We provide theoretical and empirical evidence that policy uncertainty can significantly affect firm level investment and entry decisions in the context of international trade. When market entry costs are sunk, policy uncertainty can create a real option value of waiting to enter foreign markets...

This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments’ precautionary demand for reserve assets is likely to...

Although the global economy has begun to recover from the 2008-2011 financial crisis, challenges to the world trading system have increased. Several trends are taking public policies further away from the core WTO disciplines of non-discrimination, namely MFN and national treatment. This has...

Using the generalized dynamic factor model of Forni and al. (2004), one estimates the spectral density matrix. One detects four common factors revealed by the dynamic eigenvalues within the Central African Monetary and Economic Union zone (CAMEU). This allows building a relevant indicator which...

Old OCA theory recommends to unite homogenous countries so that their macroeconomic interrelations do not pose severe stabilisation problems. New OCA theory rightly criticizes the 1960s flavour of the old approach and believes in the endogenous emergence of an OCA if countries use the facilities...

Das Papier untersucht die Arbeitsweise der Handelspolitik in der Europäischen Gemeinschaft, den Zusammenhang zwischen Binnen- und Außenmarktpolitik und weltwirtschaftliche Implikationen der EG-Handelspolitik auf verschiedenen Ebenen. Es wird gezeigt, dass die gemeinsame Handelspolitik...

In wenigen Monaten wird in Katar die Ministerkonferenz der Welthandelsorganisation (WTO) über die Abhaltung einer neuen Handelsrunde entscheiden. Auf Grund der gegenwärtigen Vorarbeiten werden zwei Themenkreise auf der Traktandenliste der Verhandlungen erwartet: erstens die weitere Umsetzung...

This paper discusses the nature, importance, and measurement of non-tariff barriers (NTBs) in services trade with particular reference to telecommunications services. It is shown that although more effectively addressed for the telecom sector at the multilateral level than for other service...

Technical standards in telecommunications – the central focus of this paper - were traditionally developed by official government accredited or intergovernmental organizations. In the last two decades, however, private forums and consortia of standardization have evolved which initiated a...

Im Zuge der europäischen Integration haben die nationalen Regierungen Kompetenzen an europäische Institutionen abgegeben. Die Folge ist, daß die ökonomische Entwicklung in der EU mehr und mehr von wirtschaftsräumlichen Faktoren anstatt von administrativen nationalen Unterschieden bestimmt...