WorldWideScience

Sample records for prices foreign trade

  1. Trading price jump clusters in foreign exchange markets

    Czech Academy of Sciences Publication Activity Database

    Novotný, Jan; Petrov, D.; Urga, G.

    2015-01-01

    Roč. 24, June (2015), s. 66-92 ISSN 1386-4181 Institutional support: PRVOUK-P23 Keywords : price jumps * foreign exchange markets * trading Subject RIV: AH - Economics Impact factor: 1.726, year: 2015

  2. Trading price jump clusters in foreign exchange markets

    Czech Academy of Sciences Publication Activity Database

    Novotný, Jan; Petrov, D.; Urga, G.

    2015-01-01

    Roč. 24, June (2015), s. 66-92 ISSN 1386-4181 R&D Projects: GA ČR(CZ) GA14-27047S Institutional support: RVO:67985998 Keywords : price jumps * foreign exchange markets * trading Subject RIV: AH - Economics Impact factor: 1.726, year: 2015

  3. PRICE CATEGORIES USED IN FOREIGN TRADE TRANSACTIONS IN THE LIGHT OF THE DELIVERY TERMS INCOTERMS 2010

    Directory of Open Access Journals (Sweden)

    Paliu - Popa Lucia

    2011-12-01

    Full Text Available On the international markets of goods, pricing is usually done by the confrontation between supply and demand, under pressure from global competition; such pricing is influenced by many other factors that reflect the structural crisis phenomena triggered in the world economy, or factors specific to different groups of goods. After negotiation, the contracting parties should obtain the best price, taking into account the circumstantial situation of the world market upon the transaction, the quality and the technical and functional parameters of the goods subject to negotiations, comparable to those of the competition, the delivery terms and the payment method. From this perspective, we believe that the provision of substantiated external prices makes it easier to obtain maximum benefits and achieve the trade with foreign countries under the best terms. Because the external price is an essential element of the agreement of international sale of goods that contributes substantially to the profitability of an entity, we will deal below with the main categories of prices used in foreign trade activities, both in intra-Community and international transactions, taking into account the models for calculating the external price, compared to the delivery terms Incoterms 2010.

  4. Czech Foreign Trade with Meat and Meat Products

    Directory of Open Access Journals (Sweden)

    Karina Pohlová

    2016-04-01

    Full Text Available The meat production and meat processing industry are the most important parts of the agribusiness in the Czech Republic. The problem of the industry is its low competitiveness towards foreign producers and processors which results in negative balance of foreign trade. The aim of the article is to evaluate long-term development of value and structure of Czech foreign trade flows of meat and meat products. The analysis covers the period of 2001–2014. The problems of the negative trade balance are revealed through description of the trade flows of meat and meat products, the RCA index and relations between import and export prices. The analysis points out the problems of low competitiveness of the intermediate and finalized meat. Alternatively, Czech Republic has comparative advantage in live animals, sausages and homogenized meat products.

  5. An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment

    OpenAIRE

    Itay Goldstein; Assaf Razin

    2005-01-01

    The paper develops a model of foreign direct investments (FDI) and foreign portfolio investments (FPI).The model describes an information-based trade off between direct investments and portfolio investments. Direct investors are more informed about the fundamentals of their projects. This information enables them to manage their projects more efficiently. However, it also creates an asymmetric-information problem in case they need to sell their projects prematurely, and reduces the price they...

  6. Trading network predicts stock price.

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

    2014-01-16

    Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

  7. 15 CFR 30.52 - Foreign Trade Zones.

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Foreign Trade Zones. 30.52 Section 30.52 Commerce and Foreign Trade Regulations Relating to Commerce and Foreign Trade BUREAU OF THE CENSUS, DEPARTMENT OF COMMERCE FOREIGN TRADE REGULATIONS Import Requirements § 30.52 Foreign Trade Zones. Foreign...

  8. Price floors for emissions trading

    International Nuclear Information System (INIS)

    Wood, Peter John; Jotzo, Frank

    2011-01-01

    Price floors in greenhouse gas emissions trading schemes can guarantee minimum abatement efforts if prices are lower than expected, and they can help manage cost uncertainty, possibly as complements to price ceilings. Provisions for price floors are found in several recent legislative proposals for emissions trading. Implementation however has potential pitfalls. Possible mechanisms are government commitments to buy back permits, a reserve price at auction, or an extra fee or tax on acquittal of emissions permits. Our analysis of these alternatives shows that the fee approach has budgetary advantages and is more compatible with international permit trading than the alternatives. It can also be used to implement more general hybrid approaches to emissions pricing. - Research highlights: → Price floors for emissions trading schemes guarantee a minimum carbon price. → Price floors mean that emissions can be less than specified by the ETS cap. → We examine how price floors can relate to different policy objectives. → We compare different mechanisms for implementing a price floor. → We find that a mechanism where there is an extra tax or fee has advantages.

  9. The competitiveness of Slovak foreign trade in the European market

    Directory of Open Access Journals (Sweden)

    Pavličková Viera

    2013-01-01

    Full Text Available The paper deals with the competitiveness of the Slovak Republic in its ability to succeed in foreign markets. It provides a complex view of Slovak foreign trade within the European Union using a sectoral classification of products. Several appropriate methods (Constant Market Share Analysis, Revealed Comparative Advantage, Michaely Index, and unit export and import values are applied to quantify the competitiveness of Slovak foreign trade and to identify the level and trend of its specialisation. The analysis uses the data provided by the Eurostat Comext database for the period 1999-2011. The results confirmed Slovakia as a former transition country to be a fast developing open economy. Its production is competitive in the European market, although mainly with prices. Labour- and capital-intensive commodities, along with the automotive industry, dominate Slovak foreign trade. Technology- and R&D-driven goods have a comparative disadvantage as a consequence of several factors, such as lack of innovation and creativity in the business sphere. A shift towards export of more sophisticated products would be beneficial in supporting long-term sustainable development; however, no significant change in Slovak commodity structure has occurred over the past years.

  10. The Approach to Defining Gravity Factors of Influence on the Foreign Trade Relations of Countries

    Directory of Open Access Journals (Sweden)

    Kalyuzhna Nataliya G.

    2017-03-01

    Full Text Available The aim of the article is to determine the gravity factors of influence on the foreign trade relations of countries on the basis of the results of the comparative analysis of the classical specifications of the gravity model of foreign trade and the domestic experience in gravity modeling. It is substantiated that a gravity model is one of the tools of economic and mathematical modeling, the use of which is characterized by a high level of adequacy and ensures prediction of foreign trade conditions. The main approaches to the definition of explanatory variables in the gravity equation of foreign trade are analyzed, and the author’s approach to the selection of the factors of the gravity model is proposed. As the first explanatory variable in the specification of the gravity model of foreign trade and the characteristics of the importance of economies of foreign trade partners, it is proposed to use the GDP calculated at purchasing power parity with the expected positive and statistically significant coefficient. As the second explanatory variable of the gravity equation of foreign trade, it is proposed to use a complex characteristic of the “trade distance” between countries, which reflects the current conditions of bilateral trade and depends on factors influencing the foreign trade turnover between countries — both directly (static proportionality of transport costs of geographical remoteness, and indirectly (dynamic institutional conditions of bilateral relations. The expediency of using the world average annual price for oil as the quantitative equivalent of the “trading distance” index is substantiated. Prospects for further research in this direction are identifying the form and force of influence of certain basic gravity variables on the foreign trade relations of certain partner countries and determining the appropriateness of including additional factors in the composition of the gravity equation of foreign trade.

  11. Trading Behavior of Foreign Vis a Vis Local Investors in The Indonesian Stock Market

    Directory of Open Access Journals (Sweden)

    Soemarso Slamet Rahardjo

    2015-04-01

    Full Text Available This paper studies the behavior of foreign, local investors and total market in a stock trading. The analysis is focused on their implementation of positive feedback strategy, the existence of mean reverting process and their sensitivity toward expected capital gain and losses. The result reveals that both of these two investors apply the positive feedback strategy, at a different degree. The investment horizon of the foreign investors is shorter than the local investors. There is a mean reverting pattern in the price volatilities. The convergence period for local investor is 2.4. The market needs 1.8 month. No convergence period for foreign investors. The local investors and total market are neutral toward expected gain and losses. The foreign investors are more sensitive to capital loss. Previous price and volume changes have a leverage effect to the current demand of foreign investors. The local investors are affected by changes in price only.

  12. Domestic Price, (Expected) Foreign Price, and Travel Spending by Canadians in the United States

    OpenAIRE

    Jan Vilasuso; Fredric C. Menz

    1998-01-01

    In this paper, the authors develop and test a model to explain travel expenditures in the United States by Canadians. The model examines a consumer's choice problem where income is allocated between domestic and foreign consumption. Consumers do not know the foreign price level and base their spending in part on expected foreign price. In addition to expected foreign price, domestic price, exchange rates, income, and foreign price uncertainty influence travel spending. Empirically, each deter...

  13. Foreign Trade

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — The Foreign Trade database has monthly volume and value information for US imports, exports, and re-exports of fishery or fishery derived products. Data is...

  14. Evaluating of foreign trade security

    OpenAIRE

    Vasyliev Andriy

    2015-01-01

    A method of evaluating foreign trade security is considered based on horizontally integrated approach to research security issues, taking into account the conditions of management, factors, components and levels of external security. The work was based theories of security, economics, management theory, practice of state regulation of foreign trade.

  15. Current Trends in Foreign Trade Theory and Policy

    Directory of Open Access Journals (Sweden)

    Zdzisław W. Puślecki

    2017-12-01

    Full Text Available In this research work, Author focus on the current analysis trends in foreign trade theory and policy. Accordance with the foreign trade policy theory further trade liberalisation and improved framework policies would increase trade and promote growth. It must be emphasized that openness to trade is associated with higher incomes and growth and there is the need for new approaches to trade cooperation in light of the forces that are currently re-shaping international business. What indicates the importance and innovativeness of the research is the presentation of the new models of the foreign trade policy and trade interests. First of all, it must underline that in the new theoretical terms in demand for trade policy very important is factor specificity. The low specificity of factors means that factor returns are equalized throughout a region’s economy. On the other hand, some factors are stuck in their present uses; therefore, factor returns are not equalized throughout a region’s economy but are industry specific. The main objective of the research task is to give a comprehensive analysis of current trends in foreign trade theory and policy and in particular models of foreign trade policy, trade interests indicated by export orientation and import sensitivity, foreign trade policy in different types of authoritarian regimes, protectionist pressures in different political system, the level of protectionist pressures, the tendencies to bilateralism in the foreign trade policy. It should be stressed that free trade in itself is not responsible for economic growth, but more significant are the determining macroeconomic stability and increasing investment.

