On 8 August 2023, the WTO circulated two panel reports in the cases brought by India and the United States in “United States — Certain Measures on Steel and Aluminium Products” (DS547) and “India — Additional Duties on Certain Products from the United States” (DS585).

This paper studies the effects of U.S. energy shocks on international economic activity and the world oil market. The analysis uses a set of factor-augmented vector autoregressions to identify and compare the impact of unanticipated changes in U.S. energy efficiency and U.S. oil supply over...

Emerging markets and developing economies (EMDEs) exhibit significantly greater volatility in asset returns than advanced economies. The commonalities in these returns (and flows) across countries are particularly strong for EMDEs. If these occur independently of the exchange rate regime and if...