The dynamic effects of a currency union on trade

The response of trade to a monetary union is a dynamic process. An empirical study of the European monetary union finds that the extensive margin of trade in new goods responded several years ahead of EMU implementation and ahead of overall trade volume. A dynamic rational expectations trade model shows that early entry of new firms in anticipation is explainable as a rational forward-looking response to news. The model helps identify which types of trading frictions are reduced by a currency union, and shows how new entry can be affected by uncertainty about EMU.     

抢抓机遇 乘势而上 开创全省外经贸工作新局面

一、２００２年及过去五年的外经贸工作２００２年，全省外经贸工作在省委、省政府的正确领导和全系统广大干部职工的共同努力下，强化推进措施，突出服务职能，积极开展协作，各项任务超额完成了年初预定目标，取得了突破性的成果。进出口实现了历史性新突破。据海关统计，全省进出口完成４３．５亿美元，增长２８．５％，比年初预定目标高１９．５个百分点，再创历史最好水平；比全国平均增长水平高６．７个百分点，增幅列全国第６位。其中出口１９．９亿美元，增长２３．２％；进口２３．６亿美元，增长３３．２％。出口商品结构进一步优…     

Heterogeneous responses of firms to trade protection

This paper estimates the effect of antidumping protection on the productivity of domestic import-competing firms. Two key results emerge. First, the productivity of the average firm receiving protection moderately improves, but this is never sufficient to close the productivity gap with firms never involved in antidumping cases. Second, allowing for firm heterogeneity reveals that domestic firms with relatively low initial productivity - laggard firms - have productivity gains during protection, while firms with high initial productivity - frontier firms - experience productivity losses during protection. These results are consistent with recent theories showing that trade policy affects firms differently depending on their initial productivity.     

Heterogeneous responses of firms to trade protection

This paper estimates the effect of antidumping protection on the productivity of domestic import-competing firms. Two key results emerge. First, the productivity of the average firm receiving protection moderately improves, but this is never sufficient to close the productivity gap with firms never involved in antidumping cases. Second, allowing for firm heterogeneity reveals that domestic firms with relatively low initial productivity – laggard firms – have productivity gains during protection, while firms with high initial productivity – frontier firms – experience productivity losses during protection. These results are consistent with recent theories showing that trade policy affects firms differently depending on their initial productivity.     

To be or not to be in monetary union: A synthesis

Monetary union can benefit countries suffering from policy credibility problems if it eliminates the inflation bias and also allows for more efficient management of certain shocks. But it also carries costs as some stabilization may be feasible even in the absence of credibility, and this may be more than what an individual country can hope for in a monetary union. In this paper, we combine the stabilization and credibility branches of the currency union literature and construct a simple welfare criterion that can be used to evaluate alternative monetary arrangements. We produce examples where monetary union may be welfare improving even for low-modest levels of inflation bias (2-3%) as long as business cycles are not too a-synchronized across countries.     

知识产权跳板还是屏障

在世界各国,几乎都能看见“中国制造”的货物;在让人骄傲的同时,不少外贸企业却经常不得不面临着这样的指控：侵犯知识产权。并且,人家因为“知识产权”收取我们各种专利和标准费用,使中国外贸企业进出口贸易额做大了,但实际效益却很低。     

Heterogeneous firm-level responses to trade liberalization: A test using stock price reactions

This paper presents novel empirical evidence on key predictions of heterogeneous firm models by examining stock market reactions to the Canada–United States Free Trade Agreement of 1989 (CUSFTA). I derive testable predictions for a class of models based on Melitz (2003). Using the uncertainty surrounding CUSFTA's ratification, I show that the pattern of abnormal returns of Canadian manufacturing firms was strongly consistent with predictions related to export (U.S.) tariff reductions, but less so with predictions related to import (Canadian) tariff reductions. Lower Canadian tariffs did have an effect through the implied reduction in intermediate input tariffs, however.     

The Greydollarfella: An endangered species or a market opportunity?

This paper identifies an ignored and endangered species: the mature male shopper, who we have named the Greydollarfella. Based on current research and interviews, we describe this fellow and attempt to differentiate him from other consumer segments. The Greydollarfella, unlike younger men, appears not to like shopping and so is often ignored by retailers or excluded from the retail environment. We argue that the Greydollarfella should be included in, not sidelined from, retail and marketing considerations. He is much wealthier and less time-poor than younger men, and deserves a retail environment that suits his preferences and consumer requirements. We present some examples of how retailers are attending (and not attending) to the Greydollarfella. We conclude that Greydollarfella is not very well understood, is undervalued, and is often marginalised by retail marketing strategies. We believe he offers great value for marketers and retailers (both niche and mass) willing to take the time to understand his psyche, product and service needs, and views on the retail experience. Finally, we call for more attention to be paid to this segment.     

