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The CEPII Newsletter       
September 2017        

The French edition is slightly different as it also includes material available in French only  

Europe Monnaie & Finance Trade & Globalization Migrations Economic Policy Emerging Economies Competitivness & Growth Environment & Natural Ressources


The new CEPII database on effective exchange rates aims to contribute to key debates in international macroeconomics by providing publicly available indicators of equilibrium exchange rates. EQCHANGE contains data on nominal and real effective exchange rates, and equilibrium real effective exchange rates and corresponding currency misalignments for advanced, emerging and developing countries. A CEPII Working Paper describes the construction of the two datasets and illustrates some possible uses by presenting results concerning the evolution and main characteristics of currency misalignments in the world from 2015 to 2016. >>>


Tense times for multilateral coordination

In a recent CEPII Policy Paper Anne-Laure Delatte & Sébastien Jean argue that international co-ordination should be adapted to the tense present context. This requires focusing on preventing the doom loop of protectionism and retaliation and on dealing China’s status in international trade. It also means dealing with the rising temptation of fiscal competition, building upon the progress already made in fiscal cooperation. In addition, better co-ordinated macroeconomic policies would be especially helpful.

  Facts & Figures


This is the potential fall in world agricultural trade that might result from a “trade war”

with output falling by 10% or more in some regions. Based on a novel, detailed, time-consistent tariff database to take stock of developments regarding import protection in the agricultural sector since 2001, a recent Working Paper by Jean-Christophe Bureau, Houssein Guimbard & Sébastien Jean proposes & a statistical decomposition of the changes in the various types of tariffs: tariffs applied in agricultural and food products have been cut by 40% between 2001 and 2013; Own-initiative liberalization was the dominant driver of agricultural tariff cuts between 2001 and 2007, while RTAs played a larger role afterwards.

ISSN: 1255-7072
Editorial Director : Christophe Destais
Managing Editor : Dominique Pianelli