In this paper, we examine the role of asymmetries in oil price-inflation nexus for selected net oil exporting and net oil importing countries using quarterly data from 2000 to 2014. We consider a ...dynamic panel data model that allows for large T panels and employ the Shin et al. 1 approach to decompose oil price into positive and negative shocks. We find a significant long-run positive relationship between oil price and inflation for both categories with mixed evidence in the short run. More importantly, in the long run, oil price exerts a greater impact on inflation of net oil importing countries than their oil exporting counterparts. However, oil price asymmetries seem to matter more when dealing with oil exporting nations while the oil price-inflation relationship tends to be unstable over time regardless of the categories. The result is robust to different oil price proxies and income levels.
•We model oil price-inflation nexus using dynamic heterogenous panel data models.•We follow Shin et al. (2014) to decompose oil price into positive & negative shocks.•Oil price asymmetries seem to matter more for oil exporting nations than oil importing.•The nexus tends to change over short periods of time.•The result is robust to different oil price proxies and income levels.
Rare earth elements (REE) are crucial in supporting multiple industries with new technologies. Thus the U.S.’ demand for rare earth oxide (REO) is on the rise. Yet, most of the REO supply comes from ...China, which exposes the U.S. to supply risks similar to that observed by the export quota imposed by China in 2010–2011. This paper uses supply and demand models to evaluate the effects of the U.S. government's proposed strategies to reduce supply risks associated with potential export restrictions from China. We show that there are multiple policies available to mitigate the impact of China's dominance in the market by attenuating the price increases and supply shortfalls, with the size of the changes depending on the price elasticity of demand and supply for REOs. In addition, there are varying degrees of welfare gains from each proposal. Specifically, reducing domestic demand for newly-extracted REEs through substitution (such as recycling or finding alternatives to REEs in production) provides the largest welfare gains. The next best welfare-improving proposal is discovering new domestic supplies of REOs, followed by plans to gain access to foreign REO sources.
•Recent trade conflict between the U.S. and China prompted discussions on the threat of being cut off from REO imports.•U.S. is vulnerable to trade reforms that restrict the supply of REOs from China.•We evaluate and compare the effects of the proposed strategies on reducing supply risks from China's export restrictions.•Results suggest that a higher welfare gain is associated with changes in demand for newly-extracted REE via substitution.•Results suggest that attempts at reducing supply risks from China must prioritize reducing demand for REOs.
The purpose of this paper is to analyse the relation between real exchange rates (RER) misalignments and export concentration in developing countries. Particularly, we explore the relation between ...these variables in cases of episodes of profound over and undervaluation. The methodology is based on a dynamic model (2S-SGMM estimator) where the concentration of manufactured exports is explained by a lagged RER misalignment, conditional to a set of structural variables, for a panel data of 97 developing countries during 1991–2014. We find a significant relation between RER misalignments and export concentration in a subsequent period for countries in developing stages. Most interestingly, in cases involving episodes of deep RER misalignments, we find asymmetric results: a significant and positive relation between deep overvaluation episodes and export concentration in a subsequent period, but no significant relation in cases of episodes of deep undervaluation. While deep overvaluation episodes can hinder efforts for improving the structural factors underlying export diversification, episodes of deep undervaluation seemingly do not have a relevant influence.
Background: The economic, political, and geographical landscapes of certain neighboring countries of Iran have created potential opportunities and capacities that, if effectively harnessed, can ...propel Iran towards rapid economic growth and development. Azerbaijan, owing to its geographic proximity with a 765-kilometre border with Iran and numerous cultural ties, stands out as one of the most promising commercial opportunities for Iran. Methods: This study unfolds in five overarching stages. Initially, an examination of published texts and articles is conducted to identify challenges and opportunities. Subsequently, interviews with experts are conducted to refine and supplement the questionnaire to identify challenges and opportunities and encapsulate factors influencing drug exports from Iran to Azerbaijan. Following this, a structured questionnaire is developed based on the extracted factors from the preceding stages, and interviews with experts are conducted using the structured questionnaire. Finally, the results obtained are analyzed using the Simple Additive Weighting (SAW) method to facilitate the enhancement of drug exports from Iran to Azerbaijan. Results: After scrutinizing the infrastructure and opportunities for drug exports to Azerbaijan, we have reached fourteen influential factors, and after ranking the factors influencing pharmaceutical exports to Azerbaijan, it becomes evident that market and sales-related factors, laws, and regulations, as well as quality and supply chain considerations, respectively, are among the most significant factors affecting drug exports from Iran to Azerbaijan. Conclusion: The study has suggested that most important factors that affect the Iran- Azerbaijan pharmaceutical business market research, price differentials, and networking with influential individuals in Azerbaijan, it provided effective strategies for enhancing pharmaceutical exports to Azerbaijan. Furthermore, internal challenges within Iranian pharmaceutical companies, including regulatory compliance, quality assurance, and limited international certifications, underscored the necessity for cohesive collaboration between governmental entities and private enterprises to streamline export processes and enhance competitiveness in the global market.
