The present paper aims to disseminate the validity of trade theories on the ground of the current international trade environment. The research objective consists in the reviewing of the traditional and new trade theories and their explanatory significance regarding the gains from trade issues. Analysis will be conducted in a narrative manner focusing on the principal normative statements and shortcomings arising when every theory is empirically tested. Main findings will show that the essence of the law of comparative advantage and Heckscher-Ohlin theorem generally apply to the new developed theories, passing the empirical test.
{"title":"Trade Theory: A Review","authors":"C. Spiridon","doi":"10.2139/ssrn.2226296","DOIUrl":"https://doi.org/10.2139/ssrn.2226296","url":null,"abstract":"The present paper aims to disseminate the validity of trade theories on the ground of the current international trade environment. The research objective consists in the reviewing of the traditional and new trade theories and their explanatory significance regarding the gains from trade issues. Analysis will be conducted in a narrative manner focusing on the principal normative statements and shortcomings arising when every theory is empirically tested. Main findings will show that the essence of the law of comparative advantage and Heckscher-Ohlin theorem generally apply to the new developed theories, passing the empirical test.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76270058","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 the trade effects of restrictive product standards on the margins of trade for a large panel of French firms. To focus on restrictive product standards only, we use a new database compiling the list of measures that have been raised as concerns in dedicated committees of the WTO. We restrict our analysis to the subset of Sanitary and Phyto-Sanitary (SPS) regulatory measures and analyse the effects of product standards on three variables: (i) probability to export and to exit the export market (firm-product extensive margins), (ii) value exported (firm-product intensive margin) and (iii) export prices. In particular we study whether firms size, market shares and export orientation modify the effect of SPS measures. We find that SPS measures discourage exports. We also find a negative effect of SPS imposition on the intensive margins of trade. Finally, the negative effects of SPS measures on the extensive and intensive margins of trade are attenuated for big firms.
{"title":"Product Standards and Margins of Trade: Firm Level Evidence","authors":"L. Fontagné, G. Orefice, R. Piermartini, N. Rocha","doi":"10.2139/ssrn.2231528","DOIUrl":"https://doi.org/10.2139/ssrn.2231528","url":null,"abstract":"This paper analyses the trade effects of restrictive product standards on the margins of trade for a large panel of French firms. To focus on restrictive product standards only, we use a new database compiling the list of measures that have been raised as concerns in dedicated committees of the WTO. We restrict our analysis to the subset of Sanitary and Phyto-Sanitary (SPS) regulatory measures and analyse the effects of product standards on three variables: (i) probability to export and to exit the export market (firm-product extensive margins), (ii) value exported (firm-product intensive margin) and (iii) export prices. In particular we study whether firms size, market shares and export orientation modify the effect of SPS measures. We find that SPS measures discourage exports. We also find a negative effect of SPS imposition on the intensive margins of trade. Finally, the negative effects of SPS measures on the extensive and intensive margins of trade are attenuated for big firms.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74925537","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 provides a welfare comparison of a tariff with a combination of a production subsidy to, and a commodity tax on, an import-competing commodity in a two-country economy. We treat some plausible situations of industry protection, including where the initial tariff is above the optimal tariff, where a certain output level of a tariff-imposed commodity must be maintained, and where there is positive externality of its domestic production. In those cases we explore the optimal combination of the production subsidy and the commodity tax and show it to be superior to the tariff from the welfare viewpoint.
{"title":"Tariffs Versus Production Subsidies as Industry Protection","authors":"Yoshitomo Ogawa, Yoshiyasu Ono","doi":"10.2139/ssrn.2226138","DOIUrl":"https://doi.org/10.2139/ssrn.2226138","url":null,"abstract":"This paper provides a welfare comparison of a tariff with a combination of a production subsidy to, and a commodity tax on, an import-competing commodity in a two-country economy. We treat some plausible situations of industry protection, including where the initial tariff is above the optimal tariff, where a certain output level of a tariff-imposed commodity must be maintained, and where there is positive externality of its domestic production. In those cases we explore the optimal combination of the production subsidy and the commodity tax and show it to be superior to the tariff from the welfare viewpoint.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"119 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77941925","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 Dispute settlement under the WTO has been a revolution in its own way, what the Dispute Settlement Understanding has done is facilitated a much better and efficient way of majority of the disputes' resolution. In the achievement of such a herculean end, it needed to give its panels considerable leeway in terms of differential standards being applied to the review by the panels under the DSU. The approach has somewhat changed over the past few years, the author here tries to outline the changing dimensions of the differential review under the WTO.