  16. Hidden foreign trade and corruption on customers

    Directory of Open Access Journals (Sweden)

    Богдан Миколайович Головкін

    2017-12-01

    migration through the customs border of amber and wood, the manipulation of exports of grain and other highly liquid products deserve. Summarizing, we draw the following conclusions. Customs corruption is based on providing shadow foreign trade and covering economic crime on a transnational or transboundary scale. It is in violation of customs legislation by both parties in customs matters for the purpose of illegal enrichment. In corruption practices, all bodies and services that provide state control over the movement of goods through the customs border of Ukraine and carry out law-enforcement activities in this area participate. The level of corruption in the sphere of foreign economic activity depends on the volume of illegal export-import operations with raw materials and highly liquid products, as well as the ratio of official taxes and the cost of corruption services to economic entities. It was clarified that in parallel with "centralized corruption" in customs authorities there is "competitive corruption" between regional customs and their structural divisions for providing corruption services at lower prices. Measures to prevent corruption and crime should be aimed at reducing the profitability of shadow foreign trade by liberalizing the tax burden at the same time while strengthening control over transfer pricing, including the customs service into an integrated security system throughout the supply chain, implementing common customs control, managing risky operations.

  17. Exporter Price Response to Exchange Rate Changes

    DEFF Research Database (Denmark)

    Fosse, Henrik Barslund

    Firms exporting to foreign markets face a particular challenge: to price their exports in a foreign market when the exchange rate changes. This paper takes on pricing- to-market using a unique data set that covers rm level monthly trade at great detail. As opposed to annual trade ows, monthly trade...... theoretical contributions to the litterature on pricing-to-market and exchange rate pass-through....

  18. CONSIDERATIONS ON TRANSACTIONS OF FOREIGN TRADE

    Directory of Open Access Journals (Sweden)

    Paliu-Popa Lucia

    2009-05-01

    Full Text Available In the complex connection process of national economies to global economy flows, an important role has the foreign trade, which in recent decades has become, in the market economy conditions, one of the factors determining for economic growth. Foreign trade, as a separate branch of the national economy is an important factor of economic growth, caused by the internationalization of business and determining for the process of globalization. For Romania, a country still in transition and recent member of the European Union is particularly important to enhance the participation to international trade in goods and services, but also attracting foreign investments in the economy as the main possibilities for the re-industry and restructuring the national economy in order to creation and maintenance of sustainable competitive advantages. Starting from these considerations, in this article I addressed/aproached the theoretical aspects of foreign trade, without omitting intracomunity purchases and deliveries of goods.

  19. An island apart? Risks and prices in the Australian cryptomarket drug trade.

    Science.gov (United States)

    Cunliffe, Jack; Martin, James; Décary-Hétu, David; Aldridge, Judith

    2017-12-01

    Australia has a reputation as an anomaly with regard to cryptomarket drug trading, with seemingly disproportionately high levels of activity given its relatively small size, high prices and anecdotal accounts of it being a destination where many foreign-based vendors will not sell. This paper aims to investigate these claims from a risk and prices perspective. By analysing data for over 60,000 drug products available for purchase from eight cryptomarkets in January 2016 this work builds a descriptive picture of the Australian online market in comparison to the rest of the world, before moving onto analyse the prices of drugs available to Australian consumers, both online and though conventional drug supply routes. Results show that the Australian online illicit drugs market is of considerable size, internally isolated and with methamphetamine sales being particularly large by comparison to other countries. Australian cryptomarket vendors sell drugs at significantly higher prices than those listed by their foreign counterparts. Online prices are however broadly comparable to street prices, with the exception of methamphetamine where prices appear to be much lower online. These findings indicate that the perceived stringency of Australian border protection inadvertently increases the competitiveness and local market share of domestic cryptomarket vendors via a consumer side 'risk tariff', challenging the traditionally vendor-oriented drugs risk and prices framework. Copyright © 2017 Elsevier B.V. All rights reserved.

  20. 48 CFR 229.402-1 - Foreign fixed-price contracts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Foreign fixed-price... Foreign fixed-price contracts. Use the clause at 252.229-7000, Invoices Exclusive of Taxes or Duties, in solicitations and contracts when a fixed-price contract will be awarded to a foreign concern. ...

  1. Parallel trade, pharmaceutical innovation, and intellectual property rights

    OpenAIRE

    Tabata, Ken; Shinkai, Tetsuya; Tanaka, Satoru; Okamura, Makoto

    2005-01-01

    This paper examines how the parallel trade influences the pharmaceutical innovation and welfare. We consider the case where one monopolist in the home potentially sells in the both domestic and foreign markets with different price elasticities of demand. As relevant in the pharmaceutical context, the price of a good sold in the foreign country is determined by the negotiation between the firm and the foreign government. When the parallel trade is allowed, this negotiated foreign price also be...

  2. The Carbon Trading Price and Trading Volume Forecast in Shanghai City by BP Neural Network

    OpenAIRE

    Liu Zhiyuan; Sun Zongdi

    2017-01-01

    In this paper, the BP neural network model is established to predict the carbon trading price and carbon trading volume in Shanghai City. First of all, we find the data of carbon trading price and carbon trading volume in Shanghai City from September 30, 2015 to December 23, 2016. The carbon trading price and trading volume data were processed to get the average value of each 5, 10, 20, 30, and 60 carbon trading price and trading volume. Then, these data are used as input of BP neural network...

  3. Steam coal trade: demand, supply and prices to 2020

    Energy Technology Data Exchange (ETDEWEB)

    1993-04-01

    This report on the international seaborne steam coal market was prepared using an electricity generation model developed for each coal-importing country, with the aid of WEFA Energy's power station database. The report contains chapters on: import demand forecasting methodology; orimulsion (environmental considerations and market potential); Scandinavia; North West Europe; British Isles; South West Europe; Eastern Europe; Eastern Mediterranean and North Africa; Asia; Latin America; North America; world steam coal demand summary; trade and price forecasting methodology; base case forecast; shipping rates; import demand; export supply and foreign exchange rates.

  4. Implementation of International Standards in Russia's Foreign Trade Statistics

    Directory of Open Access Journals (Sweden)

    Natalia E. Grigoruk

    2015-01-01

    Full Text Available The article analyzes the basic documents of international organizations in recent years, which have become the global standard for the development and improvement of statistics of foreign economic relations of most countries, including the Russian Federation. The article describes the key features of the theory and practice of modern foreign trade statistics in Russia and abroad, with an emphasis on the methodological problems of its main parts - the external trade statistics. It shows their interpretation in the most recent recommendations by UN statistical apparatus and other international organizations; considers a range of problems associated with the implementation of the national statistical practices of countries, including Russia and the countries of the Customs Union, the main international standard of foreign trade statistics - UN document "International Merchandise Trade Statistics". The main attention is paid to methodological issues such as: the criteria for selecting the objects of statistical accounting in accordance with international standards, quantitative and cost parameters of foreign trade statistics, statistical methods and estimates of commodity exports and imports, the problems of comparability of data; to a comparison of international standards in 2010 with documents on key precursor methodology of foreign trade statistics, characterized by the practice of introducing these standards in the foreign trade statistics of Russia and the countries of the Customs Union. The article analyzes the content given in the official statistical manuals of Russia foreign trade and foreign countries, covers the main methodological problems of World Trade in conjunction with the major current international statistical standards - System of National Accounts, Manual on Statistics of International Trade in Services and other documents; provides specific data describing the current structure of Russian foreign trade and especially its

  5. 27 CFR 28.290 - Receipt in foreign trade zone.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Receipt in foreign trade zone. 28.290 Section 28.290 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE... in Foreign-Trade Zone § 28.290 Receipt in foreign trade zone. On receipt at the zone, the shipment...

  6. Book Trade Research and Statistics. Prices of U.S. and Foreign Published Materials; Book Title Output and Average Prices: 2001 Final and 2002 Preliminary Figures; Book Sales Statistics, 2002: AAP Preliminary Estimates; U.S. Book Exports and Imports:2002; Number of Book Outlets in the United States and Canada; Review Media Statistics.

    Science.gov (United States)

    Sullivan, Sharon G.; Grabois, Andrew; Greco, Albert N.

    2003-01-01

    Includes six reports related to book trade statistics, including prices of U.S. and foreign materials; book title output and average prices; book sales statistics; book exports and imports; book outlets in the U.S. and Canada; and numbers of books and other media reviewed by major reviewing publications. (LRW)

  7. 78 FR 30269 - Foreign-Trade Zone 129-Bellingham, Washington; Authorization of Production Activity; T.C. Trading...

    Science.gov (United States)

    2013-05-22

    ... proposed production activity to the Foreign-Trade Zones (FTZ) Board on behalf of T.C. Trading Company, Inc... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-8-2013] Foreign-Trade Zone 129--Bellingham, Washington; Authorization of Production Activity; T.C. Trading Company, Inc. (Eyeglass Assembly and Kitting...

  8. 12 CFR 614.4700 - Financing foreign trade receivables.

    Science.gov (United States)

    2010-01-01

    ... OPERATIONS Banks for Cooperatives and Agricultural Credit Banks Financing International Trade § 614.4700 Financing foreign trade receivables. (a) Banks for cooperatives and agricultural credit banks, under policies adopted by their boards of directors, are authorized to finance foreign trade receivables on...

  9. Suggestions for foreign trade enterprises to reduce cost after implementation of RMB cross-border trade settlement

    Directory of Open Access Journals (Sweden)

    Jie Min

    2017-03-01

    Full Text Available After RMB cross-border trade settlement was implemented, the ability of foreign trade enterprises to evade foreign exchange risk has enhanced to a great extent. In the meantime, with exchange rate fluctuations, foreign trade enterprises have become more sensitive with exchange rate variation. Based on predecessors’achievement, this thesis reasonably proposed a cost model applicable to foreign trade enterprises, in which the variables are all related to exchange rate. Therefore, by making exchange rate estimation, this thesis conducted data analysis and modeling, so as to find a way for foreign trade enterprises to predict exchange rate in a reasonable way. The thesis reached the conclusion that foreign trade enterprises can better control their cost based on RMB cross-border settlement.

