The Belt and Road Initiative (BRI) initiated by China in 2013 is a new experiment in regional cooperation, which aims to improve infrastructure connectivity through investment. This paper investigates whether the BRI created exports for its member states (excluding China), based on a...

This paper asks how Asia should prepare for the disorderly correction of global imbalances. It recommends tightening monetary policy and allowing Asian currencies to appreciate as a way of achieving a better balance between internal and external demand. Leaving the overall level of demand...

Small businesses are increasingly becoming the drivers of the holistic growth of a nation and also contributing to global development across sectors and some regions. Despite these considerations, overall the participation of MSMEs in international trade has remained insignificant and sparse....

While to an economist, business person or policy maker, movement of goods, services and foreign direct investment should logically be covered in the same agreement, history has not allowed this to happen. International legal regimes are spinning into greater fragmentation as the number of...

There is not one, perfect model for institutional regulatory cooperation, nor is there a single model for eliminating technical barriers to trade or discriminatory sanitary and phytosanitary measures in a preferential trade agreement (PTA). However, recent experience with PTAs has shown that it...

This paper investigates the feasibility of creating a common-currency union consisting of 16 countries in Southern Africa. We estimate an augmented-gravity model that includes public deficit, public debt, public expenditure, inflation, and the foreign reserves position. We also integrate...

The real effective exchange rate (REER) is one of the most cited statistical constructs in open-economy macroeconomics. We show that the models used to compute these numbers are not rich enough to allow for the rising importance of global value chains. Moreover, because different sectors within...

This paper documents the impact of the U.S-China trade war on firms worldwide and disentangles the transmission channels involved. Based on a quarterly and up-to-date panel of thousands of listed firms in 40 countries, I establish that firms with export exposure to China have had a decline in...

The Trans-Pacific Partnership and Transatlantic Trade and Investment Partnership will impact on substantive market regulations in a wide a range of areas bearing on market access, both by establishing substantive new horizontal and sectoral standards and by establishing requirements regarding...

While China seeks to shift from exports to consumption-oriented economy and increase the self-sufficiency rate of exports, this study uses time-varying parameter vector autoregression (TVP-VAR) to examine the impact of economic structural changes in China on Korea's exports to China over time....