Missing gains from trade?

Marc J. Melitz, Stephen Redding, 10 March 2014

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The theoretical result that there are gains from trade is a central tenet of international economics. Assuming perfect competition and no market failures, trade acts like a technological improvement that expands the set of feasible allocations and enables Pareto superior outcomes to be achieved. A recent body of research has sought to quantify the magnitude of these welfare gains.

Topics: International trade
Tags: gains from trade, productivity, supply chains, welfare

How the euro synchronised EZ cycles

Ayako Saiki, Sunghyun Henry Kim, 2 February 2014

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Prior to the introduction of the euro, the topic of whether the Eurozone fulfils the conditions for an optimum currency area was highly debated (e.g. Bayoumi and Eichengreen 1992).

Topics: EU institutions, International finance, International trade
Tags: business cycles, East Asia, euro, eurozone, optimum currency area, supply chains, trade

The WTO and the world trading system ‘post Bali’ – Part 2

Gary Horlick interviewed by Viv Davies, 31 Jan 2014

World-leading trade lawyer, Gary Horlick, talks to Viv Davies about the 2013 WTO Bali ministerial conference and the post-Bali agenda. Horlick discusses food security, agriculture and whether mega regional trade agreements pose a threat to the future of the WTO. They also discuss the potential benefits of the post-Bali agenda for developing countries and the ‘trade transforming’ effect of SMEs and the internet. The interview was recorded in January 2014.

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See Also

Simon J Evenett, Alejandro Jara , Building on Bali: A Work Programme for the WTO, A Vox eBook, 18 December 2013.

Editor’s note: This is the second in a two-part series of Vox Talk interviews on the WTO ‘post Bali’. Part 1, posted last week, featured Alejandro Jara.

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Topics: Global governance, International trade
Tags: Bali package, megaregionals, regional trade agreements, supply chains, trade, WTO

The WTO and the world trading system ‘post Bali’ – Part 1

Alejandro Jara interviewed by Viv Davies, 25 Jan 2014

Alejandro Jara talks to Viv Davies about the 2013 WTO Bali ministerial conference and the recent Vox report, ‘Building on Bali’, co-edited with Simon Evenett. Jara presents his views on the post-Bali agenda, mega regional trade agreements and trade protectionism. They also discuss the extent to which the ‘global value chain revolution’ has changed the nature and focus of international trade and trade agreements. Jara concludes by presenting policy recommendations for the way forward. The interview was recorded in January 2014.

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Simon J Evenett, Alejandro Jara , Building on Bali: A Work Programme for the WTO, A Vox eBook, 18 December 2013.

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Topics: Global governance, International trade
Tags: Bali package, megaregionals, regional trade agreements, supply chains, trade, WTO

Multilateralising 21st-century regionalism

Richard Baldwin, 20 January 2014

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Trade and trade agreements used to be relatively simple. Trade primarily meant trade in ‘made-here-sold-there’ goods, so 20th-century regional and multilateral trade agreements dealt primarily with barriers to goods crossing borders – especially tariffs. For governments, the key purpose of trade and trade agreements was to help their firms sell things.

Topics: Global governance, International trade
Tags: global value chain, harmonisation, megaregionals, network effects, regional trade agreements, supply chains, trade, WTO

Supply-chain vulnerability: An analysis of the impact of earthquakes using micro data

Yukiko Umeno Saito, 15 December 2013

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Natural disasters have long-lasting consequences (Noy 2012). Two and a half years have passed since the Great East Japan Earthquake, and although many issues have yet to be resolved – including that of the evacuees – many lessons concerning economic activities have been learned from the unexpected disaster.

Topics: Industrial organisation
Tags: earthquake, Japan, natural disasters, supply chains

Value-added exchange rates

Rudolfs Bems, Robert Johnson, 6 December 2012

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Real effective exchange rates (REERs) are widely used to gauge competitiveness. Yet conventional REERs, based on gross trade flows and consumer price indexes (CPIs), are not well suited to that role when imports are used to produce exports – i.e., with vertical specialisation in trade.

Topics: Competition policy, Global economy, International trade
Tags: China, competitiveness, Germany, global imbalances, globalisation, iPhone, supply chains, trade

Estimating trade elasticities: Demand composition and the trade collapse of 2008–09

Matthieu Bussière, Fabio Ghironi, Giulia Sestieri, 14 February 2012

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Topics: International trade, Macroeconomic policy
Tags: great trade collapse, supply chains

Supply chains and behind-the-border trade barriers: Implications for developing nations

Michael J Ferrantino, 11 February 2012

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In recent decades, it has become increasingly common to produce goods in a number of geographically dispersed stages linked by international trade.

Topics: International trade
Tags: non-tariff measures, supply chains, Trade barriers

The importance of exports and services trade re-evaluated

Henrik Isakson, 25 June 2011

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It took some time before the concept of vertical specialisation, coined by Hummels, Ishii, and Yi in 2001, reached a broader non-academic audience. Estimating the import content of exports was not something that bothered policymakers. Today however, this formerly academic exercise is at the core of the debate in the trade policy community.

Topics: International trade
Tags: exports, Services trade, supply chains, Sweden

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