  10. ROMANIAN FOREIGN TRADE - A REGIONAL PERSPECTIVE

    Directory of Open Access Journals (Sweden)

    Gabriela Carmen Pascariu

    2010-03-01

    Full Text Available The increasing integration of Romania in the global economy is a reality of the last years, proved through a constant growth of the foreign trade with other countries, which exceeded, in terms ofdynamics, both GDP and industrial production. In the first part of our paper, we intend to analyze the evolution of Romanian foreign trade in the period 1995-2007, focusing on the proportions of the imports and exports, at regional level. We wish to emphasize the correlations between the indicators that describe the degree of openness to foreign trade and indicators of competitiveness and specialization in different industries. The main goal of our approach is to highlight the sectors which generate comparative advantages and potential competitiveness poles, contributing significantly to the increase of the Romanian economy, expressed in GDP/capita. In the second part of the paper, based on the frame of analysis and interpretation defined and implemented in the first part, we intend to establish if the agglomeration processes in some regions of ourcountry will lead gradually to the strengthening of growth poles and, therefore to boost the foreign trade.

  11. 75 FR 70973 - Registration of Foreign Boards of Trade

    Science.gov (United States)

    2010-11-19

    ... prospectively to facilitate direct access to the electronic trading system of a foreign board of trade by its U... Trade; Proposed Rule #0;#0;Federal Register / Vol. 75 , No. 223 / Friday, November 19, 2010 / Proposed... Registration of Foreign Boards of Trade AGENCY: Commodity Futures Trading Commission. ACTION: Notice of...

  12. Oil refining in U.S. foreign-trade zones

    International Nuclear Information System (INIS)

    Powell, S.J.; Potter, T.J.

    1991-01-01

    With the crude-oil import supply being as inexpensive as it is today, relative to domestic supply, many independents have been sourcing their crude-oil needs from abroad and have found it an opportune time to step up their level of refining activity. To further enhance their competitive position with respect to foreign refineries, certain domestic refiners have discovered the operational benefits and savings that result from having a refinery designated as a foreign-trade zone (FTZ) under the Foreign-Trade Zones Act of 1934, as amended. This paper examines the history and use of foreign-trade subzones for refining activities

  13. Price Undertakings, VERs, and Foreign Direct Investment

    OpenAIRE

    Ishikawa, Jota; Miyagiwa, Kaz

    2006-01-01

    We compare the relative effect of a voluntary export restraint (VER) and a price undertaking on foreign firms' incentive to engage in FDI. We emphasize foreign rivalry as a determinant of FDI. We show, in a model that has two foreign firms competing with a home firm in the home country, that a price undertaking induces more FDI than a VER. The home country government, operating under the constraint to protect the home firm, is generally better off settling an antidumping case with a VER than ...

  14. RUSSIA’S FOREIGN TRADE IN JUNE 2014

    OpenAIRE

    Nadezhda Volovik

    2014-01-01

    Russia’s foreign trade turnover shrank in June 2014. At the same time, Russian export stagnation observed in the last months changed for the worse and began falling. Sanctions against Russia and retaliati on measures taken by the Russian government most likely will lead to the fall in Russia’s foreign trade indices.

  15. 77 FR 32929 - Expansion of Foreign-Trade Zone 163; Ponce, PR

    Science.gov (United States)

    2012-06-04

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1830] Expansion of Foreign-Trade Zone 163; Ponce, PR Pursuant to its authority under the Foreign-Trade Zones Act of June 18, 1934, as amended (19 U.S.C. 81a-81u), the Foreign-Trade Zones Board (the Board) adopts the following Order: Whereas...

  16. Exchange Rate and the PRC Foreign Trade

    Directory of Open Access Journals (Sweden)

    Izotov D. A.

    2009-09-01

    Full Text Available The stages of exchange rate regulation and foreign trade systems reforming in PRC during the period 1978-2008 are examined. A quantitative assessment of PRC foreign trade parameters reactions to the currency rate dynamics on the national and regional levels is made. Also the import and export impact of potential exchange rate changes is estimated

  17. Quantifying immediate price impact of trades based on the k-shell decomposition of stock trading networks

    Science.gov (United States)

    Xie, Wen-Jie; Li, Ming-Xia; Xu, Hai-Chuan; Chen, Wei; Zhou, Wei-Xing; Stanley, H. Eugene

    2016-10-01

    Traders in a stock market exchange stock shares and form a stock trading network. Trades at different positions of the stock trading network may contain different information. We construct stock trading networks based on the limit order book data and classify traders into k classes using the k-shell decomposition method. We investigate the influences of trading behaviors on the price impact by comparing a closed national market (A-shares) with an international market (B-shares), individuals and institutions, partially filled and filled trades, buyer-initiated and seller-initiated trades, and trades at different positions of a trading network. Institutional traders professionally use some trading strategies to reduce the price impact and individuals at the same positions in the trading network have a higher price impact than institutions. We also find that trades in the core have higher price impacts than those in the peripheral shell.

  18. 27 CFR 28.245 - Shipment to foreign-trade zone.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Shipment to foreign-trade zone. 28.245 Section 28.245 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE... Consignment § 28.245 Shipment to foreign-trade zone. Where distilled spirits (including specially denatured...

  19. Time scale defined by the fractal structure of the price fluctuations in foreign exchange markets

    Science.gov (United States)

    Kumagai, Yoshiaki

    2010-04-01

    In this contribution, a new time scale named C-fluctuation time is defined by price fluctuations observed at a given resolution. The intraday fractal structures and the relations of the three time scales: real time (physical time), tick time and C-fluctuation time, in foreign exchange markets are analyzed. The data set used is trading prices of foreign exchange rates; US dollar (USD)/Japanese yen (JPY), USD/Euro (EUR), and EUR/JPY. The accuracy of the data is one minute and data within a minute are recorded in order of transaction. The series of instantaneous velocity of C-fluctuation time flowing are exponentially distributed for small C when they are measured by real time and for tiny C when they are measured by tick time. When the market is volatile, for larger C, the series of instantaneous velocity are exponentially distributed.

  20. The Position of Suitcase Trading in Turkey’s Foreign Trade and Growth-Suitcase Trading Connection

    Directory of Open Access Journals (Sweden)

    Sinem YAPAR SAÇIK

    2013-12-01

    Full Text Available Suitcase trading which is defined as a purchasing process of merchandises in a country that is implemented by travelers (nonresidents to sell those merchandises in their own country; it has started to take place in balance of payments of Turkey since 1996. After the collapse of USSR in 1991 Turkey became a net exporter in suitcase trading so the country reached significant figures occasionally. In this paper the position of suitcase trading in Turkey’s foreign trade is analyzed in consideration of statistical indicators. According to the findings acquired from the study, suitcase trading is a significant variable for Turkey to have currency and to close foreign deficits. Suitcase trading and growth connection is also analyzed by econometric method which is co-integration test and the result is affirmative. And also it is found that this connection is unilateral causation from growth towards suitcase trading according to the findings of Granger causality test

  1. 48 CFR 629.402-1 - Foreign fixed-price contracts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Foreign fixed-price contracts. 629.402-1 Section 629.402-1 Federal Acquisition Regulations System DEPARTMENT OF STATE GENERAL CONTRACTING REQUIREMENTS TAXES Contract Clauses 629.402-1 Foreign fixed-price contracts. ...

  2. 78 FR 7395 - Foreign-Trade Zone 129-Bellingham, WA; Notification of Proposed Production Activity; T.C. Trading...

    Science.gov (United States)

    2013-02-01

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-8-2013] Foreign-Trade Zone 129--Bellingham, WA; Notification of Proposed Production Activity; T.C. Trading Company, Inc. (Eyeglass Assembly and Kitting... activity on behalf of T.C. Trading Company, Inc. (T.C. Trading), located in Blaine, Washington. The...

  3. 78 FR 50481 - Request for Public Comments Regarding the National Trade Estimate Report on Foreign Trade Barriers

    Science.gov (United States)

    2013-08-19

    ... barriers to U.S. exports of goods, services, and U.S. foreign direct investment for inclusion in the NTE... affecting U.S. exports of goods and services, U.S. foreign direct investment, and protection of intellectual... National Trade Estimate Report on Foreign Trade Barriers AGENCY: Office of the United States Trade...

  4. Foreign versus domestic institutional investors in emerging markets: Who contributes more to firm-specific information flow?

    Directory of Open Access Journals (Sweden)

    Jeong-Bon Kim

    2015-03-01

    Full Text Available Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-specific information is incorporated into stock prices, captured by stock price synchronicity. We find, first, that stock price synchronicity decreases significantly with the intensity of trading by foreign investors and domestic institutional investors. Second, trading by foreign investors facilitates the incorporation of firm-specific information into stock prices to a greater extent than trading by aggregate domestic institutions. Third, among domestic institutions with differing investment horizons, short-term investing institutions, such as securities and investment trust companies, play a more important role in incorporating firm-specific information into stock prices via their trading activities, compared with long-term investing institutions, such as banks and insurance companies. Finally, we provide evidence suggesting that trading by foreign and domestic short-term institutions reduces the extent of accrual mispricing. Our results are robust to a variety of sensitivity checks.

