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Determinants of Trade Policy Responses to the 2008 Financial Crisis

Gawande, Kishore; Hoekman, Bernard; Cui, Yue
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
25.83%
The collapse in trade and contraction of output that occurred during 2008-09 was comparable to, and in many countries more severe than, the Great Depression of 1930, but did not give rise to the rampant protectionism that followed the Great Crash. Theory suggests several hypotheses for why it was not in the interest of many firms to lobby for protection, including much greater macroeconomic "policy space" today, the rise of intra-industry trade (specialization in specific varieties), and the fragmentation of production across global value chains ("vertical" specialization and the associated growth of trade in intermediates). Institutions may also have played a role in limiting the extent of protectionist responses. World Trade Organization disciplines raise the cost of using trade policies for member countries and have proved to be a stable foundation for the open multilateral trading system that has been built over the last fifty years. This paper empirically examines the power of these and other theories to explain the observed pattern of trade policy responses to the 2008 crisis...

Changes in Cross-Border Trade Costs in the Pan-Arab Free Trade Area, 2001–2008

Hoekman, Bernard; Zarrouk, Jamel
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
25.93%
The Pan-Arab Free Trade Area, negotiated under auspices of the Arab League, came into force in 1997. Under the agreement all tariffs on goods of Arab origin were to be removed by January 1, 2005. This paper summarizes the results of a firm-level survey in nine countries regarding the implementation of the Pan-Arab Free Trade Area. A majority of respondent companies report that tariffs on intra-regional trade have largely been removed, and that there has been a marked improvement in customs clearance-related procedures. Costs associated with administrative red tape and weaknesses in transport-related infrastructure services are ranked as the most important constraints to intra-regional trade. This suggests that from a policy perspective, efforts to reduce real trade costs deserve priority, including transportation and logistics services. Periodic monitoring and assessment of trade incentives and performance would help governments to benchmark performance and identify priority areas for action, at both the national and the sub-regional levels.

Enhancing Regional Trade Integration in Southeast Europe

Handjiski, Borko; Lucas, Robert; Martin, Philip; Guerin, Selen Sarisoy
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
25.93%
Countries of the Southeast Europe (SEE) region have witnessed significant economic improvement since the beginning of their transition to market economies in the early 1990s. Growth has been particularly strong in the past six years, but still lower than in other fast growing countries in the East Asia and Baltic regions, or some of the other new member states of the European Union (EU). The purpose of this study is twofold: (i) to present recent trends in intra regional trade in SEE, in particular following the implementation of Central European Free Trade Agreement (CEFTA); and (ii) to bring the attention of policy makers to some of the remaining impediments to enhanced intra regional trade. The rest of the study is organized as follows. Chapter two describes intraregional trade patterns, both prior and after the entry of CEFTA into force, including more detailed analysis of trade structure. Chapter three emphasizes the role of nontariff barriers (NTBs), such as technical regulations and standards, and their potential impact on trade enhancement...

Trade Effects of Regional Standards Liberalization : A Heterogeneous Firms Approach

Baller, Silja
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
25.94%
This study investigates trade effects of the regional liberalization of technical barriers to trade (TBTs) in the form of harmonization and mutual recognition agreements (MRAs) for testing procedures. The theoretical part of the paper is framed in terms of a heterogeneous firms approach. This paper adds to the existing literature by formalizing the effects of MRAs and harmonization initiatives on bilateral trade flows and by applying this new theoretical framework in the empirical part of the paper. The latter consists of a two-stage gravity estimation and investigates sectoral effects of TBT liberalization on parties to the agreement as well as excluded industrial and developing countries. It finds that MRAs have a strong positive influence on both export probabilities and trade volumes for partner countries. Regarding harmonization, results seem to suggest that the impact on parties to the agreement is negligible, however that on excluded OECD countries is large and positive. Third party developing countries do not seem to benefit from the market integration effect brought about by harmonization in other regions. Overall...

