How will the Belt and Road initiative advance China’s exports?

We examined 2007, 2010, 2012, 2014, and 2016 data from 49 countries to determine changes wrought by China’s Belt and Road initiative; we also used panel data regarding the Maritime Silk and Inland Silk Roads to test initiative effects on Chinese exports. Post-initiative infrastructure expansion and logistics performance improvements led to positive effects on China’s exports. Additionally, legal-system similarities and inland borders with trade partners had a more positive effect on Chinese exports in the Inland Silk Road, while population and free trade agreements were found to have a more positive effect on the Maritime Silk Road.     

The contribution of granular and fundamental comparative advantage to European Union countries' export specialisation

This paper analyses the contribution of fundamental comparative advantage (a country-specific component) and granular comparative advantage (a firm-specific component) to European Union countries' export specialisation. We find that, on average, granular comparative advantage may explain export specialisation in 29% of industries, which account for 47% of total exports. We also show that 60% of the variation in export specialisation across countries and industries may be explained by granular comparative advantage. These results highlight that some outstanding firms may play a very important role in explaining European Union countries' export specialisation.     

Measuring the Competitiveness of China's Processed Exports

China's surplus in processing trade remains large. Processed exports are final goods produced using parts and components that are imported duty free. Because much of the value‐added of these exports comes from East Asia, exchange rates throughout the region should affect their foreign currency prices. This paper presents data on value‐added exchange rates for processed exports over the 1993–2013 period and reports that they significantly affect exports. While the renminbi appreciated 36 percent between the beginning of 2005 and the end of 2013, exchange rates in supply chain countries depreciated. This has mitigated the effect of the RMB appreciation on the price competitiveness of processed exports.     

Domestic institutions and export performance: Evidence for Cambodia

The paper analyzes the relevance of domestic institutions for export performance of Cambodia. Regulatory quality, control of corruption, rule of law, government effectiveness, and political stability are introduced in an augmented gravity model with a panel data set over 1996–2015. The research is the first application to Cambodia, until 2015 a least developed country which is generally believed to have poorly developed institutions. Due to high multicollinearity among the variables, the institutional variables are introduced in the model one by one. Estimation is by the Hausman–Taylor method, which reduces or removes the correlation between the composite error terms and the included variables. All institutional variables show a highly significant positive relationship with Cambodia's exports, with rule of law having the largest impact. It is concluded that the government should give high priority to the further improvements of the legal environment and to strong enforcement of property rights and contracts.     

Access to Finance,Financial Development and Firm Ability to Export: Experience from Asia–Pacific Countries

With particular reference to Asia–Pacific countries, the present study examines how access to finance and financial development affects firms’ ability to enter export markets. Using firm‐level data from the World Bank Enterprises Survey, we found that access to finance plays a significant role in improving firms’ ability to export. In addition, development of the financial sector fosters export market entry. Among the financial development indicators, reach of the banking sector variable is most prominent. The present study suggests that improvements in access to finance and financial development (increases in the reach of the banking sector) enable firms operating away from capital or major cities to enter export markets easily. The present study supports policy intervention to strengthen access to the financial sector, which would encourage firms to export, and to facilitate export market entry for remotely located firms.     

油气产量略有增长 未来发展面临严峻挑战--2019年俄罗斯油气工业综述

2019年,俄罗斯油气工业发展基本平稳,原油产量为5.60亿吨,比上年增长0.8%;原油一次加工量为2.85亿吨,比上年减少0.4%,出口量为2.68亿吨,比上年增加2.8%。天然气产量为7376亿立方米,比上年增加1.7%;天然气出口量为2199亿立方米,比上年减少0.3%;LNG产量和出口量分别达到2950万吨和2900万吨,较2018年分别增长47.4%和76.2%;天然气出口管道建设取得突破,中俄东线天然气管道和土耳其流天然气管道建成投产,实现出口供气。俄政府批准新版的《俄罗斯能源安全论》,明确了能源安全的目的、原则及重点方向与任务;批准车用天然气燃料市场发展规划,加快推动俄国内车用天然气燃料市场发展;通过《俄罗斯2035年能源发展战略》,明确了俄能源战略的5个关键目标。     

Industry‐specific Exchange Rate Fluctuations,Japanese Exports and Financial Constraints: Evidence from Panel Vector Autoregressive Analysis

Using a panel vector autoregression approach and industry breakdown data for financial constraints obtained from the Bank of Japan's Tankan (Short‐Term Economic Survey of Enterprises in Japan) database, this study empirically investigates whether and how Japanese firms' financial constraints (internal and external) influence the response of Japanese sectoral exports to an exchange rate shock. Furthermore, we use the industry‐specific real effective exchange rate data developed by to allow for different movements of real effective exchange rates across industries. It is found that financial constraints have a significant influence on Japanese exports in response to exchange rate shocks. Japanese exporters with either lower internal financial constraints or external financial constraints are less affected by the yen's appreciation. In addition, if firms face high external financial constraints, only reducing the internal financial constraints cannot help them mitigate the impact of the yen's appreciation on their exports. Thus, an accommodative financial environment also plays an important role in alleviating the impact that the yen's appreciation has on Japanese exports.     

An investigation of the effects of exchange rate volatility on exports in East Asia

This study investigates the effects of the exchange rate volatility on the export flows of Indonesia, Malaysia, Republic of Korea, Singapore, Thailand, and the Philippines during 1974–2011. Towards this goal a trade weighted real effective (rather than the bilateral) exchange rate and three different measures of volatility, i.e. obtained from an ARCH model, a GARCH model and a moving-average standard deviation measure are used in this study. Specifically, the export flows between six Asian countries and the rest of the world are investigated rather than focusing on trade with only one country. Our findings reveal that the exchange rate volatility has a significant impact on export flows in the short run as well as in the long run for all the countries in the sample. The impact in the long run is predominantly negative with the exception of Singapore, but in the short run the impact varies across countries. Moreover, our results are robust to the alternative measures of volatility used and most of the findings in the long run and short run are also robust to the crisis period.     

Young startup firm exports and productive efficiency

We employ the United States Census Bureau’s 2007 Survey of Business Owners to examine the relationship between the productive efficiency of startup firms and their level of exports. We find, consistent with previous work in the literature, that a small firm’s exports are positively related to their level of productive efficiency. This result holds after controlling for various individual owner, as well as firm, characteristics. Our results are also robust to the inclusion of a two-stage estimation strategy to control for the effects of endogeneity in the efficiency–exports relationship.