Transparency in non‐tariff measures: An international comparison

We construct an index of non‐tariff measures (NTM ) transparency based on notifications to the WTO under the sanitary and phytosanitary and technical barriers to trade agreements, the existence of a trade portal giving ready access to trade‐relevant regulations, the existence of NTM data collected under the MAST classification, and the results of an experiment conducted between 2015 and 2016 where we asked for specific regulations concerning the import of a particular product on behalf of a private company. The resulting country ranking shows that OECD countries are, by and large, the most transparent, but also shows that ASEAN countries score well compared to other developing countries.     

The political economy of non‐tariff measures

This paper examines the extent to which non‐tariff measures (NTM s) are set for protectionist purposes. Our main focus is on developing countries. Overall results show that NTM s reflect protectionist forces, in particular for those that have been subject to trade concerns at the World Trade Organization (WTO ). For the other measures, there is no evidence that protectionism is the driving force behind their adoption, suggesting that their determinants may be associated with legitimate goals such as consumer health and safety. Furthermore, transnational lobbying, defined as the participation of national business groups at the Ministerial Conferences—the highest authority of the WTO —is positively associated with the probability of adopting NTM s.     

Welfare versus market access: The implications of tariff structure for tariff reform

We show that the effects of tariff changes on welfare and import volume are fully characterised by their effects on the generalised mean and variance of the tariff distribution, implying two “cones of liberalisation” in commodity price space. Because welfare is negatively but import volume positively related to the generalised variance, the cones do not intersect, which poses a policy dilemma. We present a new radial tariff reform rule, which implies new results for welfare- and market-access-improving tariff changes. Finally, we show that generalised and trade-weighted moments are mutually proportional when the trade expenditure function is CES.     

Empirical evidence on surrogate country method for non‐market economy: US anti‐dumping policy towards China

Whether the non‐market economy (NME) treatment on China can be maintained even after the expiry date under Section 15 of China's World Trade Organization (WTO) Accession Protocol is one of the most controversial issues in the WTO. In fact, the key issue of the NME status in the anti‐dumping (AD) proceedings turns out to be how surrogate countries are selected in relation to dumping margin calculation. This paper reviews the US practices concerning the application of the surrogate country method. Despite the general perception of capricious and random selection of surrogate countries, the Department of Commerce has maintained a consistent pattern for applying the criteria. This seemingly consistent practice, however, raised systematic problems—but not at a significant scale—in dumping margin calculation concerning Chinese products. This result sheds an interesting light on the current WTO disputes concerning the China's NME status. At least in terms of the US AD practices, the result of the WTO dispute settlement process may not have a significant impact on the China's exportation.     

The effect of diplomatic representation on trade: A panel data analysis

This study addresses current gaps in the empirical literature regarding the effect of diplomatic representation on trade using a panel data set for 100 countries with 5‐year interval data from 1985 to 2005 and four‐digit level industry data. The results indicate that the effect of diplomatic representation on exports in differentiated goods is positive and significant and larger than on exports in homogeneous goods on average, but not statistically different from it. Furthermore, diplomatic representation only increases trade along the extensive margin and not along the intensive margin. The results indicate that diplomatic representation is effective in performing its function as a network search intermediary and that it is a useful policy tool to alleviate market failure.     

On the C‐property and ‐representations of risk measures

We identify a large class of Orlicz spaces for which the topology fails the C‐property introduced by Biagini and Frittelli. We also establish a variant of the C‐property and use it to prove a ‐representation theorem for proper convex increasing functionals, satisfying a suitable version of Delbaen's Fatou property, on Orlicz spaces with . Our results apply, in particular, to risk measures on all Orlicz spaces other than .     

Foreign ownership and the export and import propensities of developing‐country firms

This paper uses micro‐data from the World Bank Enterprise Surveys 2002–06 to investigate how foreign ownership affects the likelihood of manufacturers in developing countries to export and/or import either directly or indirectly. Applying propensity score matching to control for differences across firms in terms of labour productivity and other characteristics, we find that foreign ownership raises the propensity of a firm to export by over 17 and the propensity to import by more than 13 percentage points. The effects are even bigger for countries with the lowest per capita income and institutional quality.     

Consumer preferences for sustainable production methods in apple purchasing behaviour: a non‐hypothetical choice experiment

Increasing concern for potential risks on human health related to the overuse of chemicals in farming has promoted the research of alternative production methods. This paper contributes to the current literature by presenting a non‐hypothetical choice experiment study that investigates apple consumers' preferences for alternative production systems moving from a conventional to organic production, passing through an integrated pest management and an innovative technique that uses biocontrol agents. Other investigated attributes are appearance, origin and low greenhouse gas emission practices. The non‐hypothetical choice experiment was carried out in supermarkets by asking respondents to pay out of their own pocket for the chosen product. Most of interviewed people stated to have cut‐off values in mind when purchasing apples and their choices have been modelled according to the Swait soft cut‐off approach. Non‐compensatory model estimations confirm previous evidence that ignoring thresholds in data sets that contain them leads to significant errors in terms of willingness to pay. Results suggest that respondents, besides preferring organic production, seem to not perceive the potential benefits of other sustainable production methods.     

