Review of World Economics最新文献

{"title":"Putting the news in New York and New Orleans: the impact of information frictions on trade","authors":"James M. Harrison","doi":"10.1007/s10290-024-00527-7","DOIUrl":"https://doi.org/10.1007/s10290-024-00527-7","url":null,"abstract":"<p>It is notoriously difficult to estimate the impact of information frictions on trade. The 1866 transatlantic telegraph connection has been used to estimate these impacts, but I demonstrate this sample violates the assumptions of an arbitrage model in ways that are likely to bias empirical result. I avoid this bias by constructing a novel dataset that meets all relevant assumptions during the 1848 rollout of the telegraph across the U.S., ultimately estimating the magnitude of the distortions on prices, quantities, and efficiency to be roughly half as large as those found in prior literature.</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"32 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140155150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Real exchange rates and manufacturing exports in emerging economies: the role of sectoral heterogeneity and product complexity","authors":"Thomas Goda, Alejandro Torres García, Cristhian Larrahondo","doi":"10.1007/s10290-023-00523-3","DOIUrl":"https://doi.org/10.1007/s10290-023-00523-3","url":null,"abstract":"<p>The empirical evidence on the relationship between the real exchange rate and export performance in emerging economies is inconclusive. In this paper, we present evidence that one reason for this inconclusiveness is the use of real exchange rate (RER) measures that do not consider the heterogeneity between economic sectors. To this end, we calculate a unique sectoral bilateral RER index (SBRER) for 12 Latin American economies, which considers the variation of producer price differentials and bilateral nominal exchange rates across 21 manufacturing sectors and 38 trade partners between 2001–2018, and to estimate the effect of SBRER movements on manufacturing exports. The regression results show that the SBRER is a significant determinant of aggregate manufacturing exports, whereas the bilateral RER is not significant. Moreover, sectoral export elasticities indicate that mainly sectors with low levels of product complexity and, to a lesser extent, those of medium complexity are affected by RER movements. These findings show that it is important to consider sectoral heterogeneity when estimating RER export elasticities from a macroeconomic perspective.</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"14 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139752125","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Product differentiation, interdependence, and the formation of PTAs","authors":"Kiran Ayub, Peri Silva","doi":"10.1007/s10290-023-00518-0","DOIUrl":"https://doi.org/10.1007/s10290-023-00518-0","url":null,"abstract":"<p>We consider the role played by trade in differentiated inputs in the country-pair decision to form a PTA in goods and in their decision to expand it to trade in services with varying degrees of coverage, which transforms a preferential agreement into an Economic Integration Area (EIA). Our baseline model is very successful in predicting the formation of preferential agreements. Our model correctly predicts 84 percent of the country pairs with PTAs in our dataset and can successfully predict the 83 percent of the country pairs that do not form a PTA. Moreover, our model predicts 78 percent of the observations involving country pairs belonging to an EIA when a PTA exists.\u0000</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"16 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139752238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Patterns of variability in the structure of global value chains: a network analysis","authors":"Carlo Piccardi, Lucia Tajoli, Riccardo Vitali","doi":"10.1007/s10290-023-00521-5","DOIUrl":"https://doi.org/10.1007/s10290-023-00521-5","url":null,"abstract":"<p>Global Value Chains (GVCs) are a feature of the organization of production in many sectors and countries and they deeply affect international trade patterns. How far the separation of production stages—generating increasingly widespread GVCs—can go, is currently a matter of debate. The main focus of this paper is to investigate GVCs at the country-industry level by modelling them through the construction of a specific network and using network analysis tools. In particular, the aim is to propose a network-based measure of GVCs length to assess whether the structure of GVCs has stretched or shrank over time. Analyzing the evolution of these structures is important to better understand the role played by countries in the production chain, with implications also for their fragility or resilience in presence of external shocks. Our measure allows to consider differently shaped GVCs, and the results show that there are relevant differences among sectors and countries in terms of the evolution of GVCs, especially considering direct or indirect links. Overall, we find a general stability over time of GVCs, confirming the importance of the “relational approach” in GVCs. But the shifts in the geographical patterns of the connections also support the view that firms organizing this complex form of production are ready to grasp better opportunities when they appear in the global markets.</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"19 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139752130","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Agricultural fluctuations and global economic conditions","authors":"William Ginn","doi":"10.1007/s10290-023-00522-4","DOIUrl":"https://doi.org/10.1007/s10290-023-00522-4","url":null,"abstract":"<p>This research examines the global implications of agricultural production and price fluctuations via Global Bayesian Vector Autoregression (GBVAR) model. We develop a novel Paasche agriculture price index, based on the relative time-varying contribution of four dominant food commodities shifting contributions of major food commodities (rice, maize, soybeans, wheat), pivotal for global sustenance. The analysis reveals that while agricultural production shocks are important, they exert a comparatively lesser impact than agriculture price shocks. Higher agriculture inflation can be destabilizing via lower output and higher aggregate inflation.