Pub Date : 2020-08-30DOI: 10.22904/SJE.2020.33.3.001
A. Rose
This paper was first delivered as a keynote address to the G20 Conference on Global Financial Stability in Seoul in November 2019; all mistakes are mine alone.
{"title":"The Causes of Trade Tensions and their Consequences for Financial Stability","authors":"A. Rose","doi":"10.22904/SJE.2020.33.3.001","DOIUrl":"https://doi.org/10.22904/SJE.2020.33.3.001","url":null,"abstract":"This paper was first delivered as a keynote address to the G20 Conference on Global Financial Stability in Seoul in November 2019; all mistakes are mine alone.","PeriodicalId":14394,"journal":{"name":"International Political Economy: Trade Policy eJournal","volume":"53 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73588947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyses import penetration with a consumer demand approach that distinguishes domestically and foreign-produced varieties. Consistent aggregation leads to a macro-level import demand equation that faithfully reflects the underlying micro demands for foreign varieties. The approach avoids restrictive assumptions such as homotheticity and permits an array of hypothesis tests of functional form. We show how to estimate the model with a relative short time series -- important for countries with limited data -- and as an illustrative example, apply it to Australia. We find that income growth is largely responsible for the recent surge in imports into that country.
{"title":"Import Penetration and Consumption of Domestic and Foreign Varieties","authors":"K. Clements, Long Hai Vo, M. Mariano","doi":"10.2139/ssrn.3678447","DOIUrl":"https://doi.org/10.2139/ssrn.3678447","url":null,"abstract":"This paper analyses import penetration with a consumer demand approach that distinguishes domestically and foreign-produced varieties. Consistent aggregation leads to a macro-level import demand equation that faithfully reflects the underlying micro demands for foreign varieties. The approach avoids restrictive assumptions such as homotheticity and permits an array of hypothesis tests of functional form. We show how to estimate the model with a relative short time series -- important for countries with limited data -- and as an illustrative example, apply it to Australia. We find that income growth is largely responsible for the recent surge in imports into that country.","PeriodicalId":14394,"journal":{"name":"International Political Economy: Trade Policy eJournal","volume":"29 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88003292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Core values can provide important strategic functions in organizations. They can help to unify members around common goals, they can help to ensure culture evolves in a desirable manner, and they can provide guidance to individuals in the absence of input from leadership. For government organizations, such statements provide citizens and voters with information about how the agency behaves. The core values of the U.S. Customs and Border Protection (CBP) are vigilance, service to country, and integrity. In this paper, I compare these values to policies such as invasive border searches, family separations, substandard conditions at detention centers, and failure to hold agents accountable for misconduct, among others. I find that such policies routinely and egregiously violate these core values. I offer several avenues for CBP leadership and for agents to pursue in order to resolve these problems.
{"title":"U.S. Customs and Border Protection Policy Routinely Violates Stated Core Values","authors":"Chad W. Seagren","doi":"10.2139/ssrn.3674321","DOIUrl":"https://doi.org/10.2139/ssrn.3674321","url":null,"abstract":"Core values can provide important strategic functions in organizations. They can help to unify members around common goals, they can help to ensure culture evolves in a desirable manner, and they can provide guidance to individuals in the absence of input from leadership. For government organizations, such statements provide citizens and voters with information about how the agency behaves. The core values of the U.S. Customs and Border Protection (CBP) are vigilance, service to country, and integrity. In this paper, I compare these values to policies such as invasive border searches, family separations, substandard conditions at detention centers, and failure to hold agents accountable for misconduct, among others. I find that such policies routinely and egregiously violate these core values. I offer several avenues for CBP leadership and for agents to pursue in order to resolve these problems.","PeriodicalId":14394,"journal":{"name":"International Political Economy: Trade Policy eJournal","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79000175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Deregulation affects incumbent firms through entry threats (a curse) and entry opportunities (a blessing). To separate these effects, we construct novel network-based measures of U.S. state-level bank deregulation intensity that allow us to isolate the blessing- and curse-related effects of deregulation on incumbents’ outcomes for the first time in the literature. In contrast to existing bank deregulation studies, we find that increased competition leads to higher deposit funding costs and a reduction in banks’ net interest margins and profitability. In response, banks increase their risk-taking, shift their business models, and become more likely to be acquired. Our framework and results bridge multiple literatures and support early bank deregulation theories in which reductions in bank charter values lead to increased risk-taking.
