This paper quantifies the importance of different determinants of trade at the industry level using a sample of 54 OECD and non-OECD economies. The empirical methodology extends the approach of previous empirical studies to explicitly quantify the impact that trading partners’ factor...

The rise in global value chain (GVC) participation has coincided with significant changes in the distribution of wage income both within and across countries. This paper sets out to identify the linkages between these phenomena. It shows that GVC participation has a small effect on the...

Global trade imbalances narrowed in the aftermath of the global financial crisis. They have remained at a lower level but are still of concern to policy makers because of the risks they pose to individual economies, as well as globally. However, the ultimate causes of these imbalances are not...