Measuring quality in international trade

Product quality plays a vital role in international trade flows, but the measurement of quality remains to be a challenge because true quality is usually unobserved in trade data. In this study, we propose a straightforward measurement of quality—the weighted-income index—and compare it with the unit-value proxy in a microeconomic model with quality choice. Then we compare the two measurements in the automobile industry. The empirical result shows that the weighted-income quality index performs better than the unit-value quality proxy in ranking true quality.     

The Euro Effect on Trade is not as Large as Commonly Thought*

Existing studies on the impact of the euro on goods trade report increments between 5% and 40%. These estimates are based on standard panel gravity models for the level of trade. We show that the residuals from these models exhibit upward trends over time for the euro countries, and that this leads to an upward bias in the estimated euro effect. To correct for that, we extend the standard model by including a time trend that may have different effects across country‐pairs. This results in an estimated euro impact of only 3%.     

Hoarding international reserves versus a Pigovian tax-cum-subsidy scheme: Reflections on the deleveraging crisis of 2008-2009, and a cost benefit analysis

We outline the case for supporting self-insurance by imposing a tax on external borrowing in a model of an emerging market. Entrepreneurs finance tangible investments via bank intermediation of foreign borrowing, exposing the economy to negative fire-sale externalities at times of deleveraging; a risk that increases with the ratio of aggregate external borrowing to international reserves. Price taking economic agents ignore their marginal impact on the expected cost of a deleveraging crisis. The optimal borrowing tax reduces the distorted activity, external borrowing, and induces borrowers to co-finance the precautionary hoarding of international reserves.     

Multilateral trade liberalisation helps promote export product diversification: Trade tensions damage the prospects of the poorest economies

Using a large panel dataset over a 20‐year period, this article explores the effect of multilateral trade liberalisation on export product diversification. Empirical results show that multilateral trade liberalisation is positively associated with export product diversification. However, less‐developed economies experience a greater positive effect than relatively advanced economies. This analysis suggests that if trade tensions reduce cooperation on trade matters among World Trade Organization members, it may hinder export product diversification in developing countries, and the poorest countries might be the most adversely affected.     

物流产业对国际贸易发展的影响

随着世界经济一体化的发展，市场信息也随着科技的发展越来越顺畅。相比之下物流对国际贸易的影响却变化不大，在很长时间内商品的运输、仓储、包装等方式没有显著变化，因而物流在当今形势下成为影响国际贸易的主要因素之一。物流产业的演进过程正是国际贸易物流成本不断降低的过程，物流成本的不断降低促进了国际贸易的进一步增长。     

Trade integration in the European Union: Openness,interconnectedness, and distance

This article presents a set of indicators to measure regional trade integration, focusing on the case of the European Union. We propose measures of openness, connectedness and integration which are tuned to evaluate not only how these components contribute to the advance of international integration, but also to control for the potential threat posed by the proliferation of regional trade agreements to trade globalization. Although this and related questions have been examined from several perspectives, the present article explicitly attempts to quantify how regional trade agreements either intensify or thwart trade globalization. Results show that the process of trade integration has intensified among European Union members, whereas integration with non-members is advancing slowly. Our indicators provide a more complete view of the differing speeds of integration, which depend on whether the component of integration considered is openness or connectedness.     

Combining homogeneous groups of preclassified observations with application to international trade

This article proposes three methods for merging homogeneous clusters of observations that are grouped according to a pre‐existing (known) classification. This clusterwise regression problem is at the very least compelling in analyzing international trade data, where transaction prices can be grouped according to the corresponding origin–destination combination. A proper merging of these prices could simplify the analysis of the market without affecting the representativeness of the data and highlight commercial anomalies that may hide frauds. The three algorithms proposed are based on an iterative application of the F‐test and have the advantage of being extremely flexible, as they do not require to predetermine the number of final clusters, and their output depends only on a tuning parameter. Monte Carlo results show very good performances of all the procedures, whereas the application to a couple of empirical data sets proves the practical utility of the methods proposed for reducing the dimension of the market and isolating suspicious commercial behaviors.     

The role of urbanization in the international trade of services

The article examines the effects of urbanization on the international trade of services, mainly exports and imports. A supply-side growth model is used to analyze this nexus. Panel data are constructed consisting of 64 countries for a period between 1980 and 2017. The system generalized method of moments approach is used to forecast the role of urban development on exports and imports of services. Results show that urban development generally has significant and positive effects both in exports and in imports of services, whereas in some income and population groups, the signs of coefficients are negatively significant.     

网络营销在国际贸易中的应用

近年来,电子商务迅猛发展,交易额已达数万亿元,电子商务已成为跨国贸易的重要平台,网络营销作为21世纪的营销新方式势不可挡,将成为全球企业竞争的锐利武器。文章从电子商务的发展,阐述了网络营销在国际贸易中的优势、它的营销方式以及存在的问题,提出了解决方法,对指导企业应用网络进行营销,发挥跨国贸易作用有一定的指导意义。     

Measuring Financial Contagion Using Time‐Aligned Data: The Importance of the Speed of Transmission of Shocks*

This paper presents a new empirical approach to address the problem of trading time differences between markets in studies of financial contagion. In contrast to end‐of‐business‐day data common to most contagion studies, we employ price observations, which are exactly aligned in time to correct for time‐zone and end‐of‐business‐day differences between markets. Additionally, we allow for time lags between price observations in order to test the assumption that the shock is not immediately transmitted from one market to the other. Our analysis of the financial turmoil surrounding the Asian crisis reveals that such corrections have an important bearing on the evidence for contagion, independent of the methodology employed. Using a correlation‐based test, we find more contagion the faster we assume the shock to be transmitted.     

