Analysing different arrangements of inter-country trade, this paper investigates the impact of exchange rate risk on production and expected trade. We address the question how a mean-preserving spread of the exchange rate distribution effects strategic aspects of different trading arrangements....

This is a comment on Homburg (2020) who claimed that lockdowns were superfluous and ineffective. We demonstrate major flaws: Homburg's data base is not suitable to support his claim and his econometric approach does not allow for an analysis of a lockdown's incremental effect.