Understanding what drives the changes in current accounts is one of the most important macroeconomic issues for developing countries. Excessive surpluses in current accounts can trigger trade wars, and excessive deficits in current accounts can, on the other hand, induce currency crises. The...

This paper examines the relative importance of the global and regional markets for financial markets in developing countries, particularly during the US financial crisis and the European sovereign debt crisis. We examine the way in which the degree of regional (seven African markets combined),...

For the period between 1988 and 2009, we constructed the two sets of the world panel database for the pollution emission embedded in international trade. By applying the time-invariant common pollution intensity at industry level for international trade of over 150 countries, a change in...

Most limit orders exit the market as cancellations or revisions without a transaction. Using the EBS dataset, we can measure how long an individual limit order remains in the foreign exchange (FX) market. Thus, we use the measured lifetimes of canceled limit orders and find that...

By implementing the world input-output tables for 40-countries by 35-industries to account for intermediate trade, we constructed the pollution terms of trade (PTT) on the basis of CO2 emissions between 1995 and 2009. We examine whether the PTTs have converged among the 40 countries in the past...