Pub Date : 2019-07-31DOI: 10.1142/s1793993319500066
S. Gnangnon
This paper examines the effect of trade policy space on production diversification, and particularly on industrialization. We define trade policy space as the extent of constraints imposed by non-trade obligations, and possibly bilateral and regional trade agreements on the current trade policy stance. Thus, the lower the extent of these constraints, the higher is the available trade policy space to promote production diversification and particularly on industrialization. The empirical analysis uses a sample of 159 countries, over the period 1995–2015, and shows that trade policy space is conducive to production diversification and industrialization, although the effect could vary across sub-samples.
{"title":"Trade Policy Space and Production Diversification in Developed and Developing Countries","authors":"S. Gnangnon","doi":"10.1142/s1793993319500066","DOIUrl":"https://doi.org/10.1142/s1793993319500066","url":null,"abstract":"This paper examines the effect of trade policy space on production diversification, and particularly on industrialization. We define trade policy space as the extent of constraints imposed by non-trade obligations, and possibly bilateral and regional trade agreements on the current trade policy stance. Thus, the lower the extent of these constraints, the higher is the available trade policy space to promote production diversification and particularly on industrialization. The empirical analysis uses a sample of 159 countries, over the period 1995–2015, and shows that trade policy space is conducive to production diversification and industrialization, although the effect could vary across sub-samples.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"17 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83761280","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 : 2019-07-31DOI: 10.1142/S1793993319500091
B. Chang, S. Rajput, N. Bhutto
This study extends previous literature by examining the effect of extremely large to extremely small changes in the exchange rate volatility on the US exports to developing countries such as Brazil, India, Mexico, and South Africa. We use novel approach called multiple threshold nonlinear ARDL (MTNARDL) and compare its results with ARDL and nonlinear ARDL models. The ARDL model supports insignificant results, whereas standard nonlinear ARDL model indicates asymmetric effect of exchange rate volatility on the US exports to Mexico only. Finally, the MTNARLD model indicates that in the short run, the effect of extremely large changes in exchange rate volatility does not significantly differ from the effect of small changes in exchange rate volatility on the US exports to all sample countries. Whereas in the long run, the effect of extremely large changes in exchange rate volatility is significantly different from the effect of small changes in exchange rate volatility on the US exports to all sample countries. The findings of this novel methodology suggest different policies in the long run and short run.
{"title":"Impact of Exchange Rate Volatility on the US Exports: A New Evidence From Multiple Threshold Nonlinear ARDL Model","authors":"B. Chang, S. Rajput, N. Bhutto","doi":"10.1142/S1793993319500091","DOIUrl":"https://doi.org/10.1142/S1793993319500091","url":null,"abstract":"This study extends previous literature by examining the effect of extremely large to extremely small changes in the exchange rate volatility on the US exports to developing countries such as Brazil, India, Mexico, and South Africa. We use novel approach called multiple threshold nonlinear ARDL (MTNARDL) and compare its results with ARDL and nonlinear ARDL models. The ARDL model supports insignificant results, whereas standard nonlinear ARDL model indicates asymmetric effect of exchange rate volatility on the US exports to Mexico only. Finally, the MTNARLD model indicates that in the short run, the effect of extremely large changes in exchange rate volatility does not significantly differ from the effect of small changes in exchange rate volatility on the US exports to all sample countries. Whereas in the long run, the effect of extremely large changes in exchange rate volatility is significantly different from the effect of small changes in exchange rate volatility on the US exports to all sample countries. The findings of this novel methodology suggest different policies in the long run and short run.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"2 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75013292","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 : 2019-04-10DOI: 10.1142/S1793993319500042
N. H. Son, L. Hung
We characterize the long-run foreign direct investment (FDI) absorption capacity by both direct and indirect methods on one cross-section data sample covering 180 economies from 1980 to 2013. The capacity is built up on productivity growth rate, savings–investment gap by the first approach and on financial development level by the second one. Two methods together reveal that deeper international financial integration by a higher capital account openness can expand substantially the foreign capital absorption capacity.
