The World economy最新文献_第2页

Trade policy uncertainty and capacity utilisation rate: Firm‐level evidence from China's WTO accession 贸易政策的不确定性与产能利用率：来自中国入世企业层面的证据

The World economy Pub Date : 2024-07-21 DOI: 10.1111/twec.13611

Qilin Mao, Jiayun Xu, Yiming Zhong

{"title":"Trade policy uncertainty and capacity utilisation rate: Firm‐level evidence from China's WTO accession","authors":"Qilin Mao, Jiayun Xu, Yiming Zhong","doi":"10.1111/twec.13611","DOIUrl":"https://doi.org/10.1111/twec.13611","url":null,"abstract":"This paper was one of the first to explore the impact of trade policy uncertainty (TPU) reduction on Chinese firm capacity utilisation rate from the perspective of trade policy variation. Based on a quasi‐natural experiment of the implementation of Permanent Normal Trade Relation (PNTR) after China's WTO accession, this paper adopts the difference‐in‐difference (DID) method to conduct empirical analysis, and finds that reduction in TPU significantly raises firm capacity utilisation rate. The mechanism tests show that export expansion is an important channel through which reduction in TPU raises firm capacity utilisation rate, especially for firms exporting to the United States; reduction in TPU also raises firm capacity utilisation rate through the improvement of production efficiency; in addition, reduction in TPU raises firm capacity utilisation rate along the downstream linkages, whereas the effect of the upstream linkages is insignificant. Finally, this paper takes a step further to conduct empirical analysis at industry level, the results show that reduction in TPU also significantly raises manufacturing aggregate capacity utilisation rate, and the improvement of resource reallocation efficiency (especially the exit of the firms with backward production capacity) plays an important role. Our study was helpful to understand the driving forces of the changes in Chinese manufacturing capacity utilisation rate in recent years, and it also provides new ideas for solving over‐capacity.","PeriodicalId":75211,"journal":{"name":"The World economy","volume":"92 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141818815","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

How altruism works during a pandemic: Examining the roles of financial support and degrees of individual altruism on international remittance 利他主义如何在大流行病期间发挥作用：研究财政支持和个人利他主义程度对国际汇款的作用

The World economy Pub Date : 2024-07-19 DOI: 10.1111/twec.13616

Nobuyuki Nakamura, Aya Suzuki

{"title":"How altruism works during a pandemic: Examining the roles of financial support and degrees of individual altruism on international remittance","authors":"Nobuyuki Nakamura, Aya Suzuki","doi":"10.1111/twec.13616","DOIUrl":"https://doi.org/10.1111/twec.13616","url":null,"abstract":"While the importance of international remittances has been recognised globally, understanding how public subsidies and the degree of individual altruism affect remittance behaviour remains limited. Although international remittances were predicted to decline drastically in the early stages of the COVID‐19 pandemic, remittance data proved that they were ultimately resilient to the anticipated negative shock of 2020. Potential reasons include altruistic motivations among migrants and economic stimulus programmes in large economies; however, a detailed investigation from a micro‐perspective is lacking and urgently needed. This study examines the impact of financial support in host and home countries and individual altruism on international remittances using unique data from foreign care workers in Japan. Our panel data estimation shows that emergency cash transfers from the host country positively affected migrant remittance amounts; however, no crowding‐out effects were observed due to subsidies from home governments. The heterogeneous analysis also reveals that highly altruistic remitters were more likely to send money home after receiving cash transfers in the host country. The results support the claims of international organisations that the resilience of remittances was supported by altruism and public financial support during the pandemic.","PeriodicalId":75211,"journal":{"name":"The World economy","volume":"41 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141738352","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

Cheaper and faster: The role of air services agreements on transportation 更便宜，更快捷：航空服务协议对运输的作用

The World economy Pub Date : 2024-07-19 DOI: 10.1111/twec.13612

Charlotte Emlinger, Amelie Guillin

引用次数: 0

Absolute and size‐adjusted trade flows: An analysis of RTAs and GATT/WTO membership 绝对贸易流量和规模调整后的贸易流量：区域贸易协定和关贸总协定/世贸组织成员分析