The nature and determinants of comovement between developed,emerging and frontier equity markets: Europe versus Asia‐Pacific

International investors are increasingly attracted towards emerging and frontier markets because of their potential to enhance diversification benefits of a global portfolio. This calls for a rigorous analysis of the nature and determinants of stock market comovement between developed, emerging, and frontier markets in Europe and Asia‐Pacific regions. The findings suggest that unlike their Asia‐Pacific counterparts, European developed, emerging, and frontier stock markets display a higher degree of comovement. Although Asia‐Pacific frontier markets provide good diversification opportunities, investors must be cautioned against their weak financial system. The volatility of returns, gross domestic product growth rate, and the 2008 global financial crisis (GFC) are the key determinants of stock market comovement in Europe. The mechanisms by which comovement in the Asia‐Pacific region is strengthened differ across markets. Comparative analysis of comovement and its determinants across different classes of equity markets and geographies is expected to provide valuable perspectives to global investors, portfolio managers, and policymakers.     

Teaching beliefs of non‐formal consumer educators: a perspective of teaching in home improvement retail stores in the United States

The purpose of this qualitative study was to explore the teaching beliefs of instructors who provide consumer education clinics (e.g. tile laying, faux painting, faucet replacement) in home improvement retail stores. Research in adult and higher education and the K‐12 field demonstrate that beliefs about teaching and learning and their relationship to practice are quite significant. Only recently have teaching beliefs begun to receive attention in the field of consumer education. Using participatory observations and in‐depth interviews a complex picture was revealed about non‐formal consumer education representative of a customer‐centred approach, an emphasis on transmission model of education, a fostering of fun and informal communication, minimal learner expectations and an epistemology rooted in personal experience. The implications are important for training future adult educators who practise in non‐formal consumer education settings.     

Factors affecting non‐green consumer behaviour: an exploratory study among Chinese consumers

The purpose of this study was to explore the factors that affect a typical non‐green consumption behaviour among Chinese consumers. A conceptual framework was developed and an empirical study was conducted using a geographically diverse sample of Chinese consumers. Based on the consumer choice theory, the conceptual framework in the current study included both economic and non‐economic factors. Ten research hypotheses were developed under the framework. A survey was conducted among 600 consumers in four cities in China in 2013. Confirmatory factor analysis and hierarchical regression analysis were used for hypothesis testing. The empirical results showed that consumer preference, reference groups, and face perception have a significantly positive effect on the consumers’ non‐green consumption behaviour; whereas budget constraints and social responsibility consciousness have a significantly negative effect on the consumers’ non‐green consumption behaviour. Furthermore, the current research demonstrated that the relationships between consumer non‐green behaviour and its four antecedents – budget constraint, reference groups, social responsibility consciousness and face perception – are significantly moderated by extravagant atmosphere; whereas the relationship between consumer non‐green behaviour and consumer preference is not moderated by extravagant atmosphere.     

Asymmetric effects of demand uncertainty on intrafirm trade in durable and non‐durable industries

This paper unveils a new empirical regularity regarding the asymmetric patterns of international sourcing modes in the durable and non‐durable industries under uncertainty, and explains the asymmetry based on the traditional lens of the transaction cost economics. Under demand uncertainty, firms face trade‐offs between outsourcing and vertical integration: while outsourcing requires less initial investment and allows easier market entry and exit, vertical integration offers better management and communication systems. In the durable industries, consistent with the transaction cost economics, the relationship between vertical integration and uncertainty is positive. In the nondurable industries, however, such relationship is weaker because inelastic demand and shorter gaps between production and sales mitigate the effect of uncertainty. I show the asymmetric effects of uncertainty based on a simple general equilibrium model and provide consistent empirical evidence using US intrafirm trade and microeconomic uncertainty data.     

The great trade collapse and the Spanish export miracle: Firm‐level evidence from the crisis

We provide novel evidence on the microstructure of international trade during the 2008 financial crisis and subsequent global recession by exploring a rich firm‐level data set from Spain. The focus of our analysis is on changes at the extensive and intensive firm‐level margins of trade, as well as on performance differences (jobs, productivity and firm survival) across firms that differ in their export status. We find no adverse effects of the financial crisis on foreign market entry or exit, but a considerable increase in the export intensity of firms after the financial crisis. Moreover, we find that exporters were more resilient to the crisis than non‐exporters. Finally, while exporters showed a significantly more favourable development of total factor productivity after 2009 than non‐exporters, aggregate productivity declined substantially in a large number of industries in Spanish manufacturing. We also briefly explore two factors that might help explain the surprisingly strong export performance of Spain in the aftermath of the great trade collapse: improved aggregate competitiveness due to internal and external devaluation and a substitutive relationship between domestic and foreign sales at the firm level.     

