Всего статей в данном разделе : 136
How Does Industrialization Affect the Structure of International Trade? The Japanese Experience in the Pacific Basin [статья]
Опубликовано на портале: 16-12-2003Sayuri Shirai, Dongpei Huang IMF Working Paper Series. 1994. No. 94/95.
This paper provides a theoretical model to explain how industrialization affects the structure of international trade. Using conventional economic concepts such as economies of scale and monopolistic competition and considering both horizontal and vertical product differentiation, the model explicitly focuses on industrialization and its impact on the volume and share of intra- and inter-industry trade. The paper considers two processes: one that increases the quality of manufactured products and one that shifts labor from the agricultural to the manufacturing sector. The model shows that the volume and share of intra-industry trade increase when the quality of products in a developing country improves and when the difference in relative factor endowments between an industrial and a developing country shrinks. It also suggests that the faster a developing country industrializes, the faster intra-industry trade increases. This paper investigates empirically the structural changes in Japan's international trade with Indonesia and Korea for 1975 and 1985. These countries were chosen because they differ in their relative factor endowments and technology.
Опубликовано на портале: 16-12-2003Константин Константинович Козлов РЭШ: лучшие студенческие работы. 1999. BSP/99/029.
This paper deals with the export competitiveness for members of Russian Financial Industrial Groups (FIGs). Enterprise-level data based on Goscomstat database are used to empirically compare export shares and their change for members of FIGs with those of nonmembers. Both officially registered and informal FIGs are studied. This research includes the whole sample of exporting firms from all industries. It was found that members of FIGs, both registered and unregistered, seem to be more competitive when exporting, if compared with nonmembers in the framework of used econometric model. Further, registered FIGs seem to have similar advantages as unofficial if compared with non-members implying that registering a FIG is not a negative signal from the point of view of export competitiveness. В портале имеется рецензия на данную статью.
Imperfect Competition and the Design of VAT Regimes: the Case of Energy Trade between Russia and Ukraine [статья]
Опубликовано на портале: 22-12-2003Clinton R. Shiells IMF Working Paper Series. 2002. No. 02/235 .
Under imperfect competition, Russia and Ukraine may choose to deviate from optimal tax considerations which suggest use of a destination-based VAT regime. Oil and gas trade is a major source of Russian tax revenue, which is collected partly through an origin-based VAT on intra-CIS energy trade. The paper shows that Ukraine may try to capture part of the tax revenue if it has monopsony power. It is far from clear whether Ukraine would succeed in shifting the rents through taxation, since this depends on the form of imperfect competition and the curvature of Ukraine's import demand function.
Опубликовано на портале: 16-12-2003Carsten Fink, Beata Smarzynska, Mariana Spatareanu World Bank Policy Research Working Papers. 2003. No. 3150.
Economists have long recognized that richer countries trade more among themselves than with poorer economies due to a closer match of exporter supply structures and importer preferences. In the literature, the closeness of supply and demand has traditionally been determined by the quality of products—as expressed in the so-called Linder hypothesis. This paper examines an extension of the Linder hypothesis by also considering the extent of horizontal product differentiation as another determinant of the closeness of supply and demand. The empirical analysis employs information on international trademark registrations to test whether richer countries import more from countries whose exports are of higher quality and exhibit a greater degree of product differentiation. The results lend support to the hypothesis in most consumer goods sectors but not in intermediate goods sectors.
Опубликовано на портале: 16-12-2003Jacques Morisset, Alejandro Izquierdo, Marcelo Olarreaga World Bank Policy Research Working Papers. 2003. No. 3032.
Globalization has been a persistent phenomenon of the post-war period. The gross volume of cross-border capital flows has grown at an average of 25 percent a year, and trade in goods and services has also increased, albeit not as dramatically, but at least twice as fast as world GDP over the past 20 years. Yet, consumers and investors continue to spend and hold a disproportionate share of their assets in local markets—the so-called home-bias has been emphasized by many recent empirical studies. For many researchers, this home bias reflects information asymmetries and the fact that acquiring information across international borders is relatively costly. The main objective of the authors is to identify channels through which information gets disseminated across international markets. They consider three potential channels through which information can affect import and foreign equity purchase decisions in 14 OECD countries. The first channel consists of information spillovers from the commercial to the financial markets and vice-versa. Financial investors and importers share common information, which is also frequently conveyed to them by the same source—banks or financial intermediaries. The second and third channels emphasize seller and buyer reputations in international markets. The seller reputation channel stresses the importance given by, for example, importers in the United States who are considering buying products from Italy to the experience that Canadian and Japanese importers may have accumulated on Italian exporters. The buyer reputation channel examines to what extent a foreign investor or trader seeks information on the reliability of the foreign buyer by assessing his reputation in other countries. While the last two channels are equally important in explaining bilateral import flows, buyer reputation appears to be of greater importance for equity flows in the sample. The authors argue that these three channels may help provide some insights about the recent episodes of contagion across markets and countries that occurred over the past decade. These information channels can create virtuous or vicious circles that may, in turn, lead to unexpected changes in investors’ and traders’ behaviors across markets.