The World economy Pub Date : 2024-07-12 DOI: 10.1111/twec.13610

Samuel Braithwaite

{"title":"Absolute and size‐adjusted trade flows: An analysis of RTAs and GATT/WTO membership","authors":"Samuel Braithwaite","doi":"10.1111/twec.13610","DOIUrl":"https://doi.org/10.1111/twec.13610","url":null,"abstract":"This paper contributes to the debate on whether membership of the General Agreement on Tariffs and Trade/World Trade Organisation (GATT/WTO) promotes greater levels of international trade. A size‐adjusted measure of trade flows vis‐á‐vis absolute trade flows (the traditional dependent variable) is used. The size‐adjusted trade flows dependent variable reduces the importance of bilateral trade with larger countries yielding a greater balance between large and small trade partners and provides an opportunity to test the importance of membership of the GATT/WTO relative to the numerous regional trade agreements (RTAs) which have grown exponentially over the years. In keeping with the recent literature, a structural gravity model of trade framework is used with a Poisson pseudo‐maximum‐likelihood estimator and high dimensional fixed effects. Furthermore, the data set consists of both international and intra‐national (domestic) trade flows. In the case of both approaches (size‐adjusted and absolute trade flows) the results are statistically significant and positive as regards the impact of GATT/WTO membership and RTAs on trade flows. Furthermore, the estimates resulting from size‐adjusted trade flows maintain the greater importance of GATT/WTO membership relative to RTAs.","PeriodicalId":75211,"journal":{"name":"The World economy","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141614219","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

Why does international vertical specialisation affect within‐firm skill premium in China? Investigation and interpretation 为什么国际纵向专业化会影响中国企业内部的技能溢价？调查与解释

The World economy Pub Date : 2024-07-10 DOI: 10.1111/twec.13578

Bo Chen

{"title":"Why does international vertical specialisation affect within‐firm skill premium in China? Investigation and interpretation","authors":"Bo Chen","doi":"10.1111/twec.13578","DOIUrl":"https://doi.org/10.1111/twec.13578","url":null,"abstract":"With highly disaggregated data during 2000–2006 in China, we construct the firm‐level international vertical specialisation index and find that China's ascension to WTO decreased the index in manufacturing firms. We investigate its relationship with measured skill premium in manufacturing firms and find that a one percentage point decrease in international vertical specialisation could lead to as much as a two‐tenth percentage point deduction in the skill premium. The effect is more pronounced when the specialisation is with OECD developed economies, while it is reversed with non‐OECD economies. Furthermore, the relationship is only significant in ordinary firms though processing firms also experienced changes in international vertical specialisation during the same period. Our results are robust to various empirical alternatives. We then propose a model that features a two‐stage production in Melitz's (2003, Econometrica, 71, 1695) heterogeneous firm model. The model can explain the puzzle why China's trade volume surged after entering WTO, while the degree of international vertical specialisation decreased. Furthermore, it also explains why vertical specialisation might affect within‐firm skill premium under trade liberalisation.","PeriodicalId":75211,"journal":{"name":"The World economy","volume":"17 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141659157","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

Trade Policy Review of Turkey 土耳其贸易政策审查

The World economy Pub Date : 2024-07-08 DOI: 10.1111/twec.13609

Serdar Altay

{"title":"Trade Policy Review of Turkey","authors":"Serdar Altay","doi":"10.1111/twec.13609","DOIUrl":"https://doi.org/10.1111/twec.13609","url":null,"abstract":"This paper examines the WTO's 2023 Trade Policy Review (TPR) of Turkey, covering 2016–2022. As Turkey marked its centenary in 2023, the TPR allows for critical reflections on Turkey's global and European economic integration and its evolving economic policies. The review period witnessed key developments: heightened tensions with the European Union (EU), the country's transition into a presidential system, and the impacts of COVID‐19 and the Ukraine war. Turkey continued its state‐led development and proactive industrial policy post‐Global Financial Crisis, aiming to reduce the current account deficit, diversify exports, advance technological sophistication and enhance its position in global value chains (GVCs). Recently Turkey has further aligned its import–export regimes and trade negotiations with these strategic goals, increasing its Most Favoured Nation tariffs and adopting localisation strategies to support key sectors. Turkey navigated the pandemic effectively, bolstering its role in global supply chains, as indicated by its increased trade‐to‐GDP ratio. This underscores its economic resilience and strategic location. However, Turkey's trade policies are increasingly diverging from those of the EU, its main trade and supply chain partner and Customs Union ally. Turkey's new Regional Trade Agreements aim for deeper sectoral integration with partners other than the EU.","PeriodicalId":75211,"journal":{"name":"The World economy","volume":"34 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141568167","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

The return of industrial policy in data 工业政策在数据中的回归

The World economy Pub Date : 2024-07-03 DOI: 10.1111/twec.13608

Simon Evenett, Adam Jakubik, Fernando Martín, Michele Ruta

引用次数: 0

Are sanctions costly for the energy industry of sanctioning states? A difference‐in‐differences approach to sanctions during the Russia–Ukraine war 制裁是否会让制裁国的能源产业付出高昂代价？俄乌战争期间制裁的差异分析法

The World economy Pub Date : 2024-07-01 DOI: 10.1111/twec.13604

Phuc Van Nguyen, Vu Minh Ngo, Huan Huu Nguyen

引用次数: 0

The delayed impact of containers on U.S. international trade growth 集装箱对美国国际贸易增长的延迟影响

The World economy Pub Date : 2024-06-26 DOI: 10.1111/twec.13607

Benjamin Bridgman