  5. THE PLACE OF SWITZERLAND IN ROMANIA'S FOREIGN TRADE WITH EFTA DURING 2007-2016

    Directory of Open Access Journals (Sweden)

    ZAMFIR PAUL BOGDAN

    2017-06-01

    Full Text Available In this paper it is presented in a synthetic manner the overall evolution of bilateral trade between Romania and Switzerland in the current period of post-accession of our country to EU. Therefore, in order to be successed on this market - to achieve and maintain stable and long-term commercial relations partners, romanian exporters should pay very attention strict implementation of contractual terms, equality rules, conditions and delivery terms and possibly to inform previously on local prices of competing firms. Also it is important to emphasize that the current EU's legal framework regarding trade relations influenced positively the entire climate of bilateral trade between Romanian and Swiss economic agents. At the same time, the bilateral agreements are also applied by Romania in virtue of its quality as member state of EU that automatically adopted and implemented EU legislation, the international treaties and agreements with third countries. Thus, it is noticeable that in post-accession period to the EU, our country in the field of foreign trade with Switzerland applies the legal framework of EU that has as main effect the development of trade conducted between Romanian and Swiss companies. Also, regarding Romania's foreign trade with EFTA states in the current period of post accession to EU it can be noticed a major improvement, due to the three countries of The European Free Trade Association (EFTA except Switzerland is subject to the European Economic Area (EEA Agreement. In this context the elimination of customs duties in trade between our country and EFTA states leads undoubtedly to entry on Romanian market of products with high quality designed to meet the requirements of domestic demand.

  6. 76 FR 19746 - Expansion of Foreign-Trade Zone 133; Quad-Cities, IL/IA

    Science.gov (United States)

    2011-04-08

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1749] Expansion of Foreign-Trade Zone 133; Quad-Cities, IL/IA Pursuant to its authority under the Foreign-Trade Zones Act of June 18, 1934, as amended (19 U.S.C. 81a-81u), the Foreign-Trade Zones Board (the Board) adopts the following Order...

  7. Foreign trade legislation, war weapons control legislation

    International Nuclear Information System (INIS)

    Hucko, E.M.

    1993-01-01

    The volume contains, in addition to an introduction into the matter, the texts of the Foreign Trade Act (FTA), the War Weapons Control Act and all relevant ordinances. Foreign trade transactions of the Federal Republic of Germany are essentially, but not exclusively, governed by the FTA. They are strongly influenced by the legislation of the European Communities which in the form of directives are immediately effective here, and in the form of guidelines oblige the German lawgiver or ordinance giver to translate them into practice, mostly by appropriate modifications of the foreign trade ordinance, the import and export lists. It is not the war weapons which are the problem, but the so-called dual-use goods, namely articles, technologies and knowledge which, as a rule, serve civil purposes, which, however, may be used also to produce weapons, in particular ABC weapons or rockets. Nowadays we are concerned about several third-world states which are obsessed by the wish to build their own atomic bomb. (orig./HSCH) [de

  8. 75 FR 29975 - Expansion of Foreign-Trade Zone 272; Lehigh Valley, Pennsylvania

    Science.gov (United States)

    2010-05-28

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1679] Expansion of Foreign-Trade Zone 272; Lehigh Valley, Pennsylvania Pursuant to its authority under the Foreign-Trade Zones Act of June... Bethlehem, Pennsylvania, adjacent to the Philadelphia Customs and Border Protection port of entry (FTZ...

  9. 27 CFR 44.264a - To a foreign-trade zone.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false To a foreign-trade zone. 44.264a Section 44.264a Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE... Warehouses Notice of Removal of Shipment § 44.264a To a foreign-trade zone. Where cigars are withdrawn from a...

  10. 27 CFR 44.196a - To a foreign-trade zone.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false To a foreign-trade zone. 44.196a Section 44.196a Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE... Shipment § 44.196a To a foreign-trade zone. Where tobacco products, and cigarette papers and tubes are...

  11. 27 CFR 44.207a - To a foreign-trade zone.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false To a foreign-trade zone. 44.207a Section 44.207a Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE... of Shipment § 44.207a To a foreign-trade zone. Where tobacco products, and cigarette papers and tubes...

  12. Marketing instruments of foreign trade promotion

    OpenAIRE

    Bjelić Predrag

    2011-01-01

    Instruments of promotion as a part of marketing mix are usually associated with companies but more and more countries use this instrument in order to boost their exports. These foreign trade promotion instruments are now popular in many countries in the world since their use is not opposed to any World Trade Organization rules. Marketing instruments of trade promotions are the most important. They include National Exhibitions and National labels of origin and quality. In order to coordinate t...

  13. TRADING ACTIVITY AND PRICES IN ENERGY FUTURES MARKET

    Directory of Open Access Journals (Sweden)

    Aysegul Ates

    2016-04-01

    Full Text Available This paper aims to examine trading activity and the relationship between futures trading activity by trader type and energy price movements in three energy futures markets –natural gas, crude oil and heating oil. We find that the level of net positions of speculators are positively related to future returns and in contrast net positions of hedgers are negatively related to futures price changes in all three markets. The changes in net positions are relatively more informative compare to the level of net positions in predicting price changes in related markets.

  14. Foreign Direct Investment from China in the Regions of Russia: Are They Substitutes or Compliments of Foreign Trade?

    Directory of Open Access Journals (Sweden)

    Alina Nikolaevna Novopashina

    2012-12-01

    Full Text Available The study summarizes theoretical approaches explaining the conditions under which foreign direct investment (FDI can complement or substitute foreign trade depending on investment incentives. The author examines the example of investment and trade cooperation between cross-border and internal regions of Russia and China. Using regression analysis of China’s FDI impact on the foreign trade of Russian regions with China the author concludes that cross-border regions can attract China’s FDI because of their comparative advantages. The paper also employs FDI localization ratios in cross-border and internal regions and the structure of China’s FDI by different activities. The study shows that FDI from China can complement foreign trade with China in cross-border regions. However internal regions attract FDI from China mostly because of access to their home markets, and in this case FDI are substitutes of foreign trade with China

  15. 15 CFR 50.30 - Fee structure for foreign trade and shipping statistics.

    Science.gov (United States)

    2010-01-01

    ... shipping statistics. 50.30 Section 50.30 Commerce and Foreign Trade Regulations Relating to Commerce and... THE CENSUS § 50.30 Fee structure for foreign trade and shipping statistics. (a) The Bureau of the Census is willing to furnish on a cost basis foreign trade and shipping statistics provided there is no...

  16. Globalisation, Trade Openness and Foreign Direct Investment in Romania

    Directory of Open Access Journals (Sweden)

    Dima Stela

    2016-11-01

    Full Text Available The paper analyses the trend of globalisation, trade openness and foreign direct investments (FDI in Romania and the link between them in the last 25 years. Data from UNCTAD, World Bank and KOF globalisation index were used in econometrical models testing the link between globalisation, trade openness and foreign direct investment. A strong positive and statistical validated link is found between globalisation and FDI, between trade openness and FDI, and between FDI and globalisation. In the context of Romanian economy, these three phenomena are interrelated and each of them is acting to potentiate the effect of the other. Moreover, a multivariate regression analysis emphasized the dependency between globalisation index and foreign direct investment, trade openness and market capitalisation. These results can be taken into account when national policies aiming to attract FDI and stimulating export-import activities are designed.

  17. Tiered gasoline pricing: A personal carbon trading perspective

    International Nuclear Information System (INIS)

    Li, Yao; Fan, Jin; Zhao, Dingtao; Wu, Yanrui; Li, Jun

    2016-01-01

    This paper proffers a tiered gasoline pricing method from a personal carbon trading perspective. An optimization model of personal carbon trading is proposed, and then, an equilibrium carbon price is derived according to the market clearing condition. Based on the derived equilibrium carbon price, this paper proposes a calculation method of tiered gasoline pricing. Then, sensitivity analyses and consumers' surplus analyses are conducted. It can be shown that a rise in gasoline price or a more generous allowance allocation would incur a decrease in the equilibrium carbon price, making the first tiered price higher, but the second tiered price lower. It is further verified that the proposed tiered pricing method is progressive because it would relieve the pressure of the low-income groups who consume less gasoline while imposing a greater burden on the high-income groups who consume more gasoline. Based on these results, implications, limitations and suggestions for future studies are provided. - Highlights: • Tiered gasoline pricing is calculated from the perspective of PCT. • Consumers would be burdened with different actual gasoline costs. • A specific example is provided to illustrate the calculation of TGP. • The tiered pricing mechanism is a progressive system.

  18. Assessment of emission trading impacts on competitive electricity market price

    DEFF Research Database (Denmark)

    Singh, S.N.; Saxena, D.; Østergaard, Jacob

    2011-01-01

    analyzes the impact of electricity prices in the competitive electricity markets having a uniform market clearing price mechanism. Findings - It is found that the electricity prices depend on the system loading, generation mix, etc. at a particular hour. Various emission trading instruments are discussed...... side emission trading impact on electricity prices in the competitive power market. Design/methodology/approach - Various schemes are suggested and are being implemented to achieve this objective. It is expected that electricity price will increase due to imposition of emission taxes. This paper...... with a special emphasis on the European market. Research limitations/implications - Block bidding of the suppliers is considered whereas the demand is assumed to be inelastic. Originality/value - The emission trading impacts are analyzed on a simple example....

  19. Intra-industry Affiliate Trade of Foreign Owned Companies in Poland 1993-2002

    DEFF Research Database (Denmark)

    Nielsen, Jørgen Ulff-Møller; Pawlik, Konrad

    2004-01-01

    The concept of intra-industry international exchange of goods and assets has attracted a lot of interests within the last 30 years. Concepts like intra-industry trade, intra-industry foreign direct investments, intra-industry affiliate sale, and intra-industry supply have been used in theoretical...... (exports and imports) and industry variables (wages, employment, foreign capital share, investments, sales, etc.) of foreign owned companies in the Polish manufacturing industry for the years 1993-2002, this paper, investigates for the first time intra-industry affiliate trade (IIAT), including its...... and empirical research with most emphasis laid on intra-industry trade. What has not been investigated until now is a subgroup within intra-industry trade, namely intra-industry affiliate trade which is two-way trade from foreign owned affiliates in a country. By use of a unique database containing trade...

  20. Intra-industry Affiliate Trade of Foreign Owned Companies in Poland 1993-2002

    DEFF Research Database (Denmark)

    Nielsen, Jørgen Ulff-Møller; Pawlik, Konrad

    The concept of intra-industry international exchange of goods and assets has attracted a lot of interests within the last 30 years. Concepts like intra-industry trade, intra-industry foreign direct investments, intra-industry affiliate sale, and intra-industry supply have been used in theoretical...... and empirical research with most emphasis laid on intra-industry trade. What has not been investigated until now is a subgroup within intra-industry trade, namely intra-industry affiliate trade, which is two-way trade from/to foreign owned affiliates in a country. By use of a unique database containing trade...... (exports and imports) and industry variables (wages, employment, foreign capital share, investments, sales, etc.) of foreign owned companies in the Polish manufacturing industry for the years 1993-2002, this paper, investigates for the first time intra-industry affiliate trade (IIAT), including its...

