Abstract Leading theories suggest that amongst continuing exporters, lower variable trade costs should boost exports of smaller firms by the same or greater percentage rate than larger firms. However, investigating the impact of the deep EU‐South Korea FTA with French customs data, we find robust evidence to the contrary. Applying a triple‐difference framework, we report that the FTA increased sales in the top quartile of continuous exporters by 71.5% points more than in the bottom quartile. More than 90% of that growth premium is driven by reductions in NTBs. These findings suggest an additional channel driving the distributional effects of FTAs.
{"title":"Trade liberalization along the firm size distribution: The case of the EU‐South Korea FTA","authors":"Sonali Chowdhry, Gabriel J. Felbermayr","doi":"10.1111/roie.12690","DOIUrl":"https://doi.org/10.1111/roie.12690","url":null,"abstract":"Abstract Leading theories suggest that amongst continuing exporters, lower variable trade costs should boost exports of smaller firms by the same or greater percentage rate than larger firms. However, investigating the impact of the deep EU‐South Korea FTA with French customs data, we find robust evidence to the contrary. Applying a triple‐difference framework, we report that the FTA increased sales in the top quartile of continuous exporters by 71.5% points more than in the bottom quartile. More than 90% of that growth premium is driven by reductions in NTBs. These findings suggest an additional channel driving the distributional effects of FTAs.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135494133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pamina Koenig, Sandra Poncet, Mathieu Sanch-Maritan, Claude Duvallet, Yoann Pigné
This article analyzes the effects of the acquisition of the Port of Piraeus by the Chinese shipping operator COSCO in July 2016 on the organization of container traffic in Europe. Using real-time container ship positions provided by vessel tracking systems between 2015 and 2019, we study the impact of the privatization of the Greek port on its attractiveness and on that of competing ports for the ships of the various operators, and more particularly of COSCO. Difference-in-difference estimates suggest that the number of container ship calls to the Port of Piraeus has increased following its privatization, but that this increase in attractiveness corresponds mainly to vessels operated by COSCO with a capacity of more than 3000 twenty-foot equivalent units, and in particular to the largest of them. We do not identify any crowding out effect between operators in Piraeus: the use of Piraeus by the vessels of other operators remains relatively unchanged. The privatization of Piraeus seems to have imposed the Greek port as COSCO’s tran-shipment hub for the European market without this being to the detriment of ports in any other particular European area.
{"title":"Sold to China: Container traffic in the Port of Piraeus","authors":"Pamina Koenig, Sandra Poncet, Mathieu Sanch-Maritan, Claude Duvallet, Yoann Pigné","doi":"10.1111/roie.12675","DOIUrl":"https://doi.org/10.1111/roie.12675","url":null,"abstract":"This article analyzes the effects of the acquisition of the Port of Piraeus by the Chinese shipping operator COSCO in July 2016 on the organization of container traffic in Europe. Using real-time container ship positions provided by vessel tracking systems between 2015 and 2019, we study the impact of the privatization of the Greek port on its attractiveness and on that of competing ports for the ships of the various operators, and more particularly of COSCO. Difference-in-difference estimates suggest that the number of container ship calls to the Port of Piraeus has increased following its privatization, but that this increase in attractiveness corresponds mainly to vessels operated by COSCO with a capacity of more than 3000 twenty-foot equivalent units, and in particular to the largest of them. We do not identify any crowding out effect between operators in Piraeus: the use of Piraeus by the vessels of other operators remains relatively unchanged. The privatization of Piraeus seems to have imposed the Greek port as COSCO’s tran-shipment hub for the European market without this being to the detriment of ports in any other particular European area.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46777418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Missing: A correlation between exchange rate misalignment and GDP growth","authors":"Carlos Eduardo Soares Gonçalves, Mauro Rodrigues","doi":"10.1111/roie.12679","DOIUrl":"https://doi.org/10.1111/roie.12679","url":null,"abstract":"","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48786883","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract We study the impact of the COVID‐19 shock on the portfolio exposures of euro area investors. The analysis “looks‐through” holdings of investment fund shares to first gauge euro area investors' full exposures to global debt securities and listed shares by sector at end‐2019 and to subsequently analyse the portfolio shifts in the first and second quarters of 2020. We show heterogeneous patterns across asset classes and sectors, but also across less and more vulnerable euro area countries. In particular, we find a broad‐based rebalancing towards domestic sovereign debt at the expense of extra‐euro area sovereigns in the first quarter of 2020, consistent with heightened home bias, which however levelled off in the second quarter. On the contrary, for listed shares we find that euro area investors rebalanced away from domestic towards extra‐euro area securities in both the first and the second quarter, which may be associated with better relative foreign stock market performance. Many of these shifts were only due to indirect holdings, corroborating the importance of investment funds in assessing investors' exposures—especially for households, insurance companies and pension funds—in particular in times of large shocks. We also confirm the important intermediation role played by investment funds in an analysis focusing on the large‐scale portfolio rebalancing observed between 2015 and 2017 during the ECB's Asset Purchase Programme.
