The World Economy

1978 - 2022

Current editor(s): David Greenaway

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Volume 45, issue 01, 2022

A multi‐country analysis of austerity policies in the European Union pp. 4-35

Oscar Bajo‐Rubio and Antonio G. Gómez‐Plana

Commitment behaviour in the World Trade Organization's Trade Facilitation Agreement pp. 36-75

Russell Hillberry and Carlos Zurita

The ‘Forgotten’ middle class: An analysis of the effects of globalisation pp. 76-110

Regina Pleninger, Jakob de Haan and Jan‐Egbert Sturm

Does more finance lead to longer crises? pp. 111-135

Clément Mathonnat, Alexandru Minea and Marcel Voia

Convex vacancy creation costs and on‐the‐job search in a global economy pp. 136-175

Christian Holzner and Mario Larch

Experience and market signals in export entry decisions pp. 176-199

Beverly Mendoza

Internationalisation of education and its effect on economic growth and development pp. 200-219

Mamta B Chowdhury

International capital markets and domestic employment: Evidence from worldwide publicly listed large firms pp. 220-250

Fangfang Hou, Elisabetta Magnani and Xinpeng Xu

Intra‐regional spillovers from Nigeria and South Africa to the rest of Africa: New evidence from a FAVAR model pp. 251-275

Oyenyinka Sunday Omoshoro‐Jones and Lumengo Bonga‐Bonga

Prevalence of SOEs and intergenerational income persistence: Evidence from China pp. 276-291

Haichao Fan, Zheng Fang, Bihong Huang and Mohan Zhou

The hedge asset for BRICS stock markets: Bitcoin, gold or VIX pp. 292-316

Syed Jawad Hussain Shahzad, Elie Bouri, Mobeen Ur Rehman and David Roubaud

Dependence structure between oil and other commodity futures in China based on extreme value theory and copulas pp. 317-335

Saiful Izzuan Hussain and Steven Li

Volume 44, issue 12, 2021

What do multinationals do? The structure of multinational firms’ international activities pp. 3444-3481

Ronald Davies and James R. Markusen

An analysis of the trade policy review of the European Union pp. 3482-3491

Karen Jackson

Trade policy in Indonesia and Thailand pp. 3492-3506

Hal Hill and Jayant Menon

Trade policy review of Australia pp. 3507-3515

Richard Pomfret

Evaluating the cumulative impact of the US–China trade war along global value chains pp. 3516-3533

Jie Wu, Jacob Wood, Keun-Yeob Oh and Haejin Jang

Export volatility with trade policy uncertainty: Evidence from China pp. 3534-3549

Xiaoping Chen and Xiaotao Zhao

The spillover effect of trade policy along the value Chain: Evidence from China's rare earth‐related sectors pp. 3550-3582

Zhe Chen, Zhongzhong Hu and Kai Li

The impact of summit visits on bilateral trade: Empirical evidence from China pp. 3583-3608

Jianting Fan and Bo Lu

The internationalisation of Chinese firms: Impact of FDI experience on export performance pp. 3609-3640

Haoyuan Ding, Kees G. Koedijk, Chang Li and Tong Qi

Estimating the ex‐ante and the ex‐post effects of Chinese outward FDI pp. 3641-3673

Donatella Baiardi, Valeria Gattai and Piergiovanna Natale

New driving force for China’s import growth: Assessing the role of cross‐border e‐commerce pp. 3674-3706

Shuzhong Ma, Xueyao Guo and Hongsheng Zhang

Volume 44, issue 11, 2021

Economic drivers of public procurement‐related protection pp. 3072-3090

Anne‐Célia Disdier, Lionel Fontagné and Enxhi Tresa

Non‐Price Competitiveness Factors—A simple measure and implications for the five largest euro area countries pp. 3091-3110

Ramon Xifré

Global supply chains, trade agreements and rules of origin pp. 3111-3140

David Tsirekidze

Imports and credit rationing: A firm‐level investigation pp. 3141-3167

Francesco Nucci, Filomena Pietrovito and Alberto Franco Pozzolo

Do cross‐border mergers and acquisitions reflect participations into global value chains? pp. 3168-3201

Maria Cipollina, Filomena Pietrovito and Alberto Franco Pozzolo

External imbalances from a GVAR perspective pp. 3202-3245

Mariam Camarero, Josep Lluís Carrion‐i‐Silvestre and Cecilio Tamarit

Implications of foreign direct investment, capital formation and its structure for global value chains pp. 3246-3299

