[Introduction] A quantitative assessment of the level of integration among geographic units (such as regions, states or countries) is of interest to a wide range of audiences. Policy-makers, for instance, may want to identify barriers to cross-regional interaction. José Manuel Barroso (2009, p....

Does exchange rate variability affect the speed of external adjustment? We study bilateral trade balances for a sample of 18 European countries over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably,...

This paper examines the association between trade and financial linkages among European countries. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for permanent asymmetries in trade competitiveness within pairs...

This paper examines the association between trade and financial linkages among European countries. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for permanent asymmetries in trade competitiveness within pairs...

Does exchange rate variability affect the speed of external adjustment? We study bilateral trade balances for a sample of 18 European countries over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably,...

This paper examines the effect of financial sanctions at the most disaggregated level possible, individual bank accounts. Using data from the Eurosystem's real-time gross settlement system TARGET2, we provide empirical evidence that sanctions imposed by the European Union on Russian banks...

In some countries, a sizable fraction of savings is derived from corporate savings. Although larger, traded corporations are often co-owned by foreign portfolio investors, current international accounting standards allocate all corporate savings to the host country. This paper suggests a...

In diesem kurzen Aufsatz werden die Kosten des Terrors für den internationalen Handel diskutiert. Unstrittig ist, dass Unsicherheit und Gewalt die wirtschaftliche Aktivität lähmen können. Ob auch terroristische Aktionen, die häufig isolierte Ereignisse darstellen, selten auf direkte...

This paper estimates the exporter premium in bank lending. We examine credit relationships in Germany, covering all loans of more than 1.5 million euro over the period from 2005 to 2010. Having controlled for a wide range of other firm and bank characteristics, our results indicate that...

Politicians travel a lot, for various reasons. The types of trips to foreign countries range, for instance, from a formal, highly-orchestrated, multi-day visit to brief logistical stop-overs, from the regular exchange of information during official talks in a working environment to ceremonial...