Using a multivariate autoregressive framework, we have found a simple causal structure for the variables of interest q, s, r, and i, which is consistent with our data. As expected from the stock market efficiency hypothesis, q, the stock market one period holding rate of return, is exogenous...

China's trade has three features: high incidence of re-exports through Hong Kong, high degree of trade related to foreign investment, and large amount of `illegal' trade. Re-exports occur when imports to Hong Kong are consigned to a buyer in Hong Kong, who adds a markup, and exports the goods...

We explore the relationship between trade adjustment subsidies and successful reciprocal trade liberalization. We consider economies that are faced with a periodic need to move resources out of a declining import-competing sector, and that are attempting to sustain cooperative but self-enforcing...