  1. FOREIGN TRADE TEACHING ACTIVITY: DECIDING BETWEEN COST AND SUSTAINABILITY

    Directory of Open Access Journals (Sweden)

    Cristiano Henrique Antonelli da Veiga

    2015-03-01

    Full Text Available The world debate focused on preserving the environment, such a s that held during the United Nations Conference on Sustainable Development, Rio +20, in conjunction with Brazil’s growing foreign trade requires a study of all these topics in management courses. The central premise of this paper is to investigate the systematization of trade concepts through the use of business games. Two asymmetric scenarios for exporting and importing teams were developed using action research and qualitative data analysis. The longitudinal study was conducted on four separate, sequential classes from the Foreign Trade discipline of two universities from southern Brazilian. The students were able to discuss a variety of foreign trade topics and interact autonomously among themselves using business games that stimulate business negotiations through role playing dynamics, demonstrating that this teaching strategy can be used as a foreign trade teaching support tool. The final proposal was to change the game scenarios to focus on the decision between lowest costs and sustainable manufacturing processes without losing the aspects developed previously. The results showed that students’ decisions are more linked to their prior personal environmental concepts than to competition strategies developed for the company.

  2. Trade, Foreign Direct Investment and R&D Spillovers

    Directory of Open Access Journals (Sweden)

    Jaehwa Lee

    2004-06-01

    Full Text Available The paper examines the evidence of R & D spillovers through trade and foreign direct investment at the industrial sectoral level. Specifically, it focuses on the appropriate measure of foreign R&D stocks embodied in imports, and proposes an alternative measure to the traditional measure. With a new measure of foreign technology, this paper then empirically distinguishes between R&D spillovers from import volume and from import variety. Panel estimations with fixed effects use a data set comprised of eight sectors in the manufacturing industry of thirteen OECD countries from 1981 to 1999. This empirical work at disaggregated level has shown the evidence to generally support the role of manufacturing imports in the international diffusion of technology. In particular, the results imply that the impact of import variety proves stronger and more significant in investigating trade-related R&D spillovers. The evidence indicates the variety effect dominates the volume effect, and hence import variety proves more important in explaining trade-related technological diffusion. This paper also investigates R&D spillovers occurring simultaneously through trade and non-trade (i.e., FDI channels, Empirical results provide no strong evidence on R&D spillovers through FDI, although FDI is often considered as an important channel for technological diffusion. The evidence implies that the effect of trade channel dominates that of the FDI channel and finds that FDI only weakly affects domestic productivity.

  3. VOLATILITY OF EXCHANGE RATE IN THE CONTEXT OF FOREIGN TRADE

    Directory of Open Access Journals (Sweden)

    Oleg STRATULAT

    2016-09-01

    Full Text Available Moderate fluctuation of the exchange rate, basically in its floating regime is considered normality. Meanwhile,excessive volatility of the exchange rate is an issue for many countries. Its elimination is directed to foreign trade, which, through essential exports, followed by significant currency inflows, contribute to the stability of exchange rates. Unfortunately, Moldova’s foreign trade has become a key factor in maintaining the stability of foreign exchange.

  4. Option pricing and foreign investment under political risk

    NARCIS (Netherlands)

    Cherian, J.A.; Perotti, E.C.

    1999-01-01

    The paper analyzes foreign investment and asset prices in a context of uncertainty over future government policy. The model endogenizes the process of learning by foreign investors facing a potentially opportunistic government, which chooses strategically the timing of a policy reversal in order to

  5. Option pricing and foreign investment under political risk

    NARCIS (Netherlands)

    Cherian, J.A.; Perotti, E.C.

    1999-01-01

    he paper analyses foreign investment and asset prices in a context of uncertainty over future government policy. The model endogenizes the process of learning by foreign investors facing a potentially opportunistic government, which chooses strategically the timing of a policy reversal in order to

  6. Option pricing and foreign investment under political risk

    NARCIS (Netherlands)

    Cherian, J. A.; Perotti, E.C.

    1999-01-01

    The paper analyses foreign investment and asset prices in a context of uncertainty over future government policy. The model endogenizes the process of learning by foreign investors facing a potentially opportunistic government, which chooses strategically the timing of a policy reversal in order to

  7. 76 FR 28213 - Reorganization of Foreign-Trade Zone 51 Under Alternative Site Framework; Duluth, MN

    Science.gov (United States)

    2011-05-16

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1758] Reorganization of Foreign-Trade Zone 51 Under Alternative Site Framework; Duluth, MN Pursuant to its authority under the Foreign-Trade... Foreign-Trade Zone 51, submitted an application to the Board (FTZ Docket 58-2010, filed 10/1/2010, amended...

  8. PRICE VS QUALITY COMPETITION AND THE SPATIAL PATTERN OF AVERAGE PRICES IN INTERNATIONAL TRADE

    Directory of Open Access Journals (Sweden)

    Mattoscio Nicola

    2012-07-01

    Full Text Available This work investigates the relationship between the average export prices and the distance between the origin and the destination market in international trade. Distance between trading partners obviously stands at the core of I international trade literature and is strictly related with the issue of how countries and firms compete on export markets when transport costs become increasingly stiff. Heterogeneous-Firm Trade (HFT models predict that only most competitive firms are able to export on distant markets, where it is more difficult to recover from freight costs. However, this simple concept does not lead to unambiguous predictions on the spatial pattern of average export f.o.b. prices. \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\r\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\

  9. CO2 price dynamics. The implications of EU emissions trading for electricity prices and operations

    International Nuclear Information System (INIS)

    Sijm, J.P.M.; Bakker, S.J.A.; Harmsen, H.W.; Lise, W.; Chen, Y.

    2006-07-01

    The experience with CO 2 trading and allowances prices in the last year is reviewed, with a focus on the factors influencing the price of electricity in EU countries. A statistical analysis investigates the relationship between the large increases in electricity prices experienced in 2005 and their relationship to CO 2 prices. In addition, a market simulation analysis using the COMPETES model is performed to assess the extent to which profit-maximizing generators, some of which possess market power, might pass on the opportunity cost of allowances to consumers. The paper concludes by reviewing possible options for policy makers to address the possible adverse implications of price increases caused by CO/sub 2/ trading.

  10. 77 FR 63289 - Foreign-Trade Zone 32-Miami, Florida; Application for Reorganization Under Alternative Site...

    Science.gov (United States)

    2012-10-16

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-51-2012] Foreign-Trade Zone 32--Miami, Florida... submitted to the Foreign-Trade Zones Board (the Board) by the Greater Miami Foreign-Trade Zone, Inc., grantee of FTZ 32, to amend its application to reorganize FTZ 32 zone under the alternative site framework...

  11. The Story of Foreign Trade and Exchange.

    Science.gov (United States)

    Fan, Cedric

    This comic-style booklet is one of a series of educational booklets published by the Federal Reserve Bank of New York. The booklet uses everyday language and lively illustrations to explain the benefits of international trade; the effects of tariffs and quotas; the significance of foreign exchange rates; how the foreign exchange market facilities…

  12. The Effect of Foreign Trade Policy Transparency on Integration of Ukraine in the World Economy

    Directory of Open Access Journals (Sweden)

    Yakovchenko Victoria S.

    2018-02-01

    Full Text Available The article is concerned with the interdependence between dynamics of the international trade and economic relations development and the existing level of foreign trade policy transparency in accordance with the provisions of the WTO Trade Facilitation Agreement. The effect of observance of transparency principle in foreign trade policy on forming the transaction costs in foreign trade is analyzed. A comparative analysis of the influence of import duties and transaction costs on the formation of Ukraine’s foreign trade barriers is carried out. Prospects of the national export-import activity development under increasing transparency of foreign trade policy of Ukraine and other world countries are determined.

  13. Stores, Prices, and Currency Substitution

    OpenAIRE

    Gabriele, Camera; Winkler, Johannes

    1999-01-01

    We study endogenous currency substitution in a decentralized trade environment. Sellers maximize profits from sales of imperfectly substitutable goods by posting prices in either one of two currencies. A unique symmetric equilibrium exists where goods are priced only in the local currency. This occurs if foreign trade is sporadic, there is sufficient but not excessive liquidity, and discounting is low. Excess or scarcity of liquidity, however, induces sellers to extract all surplus from bu...

  14. 76 FR 4865 - Reorganization of Foreign-Trade Zone 104 Under Alternative Site Framework Savannah, GA

    Science.gov (United States)

    2011-01-27

    ... Commission, grantee of Foreign-Trade Zone 104, submitted an application to the Board (FTZ Docket 51-2010... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1736] Reorganization of Foreign-Trade Zone 104 Under Alternative Site Framework Savannah, GA Pursuant to its authority under the Foreign...

  15. 75 FR 30782 - Reorganization/Expansion of Foreign-Trade Zone 20; Hampton Roads, VA, Area

    Science.gov (United States)

    2010-06-02

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1683] Reorganization/Expansion of Foreign-Trade Zone 20; Hampton Roads, VA, Area Pursuant to its authority under the Foreign-Trade Zones Act...) in the Hampton Roads, Virginia, area within the Norfolk Customs and Border Protection port of entry...

  16. 77 FR 43048 - Foreign-Trade Zone 32-Miami, FL; Application for Reorganization Under Alternative Site Framework

    Science.gov (United States)

    2012-07-23

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-51-2012] Foreign-Trade Zone 32--Miami, FL... Foreign-Trade Zones (FTZ) Board (the Board) by the Greater Miami Foreign-Trade Zone, Inc., grantee of FTZ 32, requesting authority to reorganize the zone under the alternative site framework (ASF) adopted by...

  17. Foreign experience of regulating international trade transactions

    Directory of Open Access Journals (Sweden)

    Klymenko L. V.

    2015-05-01

    Full Text Available The article deals with the international experience of state regulating international trade transactions; nature, directions and contradictions of contemporary processes of globalization are defined; components of regulatory and incentive means in system of state supporting foreign trade activity of commodity producers are considered; general provisions for the improvement of state regulation mechanisms of export-import activities in Ukraine are determined.

