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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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

Why high-income places manufacture high-quality products

Jonathan Dingel, 21 December 2013

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The well-known Linder hypothesis (1961) posits that profitably exporting a product requires robust demand for that product in the exporter's home market. Since higher-income consumers tend to purchase higher-quality products, Linder conjectured that demand by local consumers causes high-income countries to produce and export high-quality products.

Topics: International trade
Tags: economic geography, quality specialisation, trade

Global value chains, interdependence, and the future of trade

Pascal Lamy, 18 December 2013

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Today, the expansion of global value or production chains means that most products or services are assembled with inputs from many countries. We may still think in terms of Ricardo’s world of trade between nations, but in reality most trade now takes place within globe-spanning multinational companies and their suppliers.

Topics: International trade
Tags: Bali, Doha, global supply chains, mega-regional negotiations, trade, WTO

WTO agreement: The Bali Ribbon

Richard Baldwin, 12 December 2013

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Bali’s success got multilateralism out of the emergency room and into the intensive care unit – but we don’t know whether the operation was a success. The Bali package is only distantly related to the heart of the 2001 agenda (WTO 2013).

Topics: Global governance, International trade
Tags: Bali, Doha, mega-regional negotiations, multilateralism, regional trade agreements, trade, Trans-Pacific Partnership, Transatlantic Trade and Investment Partnership, WTO

High-end variety exporters defying distance: Macro implications

Julien Martin, Florian Mayneris, 4 December 2013

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Vox columns by Peter Schott (2007) and Fontagné et al. (2008) have argued that developed countries specialise in the production of high-end varieties – expensive varieties of a product which have specific attributes such as reputation, branding, or quality that make them appealing to consumers in spite of their higher price.

Topics: International trade
Tags: exports, France, luxury goods, trade

Does policy uncertainty reduce economic activity? Insights and evidence from large trade reforms

Kyle Handley, Nuno Limão, 23 November 2013

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The impact of policy uncertainty on economic activity is an issue traditionally associated with developing countries. Since 2008, however, the spotlight has shifted. Governments’ responses to the Great Recession and the Eurozone crisis have raised considerable uncertainty about the future policies of advanced economies.

Topics: International trade
Tags: China, Eurozone crisis, Great Recession, trade, uncertainty, US, WTO

Why buyers matter

Andrew B. Bernard, Andreas Moxnes, Karen-Helene Ulltveit-Moe, 15 November 2013

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Trade in goods across borders is conducted by firms, from an exporting firm in a source country to an importing firm in a destination country. Firms trade, not countries.

Topics: International trade
Tags: assortative matching, heterogeneity, Norway, trade

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