The role of processing trade in exporters' responses to exchange rate: Evidence from China

Processing trade is an important exporting mode for many countries developed by the export-oriented industrialisation such as 1960s Japan, 1990s Korea and 2000s China. Exporters who rely on processing trade for foreign profits do not enjoy much market power, and hence care more about exchange rate changes. We develop a model to illustrate how processing trade affects exporters' responses to exchange rate fluctuations. The model suggests that the elasticity of export price with respect to exchange rate for processing-trade exporters is greater than that of the ordinary-trade exporters, while the elasticity of export quantity of processing-trade exporters is smaller compared to their ordinary-trade counterparts. Most developing countries' governments offer processing-trade exporters better tax/tariff reduction policy to encourage exporting, which grants processing-trade exporters additional advantage to adjust more on export price and less on quantity when facing changes in exchange rate and therefore causes their different responses to exchange rate fluctuations. We find strong empirical supports by studying the data from China, which is the largest developing country and biggest processing-trade exporter.     

The role of trade union collective voice in the access to training for workers in New Zealand

This paper explores trade union collective voice as a mechanism for worker participation in training decision making. New Zealand is an example of a liberal market economy (LME) with relatively weak regulatory pressure on employers to engage in training. Consequently, drivers such as trade union collective voice could fill an important role in workers securing support for training from their employers. The paper argues that given the reduced power of unions in many LMEs workers potentially face a twofold challenge: the first to secure an entitlement to training and the second to have any further participation in training decision making. Using the example of New Zealand, the paper examines whether collective bargaining secures entitlement to training. Then, employing the categorization of approaches to workforce development as either expansive or restrictive, it investigates the nature of that entitlement. Following this, the paper reports on dialogue with trade unions through which a more nuanced picture emerges of collective voice and the challenges to worker participation in training decision making. Finally, it reflects on the role collective voice could play in worker access to training.     

Entrepreneurship through a qualitative lens: Insights on the construction and/or discovery of entrepreneurial opportunity

This article applies inductive analytic techniques to identify and elaborate on two recurring themes that underpin the core puzzle of entrepreneurship research — where entrepreneurial opportunities come from. The first theme is the unique role of imprinting, or the profound influence of social and historical context in constraining the perceptual apparatus of entrepreneurs and delimiting the range of opportunities for innovation available to them. Second, our analysis offers insight into the counterbalancing role of reflexivity, operating at both individual and collective levels of analysis, in generating the ability of entrepreneurs to overcome the constraints of imprinting. These insights are based on a thematic review of the nine studies that comprise this special issue on qualitative research. The nine studies, individually and each in their own way, offer key insights into how we might better understand the emergence of entrepreneurial opportunity.     

Mars or Mercury redux: The geopolitics of bilateral trade agreements

We analyse the role of economic and security considerations in bilateral trade agreements. We use the pre‐World War I period to test whether trade agreements are governed by standard gravity variables, or by instead—or in addition—geopolitical factors. While we like others find support for standard gravity variables, we also find that defence pacts boost the probability of trade agreements by as much as 20 percentage points. Our estimates imply that were the U.S. to alienate its geopolitical allies, the likelihood and benefits of successful bilateral agreements would fall significantly. Trade creation from an agreement between the U.S. and E.U. countries would decline by about 0.6 per cent of total U.S. exports.     

The trilemma of a monetary union: Another impossible trinity

A monetary union among autonomous countries cannot simultaneously maintain an independent monetary policy, national fiscal sovereignty and a no-bailout clause. These three features make up an impossible trinity, and attempts to preserve all three concurrently will ultimately end in failure. In order to save EMU, one of these three must be abandoned.     

