In this paper, we re-examine two important aspects of the dynamics of relative primary commodity prices, namely the secular trend and the short run volatility. To do so, we employ 25 series, some of them starting as far back as 1650 and powerful panel data stationarity tests that allow for...

The report discusses the IMF staff's estimates and projections of the Central African Republic's Central Government Operations, 2002–06; summary of tax systems, 2007; export import indices and terms of trade 2002–06; balance of payments, 2002–06; monetary survey, 2002–06;...

We estimate the effect of interstate highways on the level and composition of trade for us cities. Highways within cities have a large effect on the weight of city exports with an elasticity of approximately 0.5. We find little effect of highways on the total value of exports. Consistent with...

This paper investigates the trade effects of Turkey?s trade integration into the EU. To this end sectoral trade flows to the EU based on panel data from the period 1988 to 2002 are examined concentrating on Turkey?s sixteen most important export sectors. Emphasis is placed on the role of price...

In this paper, we analyze separately the determinants of maritime transport and road transport costs for Spanish exports to Poland and Turkey (markets for which maritime and road transport are competing modes) and investigate the different effects of these costs on international trade. First, we...

We show with the aid of pooled OLS estimations that investments in improved road infrastructure have the potential to signi cantly reduce transport costs. However, this result can only be clearly con rmed for industrial countries and is of primary importance for production and transportation of...

The author shows with pooled OLS estimations based on transport margins from international social accounting data that investments in improved road infrastructure have the potential to significantly reduce transport costs. However, this result can only be clearly confirmed for industrial...

This paper addresses the role of market remoteness in explaining maize price volatility in Burkina Faso. A model of price formation is introduced to demonstrate formally that transport costs between urban and rural markets exacerbate maize price volatility. Empirical support is provided to the...

This paper uses a global input-output framework to quantify US and EU demand spillovers and the elasticity of world trade to GDP during the global recession of 2008-2009. We find that 20-30 percent of the decline in the US and EU demand was borne by foreign countries, with NAFTA, Emerging...

In most macroeconomic models, the substitutability between domestic and foreign goods is calibrated using aggregated data. This imposes homogeneous elasticities across goods, and the calibration is only valid under this assumption. If elasticities are heterogeneous, the aggregate...