This paper shows that bilateral currency crises reduce bilateral trade up to 50% after controlling for the depreciation rate. Using a trade model, these reductions are connected to the welfare costs of currency crises. The results show that a single currency crisis can result in welfare...

In this article, we estimate the total costs of the German participation in the Afghanistan war, both past and future. This is a hugely complex and uncertain calculation, which depends on several important assumptions. These assumptions pertain to the different cost channels and the shares of...