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...

Recent work on the effects of currency unions (CUs) on trade stresses the importance of using many countries and years in order to obtain reliable estimates. However, for large samples, computational issues limit choice of estimator, leaving an important methodological gap. To address this gap,...

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...

This paper proposes a new panel data structural gravity approach for estimating the trade and welfare effects of Brexit. The suggested Constrained Poisson Pseudo Maximum Likelihood Estimator exhibits some useful properties for trade policy analysis and allows to obtain estimates and confidence...

Using newly panel data on visa restrictions for the years 2000 and 2010 in a theory-grounded gravity model, we find a robust, causal negative impact of visa restrictions on international tourist flows. By destination, the detrimental impact of this type of barrier is observed for tourists going...

The present paper aims to disseminate how liberalisation processes were conducted around the globe and especially in Europe since the XIXth century up to date. The research objective is to review the liberalisation of trade dynamics and create an image of the architecture of the most important...

This volume was prepared by Thomas Steinwachs while he was working at the ifo Center for International Economics. It was completed in September 2018 and accepted as a doctoral dissertation by the Department of Economics at the University of Munich (LMU). It is a collection of four self-contained...

Three years ago, very few economists would have imagined that one of the newest and fastest growing research areas in international trade is the use of quantitative trade models to estimate the economic welfare losses from dissolutions of major countries’ economic integration agreements...

India has a large positive trade balance in the apparel sector and is ranked among the top 10 apparel exporting countries. However, of late, its export growth has stagnated and the country is facing competition in key export markets such as the United States and the European Union from other...