  18. The Pricing of Foreign Currency Futures Options

    OpenAIRE

    Chang Mo Ahn

    1996-01-01

    We derive semi-closed form solutions for the forward and futures exchange rates, European foreign currency options, currency forward options, and currency futures options when the domestic and foreign interest rate movements follow mean reverting diffusion processes. These solutions are consistent with the Black-Scholes option formula so that they can be easily applied. The impact of interest rate uncertainty on theoretical prices of currency futures options is too significant to be neglected.

  19. Asset Prices and Trading Volume under Fixed Transactions Costs.

    Science.gov (United States)

    Lo, Andrew W.; Mamaysky, Harry; Wang, Jiang

    2004-01-01

    We propose a dynamic equilibrium model of asset prices and trading volume when agents face fixed transactions costs. We show that even small fixed costs can give rise to large "no-trade" regions for each agent's optimal trading policy. The inability to trade more frequently reduces the agents' asset demand and in equilibrium gives rise to a…

  20. 77 FR 59890 - Foreign-Trade Zone 92-Gulfport, MS; Authorization of Production Activity; Gulf Ship, LLC...

    Science.gov (United States)

    2012-10-01

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-36-2012] Foreign-Trade Zone 92--Gulfport, MS; Authorization of Production Activity; Gulf Ship, LLC (Shipbuilding); Gulfport, MS On May 10, 2012, the Mississippi Coast Foreign-Trade Zone, Inc., grantee of FTZ 92, submitted a notification of proposed production activity to the Foreign-Trade Zones...

  1. Foreign Trade Dvelopment between Libya and the European Union

    OpenAIRE

    Mansoor Maitah; Nassir Salim; Abulgasem Bazina

    2011-01-01

    This article deals with the analysis of foreign trade development betweenLibyaand the European Union in the recent years. Libya is one of the developing countries with large area, low density of population and large endowment of natural resources, oil and gas. The Libyan economy like a number of other Arab economies, depends heavily on oil revenue, it relies heavily on a single exportable commodity, as the main source of foreign exchange earnings. Trade relations betweenLibyaand the European ...

  2. Asset price and trade volume relation in artificial market impacted by value investors

    Science.gov (United States)

    Tangmongkollert, K.; Suwanna, S.

    2016-05-01

    The relationship between return and trade volume has been of great interests in a financial market. The appearance of asymmetry in the price-volume relation in the bull and bear market is still unsettled. We present a model of the value investor traders (VIs) in the double auction system, in which agents make trading decision based on the pseudo fundamental price modelled by sawtooth oscillations. We investigate the system by two different time series for the asset fundamental price: one corresponds to the fundamental price in a growing phase; and the other corresponds to that in a declining phase. The simulation results show that the trade volume is proportional to the difference between the market price and the fundamental price, and that there is asymmetry between the buying and selling phases. Furthermore, the selling phase has more significant impact of price on the trade volume than the buying phase.

  3. 17 CFR Appendix D to Part 30 - Information That a Foreign Board of Trade Should Submit When Seeking No-Action Relief To Offer...

    Science.gov (United States)

    2010-04-01

    ... primary and secondary markets for the component equities, the liquidity of the component stocks, the... applicable, by price in the index as well as the combined weighting of the five highest-weighted stocks in... in evaluating requests by foreign boards of trade to allow the offer and sale within the United...

  4. Foreigners vs. Natives : Bank Lending Technologies and Loan Pricing

    NARCIS (Netherlands)

    Beck, T.H.L.; Ioannidou, V.; Schäfer, L.

    2012-01-01

    Abstract: Do domestic and foreign banks differ in their lending techniques and loan pricing models? Are such differences driven by different clienteles? Using a sample of firms that borrow from both domestic and foreign banks in the same month, we show significant differences in lending techniques

  5. 78 FR 53426 - Expansion of Foreign-Trade Zone 84; Houston, Texas

    Science.gov (United States)

    2013-08-29

    ... 84; Houston, Texas Pursuant to its authority under the Foreign-Trade Zones Act of June 18, 1934, as..., the Port of Houston Authority, grantee of Foreign-Trade Zone 84, submitted an application to the Board for authority to expand FTZ 84 to include a site in Brazos County, Texas, adjacent to the Houston...

  6. 75 FR 15413 - Approval for Processing Authority, Foreign-Trade Zone 196, ATC Logistics & Electronics (Personal...

    Science.gov (United States)

    2010-03-29

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1671] Approval for Processing Authority, Foreign-Trade Zone 196, ATC Logistics & Electronics (Personal Navigation Devices), Fort Worth... & Electronics, an operator of Foreign-Trade Zone 196, has requested processing authority within FTZ 196 in Fort...

  7. 76 FR 12887 - Foreign-Trade Zones in the United States

    Science.gov (United States)

    2011-03-09

    ..., International Trade Administration, Commerce. ACTION: Extension of public comment period. SUMMARY: On December..., Foreign-Trade Zones Board, International Trade Administration, U.S. Department of Commerce, 1401... will be accepted in Microsoft Word, Excel, WordPerfect, or Adobe portable document file (pdf) formats...

  8. International trade and determinants of price differentials of insulin medicine.

    Science.gov (United States)

    Helble, Matthias; Aizawa, Toshiaki

    2017-02-01

    Empirical studies on pharmaceutical pricing across countries have found evidence that prices vary according to per capita income. These studies are typically based on survey data from a subset of countries and cover only one year. In this paper, we study the international trade and price of insulin by using detailed trade data for 186 importing countries from 1995 to 2013. With almost 12,000 observations, our study constitutes the largest comparative study on pharmaceutical pricing conducted so far. The large dataset allows us to uncover new determinants of price differentials. Our analysis shows that the international trade of insulin increased substantially over this time period, clearly outpacing the increasing prevalence of diabetes. Using the unit values of imports, we also study the determinants of price differentials between countries. Running various panel regressions, we find that the differences in prices across countries can be explained by the following factors: First, corroborating earlier studies, we find that per capita GDP is positively correlated with the unit price of insulin. Second, the price of insulin drugs originating from Organisation for Economic Co-operation and Development countries tends to be substantially higher than for those imported from developing countries. Third, more intense competition among suppliers leads to lower insulin prices. Fourth, higher out-of-pocket payments for health care are associated with higher prices. Finally, higher volumes and tariffs seem to result in lower unit prices. © The Author 2016. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  9. 26 CFR 1.923-1T - Temporary regulations; exempt foreign trade income.

    Science.gov (United States)

    2010-04-01

    ... be exempt foreign trade income. If a FSC has a non-corporate shareholder (shareholders), 16/23 of its foreign trade income attributable to the noncorporate shareholder's (shareholders') proportionate interest... attributable to the non-corporate shareholder's (shareholders') proportionate interest in the FSC will be...

  10. 77 FR 55182 - Reorganization of Foreign-Trade Zone 151 Under Alternative Site Framework Findlay, Ohio

    Science.gov (United States)

    2012-09-07

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1855] Reorganization of Foreign-Trade... option for the establishment or reorganization of zones; Whereas, the Findlay/Hancock County Chamber of Commerce, grantee of Foreign-Trade Zone 151, submitted an application to the Board (FTZ Docket 20-2012...

  11. 78 FR 24158 - Foreign-Trade Zone (FTZ) 75-Phoenix, Arizona; Notification of Proposed Production Activity...

    Science.gov (United States)

    2013-04-24

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-33-2013] Foreign-Trade Zone (FTZ) 75-Phoenix... benefits on such items. Public comment is invited from interested parties. Submissions shall be addressed... Executive Secretary, Foreign-Trade Zones Board, Room 21013, U.S. Department of Commerce, 1401 Constitution...

  12. 78 FR 49254 - Foreign-Trade Zone 84-Houston, Texas; Application for Subzone; Toshiba International Corporation...

    Science.gov (United States)

    2013-08-13

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-77-2013] Foreign-Trade Zone 84--Houston, Texas; Application for Subzone; Toshiba International Corporation; Houston, Texas An application has been submitted to the Foreign-Trade Zones (FTZ) Board by the Port of Houston Authority, grantee of FTZ 84...

  13. 75 FR 77614 - Proposed Foreign-Trade Zone-Terrebonne Parish, LA; Under Alternative Site Framework; Application...

    Science.gov (United States)

    2010-12-13

    ... proposal under the Louisiana Revised Statutes, Title 51, Sections 61-65. The proposed zone would be the... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 69-2010] Proposed Foreign-Trade Zone... to the Foreign-Trade Zones Board (the Board) by the Houma-Terrebonne Airport Commission to establish...

  14. Market, trading and coal price

    International Nuclear Information System (INIS)

    Muller, J.C.; Cornot-Gandolphe, S.; Labrunie, L.; Lemoine, St.; Vandijck, M.

    2006-01-01

    The coal world experienced a true upheaval in the past five years World coal consumption went up 28 % between 2000 and 2005, as a result of the strong growth in Chinese demand. The growth should continue in the coming years: electrical plant builders' orders are mainly for coal. The regained interest in coal is based on the constraints experienced by competing energies (increase in oil and natural gas prices, geopolitical uncertainties, supply difficulties) and by the abundant reserves of coal in the world and the competitiveness of its price. The strong growth in world coal demand comes with a change in rules governing steam coal trading. While long term bilateral agreements were most common until the late nineties, there has been a true revolution in coal marketing since 2000: spot contracts, stock exchange emergence and futures contracts, price indexes. In a few years, the steam coal market has become a true commodities market, overtaking many more goods. The price of coal has also gone through strong variations since 2003. Whereas the price had been stable for decades, in 2004 the strong increase in China' s demand for coal and iron ore resulting in transport shortage, caused a strong increase in CAF coal prices. Since then, prices have gone down, but remain higher than the Eighties and Nineties levels. In spite of the increase, coal remains available at more competitive prices than its competing energies. (authors)

  15. Volatilities, Traded Volumes, and Price Increments in Derivative Securities

    Science.gov (United States)

    Kim, Kyungsik; Lim, Gyuchang; Kim, Soo Yong; Scalas, Enrico

    2007-03-01

    We apply the detrended fluctuation analysis (DFA) to the statistics of the Korean treasury bond (KTB) futures from which the logarithmic increments, volatilities, and traded volumes are estimated over a specific time lag. For our case, the logarithmic increment of futures prices has no long-memory property, while the volatility and the traded volume exhibit the existence of long-memory property. To analyze and calculate whether the volatility clustering is due to the inherent higher-order correlation not detected by applying directly the DFA to logarithmic increments of the KTB futures, it is of importance to shuffle the original tick data of futures prices and to generate the geometric Brownian random walk with the same mean and standard deviation. It is really shown from comparing the three tick data that the higher-order correlation inherent in logarithmic increments makes the volatility clustering. Particularly, the result of the DFA on volatilities and traded volumes may be supported the hypothesis of price changes.