Patterns of Foreign Direct Investment Flows and Trade-Investment Inter-Linkages in Southern Africa : Linking Middle-Income and Low-Income Neighbors

Isik, Gozde; Yoshino, Yutaka
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.2%
This report discusses the patterns of foreign direct investment flows and trade-investment inter-linkages in Southern Africa. It will discuss how cross-border investment flows create a possible channel of growth spillover from South Africa and other MICs to LICs in the subregion, and identify the roles of subregional trade and investment flows in generating these neighborhood effects with LICs. After an introduction with background on the subregion of Southern Africa, Section 2 provides facts on the patterns of trade in Southern African countries to illustrate how much (or little) the Southern African subregion is integrated today and whether or not intraregional trade is growing. Section 3 presents aggregate trends in foreign direct investment flows (and stocks) in SSA, discusses how SASR is situated in such trends, and analyzes the emerging trends of intra-SASR cross-border investments, largely driven by South Africa. Section 4 analyzes trade-investment linkages in Southern Africa at the firm level. Section 5 discusses areas of domestic policies in enhancing trade and foreign direct investment in Southern Africa. Section 6 summarizes the findings from this analysis and discusses their policy implications.

Agglomeration Economies and Productivity in Indian Industry

Lall, Somik; Shalizi, Zmarak; Deichmann, Uwe
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
26.02%
"New" economic geography theory, and the development of innovative methods of analysis have renewed interest in the location, and spatial concentration of economic activities. The authors examine the extent to which agglomeration economies contribute to economic productivity. They distinguish three sources of agglomeration economies: 1) At the firm level, from improved access to market centers. 2) At the industry level, from enhanced intra-industry linkages. 3) At the regional level, from inter-industry urbanization economies. The input demand framework they use in analysis, permits the production function to be estimated jointly with a set of cost shares, and, makes allowances for non-constant returns to scale, and for agglomeration economies to be factor-augmenting. They use firm-level data for standardized manufacturing in India, together with spatially detailed physio-geographic information that considers the availability, and quality of transport networks linking urban centers - thereby accounting for heterogeneity in the density of transport networks...

Why do emitters trade carbon permits? : firm-level evidence from the European Emission Trading Scheme

ZAKLAN, Aleksandar
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
EN
Relevância na Pesquisa
56.25%
The creation of the EU’s Emission Trading Scheme (EU ETS) has turned the right to emit CO2 into a positively priced intermediate good for the affected firms. Firms thus face the decision whether to source compliance with the EU ETS within their boundaries or to acquire it through the permit trade. However, a combination of internal abatement, free permit allocation and flexibility to shift the use of their allocation across time creates opportunities to achieve compliance with the EU ETS without entering the permit trade. This paper aims to identify firm-level determinants of participation in and the extent of the permit trade while recognizing the possibility of zero trade flows leading to selection bias if unaccounted-for. We construct a firm-level dataset incorporating transaction-level information from both EU ETS operator and person holding accounts, thus representing the entire system-wide permit trade by CO2 emitters. We cover the supply and demand sides of the permit trade, both inter-firm and intra-firm, and account for a wide set of firm-level characteristics using firms’ balance sheet information. A detailed descriptive analysis documents salient features of the firm-level permit trade. We then jointly model firms’ participation and amount decisions while allowing for possible self-selection into trading. Our results suggest that participation in the permit trade is driven by a combination of firm-specific factors existing independently of the EU ETS...

Trends and Determinants of Foreign Direct Investment in South Asia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Poverty Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.1%
Like many other developing countries, South Asian nations have been experiencing increased Foreign Direct Investment (FDI) inflows over the past decade as developing countries get a larger share of cross-border investments once sent to developed countries. Nonetheless, South Asia's FDI inflows remain the lowest relative to Gross Domestic Product (GDP) among developing country regions. Over the next 20 years, more than one million new workers will be entering the South Asian labor market each month as the region's youth bulge matures and seeks employment. To absorb these workers and provide higher living standards and reduce poverty, South Asian countries will have to rely on more than just public investment. This report looks into the historical patterns of FDI in South Asia, examines its sectoral composition, and evaluates current policies and policy options that may help create an environment for increasing FDI flows. The launching point for this study is the substantial empirical literature that suggests that FDI is associated with growth...

