Unveiling the true value of across-strait trade: The global value chain approach

Due to the pervasive nature of value chains, an increasing amount of imported intermediate components and raw materials from other countries are entangled in Taiwan's exports to Mainland China. This circumstance leads to odd across-trait bilateral trade amounts and surpluses favorable towards Taiwan. The purposes of this paper are applying Johnson and Noguera (2012) to extricate value-added exports earned by Taiwan from China and Wang, Wei, and Zhu (2013) to decompose Taiwan's gross exports to China into various meaningful components. The two issues are related to trade in value added and value added in trade. Specifically, the former explores the value added embedded in the source country's exports to the absorbing country as final demand, regardless of whether those goods are directly or indirectly arriving at the absorbing country. The latter only looks where the value added is originated regardless of where it is ultimately absorbed. We show both concepts aim to measure a country's value added from its trades, but from different angles. Each has its own distinct meaning. They are related, but not completely the same.The inter-country input–output (ICIO) table used in this paper comes from the World Input–Output Database (WIOD) (Timmer et al., 2015 and Dietzenbacher et al., 2013). Empirical results indicate that Taiwan's export values to Mainland China shrink by 64.3% when bilateral trades are measured in value-added terms. Furthermore, Taiwan's trade surplus toward China also decreases by 65.2% under this measure. From the viewpoint of value added in trade, the share of value added in Taiwan's gross exports to China continued to decrease and reached 50.9% in 2011, while the components of foreign value added and double counted terms kept growing in recent years.     

全球价值链分工下的双边贸易收益核算：以中美贸易为例

通过构建双边贸易收益核算模型,从总体规模、行业结构、实现方式等层面对中美双边贸易收益进行核算。本文发现中美双边出口中均包含着大量的对方国内增加值,与增加值贸易差额比较,传统统计口径的中美贸易差额出现明显高估。其中中国对美货物出口的贸易顺差被显著高估,而服务出口的贸易顺差被明显低估。在中美双边贸易中,中国对美出口包含的本国国内增加值比重不到七成,而美国对华出口包含的本国国内增加值比重超过八成。中国出口到美国的产品绝大部分表现为最终产品并且被美国当地消费,而美国出口到中国很大部分表现为中间品,并且通过对增值折返及对第三国出口的形式实现。     

The roles of cultural and institutional distance in international trade: Evidence from China's trade with the Belt and Road countries

Cultural distance and institutional distance have been playing increasingly significant roles in international trade. Recently, the Belt and Road Initiative (BRI) proposed by China has drawn worldwide attention. This paper examines the roles of cultural distance and institutional distance in China's trade relationship with the Belt and Road (B&R) countries. We estimate the extended gravity model using bilateral trade data at product-level during 2002–2016 between China and 99 trading partners, 38 of which are along the Belt and Road. Using Poisson generalized estimating equations (GEE) econometric methods, we find that firstly, cultural distance and institutional distance inhibit China's bilateral trade with the Belt and Road countries. Secondly, China's bilateral trade with the B&R countries is more sensitive to the change of cultural distance than institutional distance by comparing their beta coefficients. Thirdly, compared to Asian countries on the Belt and Road, bilateral trade flows between China and European countries show less sensitivity to changes in cultural distance, except China's imports from its trading partners. While the trade effects of institutional distance show no difference between China's trade with European countries and Asian countries. Lastly, the announcement of BRI does reduce trade-inhibiting effect of cultural distance on China's trade with the Belt and Road countries, while increase China's exports sensitivity to institutional distance. This study finally suggests relevant cultural exchange driven by the BRI eventually assisting unimpeded trade and deepening the cooperation.     

