synchronization and trade only for business-cycle frequencies. The co-movements at longer frequencies are negatively related to trade …, so that the overall co-movements and trade tend not to be significantly related. …

of trade integration for the similarity of business cycles are less robust and thus less important for the transmission …

of trade and financial openness. Using a large crosssection of 91 countries covering the period 1985-2004, we establish … two main empirical regularities. Both higher trade and financial openness i) reduce central bank?s inflation bias …

misalignments. Intra-regional trade - both with North Africa and the rest of the continent - together with greater orientation to …

estimator. Results indicate that the trade channel is not as important as cross-section models suggest but that FDI may have the …

the causal connection between lack of exposure to commercial trade and proclivity to sudden stops. On the theoretical … front, I show how exposure to trade raises the creditworthiness of countries and reduces the probability of sudden stops. In … debt is more attractive. Therefore, conditional on the amount that lenders are willing to loan, decreased exposure to trade …

This paper investigates the impact of long-run terms-of-trade shocks. Analytically, we show that, if capital goods are … during 1965-89. Favorable terms-of-trade shocks increase investment and (especially government) consumption, but reduce …, but Dutch Disease effects are strikingly absent. Investment, consumption, and nontradable output respond more to a terms-of-trade …

This paper examines the linkages between the trade of goods and financial assets. Do both flows behave as complements … macroeconomics, the empirical evidence has remained relatively scarce so far, in particular for the Euro area where trade and … from 2002-2012, to test the so-called trade-finance nexus. Since theoretical models stress that both flows might be …

, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved … terms of trade are found to have more appreciated real exchange rates, with the main channel of transmission working through … the relative price of nontraded goods. Exogenous terms of trade shocks are found to be the most important determinant of …

This paper examines the linkages between the trade of goods and financial assets. Do both flows behave as complements … macroeconomics, the empirical evidence has remained relatively scarce so far, in particular for the Euro area where trade and … from 2002-2012, to test the so-called trade-finance nexus. Since theoretical models stress that both flows might be …