网络营销在国际贸易中的应用

近年来,电子商务迅猛发展,交易额已迭数万亿元,电子商务已成为跨国贸易的重要平台,网络营销作为21世纪的营销新方式势不可挡,将成为全球企业竞争的锐利武器.文章从电子商务的发展,阐述了网络营销在国际贸易中的优势、它的营销方式以及存在的问题,提出了解决方法,对指导企业应用网络进行营销,发挥跨国贸易作用有一定的指导意义.     

基于灰色多层次的外贸公司经营预警

针对外贸公司在进出口经营过程中所发生的风险预警问题,结合公司内外风险因素,运用灰色层次分析方法,文章建立了外贸公司经营预警灰色多层次评价模型,并应用于企业实例之中。     

The Internet's impact on trademark applications

This article assesses empirically the impact of Internet access on the number of trademark applications submitted by countries' residents. The analysis suggests that promotion of access to the Internet influences positively the submission of trademark applications by residents. Greater access to the Internet exerts a stronger positive effect on trademark submissions in developed countries than in developing ones. This positive effect is enhanced when countries further liberalise their trade regimes.     

金融危机下自由贸易与贸易保护的选择

随着国际金融危机的蔓延与扩展,贸易保护主义也开始抬头,一些国家纷纷采取贸易保护措施。本文根据应对世界经济危机的历史经验和教训,同时运用国际贸易的比较优势原理,分析了在当前国际金融危机下,贸易保护主义将引发国际经济贸易的恶性循环,加剧全球经济的严重衰退,而自由贸易则是各国应对国际金融危机的正确选择。     

The political economy of international trade and factor mobility

Abstract. Free trade in goods and factors is efficient. When we move away from economic theory and consider the policies actually followed by governments, we observe distortions being implemented both on goods and factors trades. It is natural then to question the relative merits of the two types of intervention, and the normative literature has provided only partial answers. We ask then why is the international flow of goods and factors not free, and the political economy literature has looked at the two issues only separately. In studying the determination of trade policy, a theoretical paradigm has emerged, focusing on the role of influence driven contributions. This approach has also found strong empirical support. The literature on the political economy of factor mobility, on the other hand, is fragmented. Distortions in labor and capital flows are typically the subject of different studies, and only recently a unified framework has been proposed. More work has to be done in this area as well as in integrating the political economy of trade and factor movements.     

The impact of foreign trade and FDI on environmental pollution

Over the past 30 years China＇s economy has made tremendous development and going on the road of opening-up is an important aspect of the successful experience, which should be unswervingly adhered to in the further. However, rationally looking at how different the impact of foreign economic activities on China＇s economy and society is economic workers＇ main task. From 1982 to 2006, based on six categories of China＇s environmental indicators, the paper improves the entropy method to calculate the environmental pollution index which can represent China＇s overall environmental situation, uses the VAR model of the impulse response function and variance decomposition method to study the impact of foreign trade, FDI on China＇s environmental pollution in the long-term. The results show that, FDI and import trade is conducive to the improvement of the quality of our environment and export trade is the deterioration of our environment, ＂pollution haven＂ hypothesis is proved in China. Export trade is an important variable that aggravates environmental pollution.     

The impact of purchasing power parity on auto foreign trade

In this study, the validity of the assumption saying that the import and export are a function of prices as in the classical, neo-classical approaches is studied within the framework of the import and export of automobile vehicles between 1997 and 2003 in Turkey and the EU countries which are automobile manufacturers. The price here is considered as the purchasing power parity. The effect of the purchasing power parity on the automobile import and export is determined by using classical models with constant coefficients, and fixed and random effects models with constant slope coefficients and a constant term differing according to units and/or time. The models comprise balanced linear panel data models. The likelihood ratio test and F-test are used in the selection of fixed effects and classical models; and the Lagrange multiplier test is used in the selection of random effects and classical models. As for the selection of fixed and random effects models, the Hausman test is used. As a result of these tests, the fixed effects models covering both individual and time effects are selected as the most appropriate import and export models.     

The multifaceted impact of US trade policy on financial markets

We study the multifaceted effects of trade policy shocks on financial markets using a structural vector autoregression identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously, but generally negatively. They increase market uncertainty, lower US interest rates, and lead to an appreciation of the US dollar. The effects are significant for several weeks or quarters. Decomposing the trade policy shocks further suggests that trade policy uncertainty dominates tariff level effects. Chinese trade policy shocks against the United States further hurt US stocks.     

The behavioural impact on trade unionists of the trade union legislation of the 1980s: a research note

This note is concerned with research conducted through a survey of trade union lay representatives to identify their perceptions of the current law and attitudes to compliance/non-compliance with it. Emphasis is placed on how any misconceptions could affect the conduct of an industrial dispute.