{"title":"Foreign Direct Investment Absorption Capacity","authors":"N. H. Son, L. Hung","doi":"10.1142/S1793993319500042","DOIUrl":"https://doi.org/10.1142/S1793993319500042","url":null,"abstract":"We characterize the long-run foreign direct investment (FDI) absorption capacity by both direct and indirect methods on one cross-section data sample covering 180 economies from 1980 to 2013. The capacity is built up on productivity growth rate, savings–investment gap by the first approach and on financial development level by the second one. Two methods together reveal that deeper international financial integration by a higher capital account openness can expand substantially the foreign capital absorption capacity.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"30 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72545903","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 : 2019-04-10DOI: 10.1142/S1793993319500017
S. Gnangnon
This paper examines the issue of fiscal space for trade, proxied by countries’ public expenditure for the trade sector. It provides empirical evidence that improvement in countries’ overall fiscal space results in higher public expenditure for trade. Furthermore, by promoting multilateral trade liberalization, the international trade community (including the World Trade Organization, WTO) could help enhance countries’ overall fiscal space, which would in turn translate into greater fiscal space for trade. Thus, rising restrictive trade measures in the world would likely undermine the promotion of multilateral trade liberalization and affect countries’ capacity to fund the development of their trade sector.
{"title":"Fiscal Space for Trade: How Could the International Trade Community Help?","authors":"S. Gnangnon","doi":"10.1142/S1793993319500017","DOIUrl":"https://doi.org/10.1142/S1793993319500017","url":null,"abstract":"This paper examines the issue of fiscal space for trade, proxied by countries’ public expenditure for the trade sector. It provides empirical evidence that improvement in countries’ overall fiscal space results in higher public expenditure for trade. Furthermore, by promoting multilateral trade liberalization, the international trade community (including the World Trade Organization, WTO) could help enhance countries’ overall fiscal space, which would in turn translate into greater fiscal space for trade. Thus, rising restrictive trade measures in the world would likely undermine the promotion of multilateral trade liberalization and affect countries’ capacity to fund the development of their trade sector.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"24 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81026731","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 : 2019-04-10DOI: 10.1142/S1793993319500054
Alexander Correa
In order to suggest an appropriate regulatory regime in the context of firm asymmetry, this study has developed a mathematical model that allows to elucidate comparisons of three different regulatory scenarios. In the unregulated market, the low-cost firm is more likely to become dominant in the market. Symmetric regulation has an immediate effect on off-net prices, which fall to the level of its marginal costs. Finally, asymmetric regulation is a highly effective way of promoting market entry. Asymmetric regulation can generate higher social welfare.
{"title":"Asymmetric Networks and Access Charges","authors":"Alexander Correa","doi":"10.1142/S1793993319500054","DOIUrl":"https://doi.org/10.1142/S1793993319500054","url":null,"abstract":"In order to suggest an appropriate regulatory regime in the context of firm asymmetry, this study has developed a mathematical model that allows to elucidate comparisons of three different regulatory scenarios. In the unregulated market, the low-cost firm is more likely to become dominant in the market. Symmetric regulation has an immediate effect on off-net prices, which fall to the level of its marginal costs. Finally, asymmetric regulation is a highly effective way of promoting market entry. Asymmetric regulation can generate higher social welfare.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"28 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81148682","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 : 2019-04-10DOI: 10.1142/S1793993319500030
Sumit Oberoi
In the present era of globalization, trade is always considered as an indispensable catalyst for the growth and development of any nation. The present study examines the trade performance and degree of trade specialization of India and ASEAN members for the pre- and post-AIFTA period at Harmonized Standard (HS) 6-digit level of product classification. The study evaluates the data sources viz. United Nations Commodity Trade Statistics Database (UN COMTRADE), United Nation Conference on Trade & Development (UNCTAD) and trade map to evaluate the trade specialization of India and ASEAN members by using Lafay Index (LFi) approach. The present study found that though India experiences a shift from low specialized economy towards a more competitive and specialized one, still, it faces a competitive disadvantage from ASEAN members for distinctive industry levels. The study suggests that India should confront issues such as technological dissemination, diversification of merchandise manufactured, quality sophistication and reliability at different industry levels which constrain higher degree of trade specialization.