Integrating the Least Developed Countries into the World Trading System: The Current Impact of EU Preferences under Everything but Arms [статья]
Опубликовано на портале: 16-12-2003Paul Brenton World Bank Policy Research Working Papers. 2003. No. 3018.
Trade preferences are a key element in industrial countries’ efforts to assist the integration of least developed countries (LDCs) into the world economy. Brenton provides an initial evaluation of the impact of the European Union’s recently introduced “Everything but Arms” (EBA) initiative on the products currently exported by the LDCs. He shows that the changes introduced by the EBA initiative in 2001 are relatively minor for currently exported products, primarily because over 99 percent of EU imports from the LDCs are in products which the EU had already liberalized, and the complete removal of barriers to the key remaining products—rice, sugar, and bananas—has been delayed. Brenton looks at the role EU preferences to LDCs in general have been playing and could play in assisting the integration of the LDCs. He shows that there is considerable variation across countries in the potential impact that EU preferences can have given current export structures. There is a group of LDCs for whom EU trade preferences on existing exports are not significant since these exports are mainly of products where the most-favored-nation duty is zero. Export diversification is the key issue for these countries. For other LDCs, EU preferences have the potential to provide a more substantial impact on trade. However, the author shows that only 50 percent of EU imports from non-ACP (Africa, Caribbean, and Pacific) LDCs which are eligible actually request preferential access to the EU. The prime suspect for this low level of use are the rules of origin, both the restrictiveness of the requirements on sufficient processing and the costs and difficulties of providing the necessary documentation. More simple rules of origin are likely to enhance the impact of EU trade preferences in terms of improving market access and in stimulating diversification toward a broader range of exports.
Опубликовано на портале: 22-12-2003C. Fritz Foley, Mihir A. Desai, James R. Hines NBER Working Paper Series. 2002. w9115.
This paper analyzes the determinants of partial ownership of the foreign affiliates of U.S. multinational firms and, in particular, why partial ownership has declined markedly over the last 20 years. The evidence indicates that whole ownership is most common when firms coordinate integrated production activities across different locations, transfer technology, and benefit from worldwide tax planning. Since operations and ownership levels are jointly determined, it is necessary to use the liberalization of ownership restrictions by host countries and the imposition of joint venture tax penalties in the U.S. Tax Reform Act of 1986 as instruments for ownership levels in order to identify these effects. Firms responded to these regulatory and tax changes by expanding the volume of their intrafirm trade as well as the extent of whole ownership; four percent greater subsequent sole ownership of affiliates is associated with three percent higher intrafirm trade volumes. The implied complementarity of whole ownership and intrafirm trade suggests that reduced costs of coordinating global operations, together with regulatory and tax changes, gave rise to the sharply declining propensity of American firms to organize their foreign operations as joint ventures over the last two decades. The forces of globalization appear to have increased the desire of multinationals to structure many transactions inside firms rather than through exchanges involving other parties.
Опубликовано на портале: 16-12-2003Alan V. Deardorff World Bank Policy Research Working Papers. 2001. No. 2548.
By reducing the costs of such trade services as transport, insurance, and finance, liberalizing trade in services can generate benefits in the markets for every kind of trade they facilitate. It can also stimulate the fragmentation of production of both goods and services, thus increasing international trade and the gains from trade even further. Deardorff examines the special role that trade liberalization in services industries can play in stimulating trade in both services and goods. International trade in goods requires inputs from such trade services as transportation, insurance, and finance, for example. Restrictions on services across borders and within foreign countries add costs and barriers to international trade. Liberalizing trade in services could also facilitate trade in goods, providing more benefits than one might expect from analysis merely of the services trade. To emphasize the point, Deardorff notes that the benefits for trade are arguably enhanced by the phenomenon of fragmentation. The more that production processes become split across locations, with the fragments tied together and coordinated by various trade services, the greater the gains from reductions in the costs of services. The incentives for such fragmentation can be greater across countries than within countries because of the greater differences in factor prices and technologies. But the service costs of international fragmentation can also be larger, especially if regulations and restrictions impede the international provision of services. As a result, trade liberalization in services can stimulate the fragmentation of production of both goods and services, thus increasing international trade and the gains from trade even further. Since fragmentation seems to characterize an increasing portion of world specialization, the importance of service liberalization is growing apace.
International Technology Diffusion [статья]
Опубликовано на портале: 24-12-2003Wolfgang Keller NBER Working Paper Series. 2001. w8573.
I discuss the concept and empirical importance of international technology diffusion from the point of view of recent work on endogenous technological change. In this literature, technology is viewed as technological knowledge. I first review the major concepts, and how international technology diffusion relates to other factors affecting economic growth in open economies. The following main section of the paper provides a review of recent empirical results on (i) basic results in international technology diffusion; (ii) the importance of specific channels of diffusion, in particular trade and foreign direct investment; (iii) the spatial distribution of technological knowledge, and (iv) other issues.
Опубликовано на портале: 22-12-2003Linda Goldberg, Michael W. Klein NBER Working Paper Series. 1999. w7196.
