We show that the composition of imports has important implications for the optimal volatility of the exchange rate. Using input-output data for 25 countries we document substantial differences in the import and non-tradable content of final demand components, and in the role played by imported...

The impact of currency collapses (i.e. large nominal depreciations or devaluations) on real output remains unsettled in the empirical macroeconomic literature. This paper provides new empirical evidence on this relationship using a dataset for 108 emerging and developing economies for the period...

The free trade agreement negotiated between the EU and the Republic of Korea (EU-Korea FTA or the Agreement) is far-reaching. In terms of the scope of tariff liberalisation it goes beyond anything the EU has agreed in previous agreements. The coverage of services is also ambitious. In a range of...

The report consists of four distinct parts, which provide a description and a quantitative assessment of the impact of preferential access schemes on the growth and diversification of exports from developing countries to the EU over time. Each part of the report can be read individually. The...

While Free Trade Agreements (FTAs) of both, the United States and the European Union, include labor issues in specific chapters, only US FTAs explicitly have “labor chapters,” while the EU FTAs have a general reference to labor rights through the human rights clause and otherwise refer to...

This paper analyses the international transmission of monetary shocks with a special focus on the effects of foreign money ("global liquidity") on the euro area. We estimate structural VAR models for the euro area and the global economy including a global liquidity aggregate. The impulse...