The global financial crisis of 2008/9 is the Great Depression of the 21st century. For many though, the similarities stop at the Wall Street Crash as the curren

One cannot exaggerate the importance of estimating how international trade responds to changes in income and prices. But there is a tension between whether one

This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error co

This paper investigates whether banking crises are associated with declines in bilateral exports. We first develop a simple open economy model in which banking