{"title":"Dynamics of Trade Specialization and Trade Performance of ASEAN–India Free Trade Agreement","authors":"Sumit Oberoi","doi":"10.1142/S1793993319500030","DOIUrl":"https://doi.org/10.1142/S1793993319500030","url":null,"abstract":"In the present era of globalization, trade is always considered as an indispensable catalyst for the growth and development of any nation. The present study examines the trade performance and degree of trade specialization of India and ASEAN members for the pre- and post-AIFTA period at Harmonized Standard (HS) 6-digit level of product classification. The study evaluates the data sources viz. United Nations Commodity Trade Statistics Database (UN COMTRADE), United Nation Conference on Trade & Development (UNCTAD) and trade map to evaluate the trade specialization of India and ASEAN members by using Lafay Index (LFi) approach. The present study found that though India experiences a shift from low specialized economy towards a more competitive and specialized one, still, it faces a competitive disadvantage from ASEAN members for distinctive industry levels. The study suggests that India should confront issues such as technological dissemination, diversification of merchandise manufactured, quality sophistication and reliability at different industry levels which constrain higher degree of trade specialization.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"270 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79885080","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 : 2018-10-01DOI: 10.1142/S1793993318500084
Renaud Vuignier
While tackling the issue of place attractiveness for companies and investments in Canada and Switzerland at large, this research focuses on federal multi-level collaboration with two case studies: Ontario and Western Switzerland. Based on empirical data gathered from semi-structured interviews ([Formula: see text]) and surveys ([Formula: see text]) as well as on secondary data, it provides an analysis of the perception of intergovernmental collaboration by economic developers and a mapping of the challenges identified in both the Canadian and the Swiss contexts. A comparative perspective, complemented by data regarding business decision-making ([Formula: see text]), allows us to draw lessons for economic developers in both countries, aiming at extending both academic and practitioners’ literatures. Findings show that the federal contexts in which attractive strategies occur cause specific challenges for economic developers. While judging that the system works well in general, the majority of Canadian economic developers interviewed mentioned different problems to solve, such as the confusion for companies generated by a federal multi-level system and the need for more business-oriented strategies away from political concerns. The majority of Swiss economic developers interviewed also acknowledged issues caused by the federal system and wished for improvements regarding coordination between federal entities and levels. In this regard, pragmatism is perceived as a crucial factor for the implementation of successful attractive strategies.
{"title":"Attracting Investments and Companies: Federal Multi-Level Collaboration in Switzerland and Canada","authors":"Renaud Vuignier","doi":"10.1142/S1793993318500084","DOIUrl":"https://doi.org/10.1142/S1793993318500084","url":null,"abstract":"While tackling the issue of place attractiveness for companies and investments in Canada and Switzerland at large, this research focuses on federal multi-level collaboration with two case studies: Ontario and Western Switzerland. Based on empirical data gathered from semi-structured interviews ([Formula: see text]) and surveys ([Formula: see text]) as well as on secondary data, it provides an analysis of the perception of intergovernmental collaboration by economic developers and a mapping of the challenges identified in both the Canadian and the Swiss contexts. A comparative perspective, complemented by data regarding business decision-making ([Formula: see text]), allows us to draw lessons for economic developers in both countries, aiming at extending both academic and practitioners’ literatures. Findings show that the federal contexts in which attractive strategies occur cause specific challenges for economic developers. While judging that the system works well in general, the majority of Canadian economic developers interviewed mentioned different problems to solve, such as the confusion for companies generated by a federal multi-level system and the need for more business-oriented strategies away from political concerns. The majority of Swiss economic developers interviewed also acknowledged issues caused by the federal system and wished for improvements regarding coordination between federal entities and levels. In this regard, pragmatism is perceived as a crucial factor for the implementation of successful attractive strategies.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"6 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84185527","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 attempts to estimate the determinants of crises on Islamic banking system during financial crises using early warning system (EWS) with particular focus on the element of profit–loss sharing. Profit–loss sharing has significant impact in reducing crisis probability experienced by the Islamic banking system. This suggests that profit–loss sharing may be considered as one of the risk mitigation techniques for bank to remain resilient during the crises. The results further show that full-fledged Islamic banks have higher chances of experiencing crises relative to the Islamic subsidiaries banks. In addition, economic freedom and overvaluation in the currency are more likely exposed to banks to the crises.