Assessing the role of economic globalization on energy efficiency: Evidence from a global perspective

There has been concern that economic globalization will increase energy consumption and reduce energy efficiency. A slew of studies investigating this assertion have used trade, foreign investment, or both as indicators of economic globalization, with mixed findings. A number of concerns challenge the empirical literature including measurement issues, infrequent temporal variations in the data, business cycle effects and heterogeneity bias, which affect the causal ability of economic globalization. This study used global data of 141 countries to assess the effects of economic globalization on energy efficiency. Our identification strategies involved using more refined measures of economic globalization and energy efficiency, addressing infrequent temporal variations as well as business cycle effects and concerns of heterogeneity bias. Largely, economic globalization positively drives energy efficiency, but this effect suffers from upward bias without controls. We note that infrequent temporal variations in the data and business cycle effects and heterogeneity bias drive the result. Concerning the latter, the result has shown that economic globalization improves energy efficiency only in upper-middle and lower-middle income countries and not in high and lower-income countries. Our results raise serious caution about the causal abilities of existing studies. And we discuss the policy implications.     

Demand, comparative advantage and economic geography in international trade: Evidence from the OECD

Demand, Comparative Advantage and Economic Geography in International Trade: Evidence from the OECD. — This paper examines the influence of demand on the pattern of net trade for 17 OECD countries. It is found that demand differences are important as a cause of international trade. In fact, for the majority of countries, demand factors explain more of the net trade pattern than do factor proportions. The evidence offers some support for the modern geography and trade theories: high domestic demand in an industry leads to a net export for the majority of cases. The evidence is, however, not clear-cut. Moreover, a demand bias in favour of domestic varieties leads to a net export. Here, the evidence is clear-cut.     

硬币的两面:论国有商业银行股份制改造的公司治理与全面风险管理

四大国有商业银行是我国银行业的主体,也是我国金融业的主体。在渐进化改革的转轨时期,国有商业银行在结构调整中承担了大量政策性业务,导致了国有企业“绑架”国有商业银行,国有商业银行又“绑架”国家财政。针对国有商业银行累积的大量体制性政策性风险,政府推动的国有商业银行股份化改造相继展开。国有商业银行全面风险管理是公司治理有效运转的基础性制度。全面风险管理和公司治理是国有商业银行现代银行企业建设这枚“金币”的正反两面,要在现代公司治理的同时构建国有商业银行全面风险管理体系。     

外向拉动：国际贸易和国际直接投资对我国经济增长的贡献

国际贸易和国际直接投资促进了中国经济的持续高速增长。本文较为全面地考察了我国和世界上其他一些主要的发展中国家工业化进程中对外贸易依存度和直接投资依存度的变化趋势,分析了我国经济增长中国际贸易和国际直接投资的贡献,提出在新时期要大力发展外向经济、提高直接投资依存度、保持对外贸易依存度的稳定增长,共同促进我国经济的增长对策。     

Analysis on the effect of economic interaction＇s pulse from the Sino-US trade perspective

In an open economy, the economic concussion in sole country will transmit to other countries which make the international economic concussion play an important role in the formation of economic fluctuation. Both America and China, as two prominent economy units, have a great impact not only on the regional economy but also international economy. This paper constructs a shock-response model for China-America bilateral trade relations by using of impulse-response function of the vector auto-regressive model. The fluctuation of mutual economic growth caused by the shock of bilateral trade variances is empirically analyzed. Further more; the paper also uses variance decomposition technology to estimate its contribution-rate. The empirical analysis result shows that American economy has a notable impact on China, and Chinese economy will depend on American economy more and more.     