</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"70 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139580084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On the heterogeneous trade and welfare effects of GATT/WTO membership","authors":"Gabriel Felbermayr, Mario Larch, Erdal Yalcin, Yoto V. Yotov","doi":"10.1007/s10290-023-00520-6","DOIUrl":"https://doi.org/10.1007/s10290-023-00520-6","url":null,"abstract":"<p>We quantify the effects of GATT/WTO membership on trade and welfare. Using an extensive database covering manufacturing trade for 186 countries over the period 1980–2016, we find that the average partial equilibrium impact of GATT/WTO membership on trade among member countries is large, positive, and significant. We contribute to the literature by estimating country-specific estimates and find them to vary widely across the countries in our sample with poorer members benefitting more. Using these estimates, we simulate the general equilibrium effects of GATT/WTO on welfare, which are sizable and heterogeneous across members. We show that countries not experiencing positive trade effects from joining GATT/WTO can still gain in terms of welfare, due to lower import prices and higher export demand.</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"5 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139580109","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Immigrant employment and the contract enforcement costs of offshoring","authors":"A. Hatzigeorgiou, P. Karpaty, Richard Kneller, M. Lodefalk","doi":"10.1007/s10290-023-00519-z","DOIUrl":"https://doi.org/10.1007/s10290-023-00519-z","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"5 5","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139438945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Monetary policy frameworks since Bretton Woods, across the world and its regions","authors":"David Cobham","doi":"10.1007/s10290-023-00517-1","DOIUrl":"https://doi.org/10.1007/s10290-023-00517-1","url":null,"abstract":"<p>The Comprehensive Monetary Policy Framework (CMPF) project, which considers de jure and de facto, domestic (money, inflation) and external (exchange rate), monetary policy targets, has now classified 186 countries/currency areas from 1974 to 2017. This means that it is now possible to track the evolution of monetary policy frameworks across the world and its regions. This paper outlines the methodology of the classification and analyses the trends at global, regional and sub-regional levels.</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"94 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138541748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of Clinico Pathological and Surgical Related Risk Factor in Post Operative Hypoparathyroidism in Total Thyroidectomy Patients.","authors":"K Sheetal, N Deva Sooria, G N Nikisha","doi":"10.1007/s12070-023-03949-1","DOIUrl":"10.1007/s12070-023-03949-1","url":null,"abstract":"&lt;p&gt;&lt;p&gt;Multiple risk factors have been predicted in post operative hypoparathyroidism in total thyroidectomy patients but none have been clearly defined. Present study aims at evaluating the clinic pathological and surgical impact factors in predicting the risk of post operative hypoparathyroidism in thyroidectomy patients. The study was done in Karpaga Vinayaga Institute of Medical Science and Research Centre where Retrospective prospective cohort study who underwent and undergoing total thyroidectomy with or without central neck dissection for both benign and malignant thyroid disorders during 2014 to 2022 was analyzed. The study has analyzed the various risk factors from clinic pathological and surgical skills of identifying the Inferior thyroid artery at its origin and tracing the branches to the parathyroid gland and evaluating the incidence of hypocalcemia in both study and control groups. Two groups were analyzed during the period 2014 to 2022. The study group was included patients with thyroidectomy where ITA were identified and traced up to the parathyroid gland. They were further classified into category A where both sides ITA were identified and saved, category B where only one side was preserved. In control group, the surgery was done only on basis of capsular dissection and peripheral ligation of vessels close to the gland. Total study participants in our study was 416. The overall prevalence of hypocalcemia in our study was 11.4%. The age, gender and pathological variants were comparable between the two groups. Female preponderance (76%) was seen among both the groups. Among total study subjects who underwent total thyroidectomy 44.8% were having multi nodular goitre, 7.3% toxic goitre, 9.8% follicular adenoma, 30.2% papillary carcinoma and 7.9% follicular carcinoma. In our study benign and malignant thyroid disorders had no significant difference. Prevalence of hypocalcemia among control group 14.5% vs study group 3.8%. We found incidence of hypocalcaemia was comparitively lesser among patients with thyroidectomy alone, than those with unilateral or bilateral CND. Prevalence of hypocalcemia among control group was 33% (45/133) and study group 7% (12/153), when thyroidectomy alone was done. However, with neck dissection in bilateral CND, incidence was 41% (23/56) in study group and 61% (11/18) in control group. In unilateral CND, study and control group had 31% (10/32) and 54% (13/24) which was found to be statistically significant. Parathyroid auto transplantation among the control group (29%) compared to the study group (16%). Bilateral neck dissection and gross extrathyroidal extension and cases with PTG inadvertent removal posed significant risk factors for hypoparathyroidism. The prevalence of immediate hypocalcemia among Cat A, Cat B and control group were 14%, 20.3% and 37.5% respectively and was statistically significant (&lt;i&gt;P&lt;/i&gt; &lt; .0001). Symptomatic and Biochemical hypocalcemia at the end of 1 week among Cat A, Cat B, and ","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"109 1","pages":"3402-3409"},"PeriodicalIF":1.5,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10645958/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74128840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Regulatory harmonization with the European Union: opportunity or threat to Moroccan firms?","authors":"P. Augier, Olivier Cadot, Marion Dovis","doi":"10.1007/s10290-023-00515-3","DOIUrl":"https://doi.org/10.1007/s10290-023-00515-3","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"29 6","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139206376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}