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Quality and trade with many countries and industries 质量和与许多国家和行业的贸易
International Economics Pub Date : 2024-10-16 DOI: 10.1016/j.inteco.2024.100557
P.M. Picard , A. Tampieri
{"title":"Quality and trade with many countries and industries","authors":"P.M. Picard ,&nbsp;A. Tampieri","doi":"10.1016/j.inteco.2024.100557","DOIUrl":"10.1016/j.inteco.2024.100557","url":null,"abstract":"<div><div>This paper investigates a trade model with horizontal and vertical product differentiations, many goods and many countries. It studies the impact of productivity, population changes and trade costs on the quality composition of exports. The analysis embeds within the same tractable model a series of empirical results, including Linder hypothesis and high-income countries’ specialization in high quality good production. It also shows that high-quality goods exhibiting a high degree of differentiation are traded only by high-income countries.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100557"},"PeriodicalIF":0.0,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142526832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Better two eyes than one: A synthesis classification of exchange rate regimes 两只眼睛总比一只好：汇率制度的综合分类
International Economics Pub Date : 2024-10-15 DOI: 10.1016/j.inteco.2024.100556
Cécile Couharde , Carl Grekou
{"title":"Better two eyes than one: A synthesis classification of exchange rate regimes","authors":"Cécile Couharde ,&nbsp;Carl Grekou","doi":"10.1016/j.inteco.2024.100556","DOIUrl":"10.1016/j.inteco.2024.100556","url":null,"abstract":"<div><div>This paper proposes a new <em>de facto</em> classification of exchange rate regimes, the synthesis classification. This framework offers several advantages over existing <em>de facto</em> classifications. First, it provides a unified framework that integrates the most divergent classifications, the <em>RR</em> and <em>LYS</em> classifications, not only achieving broader coverage but also encompassing a wide spectrum of exchange regimes. Second, it fits better with the historical developments of exchange rate regimes in the post-Bretton Woods era. Among others, it brings a nuanced perspective on the so-called hollowing-out hypothesis by showing that the evolution of <em>de facto</em> regimes —especially in emerging economies since the late 1990s— has essentially involved a shift toward more tightly “managed” intermediate regimes, rather than a move away from them. As an illustration of the insightfulness of our classification, we empirically revisit the relationship between currency crises and exchange rate regimes. Our classification not only associates a higher probability of currency crisis with both intermediate and floating regimes, but also shows better statistical performances in predicting currency crises compared to other classifications.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100556"},"PeriodicalIF":0.0,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142526830","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Shots, sympathy, and societal support: How conflict intensity translates into cooperative behaviour towards the displaced 枪声、同情和社会支持：冲突强度如何转化为对流离失所者的合作行为
International Economics Pub Date : 2024-10-10 DOI: 10.1016/j.inteco.2024.100555
Reinhard A. Weisser
{"title":"Shots, sympathy, and societal support: How conflict intensity translates into cooperative behaviour towards the displaced","authors":"Reinhard A. Weisser","doi":"10.1016/j.inteco.2024.100555","DOIUrl":"10.1016/j.inteco.2024.100555","url":null,"abstract":"<div><div>Severe shocks, such as natural disasters or major conflicts, can trigger substantial international support in the immediate aftermath. The continuation of support depends on the level of attention in the public discourse. Whereas general attention will inevitably decline with time, a resurgence of fighting could rekindle societal support abroad. Based on daily news coverage relating to 39 European countries, the emergence of such an offsetting effect is evaluated by introducing the concept of conflict pressure to quantify indirect conflict exposure. Societies not directly involved in a major conflict are found to respond to conflict escalation nevertheless: Across all stakeholder groups, attention dedicated to refugees increases temporarily, irrespective of actual support requirements. Providing additional material support to displaced individuals for a prolonged time, in turn, is mostly within the purview of governmental actors and, surprisingly, those from the economy.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100555"},"PeriodicalIF":0.0,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142526831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
COVID-19 and time-frequency spillovers between oil and sectoral stocks and portfolio implications: Evidence from China and US economies COVID-19 石油和行业股票之间的时间频率溢出效应及其对投资组合的影响：来自中国和美国经济的证据
International Economics Pub Date : 2024-10-02 DOI: 10.1016/j.inteco.2024.100554
Walid Mensi , Khamis Hamed Al-Yahyaee , Xuan Vinh Vo , Sang Hoon Kang