The Role of Trade Costs in Global Production Networks : Evidence from China’s Processing Trade Regime

Ma, Alyson C.; Van Assche, Ari
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
26.23%
In a seminal contribution, Yi (2003) has shown that vertically specialized trade should be more sensitive to changes in trade costs than regular trade. Yet empirical evidence of this remains remarkably scant. This paper uses data from China's processing trade regime to analyze the role of trade costs on trade within global production networks (GPNs). Under this regime, firms are granted duty exemptions on imported inputs as long as they are used solely for export purposes. As a result, the data provide information on trade between three sequential nodes of a global supply chain: the location of input production, the location of processing (in China) and the location of further consumption. This makes it possible to examine the role of both trade costs related to the import of inputs (upstream trade costs) and trade costs related to the export of final goods (downstream trade costs) on intra-GPN trade. The authors show that intra-GPN trade differs from regular trade in that it not only depends on downstream trade costs...

A Survey of Non-Tariff Measures in the East Asia and Pacific Region

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Poverty Study; Economic & Sector Work
ENGLISH
Relevância na Pesquisa
25.83%
This report seeks to give a multifaceted view of non-tariff issues facing countries in the East Asia and Pacific region both vis-a-vis their most important export markets as well as intra-regionally. While the first perspective is important today given the high dependence of East Asian and Latin American countries on the markets of the EU, the US and Japan, the second is important in the context of countries' efforts to bring about ever closer regional integration. A large part of liberalization efforts have in the past focused on reducing tariff barriers to facilitate the integration of goods markets across the world and within particular regions. However, countries which were more serious about integration also recognized early on the importance of eliminating trade-reducing measures other than tariffs, so-called non-tariff measures or NTMs, which, if not already present, often sprung up precisely where tariffs were reduced. Country studies which draw on firm level surveys and interviews with government agencies and exporters' associations in East Asia and Latin America are presented in Part II of this report.

Bulgaria : The Road to Successful EU integration, The Policy Agenda, A Country Economic Memorandum

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Economic Memorandum; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
25.83%
As Bulgaria approaches European Union accession, it has the opportunity to narrow the income gap, and raise productivity and investment, and set the economy on a higher growth path. To address these challenges and accelerate convergence with the European Union, this report proposes a reform agenda focused on five areas: productivity and growth, trade and investment integration, public expenditure policy, labor market adjustment, and the regulatory and institutional framework. Chapter 1 focuses on stability, growth dynamics, and integration. The analysis of these three fundamental dimensions over time is complemented with cross-country comparisons. Chapter 2 examines the foundations of Bulgaria's growth performance over the last several years in terms of the drivers of growth, intra-sectoral restructuring, growth accounting, and potential output growth. Trade policy, trade and FDI dynamics, and recent trends in trade performance are examined in Chapter 3, while Chapter 4 discusses the reforms needed in public expenditure policies to support deepening trade integration. Chapter 5 covers labor market performance and labor market policies and institutions. In Chapter 6, selected dimensions of the institutional framework for growth and competitiveness are examined...

Attracting Foreign Direct Investment : What Can South Asia's Lack of Success Teach Other Developing Countries?

Gould, David M.; Tan, Congyan; Sadeghi Emamgholi, Amir S.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
26.09%
Like many other developing countries, South Asian nations have been experiencing increased foreign direct investment inflows over the past decade as developing countries get a larger share of cross-border investments that were once sent to developed countries. Nonetheless, South Asia's inflows of foreign direct investment remain the lowest relative to gross domestic product among developing country regions. Why are South Asia's foreign direct investment inflows so low and what lessons can be drawn for developing countries as a whole? The analysis in this paper uses a novel empirical model that accounts for possible trends in convergence in the ratio of foreign direct investment to gross domestic product between countries and cross-sectional data for 78 countries from 2000 to 2011. The sample contains 52 developing countries. The analysis finds that two key factors are at work -- high overall regulatory restrictions on foreign direct investment and specific restrictions placed on doing business with other countries. These factors include overall trade restrictiveness...