  16. Leveraged exchange-traded funds price dynamics and options valuation

    CERN Document Server

    Leung, Tim

    2016-01-01

    This book provides an analysis, under both discrete-time and continuous-time frameworks, on the price dynamics of leveraged exchange-traded funds (LETFs), with emphasis on the roles of leverage ratio, realized volatility, investment horizon, and tracking errors. This study provides new insights on the risks associated with LETFs. It also leads to the discussion of new risk management concepts, such as admissible leverage ratios and admissible risk horizon, as well as the mathematical and empirical analyses of several trading strategies, including static portfolios, pairs trading, and stop-loss strategies involving ETFs and LETFs. The final part of the book addresses the pricing of options written on LETFs. Since different LETFs are designed to track the same reference index, these funds and their associated options share very similar sources of randomness. The authors provide a no-arbitrage pricing approach that consistently value options on LETFs with different leverage ratios with stochastic volatility and ...

  17. 77 FR 44582 - Reorganization of Foreign-Trade Zone 183 Under Alternative Site Framework; Austin, TX

    Science.gov (United States)

    2012-07-30

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1843] Reorganization of Foreign-Trade Zone 183 Under Alternative Site Framework; Austin, TX Pursuant to its authority under the Foreign-Trade... Austin Customs and Border Protection port of entry, and FTZ 183's existing Sites 1 through 24 would be...

  18. Energy trading and pricing in microgrids with uncertain energy supply

    DEFF Research Database (Denmark)

    Ma, Kai; Hu, Shubing; Yang, Jie

    2017-01-01

    This paper studies an energy trading and pricing problem for microgrids with uncertain energy supply. The energy provider with the renewable energy (RE) generation (wind power) determines the energy purchase from the electricity markets and the pricing strategy for consumers to maximize its profi....... In particular, the uncertainty of the energy supply from the energy provider is considered. Simulation results show that the energy provider can obtain more profit using the proposed decision-making scheme.......This paper studies an energy trading and pricing problem for microgrids with uncertain energy supply. The energy provider with the renewable energy (RE) generation (wind power) determines the energy purchase from the electricity markets and the pricing strategy for consumers to maximize its profit...

  19. Marketing instruments of foreign trade promotion

    Directory of Open Access Journals (Sweden)

    Bjelić Predrag

    2011-01-01

    Full Text Available Instruments of promotion as a part of marketing mix are usually associated with companies but more and more countries use this instrument in order to boost their exports. These foreign trade promotion instruments are now popular in many countries in the world since their use is not opposed to any World Trade Organization rules. Marketing instruments of trade promotions are the most important. They include National Exhibitions and National labels of origin and quality. In order to coordinate the application of these instruments countries have established national bodies for trade promotion. Many studies in the past had argued that national Agencies established to promote export did not had any real success, but recent studies indicate that they could have a significant impact on country export promotion. The result of this rise in impact of national export promotion agencies is due to international effort spearheaded by International Trade Center. The aim of this paper is to point out types and methods of marketing instruments application in trade promotion and to present the effectiveness of these instruments applications.

  20. 76 FR 65496 - Reorganization of Foreign-Trade Zone 119 Under Alternative Site Framework, Minneapolis/St. Paul, MN

    Science.gov (United States)

    2011-10-21

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1790] Reorganization of Foreign-Trade Zone 119 Under Alternative Site Framework, Minneapolis/St. Paul, MN Pursuant to its authority under the Foreign-Trade Zones Act of June 18, 1934, as amended (19 U.S.C. 81a-81u), the Foreign-Trade Zones Board...

  1. Analysis of Ukraine’s foreign trade turnover in context of free trade zone with European Union

    Directory of Open Access Journals (Sweden)

    К.Shymanska

    2016-06-01

    Full Text Available The implementation of the free trade zone between Ukraine and the European Union has many advantages and disadvantages for our country. The changes in Ukraine’s economic integration vector cause much dispute about its prospects and profitability. Nevertheless, the strengthening of economic and political crisis leads to the reduction in foreign trade of Ukraine with the EU. Although in recent years, many institutional limitations for the Ukrainian producers’ entrance to European markets have been removed. The analysis of Ukraine's foreign trade turnover with EU countries showed the indicators of exports and imports structure in the partner countries and allowed to reveal decreasing of intensity of these operations. This can be a negative indicator of activities for the implementation of the Association Agreement with the EU. The study has formulated the perspective directions of foreign trade policy of Ukraine, in particular with respect to the modernization of informational and technical support of the customs clearance of the goods movement, increasing control over the quality of Ukrainian goods and opportunities for the small and mediumsized entities entrance to the European markets.

  2. 76 FR 61075 - Foreign-Trade Zone 127-Columbia, SC; Application for Reorganization/Expansion Under Alternative...

    Science.gov (United States)

    2011-10-03

    ... Board on July 2, 1986 (Board Order 333, 51 FR 25075, 7/10/86). The current zone project includes the... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 57-2011] Foreign-Trade Zone 127--Columbia... submitted to the Foreign-Trade Zones (FTZ) Board (the Board) by the Richland-Lexington Airport District...

  3. 15 CFR 14.45 - Cost and price analysis.

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Cost and price analysis. 14.45 Section... COMMERCIAL ORGANIZATIONS Post-Award Requirements Procurement Standards § 14.45 Cost and price analysis. Some form of cost or price analysis shall be made and documented in the procurement files in connection with...

  4. 77 FR 52310 - Expansion of Foreign-Trade Zone 61, San Juan, Puerto Rico

    Science.gov (United States)

    2012-08-29

    ... 61, San Juan, Puerto Rico Pursuant to its authority under the Foreign-Trade Zones Act of June 18... Order: Whereas, the Puerto Rico Trade and Export Company, grantee of Foreign-Trade Zone 61, submitted an application to the Board for authority to expand FTZ 61 to include a site in Aguadilla, Puerto Rico, adjacent...

  5. 77 FR 27021 - Foreign-Trade Zone 129-Bellingham, WA; Application for Reorganization Under Alternative Site...

    Science.gov (United States)

    2012-05-08

    ... FTZ 131 zone projects under FTZ 129. FTZ 130 was approved by the Board on September 4, 1986 (51 FR... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [(B-32-2012)] Foreign-Trade Zone 129--Bellingham... to the Foreign-Trade Zones (FTZ) Board (the Board) by the Port of Bellingham, grantee of FTZ 129...

  6. 76 FR 73587 - Foreign-Trade Zone 183-Austin, Tx; Site Renumbering Notice

    Science.gov (United States)

    2011-11-29

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board Foreign-Trade Zone 183--Austin, Tx; Site... (Board Order 1366). FTZ 183 currently consists of 8 ``sites'' totaling some 2,818 acres in the Austin... Austin Enterprise Zone, located at Bolm Road and Gardner Road, Austin; Site 2 (50 acres)--Balcones...

  7. Disentangling regional trade agreements, trade flows and tobacco affordability in sub-Saharan Africa.

    Science.gov (United States)

    Appau, Adriana; Drope, Jeffrey; Labonté, Ronald; Stoklosa, Michal; Lencucha, Raphael

    2017-11-14

    In principle, trade and investment agreements are meant to boost economic growth. However, the removal of trade barriers and the provision of investment incentives to attract foreign direct investments may facilitate increased trade in and/or more efficient production of commodities considered harmful to health such as tobacco. We analyze existing evidence on trade and investment liberalization and its relationship to tobacco trade in Sub-Saharan African countries. We compare tobacco trading patterns to foreign direct investments made by tobacco companies. We estimate and compare changes in the Konjunkturforschungsstelle (KOF) Economic Globalization measure, relative price measure and cigarette prices. Preferential regional trade agreements appear to have encouraged the consolidation of cigarette production, which has shaped trading patterns of tobacco leaf. Since 2002, British American Tobacco has invested in tobacco manufacturing facilities in Nigeria, Kenya and South Africa strategically located to serve different regions in Africa. Following this, British America Tobacco closed factories in Ghana, Rwanda, Uganda, Mauritius and Angola. At the same time, Malawi and Tanzania exported a large percentage of tobacco leaf to European countries. After 2010, there was an increase in tobacco exports from Malawi and Zambia to China, which may be a result of preferential trade agreements the EU and China have with these countries. Economic liberalization has been accompanied by greater cigarette affordability for the countries included in our analysis. However, only excise taxes and income have an effect on cigarette prices within the region. These results suggest that the changing economic structures of international trade and investment are likely heightening the efficiency and effectiveness of the tobacco industry. As tobacco control advocates consider supply-side tobacco control interventions, they must consider carefully the effects of these economic agreements and

  8. Methods of currency risk management in foreign trade

    Directory of Open Access Journals (Sweden)

    V.V. Ksendzuk

    2016-03-01

    Full Text Available Development of the country’s market national economy is closely connected with international economic relations. Therefore national business entities are actively involved in foreign trade, and their positive results influence not only on the status and income of owners, but form the economic potential of the country. The survey describes the main indicators of foreign trade and the impact of export and import transactions on economic development of Ukraine, particularly on the gross domestic income of the country. Taking into account also the negative trends in foreign currency exchange rates, the article considers the types of currency risks that accompany international transactions and identifies the limits of the usefulness of currency risk management methods. The methods of currency risk management are also systematized, the benefits of their use for the enterprise are considered and the status and readiness of Ukraine’s financial market to ensure appropriate conditions for the functioning of the currency risk management in domestic enterprises are analyzed.

  9. 76 FR 67406 - Approval for Expanded Manufacturing Authority; Foreign-Trade Subzone 158D Nissan North America...