Amat Adarov and Robert Stehrer

International activities and innovation: Evidence from Italy with a special regressor approach pp. 3300-3325

Stefano Iandolo and Anna Ferragina

Heterogeneous impacts of finance on firm exports: Evidence from export deregulation in a large developing country pp. 3326-3350

Dong Cheng, Zhongzhong Hu and Yong Tan

International trade and employment: Theory and evidence from Korean firms pp. 3351-3388

Priyaranjan Jha, Jae Yoon Lee, Yang Liang and Devashish Mitra

GATT/WTO membership–poverty nexus: An unconditional quantile regression approach pp. 3389-3421

Amèvi Rocard Kouwoaye

The impact of political relations on international trade: China–Philippines island dispute as a quasi‐natural experiment pp. 3422-3441

Changyuan Luo, Shiyi Sun and Guanghua Wan

Volume 44, issue 10, 2021

Mini‐symposium: Institutions, policies and performance: Managing Editor’s Note pp. 2794-2794

David Greenaway

Editorial introduction: Institutions, policies and economic performance pp. 2795-2797

Terence Huw Edwards and Sushanta K. Mallick

The impact of export VAT rebates on firm productivity: Evidence from China pp. 2798-2820

Baoqing Tang, Bo Gao and Jing Ma

Fiscal competition for foreign direct investment with knowledge spillovers and trade costs pp. 2821-2837

Ben Ferrett and Daniel Gravino

The Great Trade Collapse and the determinants of UK export margins: A cohort‐ and firm‐level matching approach pp. 2838-2857

Mustapha Douch, Terence Huw Edwards, Jan Van Hove and Janez Kren

Cutting red tape for trade in services pp. 2858-2886

Milena Kern, Jörg Paetzold and Hannes Winner

How important is GVC participation to export upgrading?* pp. 2887-2908

Gideon Ndubuisi and Solomon Owusu

Job creation and job destruction: The effect of trade shocks on U.S. manufacturing employment pp. 2909-2949

Yang Liang

Who starts the trade war? A theory of export controls and quid pro quo pp. 2950-2965

Zi Wang and Yanling Zhou

Location choice determinants of Chinese and US firms in Africa: Does spatial interdependence play a role? pp. 2966-2997

Adugna Lemi, Liyan Liu and Ian A. Wright

Import exposure and welfare effects from the expenditure channel: The case of Mexico pp. 2998-3024

Juan Blyde

The European Union's reform in rules of origin and international trade: Evidence from Cambodia pp. 3025-3050

Kiyoyasu Tanaka

Autonomy, incentive and trade: How does trade liberalisation reshape corporate decentralisation in China? pp. 3051-3069

Xiaoyang Li and Xuan Zhou

Volume 44, issue 09, 2021

‘Regionalism’ and the global trade system pp. 2496-2514

Richard Pomfret

Development strategies for middle‐income countries in a digital world—Insights from modern trade economics pp. 2515-2546

Joerg Mayer

Labour demand in global value chains: Is there a bias against unskilled work? pp. 2547-2571

Laurie S. M. Reijnders, Marcel Timmer and Xianjia Ye

Asymmetric cultural proximity and greenfield foreign direct investment pp. 2572-2603

Matteo Fiorini, Giorgia Giovannetti, Mauro Lanati and Filippo Santi

Trade facilitation in the presence of non‐independent impediments pp. 2604-2637

Horag Choi, Julio Mancuso and Christis Tombazos

Previous experience, experimentation and export survival: Evidence from firm‐product‐destination level data pp. 2638-2682

Silviano Esteve‐Pérez

Towards a dynamic model of the industrial upgrading with global value chains pp. 2683-2702

Jim Huangnan Shen, Luyao Zhang, Chien-Chiang Lee, Jun Zhang and Leilei Shen

Informal sector and mobile financial services in emerging and developing countries: Does financial innovation matter? pp. 2703-2737

Luc Jacolin, Joseph Keneck Massil and Alphonse Noah

Cheaper currencies and long‐term growth: The effect of exchange rate management and capital controls pp. 2738-2757

Phornchanok Cumperayot and Roy Kouwenberg

The China syndrome: A cross‐country evidence pp. 2758-2792

Kozo Kiyota, Sawako Maruyama and Mina Taniguchi

Volume 44, issue 08, 2021

Correcting US payments imbalances: Taxing foreign holders of its treasury securities is better than import tariffs pp. 2228-2237

