters another dimension it is a helpful means in the modernization process of the CEE...
Persistent link: https://www.econbiz.de/10012100011