{"title":"The Blessing and Curse of Deregulation","authors":"Emilio Bisetti, S. Karolyi, Stefan Lewellen","doi":"10.2139/ssrn.3475458","DOIUrl":"https://doi.org/10.2139/ssrn.3475458","url":null,"abstract":"Deregulation affects incumbent firms through entry threats (a curse) and entry opportunities (a<br>blessing). To separate these effects, we construct novel network-based measures of U.S. state-level bank deregulation intensity that allow us to isolate the blessing- and curse-related effects of deregulation on incumbents’ outcomes for the first time in the literature. In contrast to existing bank<br>deregulation studies, we find that increased competition leads to higher deposit funding costs and<br>a reduction in banks’ net interest margins and profitability. In response, banks increase their risk-taking, shift their business models, and become more likely to be acquired. Our framework and<br>results bridge multiple literatures and support early bank deregulation theories in which reductions in bank charter values lead to increased risk-taking.<br>","PeriodicalId":14394,"journal":{"name":"International Political Economy: Trade Policy eJournal","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82499983","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Chocolate is one of the most demanded and popular desserts on the world market. The Japanese market also offers a huge assortment of chocolate of any tastes, manufacturers, price category. Domestic enterprises compete not only with each other, but also with foreign major brands. Companies have access to natural ingredients, produce high-quality products, implement innovations, but it is complicated to take a significant market share. However, they have the potential to expand their capabilities by introducing products to unexplored markets.
This paper presents an analysis of the foreign market for starting a business and choosing a suitable strategy for market entry. As an example, Meiji Milk Chocolate from Meiji Group, one of the largest companies in Japan, was chosen. Two upper-middle-income developing countries, Thailand and Malaysia, are considered.
{"title":"Foreign Market Analysis and Choice of Entry Mode in Internationalization Process of Meiji Co., Ltd.","authors":"Elena M. Kuular","doi":"10.2139/ssrn.3673776","DOIUrl":"https://doi.org/10.2139/ssrn.3673776","url":null,"abstract":"Chocolate is one of the most demanded and popular desserts on the world market. The Japanese market also offers a huge assortment of chocolate of any tastes, manufacturers, price category. Domestic enterprises compete not only with each other, but also with foreign major brands. Companies have access to natural ingredients, produce high-quality products, implement innovations, but it is complicated to take a significant market share. However, they have the potential to expand their capabilities by introducing products to unexplored markets. <br><br>This paper presents an analysis of the foreign market for starting a business and choosing a suitable strategy for market entry. As an example, Meiji Milk Chocolate from Meiji Group, one of the largest companies in Japan, was chosen. Two upper-middle-income developing countries, Thailand and Malaysia, are considered.<br>","PeriodicalId":14394,"journal":{"name":"International Political Economy: Trade Policy eJournal","volume":"10 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85777003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter critically analyses the role that is played by international economic law (IEL) dispute settlement bodies (DSBs) in the field of tobacco control. In particular, it looks at the recent case law of the World Trade Organization (WTO) and ad hoc investment tribunals that dealt with the national tobacco control measures. The chapter seeks to demonstrate that IEL DSBs recognize the importance of public health policies relating to tobacco control, and that through their recent decisions, they actually broadened, rather than undermined, the regulatory space available to States. If a specific measure is found illegal in the course of the proceedings, this is due to its discriminatory design and not because of any specific IEL hierarchy of values (e.g. trade and investment protection above public health).
