The discussion of China's rise as a global economic and political power in recent decades has been fueling various theoretical discussions based on the evolution of its foreign trade policy. Hence, ...empirical research method is proposed in the field of international law involving the study of institutions, norms and procedures based on academic evidence. In this sense, this article analyzes the underlying reasons why this country, despite its late insertion into the Multilateral Trading System, has a relevant influence in the present. In fact, this influence from China has generated a scenario of regionalism both in the Asia-Pacific and with other strategic partners. All this, in addition to also evidencing a progressive "shadow institutionalism". Thus, this whole previous situation means that exist a real primacy achieved by China at world nowadays which also tends, in certain circumstances, to tarnish and even undermine the role of the GATT-WTO paradigm and its logic of multilateralism. Accordingly, this implies a particular scenario that suggest a whole parallel model of authority that affects the dynamics of international relations.
Are discrepancies between national exports and imports ever a legitimate cause for government concern or intervention? The question is as old as economic theory itself. Sixteenth-century English ...writers deplored the drainage of precious metals implied by decits in foreign trade; as a result, the term balance of trade had entered into public discourse by the early seventeenth century. David Hume's account in 1752 of the price-specie-ow mechanism, arguably the greatest set piece of classical monetary economics, vanquished for many years the mercantilist position that the perpetual accumulation of external wealth was both desirable and feasible. More than 250 years later, however, the foreign trade imbalances of national units - including even some that share common currencies - still gure prominently in debates over economic policy.
Firms view export policies as an external change agent that stimulates international business activities. In the past decades, developing countries have witnessed significant changes in their export ...policies to reduce financial and infrastructural barriers to international trade. India, with an objective to double its market share at the global level by 2020, has initiated a mix of policy measures in its Foreign Trade Policy since 2009. However, to measure the effectiveness of these policy initiatives on export business, no valid measurement scales or constructs have been developed for empirical assessment. Moreover, there is very little agreement in the literature about a conceptual definition of government export assistance as well as its operational definition. Hence, the objective of this study is to identify relevant policy initiatives and develop sub-dimensional constructs with valid measurement scales. This conceptualization is explored empirically with data from 400 exporters. The data identified four sub-dimensional measurement models that can be considered for future operations. The findings also provide useful practical guidelines and recommendations to exporters, policymakers and researchers.
This paper estimates the impact of macroeconomic fluctuations on import protection policies over 1988:Q1–2010:Q4 for five industrialized economies — the United States, European Union, Australia, ...Canada and South Korea. We find evidence of a strong countercyclical trade policy response in the pre-Great Recession period of 1988:Q1–2008:Q3 during which increases in domestic unemployment rates, real appreciations in bilateral exchange rates, and declines in the GDP growth rates of bilateral trading partners led to substantial increases in new temporary trade barriers. We then apply this pre-Great Recession empirical model to realized macroeconomic data from 2008:Q4 to 2010:Q4 and find that it predicts a surge of new import protection during the Great Recession — e.g., for the US and EU, the model predicts that new trade barriers would cover an additional 15 percentage points of nonoil imports, well above the baseline level of 2–3% of import coverage immediately preceding the crisis. Finally, we examine why the realized trade policy response differed from model predictions. While exchange rate movements played an important role in limiting new import protection during the Great Recession, we provide evidence of one particularly important change in trade policy responsiveness; i.e., in this period, governments refrained from imposing new temporary trade barriers against foreign trading partners experiencing their own weak or negative economic growth.
► The model estimates the impact of macroeconomic fluctuations on TTB import protection. ► The sample includes US, EU, Australia, Canada, and South Korea over 1988:Q1–2010:Q4. ► Increases in domestic unemployment and foreign GDP slowdowns lead to more import protection. ► Real bilateral exchange rate appreciations lead to more import protection. ► The model is used to estimate differences before and after the Great Recession.
