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Nauro Campos, Fabrizio Coricelli
Trade agreements are one of the most widely used policy tools for economic integration. Over the past decades, they have evolved both in volume and in scope. Whereas the predominant focus of early trade agreements was lowering tariffs, modern trade agreements contain a range of deeper provisions which go beyond the narrow remit of traditional trade policy instruments.
Such provisions apply to trade in services as well as trade in goods, and are widespread across agreements. They encompass measures ranging from recognition of professional qualifications for service providers, investment liberalisation, and intellectual property protection commitments, to policy areas such as anti-corruption, visa, and asylum. Trade agreements which include these provision types are referred to as deep trade agreements (DTAs).
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this post authored by Julian di Giovanni
The recent era of globalization has witnessed growing cross-country trade integration as firms’ production chains have spread across the world, and with stock market returns becoming more correlated across countries. While research has predominantly focused on how financial integration impacts the propagation of shocks across international financial markets, trade also influences these cross-border spillovers.
In particular, one important aspect, highlighted by the recent work of di Giovanni and Hale (2020), is how the global production network influences the transmission of U.S. monetary policy to world stock markets.
World Production Linkages and Stock Market Correlations
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Andrei Levchenko, Julian di Giovanni
After decades of globalisation, the structure of production is increasingly international, with supply chains crossing country borders. An important feature of this internationalisation of production is that the bulk of international trade linkages in a typical economy are held by only a few large firms (Freund and Pierola 2015). As a result, while only a minority of firms have direct trade linkages with foreign countries, those firms tend to account for a large share of aggregate economic activity (di Giovanni et al. 2017, 2018). How resilient is such an economy then to foreign business cycle shocks?
Our recent paper (di Giovanni et al. 2020) quantifies the consequences of a foreign shock to such an economy to study international shock transmission. Our point of departure is that even purely aggregate foreign shocks affect firms differentially depending on the extent and nature of their international linkages. In that sense, an aggregate shoc
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