{"title":"The Million Dollar Question 'Standard of Review: Should the WTO Apply Differential Standards or Not'","authors":"Yuvraj Samant","doi":"10.2139/ssrn.2224393","DOIUrl":"https://doi.org/10.2139/ssrn.2224393","url":null,"abstract":"The Dispute settlement under the WTO has been a revolution in its own way, what the Dispute Settlement Understanding has done is facilitated a much better and efficient way of majority of the disputes' resolution. In the achievement of such a herculean end, it needed to give its panels considerable leeway in terms of differential standards being applied to the review by the panels under the DSU. The approach has somewhat changed over the past few years, the author here tries to outline the changing dimensions of the differential review under the WTO.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77709387","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 immediate physical damages caused by environmental disasters are conspicuous and often the focus of media and government attention. In contrast, the nature and magnitude of post-disaster losses remain largely unknown because they are not easily observable. Here we exploit annual variation in the incidence of typhoons (West-Pacific hurricanes) to identify post-disaster losses within Filipino households. We find that unearned income and excess infant mortality in the year after typhoon exposure outnumber immediate damages and death tolls roughly 15-to-1. Typhoons destroy durable assets and depress incomes, leading to broad expenditure reductions achieved in part through disinvestments in health and human capital. Infant mortality mirrors these economic responses, and additional findings -- that only female infants are at risk, that sibling competition elevates risk, and that infants conceived after a typhoon are also at risk -- indicate that this excess mortality results from household decisions made while coping with post-disaster economic conditions. We estimate that these post-typhoon "economic deaths" constitute 13% of the overall infant mortality rate in the Philippines. Taken together, these results indicate that economic and human losses due to environmental disaster may be an order of magnitude larger than previously thought and that adaptive decision-making may amplify, rather than dampen, disasters' social cost.
{"title":"Destruction, Disinvestment, and Death: Economic and Human Losses Following Environmental Disaster","authors":"J. Anttila-Hughes, S. Hsiang","doi":"10.2139/ssrn.2220501","DOIUrl":"https://doi.org/10.2139/ssrn.2220501","url":null,"abstract":"The immediate physical damages caused by environmental disasters are conspicuous and often the focus of media and government attention. In contrast, the nature and magnitude of post-disaster losses remain largely unknown because they are not easily observable. Here we exploit annual variation in the incidence of typhoons (West-Pacific hurricanes) to identify post-disaster losses within Filipino households. We find that unearned income and excess infant mortality in the year after typhoon exposure outnumber immediate damages and death tolls roughly 15-to-1. Typhoons destroy durable assets and depress incomes, leading to broad expenditure reductions achieved in part through disinvestments in health and human capital. Infant mortality mirrors these economic responses, and additional findings -- that only female infants are at risk, that sibling competition elevates risk, and that infants conceived after a typhoon are also at risk -- indicate that this excess mortality results from household decisions made while coping with post-disaster economic conditions. We estimate that these post-typhoon \"economic deaths\" constitute 13% of the overall infant mortality rate in the Philippines. Taken together, these results indicate that economic and human losses due to environmental disaster may be an order of magnitude larger than previously thought and that adaptive decision-making may amplify, rather than dampen, disasters' social cost.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81605148","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 paper describes the international transmission of boom-and-bust cycles to small periphery economies as the outcome of excessive liquidity supply in large center economies based on the credit cycle theories of Hayek, Mises and Minsky. We show how too expansionary monetary policies can cause overinvestment cycles and distortions in the economic structure on both a national and an international level. Feedback effects of crises in periphery on center countries trigger new rounds of monetary expansion in center countries, which bring about new international distortions. Crisis and contagion in globalized goods and financial markets indicate the limits of purely national monetary policies in countries which provide the asymmetric world monetary system with international currencies. This makes the case for a monetary policy in large countries that takes responsibility for its long-term effects on goods and financial markets in both the home and the foreign countries.