{"title":"The Role of IEL Dispute Settlement Bodies in Reinforcing the Sovereign Rights of States in the Field of Tobacco Control","authors":"L. Gruszczynski","doi":"10.2139/ssrn.3669044","DOIUrl":"https://doi.org/10.2139/ssrn.3669044","url":null,"abstract":"This chapter critically analyses the role that is played by international economic law (IEL) dispute settlement bodies (DSBs) in the field of tobacco control. In particular, it looks at the recent case law of the World Trade Organization (WTO) and ad hoc investment tribunals that dealt with the national tobacco control measures. The chapter seeks to demonstrate that IEL DSBs recognize the importance of public health policies relating to tobacco control, and that through their recent decisions, they actually broadened, rather than undermined, the regulatory space available to States. If a specific measure is found illegal in the course of the proceedings, this is due to its discriminatory design and not because of any specific IEL hierarchy of values (e.g. trade and investment protection above public health).","PeriodicalId":14394,"journal":{"name":"International Political Economy: Trade Policy eJournal","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75010456","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The remarkable surge in Chinese economic productivity, especially since the turn of the century, has been of material benefit to every economy in the world trading system, and the Caribbean has shared in those benefits. The most substantial benefit to the Caribbean from the relationship with China has been via the purchase of more affordable products made in China or made with Chinese inputs. The Caribbean has secured additional imports that may be of the order of five to ten per cent, compared with what the same money would have bought from alternative sources. This benefit may not increase in the future, and may well decline, if the anti-globalisation sentiment now sweeping across many Western nations is not reversed in the near future, and the region’s access to Chinese products is reduced. By comparison, the benefits from Chinese investment in the Caribbean, and from exports to China and Chinese tourism to the Caribbean, while not insignificant, are much less substantial. Caribbean strategies for transportation upgrades and investment, renewable energy adoption, use of digital currencies and universal use of the US dollar, offer promise of reaping benefits for the Caribbean from the China connection in the medium to long term, even in the face of Western isolationism.
{"title":"China in the Caribbean's Economic Future","authors":"Delisle Worrell","doi":"10.2139/ssrn.3668058","DOIUrl":"https://doi.org/10.2139/ssrn.3668058","url":null,"abstract":"The remarkable surge in Chinese economic productivity, especially since the turn of the century, has been of material benefit to every economy in the world trading system, and the Caribbean has shared in those benefits. The most substantial benefit to the Caribbean from the relationship with China has been via the purchase of more affordable products made in China or made with Chinese inputs. The Caribbean has secured additional imports that may be of the order of five to ten per cent, compared with what the same money would have bought from alternative sources. This benefit may not increase in the future, and may well decline, if the anti-globalisation sentiment now sweeping across many Western nations is not reversed in the near future, and the region’s access to Chinese products is reduced. By comparison, the benefits from Chinese investment in the Caribbean, and from exports to China and Chinese tourism to the Caribbean, while not insignificant, are much less substantial. Caribbean strategies for transportation upgrades and investment, renewable energy adoption, use of digital currencies and universal use of the US dollar, offer promise of reaping benefits for the Caribbean from the China connection in the medium to long term, even in the face of Western isolationism.","PeriodicalId":14394,"journal":{"name":"International Political Economy: Trade Policy eJournal","volume":"50 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81216804","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-05DOI: 10.1163/22119000-12340189
S. Yakovleva
Cross-border flows of personal data have become essential for international trade. European Union (EU) law restricts transfers of personal data to a degree that is arguably beyond what is permitted under the EU’s World Trade Organization commitments. These restrictions may be justified under trade law’s ‘necessity test.’ The article suggests that they may not pass this test. Yet, from an EU law perspective, the right to the protection of personal data is a fundamental right. An international transfer of personal data constitutes a derogation from this right and, therefore, must be consistent with another necessity test, the ‘strict necessity’ test of the derogation clause of the EU Charter of Fundamental Rights. This article shows how a simultaneous application of the trade law and EU Charter ‘necessities’ to EU restrictions on transfers of personal data creates a catch-22 situation and sketches the ways out of this compliance deadlock.