A contribution to a multidimensional analysis of trade competition

International trade grew substantially throughout the last decades and international relations became more important for the economic performance of the countries. Simultaneously, new poles emerged in the international arena leading to growing competition for higher market shares. Therefore, trade competition is a critical dimension of analysis for applied international trade studies. We propose a conceptual framework for measuring this phenomenon by combining some critical previous contributions to build a multidimensional and more comprehensive concept, which defines trade competition as a function of the degree of both structural similarity and total exports overlap. Moreover, structural similarity should take into account three elements: sectoral shares similarity, inter‐sectoral similarity (evaluating how different the distinct sectors are) and intra‐sectoral similarity (proximity in terms of quality ranges exported). Several measures are proposed to empirically capture the concept suggested. Finally, we present an example including the exports of six European economies (Germany, France, the United Kingdom, Greece, Hungary and Sweden) to 124 destination markets (in 2007, 2011, 2015) in order to illustrate the application of the concept and measures suggested.     

Responding to the challenges of globalization: human resource development in Japan

Globalization speeds up the competition for human resources among nations. In East Asia, increasing pressure on developing human resources for better economic performance has led governments to implement more skill development policies. In addition, enterprises have also been encouraged to do so in order to improve their market competitiveness. As the leading economy in the region, Japan has increased spending on training, education, and other human resource development activities. Economic stagnation forced both government and enterprises to develop new polices to upgrade workforce skills and to reduce the mismatch between jobs and skills. This paper illustrates the changes in the area of human resource development in Japan in recent years as in response to the challenges of globalization.     

与时俱进抢抓机遇全力促进外经贸事业的高速发展

2001年全省外经贸工作者紧紧围绕全省经济工作大局，加强与各部门和行业间的协作，集中力量，全力推进，面对不利的国际经济贸易环境，顶住了压力，圆满地完成了各项工作任务。全省进出口总额在2000年较大增长的基础上，又增长了13．3％，达到了33．8亿美元，超过了历史最好水平的1993年，这个来之不易的成绩，凝结着各级政府方方面面的团结协作和外经贸工作的辛勤汗水。在目前结束的全省外经贸工作会议上，编辑部辑录了一些先进地市政府、外经贸局、口岸办公室和外经贸企业的成功经验和做法，以及他们对促进外经贸工作的快速发展的一些构想，刊登出来以飨读者。     

The calculation of bilateral trade patterns in a Ricardian model with intermediate products and barriers to trade

After arguing for a computational approach to the theory of international trade the paper presents an algorithm for solving a generalized Ricardian two-country model. The algorithm focuses on the ‘critical exchange ratios’ at which the pattern of specialization changes. In the absence of barriers to trade there is one exchange ratio (defined as the value of one country's labor in terms of the other country's labor) at which production of a good moves from one country to the other. With barriers to trade there are two critical ratios for each good, between which it is not traded. Taking the critical ratios in sequence the trade balance can be calculated as a discontinuous function of the exchange rate; where the balance equals zero (or some given transfer) the problem is solved. The method works with arbitrary demand functions and can handle intermediate products.     

Managerial response to a hostile takeover in an uncertain legal environment: The case of union carbide

Following the tragedy at its Bhopal, India plant. Union Carbide found itself the object of a hostile takeover attempt in 1985. In spite of great uncertainty regarding its final legal liability, Union Carbide's management opposed the offer and began an aggressive program of asset and financial restructuring. From an analysis of the performance of Union Carbide's common stock, Sant and Ferris find that the financial impact of the Bhopal accident was dissipated within a year. Using additional accounting and industry data, they draw universal conclusions regarding the international management of complex technologies and firm valuation in the presence of foreign legal threats.     

刍议企业在新时期践行科学发展观充分发挥工会组织的作用

在当前举国上下,贯彻、学习胡锦涛总书记的科学发展观精神中,作为企业工会组织,如何在新时期里,带领广大工人群众,自觉地投入到生产建设当中,充分发挥工会组织的作用.从而,不断地拓宽工会组织的工作新的思路,提升工会组织的地位,使工会组织赢得广大职工群众的信任和拥护,在服从和服务于全党全国大局中更好地发挥作用.     

Work hard or play hard: the effect of leisure crafting on opportunity recognition and venture performance

Given the challenges inherent in starting companies, investigation of how entrepreneurs use their time at work to develop ventures has received prominent attention by scholars. We argue that how entrepreneurs use their leisure time has not received commensurate scrutiny. Leisure crafting, the proactive pursuit of particular leisure activities for specific goals, could play an important role in the entrepreneurial process. Herein, we develop and test a theoretical model describing how leisure crafting among entrepreneurs affects opportunity recognition and venture performance. Using three studies we provide strong evidence that leisure crafting positively relates to opportunity recognition and venture performance, which is mediated by thriving at work and moderated by work task focus. These findings provide generative insights into the nature of leisure and the micro-processes that drive entrepreneurship.