This paper shows that a regional bias resulting from trade integration alters the transmission of a country's monetary policy by shifting the burden of the exchange rate adjustment towards the less integrated trading partners. I first develop a simple model which illustrates how a concentration...

This paper documents the novel fact that Regional Trade Agreements (RTA) decrease bilateral trade imbalances as measured by conventional measure of the net export share in gross trade. While on average an RTA decreases bilateral trade imbalance by 7%, greater trade integration through a deeper...

This paper shows that regional trade integration shifts the burden of the exchange rate adjustment towards the less integrated trading partners. Thus, they bear the cost of trade balance expansion, while competitive exchange rate moves vis-a-vis RTA trading partners result in no expansion or...

The Organization of Islamic Cooperation members had proposed the establishment of an Islamic Common Market among themselves in the early 1970s. This notion currently listed among the core objectives of the Organization and, to this end, the members adopted the TPS agreement in 1990. This study...

This paper documents the novel fact that Regional Trade Agreements (RTA) decrease bilateral trade imbalances as measured by conventional measure of the net export share in gross trade. While on average an RTA decreases bilateral trade imbalance by 7%, greater trade integration through a deeper...

This paper shows that a regional bias resulting from trade integration alters the transmission of a countryś monetary policy by shifting the burden of the exchange rate adjustment towards the less integrated trading partners. I first develop a simple model which illustrates how a concentration...

In December 2012, the Russian foreign trade was carried out in a situation of stabilized prices on the main export goods, as well as slow-down of domestic demand. In the Russian Federation, measures are being actively developed to protect domestic producers in a situation where Russia is a...

In November 2012, the negative dynamics of Russia's main foreign trade indices was observed, which situation reflects a drop both in domestic and external demand. Having become a full member of the World Trade Organization, Russia has started to utilize instruments developed by the WTO for...

In October 2012, growth in the Russian foreign trade turnover took place as a result of expansion of trade relations with far abroad states. In October 2012, the value of Russian import amounted to the record-high level in the entire period of observation. At the same time, the number of...

In September 2012, mixed dynamics of the main Russian foreign trade indices was observed: insignificant growth in the export and a decrease in the import (as compared to September 2011). Russia's accession to the WTO has resulted neither in sharp import growth, nor abolishment of restrictive...