The Fifth European Research Workshop in International Trade was held in Lisbon on 24/28 June, organized jointly by CEPR and the Universidade Nova de Lisboa. The workshop was organized by Cristina Corado, Professor of Economics at the Universidade Nova de Lisboa. Sponsorship was provided by the Commission of the European Communities under its SPES programme, the Instituto Nacional de Investigaço Científica, the Junta Nacional de Investigaço Científica e Tecnológica, the Luso American Foundation, the Instituto de Promoço Turística and the Lisbon Convention Bureau. The following papers were presented:

`Endogenous Comparative Advantage, Government, and the Pattern of Trade', Richard H Clarida (Council of Economic Advisors, Washington) and Ronald Findlay (Columbia University)

`Holes and Loopholes in Regional Trading Arrangements and the Multilateral Trading System', Bernard Hoekman (GATT and CEPR) and Michael P Leidy (GATT)

`Foreign Direct Investment and Trade: A Game Theoretical Model', Massimo Motta (Center for Operations Research and Econometrics, Louvain, and CEPR)

`Exchange Rate Expectations in International Oligopoly', Luís Cabral (Universidade Nova de Lisboa) and António Mello (Banco de Portugal and Universidade Catòlica Portuguesa)
`Trade Liberalization as Politically Optimal Exchange of Market Access', Arye Hillman (Bar-Ilan University) and Peter Moser (Universität St Gallen)

`Patent Races, Product Standards and International Competition', Richard Jensen (University of Kentucky) and Marie Thursby (Purdue University)

`R&D Effort, International Integration and Country Size', Chien-Fu Chou, Gabriel Talmain and Fukunari Kimura (State University of New York at Albany)

`Czechoslovak International Trade During Transition to a Market Economy', Michael Mejstrik (Centre for Economic Research and Graduate Education, Prague)

`Stopler/Samuelson- and Rybczynski-like Results in two-by-two Production Models', Ulrich Kohli (Université de Genève)

`Optimal Tariffs for a Foreign Monopolist Under Incomplete Information', David Collie and Morten Hviid (University of Warwick)

`The Costs of Reducing CO<sub>2</sub> Emissions: A Comparison of Carbon Tax Curves with GREEN', Joaquim Oliveira-Martins, Jean-Marc Burniaux, John P Martin and Giuseppe Nicoletti (OECD)
`On Ecological Dumping', Michael Rauscher (Institut für Weltwirtschaft, Kiel)

Willem Noë (Commission of the European Communities) presented the SPES and ACE programmes of the European Commission. The workshop closed with a panel discussion on future research, addressed by Ronald Findlay, Richard Baldwin (Institut Universitaire des Hautes Etudes Internationales, Genève, and CEPR), Ulrich Kohli and Cristina Corado.