Paul Hallwood

The effects of domestic labour mobility on trade agreements: Empirical evidence pp. 2238-2283

Ross Jestrab

Can the G20 serve as a launchpad for a multilateral investment agreement? pp. 2284-2302

Axel Berger and Wan‐Hsin Liu

Rules of origin and consumer‐hurting free trade agreements pp. 2303-2318

Hiroshi Mukunoki and Hirofumi Okoshi

Export quality dynamics: Multidimensional evidence of financial development pp. 2319-2343

Canh Nguyen and Thanh Su

Price and quality competitiveness across OECD countries: An approach to quality by R&D expenditure pp. 2344-2382

Haithem Ben Hassine and Claude Mathieu

Markups of Chinese exporters: Export discount and product choice pp. 2383-2409

Xuebing Yang

Specialisation within global value chains: Transport infrastructure matter upstream pp. 2410-2432

Rainer Lanz and Roberta Piermartini

Sending money home: Transaction cost and remittances to developing countries pp. 2433-2459

Junaid Ahmed, Mazhar Mughal and Inmaculada Martínez‐Zarzoso

Political economy of aid allocation: The case of Arab donors pp. 2460-2495

Ahsan Kibria, Reza Oladi and Ryan Bosworth

Volume 44, issue 07, 2021

The effect of restrictive measures on cross‐border investment in the European Union pp. 1914-1943

Wildmer Daniel Gregori and Michela Nardo

The impacts of the World Trade Organization on new members pp. 1944-1972

Magnus dos Reis, Sabino da Silva Pôrto and André Filipe Zago de Azevedo

Internationalisation of emerging market currencies and original sin: Empirical evidence pp. 1973-2003

Delphine Lahet and Stéphanie Prat

Trade agreements and Latin American trade (creation and diversion) and welfare pp. 2004-2040

Ayman El Dahrawy Sánchez‐Albornoz and Jacopo Timini

Can Central Banks circumvent the impossible trinity within their operational frameworks? Theory and evidence pp. 2041-2075

George Pantelopoulos

Trade destruction and deflection effects of US‐China trade frictions on China’s tariff‐targeted products pp. 2076-2106

Guobing Shen, Peijie Wang and Yuanhan Xu

Inflation targeting adoption and institutional quality: Evidence from developing countries pp. 2107-2127

Alexandru Minea, René Tapsoba and Patrick Villieu

Success in completing cross‐border acquisitions by emerging market firms: What matters? pp. 2128-2163

Jing Zhou, Yunwen Jiang, On Kit Tam, Wei Lan and Silin Ye

Do macroprudential policies counter real exchange rate appreciation in emerging markets? pp. 2164-2187

Tony Cavoli, Sasidaran Gopalan and Ramkishen Rajan

Spatial equilibrium analysis of Chinese tariff on world cotton markets pp. 2188-2202

Ethan Sabala and Stephen Devadoss

Product‐level estimates of exchange rate pass‐through: Evidence from Turkey☆ pp. 2203-2226

Yusuf Emre Akgunduz, Emine Meltem Bastan, Ufuk Demiroglu and Semih Tumen

Volume 44, issue 06, 2021

Economist as public intellectual: Max Corden’s journey through life pp. 1472-1483

Prema-chandra Athukorala, Hal Hill and Sisira Jayasuriya

Global implications of a US‐led currency war pp. 1484-1508

Adam John Triggs and Warwick McKibbin

Exchange rate volatility and commodity trade between United States and Australia: An asymmetric analysis pp. 1509-1700

Mohsen Bahmani‐Oskooee and Hanafiah Harvey

The fiat money illusion: On the cost‐efficiency of modern central banking pp. 1701-1719

Karl‐Friedrich Israel

Do migration networks worsen trade deficit? Evidence from the United States and Germany pp. 1720-1739

Akinori Tomohara

Does aid for trade promote import diversification? pp. 1740-1769

Dung Ly‐My, Hyun-Hoon Lee and Donghyun Park

Trade, structural transformation and growth pp. 1770-1794

Seung Mo Choi, Hwagyun Kim and Xiaohan Ma

Trade liberalisation and Chinese firm’s exports: Sourcing from Indonesia pp. 1795-1813