{"title":"Shifts in the portfolio holdings of euro area investors in the midst of COVID‐19: Looking‐through investment funds","authors":"Daniel Carvalho, Martin Schmitz","doi":"10.1111/roie.12681","DOIUrl":"https://doi.org/10.1111/roie.12681","url":null,"abstract":"Abstract We study the impact of the COVID‐19 shock on the portfolio exposures of euro area investors. The analysis “looks‐through” holdings of investment fund shares to first gauge euro area investors' full exposures to global debt securities and listed shares by sector at end‐2019 and to subsequently analyse the portfolio shifts in the first and second quarters of 2020. We show heterogeneous patterns across asset classes and sectors, but also across less and more vulnerable euro area countries. In particular, we find a broad‐based rebalancing towards domestic sovereign debt at the expense of extra‐euro area sovereigns in the first quarter of 2020, consistent with heightened home bias, which however levelled off in the second quarter. On the contrary, for listed shares we find that euro area investors rebalanced away from domestic towards extra‐euro area securities in both the first and the second quarter, which may be associated with better relative foreign stock market performance. Many of these shifts were only due to indirect holdings, corroborating the importance of investment funds in assessing investors' exposures—especially for households, insurance companies and pension funds—in particular in times of large shocks. We also confirm the important intermediation role played by investment funds in an analysis focusing on the large‐scale portfolio rebalancing observed between 2015 and 2017 during the ECB's Asset Purchase Programme.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135812383","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Preferential trade agreements, externalities, and domestic policy","authors":"N. Bezmaternykh, Paul Missios","doi":"10.1111/roie.12678","DOIUrl":"https://doi.org/10.1111/roie.12678","url":null,"abstract":"","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49384544","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Understanding the\u0000 globalization‐crisis\u0000 linkage: A “differenced” approach","authors":"Uchechukwu Jarrett, H. Mohtadi","doi":"10.1111/roie.12680","DOIUrl":"https://doi.org/10.1111/roie.12680","url":null,"abstract":"","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45278299","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
: International standards in the protection of intellectual property rights (IPRs) are increasingly guided by bilateral and regional preferential trade agreements (PTAs). In this paper, we estimate the effect of these IP-related PTAs on US offshoring behavior in developing countries. We utilize a difference-in-difference empirical methodology that addresses several possible sources of endogeneity and exploits industry variation in the importance of IPRs to identify the effect of these PTA-induced IPR reforms. We find that IP-related PTAs are associated with a substantial increase in US offshoring in IPR-intensive industries relative to non-IPR-intensive industries. This increase occurs both within the boundaries of the multinational firm and through arm’s-length contracts with domestic firms. We do not find strong evidence for a compositional shift towards either type of offshoring. These findings provide direct empirical evidence that PTA-induced IPR reform stimulates multinational activity in developing countries. helps to ensure that the PTAs included in our sample require substantial IPR reform. In addition, our approach follows a line of empirical literature examining the impact of IPR reform in developing countries specifically, including Ivus et al. (2017) and Ivus and Park (2019) among others. Our focus on non-OECD reforming countries aligns with Sell (2010), who details the clear distinction between IPR institutions among countries within and outside of the OECD in the context of TRIPS-plus standards.
