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The CEPII Newsletter       
June 2025        



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
  Focus

Trade Dependencies: While China Is in a Dominant Position, the European Union Is Not Without Advantages

The Covid-19 pandemic and the war in Ukraine have confronted economies with new risks and highlighted the issue of import dependencies. In this respect, China occupies a dominant position as the main supplier of its trading partners’ dependent products. While the United States and the European Union have the same level of dependency, the European Union stands out by also exporting a good number of products on which its partners depend. However, China is further consolidating its dominant position, as in recent years it has reduced its dependence, while the European Union and the United States have become more dependent on the Chinese economy.  Pauline Wibaux
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Does Immigration Affect Native Wages? A Meta-Analysis

The impact of immigration on native workers’ wages has been a long-standing debate in labor and international economics. This meta-analysis synthesises findings from 88 studies published between 1985 and 2023, providing a comprehensive assessment of reduced-form estimates of the wage effect of immigration. The results align with the existing literature, showing that the average wage effect is centered around zero, with substantial heterogeneity across studies. The authors highlight the critical role of contexts and methodological choices in shaping wage estimates. In particular, they find that shift-share instrumental variables correct for an upward bias of the OLS. The findings emphasize the need for replication studies and greater transparency in methodological choices. Clément Nedoncelle, Léa Marchal, Amandine Aubry, Jérôme Héricourt
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Business Travel, a Driver of International Trade Hindered by Immigration Restrictions

Business travel plays a central role in the expansion of international trade. However, immigration restrictions, particularly visa policies, greatly hinder these movements, increasing costs for companies and limiting their competitiveness in foreign markets. For Schengen Area member countries, visas reduce trade by 25%, and even more for differentiated goods. In contrast, the facilitation of business visas included in free-trade agreements, even when these provisions are not subject to a dispute resolution mechanism, leads to an increase in business travel and, consequently, an average growth of 15% in bilateral trade, all without increasing permanent migration. Hillel RapoportCamilo Umana Dajud
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  Facts & Figures

China's share in European countries’ imports: the source matters !



The importance of China in the imports of European countries varies significantly from one statistical source to another, because of methodological differences in recording the country of origin of imports. Pierre Cotterlaz

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The fixed exchange rate regime exacerbates deindustrialization



Premature deindustrialization in most emerging and developing economies has been one of the defining trends of recent decades. The adoption of a fixed exchange regime by low-productivity countries particularly accelerates this phenomenon. Carl Grekou, Valérie Mignon

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  Jobs
  • Economists
  • economist - International Macroeconomics and Finance
    Deadline for application :
    July 7, 2025
  •   International Economics:
    August 2025 issue is available online




    International Economics is a peer-reviewed journal devoted to the publication of research in the area of applied international economics. The journal especially welcomes empirical contributions that include, but are not limited to, topics in international trade, commercial policy, open economy macroeconomics, international finance, exchange rates, financial and monetary policies, economic development, migration and factor movements. The August 2025 issue is available online, and the October 2025 issue is in progress but contain articles that are final and fully citable.

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    ISSN: 1255-7072
    Editorial Director : Antoine Bouët
    Managing Editor : Evgenia Korotkova