Lili Yan Ing, Wei Tian and Miaojie Yu

Towards input–output‐based measurements of trade creation and trade diversion pp. 1814-1841

Kirill Muradov

Determinants of foreign direct investment from Europe to Asia pp. 1842-1858

Anh T. N. Nguyen and Andrzej Cieślik

Measuring fifty years of trade globalisation pp. 1859-1884

Nicole Palan (born Höhenberger), Nadia Simoes and Nuno Crespo

The MENA region's need for more democracy and less bureaucracy: A gravity model controlling for aspects of governance and trade freedom in MENA pp. 1885-1912

Esmat Mostafa Kamel

Volume 44, issue 05, 2021

Globalisation and government spending: Evidence for the ‘hyper‐globalisation’ of the 1990s and 2000s pp. 1144-1176

Edward Anderson and Samuel Obeng

Options for ASEAN trade expansion: Within, plus three or six, European Union or the United States? pp. 1177-1204

Jayson Beckman, Munisamy Gopinath and Kamron Daugherty

Financial development, reallocation and growth: Firm heterogeneity matters pp. 1205-1231

Maria Bas and Antoine Berthou

Firm productivity and functional specialisation pp. 1232-1260

Gaaitzen de Vries, Aobo Jiang, Oscar Lemmers and Shang-Jin Wei

Global financial networks and entrepreneurship pp. 1261-1280

John Inekwe

Development aid and international migration to Italy: Does aid reduce irregular flows? pp. 1281-1311

Paul Clist and Gabriele Restelli

Effects of the comprehensive and progressive agreement for trans‐pacific partnership pp. 1312-1337

Chunding Li and John Whalley

Extent and potential determinants of resource misallocation: A cross‐sectional study for developing countries pp. 1338-1379

Roman Fossati, Heiko Rachinger and Matheus Stivali

The determinants of real exchange rate volatility in South Africa pp. 1380-1401

Trust Mpofu

Are exporters more environmentally friendly? A re‐appraisal that uses China’s micro‐data pp. 1402-1427

Jiansuo Pei, Bodo Sturm and Anqi Yu

On the effects of monetary policy in Vietnam: Evidence from a Trilemma analysis pp. 1428-1447

Viet-Ngu Hoang, Duc Khuong Nguyen and Tuan Pham

Trade in intangibles and the global trade imbalance pp. 1448-1469

Xiaolan Fu and Pervez Ghauri

Volume 44, issue 04, 2021

Traders' dilemma: Developing countries' response to trade wars pp. 856-878

Shantayanan Devarajan, Delfin S. Go, Csilla Lakatos, Sherman Robinson and Karen Thierfelder

The glass border: Gender and exporting in developing countries pp. 879-903

Ronald Davies and Arman Mazhikeyev

Innovative R&D offshoring in North–South trade: Theory and evidence pp. 904-929

Zachary Cohle

Export as shelter from domestic corruption: Theory and evidence from developing countries pp. 930-955

Yu Liu, Mohan Zhou, Faqin Lin and Lihua Gu

Do exporters have markup premiums and why (not)? Evidence from China pp. 956-979

Chih‐Hai Yang

Fast & furious: Do psychological and legal factors affect commodity price volatility? pp. 980-1017

Bernardina Algieri

A global model of migration and poverty pp. 1018-1030

Scott Bradford

Does globalisation alleviate polarisation? pp. 1031-1052

Jianchun Fang, Giray Gözgör and Cheng Yan

Heterogeneity of financial institutions in the process of economic and monetary integration in East Asia pp. 1053-1076

Luca Alfieri

Political stability and fiscal consolidation in sub‐Saharan African countries pp. 1077-1109

Tobignaré Yabré and Gervasio Semedo

Vertical specialisation and gains from trade pp. 1110-1140

Patrick Alexander

Volume 44, issue 03, 2021

Catch‐up industrial policy and economic transition in China pp. 602-632

Justin Lin, Wei Wang and Venite Zhaoyang Xu

The economic and social costs of globalisation: A target zone analysis pp. 633-644

Pompeo Della Posta

Employment protection and FDI revisited: New evidence from micro data pp. 645-670

Pehr-Johan Norbäck, Per Skedinger and Jing‐Lin Duanmu

Does private aid follow the flag? An empirical analysis of humanitarian assistance pp. 671-705

Andreas Fuchs and Hannes Öhler

A micro‐founded approach to exploring gains from trade integration: Evidence from 27 EU countries pp. 706-732

