With the trade normalization process between India and Pakistan gathering momentum since November 2011, new opportunities for enhancing bilateral trade have opened between the two countries. This study estimates the trade potential between India and Pakistan, and examines how this potential can...

There is a huge literature on the effects of uncertainty on trade levels. One very strong result of that literature is that uncertainty should not matter, as long as well developed forward markets exist. The empirical implications of this result, however, are hard to find in the data. We model...

The basic model of the literature on self-enforcing international environmental agreements is a model of autarkic countries. We extend that model by international trade and investigate its impact on the performance of "Nash" coalitions and on their stability, in particular, in a general...

The basic model of the literature on self-enforcing international environmental agreements is a model of autarkic countries. We extend that model by international trade and investigate its impact on the performance of "Nash" coalitions and on their stability, in particular, in a general...

Since the Age of Discovery, the world has grown integrated economically while remaining disintegrated politically as a collection of nation states. The nation-state system is robust because borders, as state dividers, interact with economic integration to absorb shocks. We build a tractable...

The basic model of the literature on self-enforcing international environmental agreements is a model of autarkic countries. We extend that model by international trade and investigate its impact on the performance of 'Nash' coalitions and on their stability, in particular, in a general...

The year 2018 was a milestone year for India-Bhutan relationship as the countries celebrated the accomplishments of the last fifty years of time-tested and special ties. The mutually beneficial economic ties have been the centre-piece of India-Bhutan relationship. India is Bhutan's largest...

We build upon new developments in the international trade literature to isolate and quantify the long-run economic impacts of tariff changes on the United States and the global economy. In particular, we apply the most recent data and trade elasticity estimates to the Ricardian model of Caliendo...

In light of the unprecedented mutation of the COVID-19 pandemic into a global economic recession, the WTO projects world trade volume to plummet by a staggering 13 percent to 32 percent in 2020. This translates to large-scale losses in global output and employment, especially in trade-oriented...

This paper analyzes frameworks for the design of the rules for international trading, assuming that it is possible to have some rule of law. In the Arrow-Debreu benchmark, where there is no economic power and political power is seemingly irrelevant, there is no need for trade agreements - free...