Understanding consumption behaviours for fair trade non‐food products: focusing on self‐transcendence and openness to change values

Using the Schwartz value system, this study explored the personal values of consumers related to fair trade product consumption. This study further investigated how the values determine beliefs, attitudes and purchase intentions associated with fair trade non‐food products. Data were collected using an online survey from a random sample of 1824 nationwide consumers. The results of this study revealed that fair trade purchasers show a higher level of self‐transcendence (universalism, benevolence) and openness to change values (self‐direction, stimulation) than non‐purchasers. These values also have positive effects on the formation of beliefs, attitudes and purchase intentions pertaining to fair trade non‐food products. Fair trade purchasers were also found to possess distinctive socio‐demographic characteristics concerning age, education and income. Findings can offer marketers specific information regarding consumers' motivations to purchase fair trade goods, which can improve targeting of products and ultimately increase the business and benefits of fair trade.     

Creating markets for eco‐labelling: are consumers insignificant?

The proliferation of voluntary certification and labelling schemes for environmentally and socially responsible production is often seen as driven by companies and consumer demand. Through a careful examination of the initiation and spread of such initiatives in the fishery and forestry sectors, this paper challenges a rational–economic perspective that sees the spread of nonstate governance schemes primarily as a market‐driven phenomenon. Drawing on a political consumerism perspective, the paper argues that transnational environmental group networks and their targeting of firms were key to the emergence of nonstate eco‐labelling schemes, and that most firms decided to support or participate in such schemes only after intensive environmental group pressure. The paper opposes the view that nonstate governance challenges traditional state authority, by showing that states, through public procurement policies and support, contributed to create markets for forestry and fishery labelling in many countries. Although some states have been more sceptical of fishery labelling, largely because of the way fishery resources are managed, they have come to accept it as a helpful supplement to public rules and regulations.     

Time price differentials in the rent‐to‐own industry: implications for empowering vulnerable consumers

Rent‐to‐own enterprises represent a lucrative and rapidly growing industry. They are of particular concern to social service agencies, policy makers and consumers because they target a vulnerable, economically disadvantaged segment of the population. This article presents an investigation of a major player in the industry in one US state that fell under scrutiny by the courts because of a question of whether it is a retail enterprise covered by truth in lending legislation. Findings indicate that the average time price differentials charged by the largest retailer in this state exceed by more than three times the regulated 30% cap on interest rates. Rent‐to‐own is an example where regulation must be put into place so consumers can make more informed decisions. Such regulation, however, must be accompanied by financial literacy education that will further empower vulnerable consumers in the marketplace.     

The financialization of the non‐financial corporation. A critique to the financial turn of accumulation hypothesis

One aspect in which non‐financial corporations (NFCs) are said to be financialized is that they have been increasingly engaged in financial accumulation from which they derive a growing proportion of financial income. This is what we call the financial turn of accumulation hypothesis. In this article, we show that the evidence used to sustain it, in the U.S. setting, has to be reconsidered. Our findings show that, contrary to the financial turn of accumulation hypothesis, financial income averages 2.5% of NFCs’ total income since the 1980s, oscillating since the beginnings of the 1990s until 2005 and then declining. In terms of assets, some of the alleged financial assets might actually reflect other activities in which NFCs have been increasingly engaged, such as tax avoidance, internationalization of production, activities refocusing and M&As.     

The economics of the super‐multiplier: A comprehensive treatment with labor markets

This paper links the super‐multiplier to Keynesian macroeconomics, showing it to be the most Keynesian of growth perspectives. Next, the paper shows that the super‐multiplier is a micro‐economically coherent theory of investment and capital accumulation. Firms’ decisions regarding capital accumulation coordinate demand and supply growth in goods markets. The paper then explores the implications of incorporating the super‐multiplier in the neo‐Kaleckian and Cambridge growth models. Lastly, it shows how labor markets and unemployment can be added into super‐multiplier models to provide a comprehensive growth model that addresses Solow's (1956, Journal of Economics, 70, 65–94) labor market knife‐edge problem. Incorporating labor markets does not change the fundamental super‐multiplier result that growth is determined by the growth of autonomous demand.     

Business cycle synchronisation in East Asia: The role of value‐added trade

We empirically investigate the relationship between business cycle synchronisation and the role of value‐added trade focusing on a panel of 12 Asian countries from 1995 to 2011. In addition, we propose the inclusion of two novel determinants, for example external value‐added trade intensity and exchange rate volatility and also saturate our empirical model with other common determinants found in the literature. Our findings first confirm that value‐added trade intensity, rather than gross trade intensity, has a sizable, positive and statistically significant impact on synchronisation among East Asian countries. Second, the exchange rate volatility has a significant negative effect on the business cycle synchronisation, which verifies that the exchange rate volatility is another important determinant of business cycle synchronisation. Our findings have important implications for the monetary cooperation in the region: strengthening trade linkage could reduce the costs of monetary cooperation by increasing the incidence of symmetric shocks.