In this paper, the welfare results in trade liberalisation scenarios in global CGE models (like GTAP)are analysed. The default modeling strategy in trade is the Armington assumption with bilateral tradeflows in industries. The negative terms of trade effects that often dominate the negative...

This paper derives the balance of payments-constrained growth (BPCG) model as a special case of a three good framework that incorporates ex- portables, importables, and non-tradables. The conditions under which the canonical form of the BPCG rate can be derived are made explicit and the...

Many developing countries have adopted investor-friendly policies in recent years in order to attract export-oriented foreign direct investment (FDI). The effects of these policies on the external accounts have been largely ignored. This paper endogenizes FDI inflows in a structuralist general...

The paper examines the impact of terms of trade shocks on private savings in the transition economies after accounting for the effect of other determinants. Economic agents in the transition economies are subject to tight credit constraints which are more pronounced during bad state of nature....

Dramatic changes in the relative prices of goods in international trade have accompanied, and indeed preceded, the global crisis. These changes are reflected in the terms of trade of individual countries and in the relative prices of goods within those countries. Asia-Pacific countries are...

One of the most striking features of the world economy is that wealthy countries are clustered together. This paper theoretically and empirically explains a mechanism for this clustering by extending the Acemoglu and Ventura model so that it takes real geography into account. Countries close to...

La pregunta de si la integración internacional de los mercados financieros ha aumentado la cobertura del riesgo a nivel global o no, sigue siendo un tema controvertido en la literatura. Si fuera así, ¿qué deberíamos observar en los datos? La literatura enfatiza que una diversificación...

Accounting for the pervasive evidence of limited international risk sharing is an important hurdle for open-economy models, especially when these are adopted in the analysis of policy trade-offs likely to be affected by imperfections in fi nancial markets. Key to the literature is the evidence,...

Direct and indirect effects of exchange rates on foreign and home prices may induce a change in terms of trade and volume of trade. In particular, the price effect in substitutability between foreign and home products and endogeneity of the foreign price provide evidence for the indirect impact...

The Yakima/Klickitat Fisheries Project (YKFP or Project) is an all stock initiative that is responding to the need for scientific knowledge for rebuilding and maintaining naturally spawning anadromous fish stocks in both basins. The Yakama Nation, as the Lead Agency, in coordination with the...