We estimate productivities at the sector level for 72 countries and 5 decades, and examine how they evolve over time in both developed and developing countries. In both country groups, comparative advantage has become weaker: productivity grew systematically faster in sectors that were initially...

Trade in goods that are not perfect substitutes can considerably change the predictions of standard neoclassical models about the effects of asymmetric demographic developments. This paper considers a relative decrease in the population size of one country, when countries specialize in the...

This paper investigates the relationship between international trade flows and immigration/emigration flows. Earlier work appears to have followed two discrete lines of inquiry. One strand of the literature is firmly rooted in the economics of international trade, while another approach employs...

The question whether exchange rate risk affects trade has received considerable attention in the literature. However, the conclusions are still mixed. This paper analyzes why it is so difficult to obtain a clear answer from time series analyses. We use data on bilateral aggregate US exports to...

As substantive economic and social phenomena, international trade and investment are inextricably linked. Yet like twins separated at birth, for decades they have been regulated by discrete international legal systems. Despite the historic parting of their respective legal systems, international...

This study investigates the determinants and trading performance of outside directors’ equity deferrals, which represent the choice to convert part or all of their annual cash compensation into deferred company stock. Using a large sample of S&P1500 firms that allowed directors to defer their...