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We use a general equilibrium trade model to quantify the welfare cost of decoupling from Russia. We find that a doubling of non-tariff barriers imposed by the West on Russian imports and exports of all goods would decrease Russian welfare by 4.8% and would have a relatively small effect on Western welfare. We show that the welfare cost of decoupling is amplified by supply chains and that restrictions on Russian energy, especially oil, matter quantitatively. Finally, we find that welfare losses generated by restrictions actually applied by the West in the aftermath of the 2022 Russian invasion of Ukraine account for around 80% of those obtained in our decoupling scenario. [ABSTRACT FROM AUTHOR]

Cyber risk could underlie the next financial crisis. Increasing trade policies on cross-border financial services have been implemented to manage cybersecurity concerns. Simply complying with the fragmented policies can cause unintended consequences for businesses and can even result in new cyber threats. This study develops a taxonomy to understand the effect of trade policies for cyber-securing the cross-border financial services. The analysis reveals that a Financial Cybersecurity Action Task Force, where both public and private sectors are involved, is necessary to create and promote cyber norms to balance innovation and systematic cyber risk within cross-border financial systems. [ABSTRACT FROM AUTHOR]

The paper evaluates the temporal and spatial variability of the use of city public transport resulting from statutory Sunday trading restrictions and the COVID-19 pandemic as exemplified by Łódź, a big city in central Poland. Data on the number of tickets validated in urban public transport vehicles is provided in three forms. The first one presents the number of validations in all vehicles in an hourly distribution, the second one shows the number of validations according to individual tram and bus lines, while the third one gives information on the number of validated tickets assigned to a tram/bus stop within the range of which the validation was made. The outcomes from the conducted research show an increased fluctuation in public transport load on Sundays depending on whether it was possible to conduct all types of commercial activity. This variability is observed to a much lesser extent in the presence of other mobility constraints (the pandemic situation). A spatial shift in mobility towards the periphery and inter-district connections is also observed, which may indicate changes in travel destinations. [ABSTRACT FROM AUTHOR]

Embargoes are usually considered a product of modernity. Attempts by some political scientists to argue the contrary have been made on an inadequate basis. Although medievalists have written about embargoes, they have typically considered this research subject only as a footnote to trade or crusade. This study first briefly defines embargo and then presents a broad view of its employment in the Middle Ages. Its argument is that early medieval imperial systems of export controls notwithstanding, embargo emerged as an instrument of foreign policy alongside economic protectionism and trade wars in the wake of the Commercial Revolution of the central Middle Ages. [ABSTRACT FROM AUTHOR]

This article examines the effects of macroeconomic variables (i.e., housing starts, disposable income, and the exchange rate), market variables (i.e., lumber price and wage rate) and the 2006 Softwood Lumber Agreement (SLA06) on U.S. lumber imports from Canada. It also looks at the welfare consequences of the SLA06. Results suggest that macroeconomic variables are more important than lumber price in determining the bilateral trade in softwood lumber. It is also found that, although the SLA06 has a significant negative effect on lumber imports from Canada, the market and welfare impacts of the trade restriction are moderate. [ABSTRACT FROM AUTHOR]

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