Michele Imbruno

Are African exports that weak? A trade in value added approach pp. 733-755

Arnold Njike

Re‐estimating the effect of heterogeneous standards on trade: Endogeneity matters pp. 756-787

Anirudh Shingal, Malte Ehrich and Liliana Foletti

Financial intermediation, trade agreements and international trade pp. 788-817

Duc Bao Nguyen and Anne‐Gaël Vaubourg

US trade deficit, a reality check: New evidence incorporating asymmetric and non‐linear effects of exchange rate dynamics pp. 818-836

Muhammad Ali Nasir and Mary Leung

The triangular purchasing power parity hypothesis: A comment pp. 837-848

Alan King

A triangular purchasing power parity hypothesis: A rejoinder pp. 849-854

Peijie Wang and Zhiyuan Liu

Volume 44, issue 02, 2021

Yours is bigger than mine! Could an index like the Producer Subsidy Equivalent help in understanding the comparative incidence of industrial subsidies? pp. 328-345

Robert Wolfe

The economic benefits of trade facilitation: U.S. Customs and Border Protection’s Centers of Excellence and Expertise programme pp. 346-366

Bryan Roberts, Fynnwin Prager, Charles Baschnagel, Adam Rose and Brett Shears

Talent development and labour market integration in European football pp. 367-408

Pehr-Johan Norbäck, Martin Olsson and Lars Persson

A new index of globalisation: Measuring impacts of integration on economic growth and income inequality pp. 409-443

Hyeon‐Seung Huh and Cyn-Young Park

Indirect trade and direct trade: Evidence from Japanese firm transaction data pp. 444-461

Tadashi Ito and Yukiko Saito

Estimating exporter's quality: Do importers agree on rankings? pp. 462-484

Kan Yue

Inflation comovements in advanced economies: Facts and drivers pp. 485-509

Luis Alvarez, Maria Dolores Gadea and Ana Gómez‐Loscos

UK trading patterns within and between regions in the automotive sector—A network analysis pp. 510-529

Matthew Smith and Yasaman Sarabi

Trade liberalisation with mobile capital and firm heterogeneity pp. 530-559

Xi Yang and Dao-Zhi Zeng

Do immigrants’ funds affect the exchange rate? pp. 560-585

Nusrate Aziz, Arusha Cooray and Wing Leong Teo

The Sino‐North Korea international economic relationship and the economic development of North Korea pp. 586-600

Jai S. Mah

Volume 44, issue 01, 2021

An examination of EU trade disintegration scenarios pp. 2-20

Karen Jackson and Oleksandr Shepotylo

Mars or Mercury redux: The geopolitics of bilateral trade agreements pp. 21-44

Barry Eichengreen, Arnaud Mehl and Livia Chițu

Analysis of Bitcoin prices using market and sentiment variables pp. 45-63

Burcu Kapar and Jose Olmo

Is competition from China so special? pp. 64-88

Benedikt Heid, Raúl Mínguez and Asier Minondo

Does value chain integration dampen producer price developments? Evidence from the European Union pp. 89-106

Klaus Friesenbichler, Agnes Kuegler and Andreas Reinstaller

Aid, growth and institutions in Sub‐Saharan Africa: New insights using a multiple growth regime approach pp. 107-142

Rasmane Ouedraogo, Windemanegda Sandrine Sourouema and Hamidou Sawadogo

Consumption smoothing, risk sharing and financial integration pp. 143-187

Michael Donadelli and Ivan Gufler

Testing the asymmetric effects of exchange rate pass‐through in BRICS countries: Does the state of the economy matter? pp. 188-233

Mehmet Balcilar, David Roubaud, Ojonugwa Usman and Mark Wohar

The African Growth and Opportunity Act and growth in sub‐Saharan Africa: A local projection approach pp. 234-261

Nathaniel Cook and Jason C. Jones

Towards adopting inflation targeting: The credibility and limitations of monetary policy under the fixed exchange system—the case of Jordan pp. 262-285

Noura Abu Asab and Juan Cuestas

Credit rationing and firm exports: Microeconomic evidence from small and medium‐sized enterprises in China pp. 286-311

Dong Cheng, Yong Tan and Jian Yu

Do fluctuations in crude oil prices have symmetric or asymmetric effects on the real exchange rate? Empirical evidence from Indonesia pp. 312-325

Jungho Baek and Yoon Jung Choi