{"title":"Intellectual property‐related preferential trade agreements and US offshoring to developing countries","authors":"Clàudia Canals, Michael A. Klein, Fuat Şener","doi":"10.1111/roie.12672","DOIUrl":"https://doi.org/10.1111/roie.12672","url":null,"abstract":": International standards in the protection of intellectual property rights (IPRs) are increasingly guided by bilateral and regional preferential trade agreements (PTAs). In this paper, we estimate the effect of these IP-related PTAs on US offshoring behavior in developing countries. We utilize a difference-in-difference empirical methodology that addresses several possible sources of endogeneity and exploits industry variation in the importance of IPRs to identify the effect of these PTA-induced IPR reforms. We find that IP-related PTAs are associated with a substantial increase in US offshoring in IPR-intensive industries relative to non-IPR-intensive industries. This increase occurs both within the boundaries of the multinational firm and through arm’s-length contracts with domestic firms. We do not find strong evidence for a compositional shift towards either type of offshoring. These findings provide direct empirical evidence that PTA-induced IPR reform stimulates multinational activity in developing countries. helps to ensure that the PTAs included in our sample require substantial IPR reform. In addition, our approach follows a line of empirical literature examining the impact of IPR reform in developing countries specifically, including Ivus et al. (2017) and Ivus and Park (2019) among others. Our focus on non-OECD reforming countries aligns with Sell (2010), who details the clear distinction between IPR institutions among countries within and outside of the OECD in the context of TRIPS-plus standards.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46100729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Juan Blyde, Matias Busso, Kyunglin Park, Dario Romero
Abstract By exploiting spatial variation in import exposure arising from initial differences in industry specialization, we analyze how local labor markets in Mexico adjusted to increased Chinese‐import competition over different time horizons. The initial adjustment to the shock took various forms: a decline in the number of wage employees, a substitution of wage employees with piece‐rate or outsourced workers, and a substitution of formal employees with informal employees. The negative effects on employment were mainly associated with job destruction from exiting firms, particularly those that were small and medium‐sized. During periods in which employment fell, the population that actively participated in the labor force fell. The negative short‐ and medium‐run effects mostly disappeared after 20 years.
{"title":"Short‐ and long‐run labor market adjustment to import competition","authors":"Juan Blyde, Matias Busso, Kyunglin Park, Dario Romero","doi":"10.1111/roie.12677","DOIUrl":"https://doi.org/10.1111/roie.12677","url":null,"abstract":"Abstract By exploiting spatial variation in import exposure arising from initial differences in industry specialization, we analyze how local labor markets in Mexico adjusted to increased Chinese‐import competition over different time horizons. The initial adjustment to the shock took various forms: a decline in the number of wage employees, a substitution of wage employees with piece‐rate or outsourced workers, and a substitution of formal employees with informal employees. The negative effects on employment were mainly associated with job destruction from exiting firms, particularly those that were small and medium‐sized. During periods in which employment fell, the population that actively participated in the labor force fell. The negative short‐ and medium‐run effects mostly disappeared after 20 years.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135278907","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper explores the possibility of international technology transfer in lieu of trade in a model with absolute and comparative advantage. Countries having absolute advantage in producing a good may offer that technology to a potential trading partner against a fee and both the countries might gain depending on the extent of comparative and absolute advantages. Thus, gains from trade might be dominated by gains from technology transfer, and we provide a formal proof and conditions for this possibility. Such an avenue of fruitful exchange remains unexplored in the Ricardian model of trade. Our result extends to the many commodity case.
{"title":"Why trade when you can transfer the technology: Revisiting Smith and Ricardo","authors":"Rajat Acharyya, Sugata Marjit","doi":"10.1111/roie.12674","DOIUrl":"https://doi.org/10.1111/roie.12674","url":null,"abstract":"Abstract This paper explores the possibility of international technology transfer in lieu of trade in a model with absolute and comparative advantage. Countries having absolute advantage in producing a good may offer that technology to a potential trading partner against a fee and both the countries might gain depending on the extent of comparative and absolute advantages. Thus, gains from trade might be dominated by gains from technology transfer, and we provide a formal proof and conditions for this possibility. Such an avenue of fruitful exchange remains unexplored in the Ricardian model of trade. Our result extends to the many commodity case.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"201 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135568823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Debt and real interest rates: Evidence from\u0000 G20\u0000 countries","authors":"Lixin Sun","doi":"10.1111/roie.12676","DOIUrl":"https://doi.org/10.1111/roie.12676","url":null,"abstract":"","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47019442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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