{"title":"Monetary Nationalism and International Economic Instability","authors":"A. Hoffmann, G. Schnabl","doi":"10.2139/ssrn.1826064","DOIUrl":"https://doi.org/10.2139/ssrn.1826064","url":null,"abstract":"The paper describes the international transmission of boom-and-bust cycles to small periphery economies as the outcome of excessive liquidity supply in large center economies based on the credit cycle theories of Hayek, Mises and Minsky. We show how too expansionary monetary policies can cause overinvestment cycles and distortions in the economic structure on both a national and an international level. Feedback effects of crises in periphery on center countries trigger new rounds of monetary expansion in center countries, which bring about new international distortions. Crisis and contagion in globalized goods and financial markets indicate the limits of purely national monetary policies in countries which provide the asymmetric world monetary system with international currencies. This makes the case for a monetary policy in large countries that takes responsibility for its long-term effects on goods and financial markets in both the home and the foreign countries.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"106 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79326518","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 article studies the functioning of dispute settlement mechanisms in regional trade agreements (RTAs) and their interaction with multilateral trade institutions. We examine the determinants of formal dispute initiation in RTAs among South American countries. Using an original data set of RTA disputes, we investigate the impact of economic power disparities, domestic political factors, and previous experience on the decision of South American countries to initiate a dispute against a regional trade partner. Our analysis indicates that both power asymmetries and domestic political factors influence the likelihood of dispute initiation at the regional level. We also find strong support for our hypothesis that previous experience in dispute settlement increases the probability that a country will file a complaint against a regional trade partner using regional mechanisms. Perhaps more interestingly, our empirical analysis also uncovers important cross-institutional effects. Prior participation in WTO disputes increases the propensity of states to file complaints at the regional level.
{"title":"Overlapping Institutions, Learning, and Dispute Initiation in Regional Trade Agreements: Evidence from South America","authors":"Laura Gómez-Mera, A. Molinari","doi":"10.1111/ISQU.12135","DOIUrl":"https://doi.org/10.1111/ISQU.12135","url":null,"abstract":"This article studies the functioning of dispute settlement mechanisms in regional trade agreements (RTAs) and their interaction with multilateral trade institutions. We examine the determinants of formal dispute initiation in RTAs among South American countries. Using an original data set of RTA disputes, we investigate the impact of economic power disparities, domestic political factors, and previous experience on the decision of South American countries to initiate a dispute against a regional trade partner. Our analysis indicates that both power asymmetries and domestic political factors influence the likelihood of dispute initiation at the regional level. We also find strong support for our hypothesis that previous experience in dispute settlement increases the probability that a country will file a complaint against a regional trade partner using regional mechanisms. Perhaps more interestingly, our empirical analysis also uncovers important cross-institutional effects. Prior participation in WTO disputes increases the propensity of states to file complaints at the regional level.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86861030","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}
Foreign direct investment (FDI) projects are assumed to be accompanied by potential external effects - so-called FDI spillovers - which are supposed to affect productivity levels of other firms in a host country. Empirical results on this topic are inconclusive and most studies focus on one country. I contribute to the literature by employing comparable firm-level panel data from ten Latin American (developing) countries in order to estimate the spillover effects from FDI on firms' productivity levels. The impact is assessed as an average effect for the full set of countries as well as for each economy separately. The results indicate that there is a small negative spillover effect from foreign presence within industries across Latin American countries. Furthermore, I find that the negative intra-industry spillover is caused by wholly owned foreign affiliates. The country-specific investigation indicates that the spillover effects differ between the considered economies with a tendency that the presence of FDI in a sector (region) has a negative (positive) impact.
