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| Trade imbalances and preferential trade agreements Posted: The creation of new preferential trade agreements remains a key driver in trade liberalisation, at least bilaterally. This column examines the creation of new agreements, highlighting the effects of pre-agreement bilateral imbalance and within-country income inequality on the likelihood of a preferential trade agreement being formed. The authors suggest that while the creation of preferential trade agreements continues to be an important avenue to liberalise trade, there are significant political constraints to be considered.  |
| Posted: The debate surrounding the drafting and implementation of the new Basel III accord has reignited the debate on the role of bank business models and lending technologies in banking activities, and the way these should be accounted for by regulators. This column explores how banks' credit market experiences affect their decisions and moral hazards in lending. Banks' prior experience with borrowing firms and co-lenders reinforces their monitoring incentives allowing for a smaller lead share in the lending syndicate. Banks' sectoral experience, in contrast, appears to dilute monitoring incentives, calling for a larger lead share in the lending syndicate.  |
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