The first paper, The Exceptions that Prove the Rule? Revisiting the Effectiveness of Capital Controls Under International Investment Agreements, examines how macroeconomic and financial stability exceptions in international investment agreements affect countries’ use of capital flow management measures. Using a novel database of treaty provisions, it finds that broader safeguards are associated with a greater ability to implement capital controls during periods of financial stress. The second paper, International Investment Income: Patterns, Drivers, and Heterogeneous Sensitivities, investigates the determinants of countries’ international investment income balances, an increasingly important component of the current account. It finds that exchange rates, interest rates, and macroeconomic conditions influence investment yields, with substantial variation across asset classes. The third paper, Identifying Spillovers of Trade Agreements Through Impact Assessments: A New Database, introduces a comprehensive database of ex-ante trade agreement evaluations. It documents significant heterogeneity in methodologies, assumptions, and estimated impacts across assessments conducted in the US and the EU. The fourth paper, ASEAN’s Trade and Investment in a Fragmented World, examines how the 2018–19 US–China tariff escalation affected trade and investment patterns in ASEAN economies. It finds evidence of trade diversion and higher FDI inflows, although gains varied considerably across countries and sectors.
