Sebnem Kalemli-Ozcan is a Neil Moskowitz Professor of Economics. She is a Research Associate at the National Bureau of Economic Research (NBER) and a Research Fellow at the Center for Economic Policy Research (CEPR).
Professor Kalemli-Ozcan has published extensively in the areas of international finance, international development and applied growth theory in journals such as American Economic Review, Quarterly Journal of Economics, Journal of Finance, Review of Economics and Statistics, Journal of International Economics, andJournal of Development Economics. Her work has also appeared in many invited policy outlets and featured in editorials and the media. She is the first Turkish social scientist who has received the Marie Curie IRG prize in 2008 for her research on European Financial Integration.
Gabriel Felbermayr, Marina Steininger, Erdal Yalcin
China has emerged as a world trading power thanks to its deep economic reforms beginning in the 1980s, as well as its membership in the WTO since 2001. China’s share of global manufacturing exports surged from 2% to 16% between 1990 and 2011 (Acemoglu et al. 2016). Starting in 2018, the Trump administration introduced a series of tariffs on imports from China, triggering retaliation. The resulting US-China trade war stimulated several studies on the effects of the costs and benefits of protection (e.g. Amiti et al. 2019, Flaaen and Pierce 2019, Fajgelbaum et al. 2020, Flaaen et al. 2020).
However, the US had targeted China with special tariffs for decades and long before Donald Trump took office in 2017. The main trade policy instrument was antidumping (AD). Over 1988-2016, the average US AD duty against China more than tripled, from 45% to 148% (Figure 1). Under President Trump, it was further increased to 166%.
The sovereign-bank-corporate nexus – virtuous or vicious?
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the LSE conference on “Financial Cycles, Risk, Macroeconomic Causes and Consequences”
Frankfurt am Main, 28 January 2021
One year after the first cases were reported in Europe, the coronavirus (COVID-19) pandemic continues to take a tragic human toll and to pose enormous challenges to workers, firms, the financial system and policymakers in the euro area.
Without the forceful responses of fiscal, monetary and prudential authorities the economic and social costs of this crisis would have been significantly higher. Governments, in particular, have stabilised aggregate demand and incomes by absorbing economic and financial risks of the private sector as the crisis unfolded.
Jerónimo Carballo, Kyle Handley, Nuno Limão
Five years after the Brexit referendum, research has evaluated its impact so far on UK trade. The findings show that the ongoing Brexit uncertainty has already reduced UK trade in goods and services before any actual policy changes took place. This disintegration is present in UK trade, with countries potentially affected by trade policy changes including the EU and other UK preferential trade partners. Firms in these countries faced increased trade policy uncertainty, leading to depressed export investments.
We discuss the importance of policy stability and commitments, and their effects on business decisions and investment generally (Bloom et al. 2018, 2019). We focus on recent evidence drawn for the impact of Brexit uncertainty on UK trade in goods and services and conclude with some policy remarks.
Jane Humphries
In a White House press conference held on 16 November 2016, then President Barack Obama said: “Yes to trade, but trade that ensure that these other countries that trade with us aren’t engaging in child labour”. In 2016, child labour affected more than 150 million children, or about 10% of the world’s children. In Africa, the share reaches 20%. The UN Sustainable Development Goal (SDG) Target 8.7 recognises child labour as a serious impediment to sustainable development and aims at eliminating child labour by 2025. Unfortunately, progress has been very slow. Since 2012, there has been a 10% decline in the incidence of child labour, which according to the International Labour Organization (ILO 2017) is not enough if the target is to be reached by 2025. We need a better understanding of what can help reach that target.