{"title":"Firm-Level Productivity Spillovers from FDI in Latin American Countries","authors":"Henning Mühlen","doi":"10.2139/ssrn.2218383","DOIUrl":"https://doi.org/10.2139/ssrn.2218383","url":null,"abstract":"Foreign direct investment (FDI) projects are assumed to be accompanied by potential external effects - so-called FDI spillovers - which are supposed to affect productivity levels of other firms in a host country. Empirical results on this topic are inconclusive and most studies focus on one country. I contribute to the literature by employing comparable firm-level panel data from ten Latin American (developing) countries in order to estimate the spillover effects from FDI on firms' productivity levels. The impact is assessed as an average effect for the full set of countries as well as for each economy separately. The results indicate that there is a small negative spillover effect from foreign presence within industries across Latin American countries. Furthermore, I find that the negative intra-industry spillover is caused by wholly owned foreign affiliates. The country-specific investigation indicates that the spillover effects differ between the considered economies with a tendency that the presence of FDI in a sector (region) has a negative (positive) impact.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"122 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91472192","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}
Marine Insurance is a very important aspect of international trade, it is the practice that safe-guards the apportionment of marine transportation risk between the parties engaged in an international transaction that involves sea or marine voyage. Many times, it is impossible to come to consensus on the liability or non-liability of the insurers and the insured, this is often the case where the causation of the marine peril is in issue. This paper therefore critically examines the doctrine of ‘proximate cause’ under the Marine Insurance, its meanings, connotations, applications and present relevance in the area of Marine Insurance.
{"title":"Appraisal of the Concept of 'Proximate Cause of Loss' under the Marine Insurance Cover","authors":"N. Nwafor","doi":"10.2139/SSRN.2203520","DOIUrl":"https://doi.org/10.2139/SSRN.2203520","url":null,"abstract":"Marine Insurance is a very important aspect of international trade, it is the practice that safe-guards the apportionment of marine transportation risk between the parties engaged in an international transaction that involves sea or marine voyage. Many times, it is impossible to come to consensus on the liability or non-liability of the insurers and the insured, this is often the case where the causation of the marine peril is in issue. This paper therefore critically examines the doctrine of ‘proximate cause’ under the Marine Insurance, its meanings, connotations, applications and present relevance in the area of Marine Insurance.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82536564","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 examines a major channel through which financialization or finance-dominated capitalism affects macroeconomic performance: the distribution channel. Empirical data for the following dimensions of redistribution in the period of finance-dominated capitalism since the early 1980s is provided for 15 advanced capitalist economies: functional distribution, personal/household distribution, and the share and composition of top incomes. Based on the Kaleckian approach to the determination of income shares, the effects of financialization on functional income distribution are studied in more detail. Some stylized facts of financialization are integrated into the Kaleckian approach, and by means of reviewing empirical and econometric literature it is found that financialization and neoliberalism have contributed to the falling labor income share since the early 1980s through three main Kaleckian channels: (1) a shift in the sectoral composition of the economy; (2) an increase in management salaries and rising profit claims of the rentiers, and thus in overheads; and (3) weakened trade union bargaining power.
{"title":"Finance-Dominated Capitalism and Redistribution of Income: A Kaleckian Perspective","authors":"Eckhard Hein","doi":"10.2139/ssrn.2198919","DOIUrl":"https://doi.org/10.2139/ssrn.2198919","url":null,"abstract":"This paper examines a major channel through which financialization or finance-dominated capitalism affects macroeconomic performance: the distribution channel. Empirical data for the following dimensions of redistribution in the period of finance-dominated capitalism since the early 1980s is provided for 15 advanced capitalist economies: functional distribution, personal/household distribution, and the share and composition of top incomes. Based on the Kaleckian approach to the determination of income shares, the effects of financialization on functional income distribution are studied in more detail. Some stylized facts of financialization are integrated into the Kaleckian approach, and by means of reviewing empirical and econometric literature it is found that financialization and neoliberalism have contributed to the falling labor income share since the early 1980s through three main Kaleckian channels: (1) a shift in the sectoral composition of the economy; (2) an increase in management salaries and rising profit claims of the rentiers, and thus in overheads; and (3) weakened trade union bargaining power.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"34 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86470976","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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