This paper constructs a macroeconomic model of North-South interaction where the flow of narcotics from the South to the North is restricted. Their economic effects are akin to quantitative restrictions in trade policy. Two alternative policy scenarios will be considered. One involves reducing...

The Great Recession of 2008–09 provided a fertile ground for protectionist pressures to increase. It caused a negative shock to the global economy that is comparable with the Great Depression of the 1930s. International trade suffered a historical collapse in 2009, but trade flows quickly...

Unlike the Great Depression of the 1930, the Great Recession of 2008-2009 did not trigger a massive wave of protectionism as expected. Nevertheless, numerous countries have adjusted their trade policies during the financial crisis to mitigate its negative effects. Despite the widely shared view...

The Millennium Round of MTNs, which was stillborn in Seattle, was supposed to have initiated wide-sweeping changes to the world's trading system. This paper deals with the impact on the German economy of some changes that might have been forthcoming from proposed liberalization strategies. It...

The Millennium Round of MTNs, which was stillborn in Seattle, was supposed to have initiated wide-sweeping changes to the world's trading system. This paper deals with the impact on the German economy of some changes that might have been forthcoming from proposed liberalization strategies. It...

In her paper, Sylvia Ostry argues that if China had joined the GATT, the negotiations would have been far easier since market access under GATT was mainly about border barriers. But since the Uruguay Round the concept of market access has been extended to include not only domestic regulatory...

We challenge the common practice of estimating gravity equations with time-interval data in order to capture dynamic-adjustment effects to trade-policy changes. Instead, we point to a series of advantages of using consecutive-year data recognizing dynamic-adjustment effects. Our analysis reveals...

This paper takes departure in the unique position taken by Swedish policymakers recently in giving explicit emphasis to migration as a tool for increasing trade. We attempt to put this position to empirical scrutiny. Our results demonstrate that migrants spur exports, especially along the...

Trade facilitation policy focuses on accelerated and transparent shipment processing to reduce trade costs. A common measure to evaluate processing frictions is the time it takes to import. In this paper we translate import processing times to costs. Our theory considers that shipment processing...