{"title":"Personal Data Transfers in International Trade and EU law: A Tale of Two ‘Necessities’","authors":"S. Yakovleva","doi":"10.1163/22119000-12340189","DOIUrl":"https://doi.org/10.1163/22119000-12340189","url":null,"abstract":"\u0000Cross-border flows of personal data have become essential for international trade. European Union (EU) law restricts transfers of personal data to a degree that is arguably beyond what is permitted under the EU’s World Trade Organization commitments. These restrictions may be justified under trade law’s ‘necessity test.’ The article suggests that they may not pass this test. Yet, from an EU law perspective, the right to the protection of personal data is a fundamental right. An international transfer of personal data constitutes a derogation from this right and, therefore, must be consistent with another necessity test, the ‘strict necessity’ test of the derogation clause of the EU Charter of Fundamental Rights. This article shows how a simultaneous application of the trade law and EU Charter ‘necessities’ to EU restrictions on transfers of personal data creates a catch-22 situation and sketches the ways out of this compliance deadlock.","PeriodicalId":14394,"journal":{"name":"International Political Economy: Trade Policy eJournal","volume":"26 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91230349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
State support remains a leading cause of tension in international commercial relations. Governments can see trade distortions that look like they were caused by industrial subsidies, but they lack the data to illuminate that state support. In the 1980s at the height of the farm wars the Organisation for Economic Co-operation and Development (OECD) developed an index that helped countries to see the overall incidence of agricultural subsidies, initially called the Producer Subsidy Equivalent (PSE) and the Consumer Subsidy Equivalent (CSE). Are there lessons for today in the PSE approach? In this paper I try to answer that question from the standpoint of economics: how did the PSE evolve, what is it, is the concept relevant to industrial subsidies? And of politics: how was OECD able to create the tool, and do present conditions permit something similar? The brief answer is that the PSE was a response to a shared perception of crisis, but it was pushed by finance, not trade or agriculture ministers. It drew on well-established concepts in the agricultural economics and trade literatures. And it works best in a context where market power is sufficiently diffuse that a price gap between domestic and world prices can be calculated. Only some of those conditions can be met when applying the approach to concentrated industries dominated by large firms that operate in multi-country supply chains.
{"title":"Yours is Bigger than Mine! Could an Index Like the PSE Help in Understanding the Comparative Incidence of Industrial Subsidies?","authors":"Robert Wolfe","doi":"10.2139/ssrn.3683731","DOIUrl":"https://doi.org/10.2139/ssrn.3683731","url":null,"abstract":"State support remains a leading cause of tension in international commercial relations. Governments can see trade distortions that look like they were caused by industrial subsidies, but they lack the data to illuminate that state support. In the 1980s at the height of the farm wars the Organisation for Economic Co-operation and Development (OECD) developed an index that helped countries to see the overall incidence of agricultural subsidies, initially called the Producer Subsidy Equivalent (PSE) and the Consumer Subsidy Equivalent (CSE). Are there lessons for today in the PSE approach? In this paper I try to answer that question from the standpoint of economics: how did the PSE evolve, what is it, is the concept relevant to industrial subsidies? And of politics: how was OECD able to create the tool, and do present conditions permit something similar? The brief answer is that the PSE was a response to a shared perception of crisis, but it was pushed by finance, not trade or agriculture ministers. It drew on well-established concepts in the agricultural economics and trade literatures. And it works best in a context where market power is sufficiently diffuse that a price gap between domestic and world prices can be calculated. Only some of those conditions can be met when applying the approach to concentrated industries dominated by large firms that operate in multi-country supply chains.","PeriodicalId":14394,"journal":{"name":"International Political Economy: Trade Policy eJournal","volume":"70 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80928338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The COVID-19 pandemic has caused Governments to contemplate measures to override patents and other intellectual property rights (IPRs) in order to facilitate production and distribution of vaccines, treatments, diagnostics and medical devices. This paper discusses whether the COVID-19 pandemic may be considered an “emergency in international relations” and how WTO Member States may invoke Article 73 (“Security Exceptions”) of the TRIPS Agreement as the legal basis for overriding IPRs otherwise required to be made available or enforced. It concludes that the pandemic constitutes an emergency in international relations within the meaning of Article 73(b)(iii) and that this provision allows Governments to take actions necessary to protect their essential security interests.
{"title":"The TRIPS Agreement Article 73 Security Exceptions and the COVID-19 Pandemic","authors":"Frederick M. Abbott","doi":"10.2139/ssrn.3682260","DOIUrl":"https://doi.org/10.2139/ssrn.3682260","url":null,"abstract":"The COVID-19 pandemic has caused Governments to contemplate measures to override patents and other intellectual property rights (IPRs) in order to facilitate production and distribution of vaccines, treatments, diagnostics and medical devices. This paper discusses whether the COVID-19 pandemic may be considered an “emergency in international relations” and how WTO Member States may invoke Article 73 (“Security Exceptions”) of the TRIPS Agreement as the legal basis for overriding IPRs otherwise required to be made available or enforced. It concludes that the pandemic constitutes an emergency in international relations within the meaning of Article 73(b)(iii) and that this provision allows Governments to take actions necessary to protect their essential security interests.","PeriodicalId":14394,"journal":{"name":"International Political Economy: Trade Policy eJournal","volume":"40 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80957060","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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