Long-run movements of real exchange rates are studied using a panel data set comprising 51 economies. The purchasing … both advanced and developing economies; and for the influence of shifts in the terms of trade …

-rate variability to stabilize trade. This may explainthe observed ‘fear of floating’ in emerging markets — although most of them claim … exchange rate regime unambiguously increases trade and improves welfare. This provides apotential explanation for the observed …

-Samuelson effect, as well as other macro variables. Long-run coefficients are estimated using a panel dynamic OLS estimator. The main …

-Samuelson effect, as well as other macro variables. Long-run coefficients are estimated using a panel dynamic OLS estimator. The main …

, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved … terms of trade are found to have more appreciated real exchange rates, with the main channel of transmission working through … the relative price of nontraded goods. Exogenous terms of trade shocks are found to be the most important determinant of …

This paper analyses trade specialisation dynamics in two Eastern European countries(Romania and Bulgaria – EEC-2) vis … and FEVD) and dynamic (GMM) panel data methods whichtake into account possible heterogeneity. Our empirical results …

, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved … terms of trade are found to have more appreciated real exchange rates, with the main channel of transmission working through … the relative price of nontraded goods. Exogenous terms of trade shocks are found to be the most important determinant of …

Transaction costs are a major reason why international trade flows are much smaller than traditional trade theory would … suggest. Trust between trading partners lowers transaction costs and may therefore enhance trade. The empirical analysis of … this paper shows that more trust leads to more trade so that part of the mystery of missing trade can be attributed to the …