This paper investigates whether there is an S-Curve in Colombia using bilateral and disaggregated quarterly data for the period 1991-2014. More precisely, the short-run effects of a depreciation on the TB are analysed in 27 industries covered by the PAG Free Trade Agreement. The S-Curve found in...

Defensive innovations in developed countries can explain the empirical phenomenon that openness towards trade with less-developed countries does not necessarily induce a substantial increase in the wage differential and trade volumes. Building on step-by-step innovations as introduced by Aghion...

This paper aims at the provision of applicable recommendations for institutions and actors involved regarding the EMU accession process both in CEE and in the euro-zone. In order to provide topical advice, the first part, on markets, will concentrate on theory and empirics of labour markets,...

Special economic zones following the enormous success of China have been widely imitated. But it is to be entirely anticipated that the results would vary greatly. Earlier avatars of SEZs in the form of Foreign Trade Zones (FTZs) and Export Promotion Zones (EPZs) were important in the export led...

The closed and open economy literatures both work on evaluating the role of real rigidities, but in parallel. This paper brings the two literatures together. We use international price data and exchange rate shocks to evaluate the importance of real rigidities in price setting. We show that,...

The Eurozone recent crisis has shown how balance of payments problems in less developed European Monetary Union (EMU) member countries can affect EMU trading partners, spreading the crisis to a larger group of countries. This paper introduces a three-country dynamic general equilibrium model to...

Historically, the Indian textiles and clothing industry has comparative advantage in production and exports which could not be fully utilized because of quantitative restrictions imposed by her major export markets such as USA and European Union. It was therefore, envisaged that with the...

The textiles and clothing sector involves most unskilled labour-intensive activities, requires minimal training but offers the most employment opportunities as compared to any other manufacturing sector. In the area of international trade, exports from this sector have played a very crucial role...

China and India are the two major gainers from the removal of quotas on textiles and clothing with phasing out of Multifibre Arrangement (MFA) with effect from Jan. 1, 2005. However, to reap the maximum benefits of the new quota free regime and to sustain the growth in this sector it is...