The quality of a country’s governance and public administration is a key factor in its economic performance and the well-being of its citizens. The objective of the paper is two-fold: first, to ...substantiate the importance of the good and strong state governance for efficient functioning of the national economy; second, to analyze the basic indicators of Ukraine’s economy and its foreign trade, as well as to come up with the possible solutions to the identified problems. Methodology. Careful reading and examination of the conclusions made in theoretical and empirical works on state governance and government regulation by the Ukrainian and foreign scholars served the basis of the research at the initial stage. The data, taken from the official site of the State Statistics Service of Ukraine, served as the information source for using various methods, e.g.: mathematical, statistical, etc., which resulted in the analysis of the trends of the basic indicators of the economy of Ukraine and its foreign trade: GDP and gross external debt, exports/imports/turnover of goods/services and goods and services taken together; dynamics of the balance of trade in goods/services, as well as goods and services taken together; exports to imports ratio (goods and services). Results. The share of exports of goods in all exports of goods and services of Ukraine has been increasing and in 2021 it reached 84%. The results show that: first, the trend of the volume of exports of goods for the period of 2016-2021 is y=5.11x+31.177 while that of services for the same period is y=0.5986x+9.9367; second, the balance of trade in goods has been negative since 2005 (except 2015), and continues to be negative throughout the analyzed period; third, the share of the goods with high-added value in exports has been declining. The in-depth analysis allows to conclude that in the conditions of the growing gross external debt of Ukraine (e.g., for the period of 2006 –2021 the trend is y=2811.1x+90308 while that of GDP for the same period is y=823.65x+135155) it is essential: firstly, to follow the trade strategy of the EU which focuses on exports of services as compared to goods; secondly, to improve the commodity composition of exports so that the goods are value-competitive as opposed to price-competitive. Practical implications. It’s substantiated that the trade policy is to be formulated and implemented so that foreign economic activity of Ukraine is more services-oriented and science-and-technology based. Value/originality. The country is to occupy a more decent place in the world division of labor and is to be reintegrated into the world economy in the interests of the Ukrainian people.
This is an open access title available under the terms of a CC BY-NC-ND 4.0 License. It is free to read, download and share on Elgaronline.com. In light of the many significant recent changes to the ...global order, The Unmaking of Special Rights explores an often-forgotten aspect of this arrangement: special rights for developing countries. This book analyzes when and how special rights for developing countries have evolved in the context of global power shifts.
As anti-globalization and geopolitical tensions continue to rise, the use of local content requirements (LCRs) around the world has become more noticeable than ever before. The reasons for adopting ...LCRs range from ensuring domestic supply availability, job creation, and increasing value added to safeguarding national security. Ing and Grossman examine country-specific as well as firm-product level exercises to explain how LCRs reduce fair competition, resulting in lower trade and productivity, which ultimately lowers world economic output and overall human welfare. Countries around the world are investigated with specific attention to the US, China, Indonesia, and resource-intensive countries, including mining-intensive ones. The book also presents product- and firm-level analyses, answering the question of why countries adopted LCRs and how LCRs actually affect the world economy. This book is a useful resource that will interest policymakers, researchers, and advanced undergraduates interested in international trade, industrial policy, political economy, labour economics, and development economics.
An integral part of globalisation is the emergence of a multipolar world. Strategic partnership at the regional, interregional and trans-regional levels is becoming a new institution and an ...instrument of modern international relations. The research discusses the international legal cooperation framework of BRICS (Brazil, Russia, India, China, South Africa) as a trans-regional association. The importance of rapprochement of the positions of the BRICS countries in the global political and economic system is emphasised. Particular attention is paid to assessing the BRICS countries economic potential and condition of their national economies, as well as analysing the foreign trade partners of Russia with the BRICS countries, development opportunities and prospects. The following results were obtained: positive factors contributing to the BRICS countries’ trade and economic cooperation strengthening are common interests in trade, export activity and export complementarity of some economic sectors, and the absence of direct competition. The measures to increase and expand mutually beneficial trade and economic partnership within BRICS will enable the countries to most effectively use their resource, technological and trade and economic potential to ensure sustainable growth of the national economy and competitiveness in world development. The results obtained can help formulate a trade and economic cooperation strategy within the BRICS framework.
PDF