{"title":"COVID-19 and time-frequency spillovers between oil and sectoral stocks and portfolio implications: Evidence from China and US economies","authors":"Walid Mensi ,&nbsp;Khamis Hamed Al-Yahyaee ,&nbsp;Xuan Vinh Vo ,&nbsp;Sang Hoon Kang","doi":"10.1016/j.inteco.2024.100554","DOIUrl":"10.1016/j.inteco.2024.100554","url":null,"abstract":"<div><div>This paper examines the volatility spillovers and the time-frequency dependence between crude oil and stock sectors in the U.S. and China using both wavelet coherence and asymmetric BEKK GARCH models. This study also investigates the impact of the COVID-19 pandemic on spillover effects and portfolio management. The results reveal strong positive co-movements between WTI oil and US sector stock returns at medium and low frequencies particularly in 2020Q1. We find significant long-term co-movements between oil and Chinese sector stock returns (64–128 days). Furthermore, the findings reveal a significant and asymmetric volatility transmission between oil and sector stocks in both the US and Chinese economies. The evidence of spillovers is more pronounced during the COVID-19 period. It is recommended that equity investors should hold more stocks than oil assets to minimize risk without reducing the expected return. Finally, hedging with oil is expensive for U.S. sectors during the pandemic but inexpensive for Chinese sectors.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100554"},"PeriodicalIF":0.0,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142441272","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effect of terms of trade on the Latin American Labor market 贸易条件对拉丁美洲劳动力市场的影响
International Economics Pub Date : 2024-10-01 DOI: 10.1016/j.inteco.2024.100552
Domenica Jacho , Zoe Cruz , Paul Carrillo-Maldonado
{"title":"Effect of terms of trade on the Latin American Labor market","authors":"Domenica Jacho ,&nbsp;Zoe Cruz ,&nbsp;Paul Carrillo-Maldonado","doi":"10.1016/j.inteco.2024.100552","DOIUrl":"10.1016/j.inteco.2024.100552","url":null,"abstract":"<div><div>This paper analyzes the effects of terms of trade shocks on the labor market of Latin American countries. We apply the local projections in panel data to estimate the dynamic response of labor variables of 17 sample countries in the period 1980–2019. Our results show that labor indicators respond positively on average in the short term. The labor market, however, deteriorates in the medium term as a consequence of the terms of trade shocks. We also find that the informal rate decreases only in the first year as the ratio to exports–imports prices increases. We identify that the economies with flexible exchange rates, flexible labor rules, and other characteristics mitigate this negative effect of terms of trade in the medium term.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100552"},"PeriodicalIF":0.0,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142427959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Investigating the dynamic link between globalization and carbon emissions in BRICS nations: Insights from a non-parametric perspective 调查金砖国家全球化与碳排放之间的动态联系：非参数视角的启示
International Economics Pub Date : 2024-09-26 DOI: 10.1016/j.inteco.2024.100553
Tarek Ghazouani
{"title":"Investigating the dynamic link between globalization and carbon emissions in BRICS nations: Insights from a non-parametric perspective","authors":"Tarek Ghazouani","doi":"10.1016/j.inteco.2024.100553","DOIUrl":"10.1016/j.inteco.2024.100553","url":null,"abstract":"<div><div>This paper examines the changing relationship between globalization and carbon emissions in the BRICS countries, using data from 1990 to 2021. We show that the effect of globalization on CO2 emissions is not static but varies over time. This is mainly attributable to the different dimensions of globalization. The influence of economic globalization has transitioned from positive to negative. In contrast, both social and political globalization shifted from being neutral and positive, respectively, to having adverse impacts. These findings underscore crucial policy implications, emphasizing the need for strategies that harness the potential of economic globalization while mitigating the adverse effects of social and political globalization. Policymakers are encouraged to advocate for green technologies and energy-efficient practices, and to tackle social and political factors that contribute to the surge in emissions. This promotes a balance between economic growth and environmental sustainability.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100553"},"PeriodicalIF":0.0,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142358341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Economic freedom and people at risk of poverty in selected Eurozone countries 欧元区部分国家的经济自由度与面临贫困风险的人口
International Economics Pub Date : 2024-09-14 DOI: 10.1016/j.inteco.2024.100551
Liotti Giorgio
{"title":"Economic freedom and people at risk of poverty in selected Eurozone countries","authors":"Liotti Giorgio","doi":"10.1016/j.inteco.2024.100551","DOIUrl":"10.1016/j.inteco.2024.100551","url":null,"abstract":"<div><p>This paper investigates whether higher economic freedom and/or lower government intervention in the economy contribute to poverty reduction. Connecting the percentage of people at risk of poverty with the economic freedom index elaborated by the Fraser Institute, and focusing on 12 Eurozone countries in the period between 2000 and 2019, it appears that both higher economic freedom and a lower level of government intervention in the economy (mostly lower spending in government consumption, investment and transfers and subsidies) are associated with an increase in poverty, which stands in contrast to the predictions of neoliberal economic theory.</p></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100551"},"PeriodicalIF":0.0,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S211070172400074X/pdfft?md5=8af2dda4054bcbb8eb39496372fd3f78&pid=1-s2.0-S211070172400074X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142271026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial resilience, growth and risk sharing in the EU 欧盟的金融复原力、增长和风险分担
