This paper contributes to the literature on the impact of EMU on trade, adding two new elements. First, we propose a theoretical model for explaining how the euro could have increased trade by the large amounts found in the empirical literature. Second, we propose a sectoral dataset to test the...

The introduction of the euro opens the door to a major advance in our understanding of how a common currency affects economic activity ranging from trade and foreign direct investment to wage-setting behaviour and corporate business strategies. Regarding the euro's trade effects we confirm the...

This study uses firm-level data on a large sample of European manufacturing firms to investigate the links between opening up foreign affiliates and firms' productivity. The analysis is guided by recent theoretical models of international trade with firm heterogeneity. The paper finds that while...

The emergence of global value chains has opened up new ways to achieve development and industrialization. However, new evidence shows that not all countries have gained from participating in global value chains, and that country-specific characteristics matter for economic upgrading in global...

Vietnam is at a crossroads. It can grow as an export platform for GVCs, specializing in low value-added assembly functions with industrialization occurring in enclaves with little connection to the broader economy or society; or it can leverage the current wave of growth, enabled and accelerated...

Global trade contracted quickly and severely during the global crisis. This paper, using a unique dataset of French firms, matching together export data with firm-level credit constraints, shows that most of the 2008-2009 trade collapse is accounted by the unprecedented demand shock and by...

The unprecedented drop in international trade during the last quarter of 2008 and the first quarter of 2009 has mainly been analysed at the macroeconomic or sectoral level. However, exporters who are heterogeneous in terms of productivity, size or external financial dependence should be...

The unprecedented drop in international trade during the last quarter of 2008 and the first quarter of 2009 has mostly been analysed at the macroeconomic or sectoral level. However, heterogeneous exporters in terms of productivity, size or external finance dependence should be hit differently by...