{"title":"Determinants of Banking Crises in ASEAN Countries","authors":"Norfaizah Othman, Mariani Abdul-Majid, Aisyah Abdul-Rahman","doi":"10.1142/S1793993318500096","DOIUrl":"https://doi.org/10.1142/S1793993318500096","url":null,"abstract":"This paper attempts to estimate the determinants of crises on Islamic banking system during financial crises using early warning system (EWS) with particular focus on the element of profit–loss sharing. Profit–loss sharing has significant impact in reducing crisis probability experienced by the Islamic banking system. This suggests that profit–loss sharing may be considered as one of the risk mitigation techniques for bank to remain resilient during the crises. The results further show that full-fledged Islamic banks have higher chances of experiencing crises relative to the Islamic subsidiaries banks. In addition, economic freedom and overvaluation in the currency are more likely exposed to banks to the crises.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"75 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75274642","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 : 2018-10-01DOI: 10.1142/S1793993318500114
Yusuf Bayraktutan, Hanife Bıdırdı
The purpose of this study is to investigate the effect of the number of patents on high and medium-high-tech export (HTEX) performance in developed and developing countries for the period of 1996–2012. In the empirical model, HTEX is explained by the number of patents (PAT), fixed capital (GFC), and FDI inflows. Estimation results show that PAT is one of the key determinants of HTEX in both groups of countries and PAT elasticity of HTEX in developing countries is higher than that of developed ones. However, while there is no short-run causality from PAT to HTEX, there is short-run causality from GFC and FDI to HTEX.
{"title":"Innovation and High-Tech Exports in Developed and Developing Countries","authors":"Yusuf Bayraktutan, Hanife Bıdırdı","doi":"10.1142/S1793993318500114","DOIUrl":"https://doi.org/10.1142/S1793993318500114","url":null,"abstract":"The purpose of this study is to investigate the effect of the number of patents on high and medium-high-tech export (HTEX) performance in developed and developing countries for the period of 1996–2012. In the empirical model, HTEX is explained by the number of patents (PAT), fixed capital (GFC), and FDI inflows. Estimation results show that PAT is one of the key determinants of HTEX in both groups of countries and PAT elasticity of HTEX in developing countries is higher than that of developed ones. However, while there is no short-run causality from PAT to HTEX, there is short-run causality from GFC and FDI to HTEX.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"10 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90321730","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 : 2018-10-01DOI: 10.1142/S1793993318500102
Sudeshna Ghosh
This paper explores the causal association between globalization and carbon dioxide emanations in a panel set of 17 low- and low-middle-income countries and 12 upper-middle and high-income countries of Asia, respectively. The time series of observations run from 1974 to 2014. The Westerlund (2007) panel cointegration test reveals that there exists a long-run cointegrating relationship in both the panel set of observations between globalization and CO2 emissions. For the panel of upper-middle and high-income countries of Asia the long-run panel (heterogeneous elasticities) shows that globalization does not cause environmental damage, contrary to the observation based on lower- and lower-middle-income countries. The study is in conformity with the Environmental Kuznets Curve Hypothesis. The Granger causality between the variables is explored by utilizing the Dumitrescu and Hurlin (2012) Granger Causality tests. The empirical observation shows that globalization-led environmental causality is valid for lower- and lower-middle-income countries of Asia. So proper sustainable green and clean technology must be adopted for the low-income countries to stop the negation of the growth process in the near future.
{"title":"Globalization and Environment: An Asian Experience","authors":"Sudeshna Ghosh","doi":"10.1142/S1793993318500102","DOIUrl":"https://doi.org/10.1142/S1793993318500102","url":null,"abstract":"This paper explores the causal association between globalization and carbon dioxide emanations in a panel set of 17 low- and low-middle-income countries and 12 upper-middle and high-income countries of Asia, respectively. The time series of observations run from 1974 to 2014. The Westerlund (2007) panel cointegration test reveals that there exists a long-run cointegrating relationship in both the panel set of observations between globalization and CO2 emissions. For the panel of upper-middle and high-income countries of Asia the long-run panel (heterogeneous elasticities) shows that globalization does not cause environmental damage, contrary to the observation based on lower- and lower-middle-income countries. The study is in conformity with the Environmental Kuznets Curve Hypothesis. The Granger causality between the variables is explored by utilizing the Dumitrescu and Hurlin (2012) Granger Causality tests. The empirical observation shows that globalization-led environmental causality is valid for lower- and lower-middle-income countries of Asia. So proper sustainable green and clean technology must be adopted for the low-income countries to stop the negation of the growth process in the near future.","PeriodicalId":44073,"journal":{"name":"Journal of International Commerce Economics and Policy","volume":"19 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73268638","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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