International Economics Pub Date : 2024-09-11 DOI: 10.1016/j.inteco.2024.100550
Eleonora Cavallaro , Ilaria Villani
{"title":"Financial resilience, growth and risk sharing in the EU","authors":"Eleonora Cavallaro ,&nbsp;Ilaria Villani","doi":"10.1016/j.inteco.2024.100550","DOIUrl":"10.1016/j.inteco.2024.100550","url":null,"abstract":"<div><p>We build a financial resilience index capturing the structure and stability features of financial systems and benchmark EU financial systems against their ability to enhance stable growth and international risk sharing. The index comprises financial openness, market orientation, equity deepening, maturity structure, and institutional soundness. Our results show that: (i) EU financial systems are highly heterogeneous and converge to a clustered pattern; (ii) the index is highly significant in growth regressions, suggesting that financial structure and institutional soundness are key to enduring growth; (iii) the heterogeneity of EU financial systems has implications for the vulnerability to domestic output shocks: the risk-sharing mechanism is more effective in the market-based and institutionally sound economies that group in the top financial clusters, whereas unsmoothed consumption is higher in economies belonging to the low-resilience clusters, especially in the aftermath of the global financial crisis, when the credit channel is significantly downsized.</p></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100550"},"PeriodicalIF":0.0,"publicationDate":"2024-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2110701724000738/pdfft?md5=c856d6134bee24e36eaff332329b7690&pid=1-s2.0-S2110701724000738-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142271025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Ensuring farm minimum prices: Economic impacts of trade vs competition policies 确保农场最低价格：贸易政策与竞争政策的经济影响
International Economics Pub Date : 2024-09-05 DOI: 10.1016/j.inteco.2024.100549
Alexandre Gohin , Alan Matthews
{"title":"Ensuring farm minimum prices: Economic impacts of trade vs competition policies","authors":"Alexandre Gohin ,&nbsp;Alan Matthews","doi":"10.1016/j.inteco.2024.100549","DOIUrl":"10.1016/j.inteco.2024.100549","url":null,"abstract":"<div><p>French and European farmers vigorously protest in early 2024 against perceived poor economic conditions, increased paperwork burden as well as stringent environmental constraints. The initial policy responses by both national and EU authorities failed to completely calm them, leading the French president Emmanuel Macron to surprisingly propose minimum farm prices. This paper develops an original computable general equilibrium model framework to assess two policy options to reach these minimum prices for livestock industries. The first relies on trade policy instruments and the second on a new competition policy with price discrimination and motivated by the Egalim laws. We find that the first option is unlikely to support French and European farm and food incomes, particularly if third countries reply with similar trade instruments. By contrast, the price discrimination option can support farm incomes, but partly at the expense of the domestic consumption of livestock products.</p></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100549"},"PeriodicalIF":0.0,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142157995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Diversification in sight? A macroeconomic assessment of Saudi Arabia’s vision 2030 多样化指日可待？沙特阿拉伯 2030 愿景的宏观经济评估
International Economics Pub Date : 2024-08-28 DOI: 10.1016/j.inteco.2024.100538
Flavien Moreau, Zamid Aligishiev
{"title":"Diversification in sight? A macroeconomic assessment of Saudi Arabia’s vision 2030","authors":"Flavien Moreau,&nbsp;Zamid Aligishiev","doi":"10.1016/j.inteco.2024.100538","DOIUrl":"10.1016/j.inteco.2024.100538","url":null,"abstract":"<div><div>Saudi Arabia, currently the world’s largest oil exporter, embarked since 2021 on a large-scale National Investment Strategy (NIS) designed to lift potential GDP growth by diversifying the economy. This article describes the strategy and is the first paper that quantifies its impact on growth using a dynamic general equilibrium model. It also decomposes this impact into two main channels: the direct impact of the investment push and the impact of complementary reforms. We find that the overall strategy – when supported by appropriate fiscal measures, labor supply reform, and higher public sector efficiency – could boost potential non-oil growth by 4.8 percentage points to about 8.8 percent in the medium term. We also assess the growth dividends of a wider range of alternative scenarios around the NIS baseline.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100538"},"PeriodicalIF":0.0,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142322261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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