Open regionalism in Asia Pacific and Latin America: a survey of the literature

Kuwayama, Mikio
Fonte: ECLAC Publicador: ECLAC
EN
Relevância na Pesquisa
15.93%
Includes bibliography; Abstract Both in Asia Pacific and Latin America, considerable confusion and ambiguity surround the notion of 'open Regionalism' that question its relevance for practical purposes. Chapter I will examine various interpretations and applications of the concept and study under what circumstances the two elements 'open' and 'regionalism' come into contradiction. The chapter first put to provide some precision on the relationship that may exist between Open Regionalism and regional integration, and then it inquires of under what conditions regionalism can be a 'stepping stone' or 'building block' towards the improvement of multilateralism. The rapid economic growth in Asia provided a solid foundation for inter-firm networks and intra-regional trade and investment flows, with few institutional or government-led schemes. In the 1990s, Latin America, whose integration has often been characterized as 'policy driven', has also experienced a deepening of de facto integration, resulting in stronger intra-regional trade and investment linkages. Chapter II reviews briefly the impact of the recent economic crisis on production, trade and investment patterns for each region and identifies integration instruments that might be compatible with and conducive to policies to enhance the synergetic effects of de facto and policy-driven integration. 'deep' integration usually refers to an integration that deals with 'behind the border' issues...

Internal and external factors on firms' transfer pricing decisions: insights from organization studies

Li, Dan; Ferreira, Manuel Portugal
Fonte: Instituto Politécnico de Leiria. globADVANTAGE - Center of Research in International Business & Strategy Publicador: Instituto Politécnico de Leiria. globADVANTAGE - Center of Research in International Business & Strategy
Tipo: Outros
Publicado em /11/2007 ENG
Relevância na Pesquisa
66.21%
Well understood in economics, accounting, finance, and legal research, transfer pricing has rarely been comprehensively explored in organization management literature. This paper explores some theoretical explanations of transfer pricing within multidivisional firms drawing insights from various organizational theories - primarily institutional theory, transaction cost economics, and social networks - to develop a conceptual model of transfer pricing. This model focuses on the nature of multidivisional firms' internal transfers, internal and external technological environments, and internal and external social environments. We highlight the importance of transfer pricing as a key strategic dimension to understand intra-firm flows and their associated costs.

Internal and external factors on firms' transfer pricing decisions: insights from organization studies

Li, Dan; Ferreira, Manuel Portugal
Fonte: Universidade de Coimbra. Faculdade de Economia Publicador: Universidade de Coimbra. Faculdade de Economia
Tipo: Artigo de Revista Científica
Publicado em /06/2008 ENG
Relevância na Pesquisa
66.21%
Well understood in economics, accounting, finance, and legal research, transfer pricing has rarely been comprehensively explored in organization management literature. This paper explores some theoretical explanations of transfer pricing within multidivisional firms drawing insights from various organizational theories – primarily institutional theory, transaction cost economics, and social networks – to develop a conceptual model of transfer pricing. This model focuses on the nature of multidivisional firms’ internal transfers, internal and external technological environments, and internal and external social environments. We highlight the importance of transfer pricing as a key strategic dimension to understand intra-firm flows and their associated costs.

Probing Gas Motions in the Intra-Cluster Medium: A Mixture Model Approach

Shang, Cien; Oh, S. Peng
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 26/04/2012
Relevância na Pesquisa
25.93%
Upcoming high spectral resolution telescopes, particularly Astro-H, are expected to finally deliver firm quantitative constraints on turbulence in the intra-cluster medium (ICM). We develop a new spectral analysis technique which exploits not just the line width but the entire line shape, and show how the excellent spectral resolution of Astro-H can overcome its relatively poor spatial resolution in making detailed infer- ences about the velocity field. The spectrum is decomposed into distinct components, which can be quantitatively analyzed using Gaussian mixture models. For instance, bulk flows and sloshing produce components with offset means, while partial volume- filling turbulence from AGN or galaxy stirring leads to components with different widths. The offset between components allows us to measure gas bulk motions and separate them from small-scale turbulence, while component fractions and widths con- strain the emission weighted volume and turbulent energy density in each component. We apply mixture modeling to a series of analytic toy models as well as numerical simu- lations of clusters with cold fronts and AGN feedback respectively. From Markov Chain Monte Carlo and Fisher matrix estimates which include line blending and continuum contamination...

