We study currency risk management in the context of scenario analysis. We develop scenario-based optimization models that jointly determine the portfolio composition and the hedging strategy within each currency. Thus the model prescribes optimal selective hedging policies. We then study...

International trade in manufacturing goods has risen strongly over the past decades, contributing to the expansion of global value chains (GVCs). This paper studies how two factors contributed to this rise since 1970: (i) declining "border effects" that are arguably related to the ICT revolution...

A common explanation for sources of conflict and delay in the WTO accession procedure is the candidate's reluctance to trade-policy reforms coupled with member governments' sensitivity to protectionist demands of domestic import-competing sectors. This paper argues that multilateral trade...