Over the last three years, trade tensions between the United States (US) and China have transformed a fairly open bilateral trading environment into a rather protectionist one. The new administration of the United States has maintained most of the bilateral tariffs and non-tariff barriers put in...

Over the last three years, trade tensions between the United States (US) and China have transformed a fairly open bilateral trading environment into a rather protectionist one. The new administration of the United States has maintained most of the bilateral tariffs and non-tariff barriers put in...

In March 2003, the Southern Common Market (Mercosur) celebrated its twelfth anniversary. In twelve years, the bloc went from a substantially restricted trade structure to a practically free-trade area, with additional efforts in establishing a customs union and progressing toward a common...

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...

This paper reviews the evolution of thinking about regional trade agreements (RTAs) and the policy developments reflected in three waves of RTAs during the last half century. It rejects claims, based on number of RTAs notified to the WTO, that RTAs are today more prolific than ever. Desirable...

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...

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...