The purpose of the current study is to expand the previous studies which analyze the impacts of final demands changes on the total outputs of industrial sectors of a specific country. More ...specifically, the study conducts the analysis regarding the impacts on the total outputs of Japanese industries. The study employs a demand-pull Input-Output (IO) quantity model, one of the calculation tools in the IO analysis. The study focuses on thirteen industries. There are two scenarios used in this study, namely exports and imports modifications. The "whole sector change" condition is considered in the calculations. An initial period in this study is 2011. The results show that the positive impacts on the total outputs of focused sectors are delivered by scenario 1, the change of exports. On the contrary, the negative impacts are distributed by scenario 2, the modification of imports. The suggestions for improving the total outputs of discussed sectors are based on the results.
Manufacturing export and entrepreneurship have become increasingly important for economic development. However, there is limited information systems research examining the role of regional ICT ...infrastructure, knowledge infrastructure, democracy, and the number of foreign tourists for entrepreneurship activities and manufacturing export. This study investigates the impact of ICT infrastructure, knowledge infrastructure, democracy, and the number of foreign tourists on entrepreneurship activities and manufacturing export. Using The PLS-SEM, we found that foreign tourists positively and significantly impact manufacturing exports while knowledge infrastructure and entrepreneurship activities negatively affect manufacturing exports. The findings also supported the significant role of ICT infrastructure and foreign tourists in entrepreneurship activities. This result offers practical implications for policymakers in designing a roadmap of entrepreneurship and manufacturing export policies in developing countries.
PurposeWine tourism has stood out as a very recognized and valid tourism and marketing segment, growing worldwide and urging the complex needed advances on wine tourism practices performance. This ...paper aims to develop a new framework strictly applied to the global wine tourism system, taking into account emerging and future constructs and dimensions that precede and consequence it.Design/methodology/approachThe systematic mapping study (SMS) was adopted as the selected research methodological approach, both to analyze and to structure a broad research field concerning methods, designs and research, focuses on the papers published in reliable academic databases such as Emerald, ProQuest, Sage, Science Direct, Scopus, Wiley, Web of Science, Taylor and Francis and Wiley were properly selected and analyzed.FindingsThe following four dimensions were found to comprise the global framework of the wine tourism system: (1) support features (governance, public policies and economic investment; supply development; physical and capacity conditions; requirements of health safety; opinion makers and leaders: managers/stakeholders/players/marketers and benchmarking and value chain); (2) innovation ecosystem (profile of the new generations of wine tourists; virtual and augmented reality: digital and hybrid wine events; smart wine tourism companies; digital channels and platforms: blogs, websites, applications; wine tourism creative activities for all from kids to seniors and sustainable and ecologic wine tourism practices); (3) wine tourism experience dimensions (storytelling; involvement; winescape; attachment; emotions and sensory) and (4) behavioural intentions (satisfaction; loyalty; and WoM).Research limitations/implicationsThe framework still needs to be empirically applied in wine tourism settings to enrich tourists’ robustness in cross-cultural wine tourism experiences, covering a wider spread of abroad wine tourism destinations and products.Practical implicationsThis framework is a useful tool and becomes vital to their continued success, as a key reference of wine tourism management and marketing. As a wine tourist's visitation frequency plays a role in his/her travel motives, product and service quality of tour packages must be improved and monitored.Originality/valueThis is the first research study to demonstrate the combined use of the main domains forming the wine tourism system within a global perspective, covering of the most critical aspects.
This paper explores a newly available panel dataset merging balance sheet and international trade transaction data for Belgium. Both imports and exports appear to be highly concentrated among few ...firms and seem to have become more so over time. Focusing on manufacturing, we find that facts previously reported in the literature as applying only to exports actually apply to imports too. We note that the number of trading firms diminishes as the number of export destinations or import origins increases. The same is true if we consider the number of products traded. Our results generally point to a process of self‐selection in both export and import markets. Also, the productivity advantage of exporters reported in the literature may be overstated because imports were not considered. We find that firms that both import and export are the most productive, followed, in descending order, by importers only, exporters only and non‐traders. Our results also show the existence of fixed costs of imports, which appear to be of similar magnitude as those of exports.
This paper assesses the role played by country‐specific factors as determinants of relative export diversification. Using a panel data set for 60 countries and 20 years (1985–2004), we confirm that ...even after clearing out differences in income per capita, cross‐country variability in the degree of export diversification is significant. In general, apart from per capita income, features influencing the size of accessible markets (domestic and foreign) are the most relevant and robust determinants of the export diversification process. Diversification opportunities grow if countries are large and not located far from economic core areas and when barriers to trade are restricted.
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