We revisit the question of the quantitative benefits of WTO trade agreements in a setup that is non-standard from the … traditional trade policy point of view. We show that in a New Keynesian model, unilateral trade liberalization reduces welfare due … to terms-of-trade deterioration, creating an incentive for a trade agreement. For realistic parameter values, the value …

suggest that protectionist pressures may rise. Gaps in World Trade Organization (WTO) commitments leave ample scope to further … tighten multilateral trade commitments by completing the WTO Doha Round. This can be viewed as a key part of the exit strategy …The pace of trade reforms waned from the mid-2000s as protectionist sentiment began to increase. With the onset of the …

This paper reexamines the relationship between trade integration and business cycle synchronization (BCS) using new … value-added trade data for 63 advanced and emerging economies during 1995–2012. In a panel framework, we identify a strong … positive impact of trade intensity on BCS—conditional on various controls, global common shocks and country …

We examine how Korea’s capital flows and trade have been affected by the quantitative easing (QE) of the United … in the world market for trade. We find that QE had little direct impact on capital flows to Korea, and tapering is … the exchange rate spillover from QQME to Korea has been limited both on trade and capital flow fronts. …

the RoW, but has also gradually drifted away from the G7 in favour of the BRICs. Trade with the BRICs turns out to be the … strongest driver of this shift. Much of this impact unfolds through aggregate demand impulse from trade. As fiscal policy …