This paper investigates the impact of long-run terms-of-trade shocks. Analytically, we show that, if capital goods are … during 1965-89. Favorable terms-of-trade shocks increase investment and (especially government) consumption, but reduce …, but Dutch Disease effects are strikingly absent. Investment, consumption, and nontradable output respond more to a terms-of-trade …

external terms-of-trade (TOT) shocks. Using a two-sector, full-employment general equilibrium model with endogenous labor …

terms-of-trade disturbances in terms of a two-sector, full-employment general equilibrium model with endogenous labour …

trade rests upon errors, or, if you prefer, upon half-truths.”1 Ever since Adam Smith successfully replaced mercantilist … orthodoxy with free trade doctrine in his celebrated book The Wealth of Nations, free trade critics have repeatedly challenged … the doctrine, offering half-truths to bolster their case. In each instance, free trade advocates have successfully exposed …

Developing countries now account for a significant fraction of both world trade and two thirds of the membership of the … World Trade Organization (WTO). However, many are still individually small and thus have a limited ability to bilaterally … extract and enforce trade concessions from larger developed economies even though as a group they would be able to do so. We …

The literature on trade openness, economic development, and the environment is largely inconclusive about the … environmental consequences of trade. This study review previous studies focusing on treating trade and income as endogenous and … estimating the overall impact of trade openness on environmental quality using the instrumental variables technique. The results …

century. Secondly, in one area of economic activity - trade in government procurement markets - the revised WTO Agreement on … Government Procurement (GPA) is emerging as a multi-dimensional tool of trade, governance and development. The thesis of this …

Agreement on Trade in Services (GATS), it derives insights from a large number of Regional Trade Agreements (RTAs) that embody … substantive provisions on both government procurement and services trade. An important finding is that, from an economic … perspective, general market access commitments with respect to services trade and commitments regarding government procurement of …

economic policy. In our empirical analysis, based on an extensive dataset covering most of world trade, we find that GSP tends …

- innovation and trade - are in danger of being compromised by the COVID-19 pandemic, under conditions increasingly reminiscent of … concentration and dominance, and the multilateral trade system had been buckling under pressure from a return to mercantilist ideas … industrial revolution (4IR) to a premature end. Hence the post-COVID-19 world may be left with trade as the only engine for …