跨国公司如何获得全球竞争优势——从价值链的角度来探讨

一、有关概念的界定1.竞争优势。简单地说,竞争优势指在竞争中的有利条件或强项。我们可以从两个方面加以理解:①竞争优势是一种比较优势,是一个相对概念。任何一个企业的竞争优势总是相对于其他企业而言,或者是相对于企业本身的不同发展阶段。②有广义和狭义之分:狭义的概念是     

基于价值链视角的高校预研项目竞争力分析

价值链分析法以价值链上各个价值创造活动、基本活动和辅助活动为对象,分析各活动环节间的相互联系,发现链条上的薄弱环节,以利于寻找优化方案,是一种寻求确定企业竞争优势的工具。文章将价值链理论应用于高校预研项目管理,把预研项目活动进行分解,分析预研活动中单个活动本身及其相互之间的关系,分析阐述其价值链上存在的薄弱环节,并提出相关对策,以利于提高高校预研项目竞争力,推进高校国防科研事业的建设与发展。     

中间组织的成因:一个交易费用经济学视角的扩展分析

协调经济活动有不同的制度形式：经济理论主要关注通过价格机制这只“看不见的手”来进行的市场协调；组织理论则更注重通过等级制这只“看得见的手”来协调企业的内部行为，市场和企业被视为两种最重要的协调制度形式。但事实上，在市场和企业之间并不存在明确的界限，它们之间相互渗透，产生了复杂多样中间组织，正如威廉姆森所说，大量的交易是在中间组织中进行，中间组织才是普遍的形式。本文试图在探讨中间组织的内涵特征、性质等问题的基础上，用交易费用经济学的分析方法对其成因进行扩展分析。     

论回族历史上的商贸经济活动及其作用

回族是我国少数民族中一个农商并重、善于经商的民族 ,回族历史上商贸经济是中国传统社会经济格局中的重要组成部分。本文从经济社会学角度对历史上回族商贸经济的基本情况、动力机制和作用进行初步探讨。作者认为 ,回族历史上的商贸经济活动对我国农商倾斜的传统经济社会结构起到了一定程度的平衡作用 ,有效加强了中原汉族地区同边疆少数民族地区的经济文化联系 ,促成了国内统一市场的形成 ,增强了中华民族的凝聚力     

International trade and economic growth: evidence from a panel ARDL-PMG approach

The purpose of this work is to study the impact of trade openness on the economic growth of the countries bordering the Mediterranean using a panel of eight countries from 1975 to 2016. We apply ARDL panel which is a technique recently developed. We study the effects of openness to international trade on economic growth while incorporating economic policy variables. The results show that the variables of commercial and financial openness favor economic growth. The free trade agreements that the European Union has signed with certain countries in the Mediterranean basin are designed above all to encourage greater regional economic integration and an increase in their potential growth. Therefore, our findings show that the financial sector is slow to affect economic growth in these countries. This study reveals that human capital and the investment rate support the economic growth of our sample. In addition, we conclude that a process of economic convergence has begun in these countries. A causal analysis was carried out we found an unidirectional causality ranging from economic growth to trade openness.

     

Wage structure effects of international trade in a small open economy: the case of Belgium

This paper investigates the impact of international trade on wage dispersion in a small open economy, Belgium. It is one of the few to: (i) use detailed, matched employer-employee data to compute industry wage premia and disaggregated industry-level panel data to examine the impact of changes in international trade on changes in wage differentials, (ii) simultaneously analyse both imports and exports, and (iii) examine the impact of imports according to the country of origin. Looking at the export side, we find (on the basis of the system generalized method of moments estimator) a positive effect of exports on industry wage premia. The results also show that import penetration has a significant and negative impact on industry wage differentials. However, the detrimental effect of imports on wages is found to be significantly greater when imports originate from low- and middle-income countries than from high-income countries.     

The impact of COVID-19 on international trade: Evidence from the first shock

This study investigates how the effects of COVID-19 on international trade changed over time. To do that, we explore monthly data on worldwide trade from January to August in 2019 and 2020. Specifically, our study data include the exports of 34 countries to 173 countries. We estimated the gravity equation by employing various variables as a proxy for the COVID-19 damage. Our findings can be summarized as follows: First, regardless of our measures to quantify the COVID-19 pandemic, we found significantly negative effects of COVID-19 on the international trade of both exporting and importing countries. Second, those effects, especially the effects of COVID-19 in importing countries, tended to become insignificant since July 2020. This result implies that the harmful impacts of COVID-19 on international trade were accommodated after the first wave of the pandemic to some extent. Third, we found heterogeneous effects across industries. The negative effects on non-essential, durable products persist for a long time, whereas positive effects in industries providing medical products were observed.     

