This paper aims to identify factors that determine functional specialisation (FS) in global value chains (GVCs) in European Union countries. We focus on fabrication and R&D as two opposite business functions in terms of their character and their potential of creating value-added. To make our...

Geographically dispersed production networks have allowed countries to specialise in different functions of the value chain. By making use of two methodologies for quantifying the magnitude of functional specialisation - one based on trade flows and one based on FDI flows - detailed profiles of...

International ownership alters the role of multilateral trade institutions by redefining pecuniary externalities among countries. Regardless of the underlying cause ndash; whether foreign direct investment, international portfolio diversification, cross-country mergers, or multinational firms...

This paper demonstrates that international ownership can mitigate the terms of trade externalities that lead large countries to set inefficiently high tariffs, and may thereby substitute for negotiated tariff liberalization in eliminating the strategic manipulation of world prices. The policy...

Did austerity cause Brexit? This paper shows that the rise of popular support for the UK Independence Party (UKIP), as the single most important correlate of the subsequent Leave vote in the 2016 European Union (EU) referendum, along with broader measures of political dissatisfaction, are...

Firm heterogeneity has been extensively linked to patterns in market engagement, particularly where foreign markets are concerned. Recent studies have extended the effects of firm heterogeneity to political markets, identifying its influence on policy stances and engagement in the policy...

The raise of global value chains, closely knitting together firms from many different countries, changed the nature of trade and the relevance of established models and corresponding statistical indicators. What was initially an innovation in business management became so successful that it...

Multinational enterprises (MNEs) are increasingly dealing with challenges shaped by the new geopolitical and trade environments. Besides traditional tariffs, exporting firms need to comply with regulatory non-tariff measures (NTMs) in the form of technical barriers to trade (TBTs) and sanitary...