DIFFUSION OF INNOVATIONS AMONG ORGANIZATIONS: EVIDENCES FROM A STUDY IN AN AUTOMOTIVE SUPPLY CHAIN; DIFUSÃO DE INOVAÇÕES ENTRE ORGANIZAÇÕES: EVIDÊNCIAS DE UM ESTUDO NA CADEIA AUTOMOBILÍSTICA

Santos, Pedro Ferraz Andrade Augusto; Gonçalves, Carlos Alberto
Fonte: Universidade de São Paulo. Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Formato: application/pdf
Publicado em 29/09/2015 POR
Relevância na Pesquisa
15.93%
In addition to increasing the individual firm innovation capabilities, there should also be a concern in spreading the innovations across organizational networks, in order to enhance their impact on the system’s performance as a whole. This study aims to analyze the diffusion of innovations among members of a supply chain of the automotive industry. Given the challenges that involve the management of innovation in organizations embedded in supply chains, this study soughs, by conducting a case study in eight companies of the automotive sector, to understand and describe how the phenomenon of the diffusion of innovations occurs among members of the supply chain actors and which relational and structural aspects have influence over the process. Building effective channels for the occurrence of the diffusion depends on the articulation between intra and interorganizational factors, which will determine the degree of participation of each member in the practices established by the assembler for that purpose, which concentrates the diffusion flows identified, given its central position in the system. These channels, however, remain restricted to the group formed by the first-tier suppliers, which demonstrate higher levels of capabilities and greater integration with the assembler...

Technological learning and the accumulation of innovation capabilities: evidence from contract manufacturers in Brazil; Aprendizaje tecnológico y acumulación de capacidades de innovación: evidencias de contract manufacturers en Brasil; Aprendizagem tecnológica e acumulação de capacidades de inovação: evidências de contract manufacturers no Brasil

Figueiredo, Paulo N.; Andrade, Rosilene F. de; Brito, Klauber N.
Fonte: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Artigo Avaliado pelos Pares Formato: application/pdf
Publicado em 01/06/2010 POR
Relevância na Pesquisa
25.95%
Despite the profusion of studies on learning as a means of building technological competence in firms, most have examined this relationship from an intra-firm perspective. This article examines the role of cross-firm knowledge flows to build production capacity and innovation in the subsidiaries of multinationals in the sector of information technology and communication (ITC) in Brazil, from 1996 to 2007. Based on first-hand evidence obtained in fieldwork, the study found that, for the last ten years, the companies surveyed have actively engaged in accumulating technological capabilities. However, the study also identified a high degree of variability across companies in terms of the depth of their technological capability accumulation. A substantial part of this variability can be explained by the role of crossorganizational learning processes. This article, therefore, helps to further our understanding of the process of technological accumulation in subsidiaries of multinationals in emerging economies. The study also contradicts common generalizations, according to which this kind of company plays a passive role in emerging economies when it comes to technological activities.; A despeito da profusão de estudos sobre aprendizagem como fonte de construção de competências tecnológicas em empresas...

Does beta move with news?: Systematic risk and firm-specific information flows

Patton, Andrew J.; Verardo, Michela
Fonte: Financial Markets Group, London School of Economics and Political Science Publicador: Financial Markets Group, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em 17/03/2009 EN; EN
Relevância na Pesquisa
26.05%
This paper shows that the systematic risk (or "beta") of individual stocks increases by an economically and statistically signi…cant amount on days of firm-specific news announcements, and reverts to its average level two to five days later. We employ intra-daily data and recent advances in econometric theory to obtain daily firm-level estimates of beta for all constituents of the S&P 500 index over the period 1995-2006, and estimate the behavior of beta around the dates of over 22,000 quarterly earnings announcements. We find that the increase in beta is larger for more liquid and more visible stocks, and for announcements with greater information content and higher ex-ante uncertainty. We also find important differences in the behavior of beta across different industries. Our analysis reveals that changes in beta around news announcements are mostly driven by an increase in the covariance of announcing firms with other firms in the market. We provide a simple model of investors’ expectations formation that helps explain our empirical findings: changes in beta can be generated by investors learning about the profitability of a given firm by using information on other firms.