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International Trade and Finance – Worlds Apart?

Editors of the special issue: Mauro Boianovsky (Universidade de Brasilia) and Hans-Michael Trautwein (Universität Oldenburg)

Expression of interest and abstract: January 31st, 2021

Notification by the editors: February 15th, 2021.

Deadline for submission of full papers: September 1st, 2021.

Planned publication of the issue: Spring 2022.

Ever since it has been taught as a distinct subject, International Economics has come in two separate parts that reflect the general micro-macro divide in the discipline. ‘International Trade’ is based on microeconomic reasoning in terms of comparative advantage, economies of scale and product differentiation. ‘International Finance’ is largely conceptualized in terms of ‘open-economy macroeconomics’ which set the focus on exchange-rate regimes, stabilization policies and financial capital flows. In other words, International Economics is divided in a real sphere and a monetary sphere, though not neatly. The recurrent debates about ‘global imbalances’ in the current accounts of the balances of payment are an example that attests to the difficulties. Do persistent current account deficits signal critical imbalances in the world economy? Or do they follow from an efficient division of labour in risk diversification? Attempts to address such questions in general equilibrium frameworks tend to be blind on the monetary side, whereas more ‘applied’ approaches – for example in international political economy, development economics, or geographical economics – tend to lose sight of systemic aspects.

The history of economics is full of different attempts to bridge the gaps between international trade and international finance. Some of the ideas developed in the past are interesting for their content and context in their own right, others might hold a potential for analytical reconstruction to further present economic thinking; yet another group attempts may be instructive in their ‘failures’. This special issue to appear in Œconomia is dedicated to articles that deal with one or several of the following topics:

  • pre-classical, classical and other historical theories in which real and monetary aspects of international economic relations are integrated

  • neoclassical and more recent approaches to combine international trade and finance in general equilibrium frameworks

  • integrated treatments of real and monetary aspects of cross-border economic relations in development economics, geographical economics and international political economy

  • methodological assessments of the trade-and-finance divide in international economics

Procedure and timeline: Researchers who would like to be considered for participation in this special issue of Œconomia should submit, via email attachment, the paper title, an extended abstract (1000-1500 words), and the affiliations of all authors. This information should be sent to and is due by January 31st 2021. Authors whose contributions are selected will be notified by February 15th, 2021. Submission of full papers for peer review is expected September 1st, 2021. Publication of the special issue is planned for Spring 2022. For further information, please contact the editors or send a message to

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