Foreign Direct Investment (FDI) has been growing rapidly, at a pace far exceeding the growth in international trade. Thus, a full understanding of the relationship between trade in goods and FDI is important for obtaining a complete picture of the extent and sources of international linkages. Autors investigate whether FDI serves as a complement to trade or a substitute for trade based on the effects identified by the Rybczynski theorem whereby an increase in a factor of production used intensively in one sector affects production both in that sector and in other sectors. Using detailed data on bilateral capital and trade flows between the United States and individual Latin American countries, autors examine the linkages between FDI into particular sectors of Latin American economies and the net exports of those and other manufacturing sectors. Autors find that FDI from the United States can lead to significant, and varied, shifts in the composition of activity in many Latin American countries and across many manufacturing industries.
Опубликовано на портале: 22-12-2003Douglas A. Irwin NBER Working Paper Series. 2002. w8739.
Recent research has documented a positive relationship between tariffs and growth in the late nineteenth century. Such a correlation does not establish a causal relationship between tariffs and growth, but it is tempting to view the correlation as constituting evidence that protectionist or inward-oriented trade strategies were successful during this period. This paper argues that such a conclusion is unwarranted and that the tariff-growth correlation should be interpreted with care. First, several individual country experiences in the late nineteenth century are not consistent with the view that import substitution promoted growth. For example, the two most rapidly expanding, high tariff countries of the period Argentina and Canada grew because capital imports helped stimulate export-led growth in agricultural staples products, not because of protectionist trade policies. Second, most land-abundant countries (such as Argentina and Canada) imposed high tariffs to raise government revenue, and revenue tariffs have a different structure than protective tariffs. The fact that labor-scarce, land-abundant countries had a high potential for growth and also tended to impose high revenue-generating tariffs confounds the inference that high tariffs were responsible for their strong economic performance during this period.
Опубликовано на портале: 16-12-2003Oleh Havrylyshyn, Peter Kunzel IMF Working Paper Series. 1997. No. 97/47.
Arab countries today face prospects of trade liberalization as exemplified by the European Union Association Agreements. Whereas few short-term benefits are anticipated, increased competitiveness is expected to spur improvements to efficiency, stimulate foreign investment, generate growth possibilities, and present access to larger markets. Given that Arab countries face liberalization, this paper makes use of the Grubel-Lloyd intra-industry trade (IIT) index as an indicator of the degree of industrial specialization to study Arab countries' ability to compete in a more open trade setting. The objective thus is to analyze how specialized Arab economies are relative to other countries at present, how well they might adapt in the future what determines the level of specialization and finally in what products Arab countries are competitive. The results of the paper suggest that the Arab region overall does not have a highly advanced industrial base relative to other regions. In fact, the Arab IIT levels tend to be below expected values even in a cross-country regression using various determinants of IIT. Nevertheless, significant improvements in IIT levels over the last decade for most Arab countries and IIT indices in many manufactured products show signs of improved competitiveness and demonstrate Arab countries. ability to compete in specialized commodities. Finally, the paper presents arguments favoring a more multilateral approach to trade liberalization over a bilateral agreement with the EU alone, and suggests that market-oriented and open economy policies could yield significant gains in the form of increased specialization and higher IIT levels.
Опубликовано на портале: 23-12-2003Assaf Razin, Chi-Wa Yuen NBER Working Paper Series. 1998. w5433.
Using a human capital based growth model, we show the essential role of labor mobility and cross-country tax harmonization in equalizing income levels of countries that start off from different initial income positions. Knowledge spillovers cum labor mobility are the driving forces behind the income level equalization process. In the absence of tax harmonization within an economic union, equality in income levels is not achievable. Coordination of educational subsidies necessary for the internalization of knowledge spillovers may or may not be necessary. These considerations constitute the basis for our efficient growth agenda for an economic union such as the EU.
Liberalization of Trade in Financial Services and Financial Sector Stability (Analytical Approach) [статья]
Опубликовано на портале: 16-12-2003Alexei P. Kireyev IMF Working Paper Series. 2002. No. 02/138 .
The paper seeks to establish a link between the liberalization of trade in financial services undertaken by countries under the WTO and the stability of their financial systems. The paper concludes that liberalization has generally been conducive to stability because of the mutually reinforcing nature of existing international rules and practices. Financial stability and efficiency, which should be ultimate goals of further liberalization, can be ensured by taking advantage of coherent policy advice and the application of existing multilateral mechanisms-in particular, the WTO negotiations and the IMF/World Bank financial sector assessment program
Liberalization of Trade in Financial Services and Financial Sector Stability (Empirical Approach) [статья]
Опубликовано на портале: 16-12-2003Alexei P. Kireyev IMF Working Paper Series. 2002. No. 02/139 .
The paper explores empirically the links between the WTO-driven liberalization of trade in financial services and the stability of national financial systems. Econometric testing of indicators intended to proxy financial sector stability-subdivided into exchange rate and banking sector stability-suggests that opening of the financial sector is an efficient policy instrument at the disposal of the authorities for achieving a variety of macroeconomic goals. While liberalization is found to be broadly conducive to stability, the outcome of liberalization on exchange rate stability is less predictable than on banking sector stability.