Climate change impacts on China's agriculture: The responses from market and trade

China's food security has been facing several challenges, which are likely to be worsened due to climate change. The purpose of this paper is to provide an evidence on the impacts of climate change on China's agriculture, with particular attention to the market and trade responses. Using projected crop yield changes for China and its' main trading partners under changing climate, we employ an agricultural partial equilibrium model (CAPSiM) and a linked national and global equilibrium model (CAPSiM-GTAP) to assess the impacts on food production, price, trade and self-sufficiency of China. Our results show that climate change will have significant effects on crop production though with large differences among crops. Under the worst climate change scenario RCP 8.5, wheat yield in China is projected to decline by 9.4% by 2050, which is the biggest yield reduction among the crops. However, the market can also respond to the climate change, as farmers can change inputs in response to reduced yields and rising prices. As a result, production losses for most crops are dampened. For example, wheat production loss under RCP8.5 reduces to only 4.3% due to market response. The adverse impacts on crop production will be further reduced after accounting for the trade response as farmers adjust production to much higher prices in the more severely affected countries. The paper concludes that we need to learn more from farmers who optimize their production decisions in response to the market and trade signals during climate change. A major policy implication is that policymakers need to mainstream the market and trade responses into national plans for climate adaptation.     

Japan's economic slowdown and its global implications: a review of the economic modelling

Despite its role as a driver of global economic growth through the 1970s, in recent decades the rise of China has seen the international importance of Japan's economic performance recede from the public discourse. This is notwithstanding its continuing key role as economic partner to both industrial and developing countries and changes in its economic performance that would otherwise be a matter for global concern. In particular, the tendency for the Japanese economy and its external trade to stagnate not only has immediate consequences for global performance but also foreshadows a path to industrial transition for other key Asian economies. This paper reviews quantitative studies of Japan's performance. It identifies a paucity of results addressing global implications and suggests new research in this direction.     

The spatial effects of trade openness: a survey

This paper surveys the literature on the implications of trade liberalisation for intra-national economic geographies. Three results stand out. First, neither urban systems models nor new economic geography models imply a robust prediction for the impact of trade openness on spatial concentration. Whether trade promotes concentration or dispersion depends on subtle modelling choices among which it is impossible to adjudicate a priori. Second, empirical evidence mirrors the theoretical indeterminacy: a majority of cross-country studies find no significant effect of openness on urban concentration or regional inequality. Third, the available models predict that, other things equal, regions with inherently less costly access to foreign markets, such as border or port regions, stand to reap the largest gains from trade liberalisation. This prediction is confirmed by the available evidence. Whether trade liberalisation raises or lowers regional inequality therefore depends on each country’s specific geography.     

Reducing economic leakages from tourism: A value chain assessment of the tourism industry in Kasane,Botswana

Retaining revenue generated by tourism within a local economy is an important issue in tourism development, especially in developing countries where tourism is used as a tool for development. This research aims to quantify the value and proportion of tourism expenditure retained in this destination in order to inform national-level decision-making. It applies a value chain analysis (VCA) approach through semi-structured questionnaires with 117 stakeholders in Kasane, Botswana. The VCA demonstrates that the total gross revenue generation of the tourism industry within Kasane was USD 39.5 million in 2014. Excursions and transport generated nearly half of this revenue (USD 19.2 million; 49%), followed by accommodation and food and beverages, at around USD 10?million each (26%). Of the gross revenue accrued, USD 14.5?million (37%) remained in the local economy (defined by the Botswana Tourism Organisation as a 50?km radius surrounding Kasane) in the form of local goods (production) and services (wages). Recommendations for interventions that could enhance the local retention of revenue from tourism in Kasane are presented.