The center of the COVID-19 pandemic has shifted to the emerging markets. As of August 5, the countries with the most cases of COVID-19 after the US were Brazil, India, Russia, and South Africa, which along with China, where the pandemic started, form the BRICS, an acronym coined in the early...

Emerging economies are fighting COVID-19 and the economic sudden stop imposed by the containment and lockdown policies, in the same way as advanced economies. However, emerging markets also face large and rapid capital outflows as a result of the pandemic. This column argues that credible...

In this paper we review the key facts in the history of the International Monetary System in the 20th century to analyze the stability of what some authors have called “Bretton Woods II”, which describes the current fixed-exchange rate and export-led growth model of some Asian countries,...

This paper shows empirically that China's trade balance is sensitive to fluctuations in the real effective exchange rate of the renminbi. However, the current size of the trade surplus is such that exchange rate policy alone will probably not be able to address the imbalance. The potential...

This report examines key aspects of the European Union-China economic relationship, including trade, investment and China’s key strategic project overseas, the Belt and Road Initiative (BRI). We conclude that China is, and will continue to be, a major trade and investment partner for EU...

This paper investigates the trend and characteristics of trade in services in two fertile regions where different forms of trade integration have taken place: East Asia and Latin America. To that end, the World Bank data are utilized to categorize services trade in order to put on view the...

Dual circulation may sound like a buzzword without much relevance, but it is not. It actually enshrines China’s long-standing ambition to become self-sufficient. Such an ambition was made known to the world in 2015 after the launch of China’s industrial policy masterplan, Made in China 2025,...

Spanish Abstract: En este artículo se describen las cuatro coordenadas de la política monetaria del Eurosistema -su objetivo, su estrategia, el marco operativo y el enfoque- teniendo en cuenta los rasgos esenciales que denotan la política monetaria de la eurozona con respecto a cualquier otro...

While it is too early to confirm the depth and the sustainability of this new trend towards slower globalisation, it may be happening in more domains than we are fully aware of, at least for the near term given the renewed backdrop of the Russia-Ukraine war and the wider use of sanctions globally.

The idea behind the BRICS began as a pure economic concept to acknowledge the growing weight of some major emerging economies. However, when it became a reality, it has evolved into a highly political - and less economic - concept. The BRICS, which has been expanded recently to BRICS+, has...