    Science.gov (United States)

    2011-11-01

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1794] Approval for Expanded Manufacturing Authority; Foreign-Trade Subzone 158D Nissan North America, Inc.; (Motor Vehicles) Canton, MS...), the Foreign-Trade Zones Board (the Board) adopts the following Order. Whereas, Nissan North America...

  10. 75 FR 69398 - Foreign-Trade Zone 78-Nashville, TN; Application for Expansion

    Science.gov (United States)

    2010-11-12

    ... Company, 1800 Zinc Plant Road, Clarksville; and Proposed Site 12 (451.0 acres)--Gallatin Industrial Center..., TN; Application for Expansion An application has been submitted to the Foreign-Trade Zones Board (the... application was submitted pursuant to the provisions of the Foreign- Trade Zones Act, as amended (19 U.S.C...

  11. Intra-Industry Affiliate Trade of Foreign-Owned Companies in Transition Economies:

    DEFF Research Database (Denmark)

    Nielsen, Jørgen Ulff-Møller; Pawlik, Konrad

    2008-01-01

    Using a database containing trade and industry variables of foreign-owned companies in the Polish manufacturing industry for the years 1993-2002, we investigate the relationship between the organizational structure of multinational enterprises (MNE) in Poland and the intra-industry trade of their...... become a more important mode of organization for multinational enterprises as Poland has evolved into a relatively stable economic environment where MNEs feel comfortable basing their regional operations.......Using a database containing trade and industry variables of foreign-owned companies in the Polish manufacturing industry for the years 1993-2002, we investigate the relationship between the organizational structure of multinational enterprises (MNE) in Poland and the intra-industry trade...... of their affiliates (IIAT). We find labour intensity; scale economies and absorptive capacity of affiliates are the main explanatory variables for IIAT. Given the overall rise in export and import intensities of foreign affiliates over the period of investigation, our findings suggest that export-platform FDI has...

  12. 19 CFR 351.412 - Levels of trade; adjustment for difference in level of trade; constructed export price offset.

    Science.gov (United States)

    2010-04-01

    ... Price, Constructed Export Price, Fair Value, and Normal Value § 351.412 Levels of trade; adjustment for.... The Secretary is authorized to adjust normal value to account for such a difference. (See section 773... value for a difference in level of trade if: (1) The Secretary calculates normal value at a different...

  13. 78 FR 56859 - Foreign-Trade Zone 267-Fargo, North Dakota; Authorization of Production Activity; CNH America...

    Science.gov (United States)

    2013-09-16

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-51-2013] Foreign-Trade Zone 267--Fargo, North Dakota; Authorization of Production Activity; CNH America, LLC, (Construction and Agricultural Equipment..., submitted a notification of proposed production activity to the Foreign-Trade Zones (FTZ) Board on behalf of...

  14. 75 FR 53637 - Foreign-Trade Zone 104-Savannah, GA; Application for Reorganization Under Alternative Site Framework

    Science.gov (United States)

    2010-09-01

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 51-2010] Foreign-Trade Zone 104--Savannah... to the Foreign-Trade Zones (FTZ) Board (the Board) by the Savannah Airport Commission, grantee of FTZ 104, requesting authority to reorganize the zone under the alternative site [[Page 53638

  15. 78 FR 65963 - Foreign-Trade Zone 277-Western Maricopa County, Arizona; Schoeller Arca Systems, Inc. (Plastic...

    Science.gov (United States)

    2013-11-04

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-64-2013] Foreign-Trade Zone 277--Western Maricopa County, Arizona; Schoeller Arca Systems, Inc. (Plastic Containers Production); Goodyear, Arizona On June 13, 2013, the Greater Maricopa Foreign Trade Zone, Inc., grantee of FTZ 277, submitted a...

  16. A Model for Trading the Foreign Exchange Market

    African Journals Online (AJOL)

    PROF. OLIVER OSUAGWA

    inflation rates, etc. have significant impacts on the exchange rate fluctuation. Existing foreign exchange ... Keywords: FOREX, marcov chain, model, neural network, trading robot. Introduction .... Support Vector Machine (SVM). Regression ...

  17. Price as an Indicator for Quality in International Trade?

    DEFF Research Database (Denmark)

    Hansen, Jørgen Drud; Nielsen, Jørgen Ulff-Møller

    This paper examines the relation between price differences and quality differences in an oligopoly model with intra-industry trade, where goods are horizontally as well as vertically differentiated. The analysis demonstrates that the ratio of prices is not linked to the ratio of qualities in any ...

  18. Price as an indicator for quality in international trade?

    DEFF Research Database (Denmark)

    Hansen, Jørgen Drud; Nielsen, Jørgen Ulff-Møller

    2011-01-01

    This paper examines the relation between price differences and quality differences in an oligopoly model with intra-industry trade, where goods are horizontally as well as vertically differentiated. The analysis demonstrates that the ratio of prices is not linked to the ratio of qualities in any ...

  19. Currency Substitution and The Law of One Price

    OpenAIRE

    Gabriele Camera; Johannes Winkler

    2000-01-01

    We study endogenous currency substitution in a decentralized trade environment. Sellers maximize profits from sales of imperfectly substitutable goods by posting prices in either one of two currencies. A unique symmetric equilibrium exists where goods are priced only in the local currency. This occurs if foreign trade is sporadic, there is sufficient but not excessive liquidity, and discounting is low. Excess or scarcity of liquidity, however, induces sellers to extract all surplus from buyer...

  20. Supply Chain Coordination with Carbon Trading Price and Consumers’ Environmental Awareness Dependent Demand

    Directory of Open Access Journals (Sweden)

    Qinghua Pang

    2018-01-01

    Full Text Available Carbon emissions reduction in supply chain is an effective method to reduce the greenhouse effect. The paper investigates the impacts of carbon trading price and consumers’ environmental awareness on carbon emissions in supply chain under the cap-and-trade system. Firstly, it analyzes the centralized decision structure and obtains the requirements to coordinate carbon emissions reduction and order quantity in supply chain. Secondly, it proposes the supply chain coordination mechanism with revenue-sharing contract based on quantity discount policy, and the requirements that the contract parameters need to satisfy are also given. Thirdly, assuming the market demand is affected by consumer’s environmental awareness in addition form, the paper proposes the methods to determine the optimal order quantity and the optimal level of carbon emissions through model optimization. Finally, it investigates the impacts of carbon trading price on carbon emissions in supply chain. The results show that clean manufacturer’s optimal per-unit carbon emissions increase as the carbon trading price increases, while nongreen manufacturer’s optimal per-unit carbon emissions decrease as the carbon trading price increases. For the middle emissions manufacturer, the optimal per-unit carbon emissions depend on the relationship between the carbon trading price and the carbon reduction coefficient.

  1. Modelling world gold prices and USD foreign exchange relationship using multivariate GARCH model

    Science.gov (United States)

    Ping, Pung Yean; Ahmad, Maizah Hura Binti

    2014-12-01

    World gold price is a popular investment commodity. The series have often been modeled using univariate models. The objective of this paper is to show that there is a co-movement between gold price and USD foreign exchange rate. Using the effect of the USD foreign exchange rate on the gold price, a model that can be used to forecast future gold prices is developed. For this purpose, the current paper proposes a multivariate GARCH (Bivariate GARCH) model. Using daily prices of both series from 01.01.2000 to 05.05.2014, a causal relation between the two series understudied are found and a bivariate GARCH model is produced.

  2. 77 FR 17408 - Foreign-Trade Zone 151-Findlay, OH; Application for Reorganization Under Alternative Site Framework

    Science.gov (United States)

    2012-03-26

    ... to the Foreign-Trade Zones (FTZ) Board (the Board) by the Findlay/Hancock County Chamber of Commerce... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 20-2012] Foreign-Trade Zone 151--Findlay... Commerce, 1401 Constitution Avenue NW., Washington, DC 20230-0002, and in the ``Reading Room'' section of...

  3. Growth of the firm and foreign trade: Adrian Wood's theory revisited

    OpenAIRE

    Catermol, Fabrício

    2006-01-01

    This paper analyzes the growth of the firm by foreign trade. The theory of Adrian Wood is revisited for the analysis of growth and profit trade-off and improved to cope with growth by exports. The main outcome of this paper is that low domestic demand can be a very important factor to firm choices growth by foreign market. However, the growth of domestic demand does not necessarily reduce exports.

  4. CONSIDERATIONS ON THE EVOLUTION OF ROMANIAN FOREIGN TRADE UNDER THE IMPACT OF ECONOMIC CRISIS

    Directory of Open Access Journals (Sweden)

    DOBROTĂ GABRIELA

    2011-12-01

    Full Text Available The foreign trade represent the engine of renewal of productive structures of developed countries and the essential vector for the development of newly industrialized nations as countries that can not be considered as belonging to the developing countries, mainly due to exports development. Nobody doubts the need for foreign trade and its possible beneficial effects for the economy of a country, which is supported by John Stuart Mill classical economist, who said that "openness to foreign trade ... is sometimes the effect of an industrial revolution as a country whose resources are poor" This paper analyses, on the one side, the importance of foreign trade and his evolution in 2001– 2010 period, and, on the other side, the consequences of the economic crisis on it. The period under review includes the last years of economic growth in Romania and the first years of actual economic crisis., because the global economic crisis is reflected strongly in the evolution of Romania's foreign trade, which in February 2009, has seen a veritable collapse over the same period of the previous year.

  5. 77 FR 24459 - Voluntary Termination of Foreign-Trade Subzone 9D, Maui Pineapple Company, Ltd., Kahului, Maui, HI

    Science.gov (United States)

    2012-04-24

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1821] Voluntary Termination of Foreign-Trade Subzone 9D, Maui Pineapple Company, Ltd., Kahului, Maui, HI Pursuant to its authority under the Foreign-Trade Zones Act of June 18, 1934, as amended (19 U.S.C. 81a-81u), and the Foreign-Trade Zones...

  6. 76 FR 66034 - Proposed Foreign-Trade Zone-Ada and Canyon Counties, ID, Under Alternative Site Framework...

    Science.gov (United States)

    2011-10-25

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 65-2011] Proposed Foreign-Trade Zone--Ada... establish a general-purpose foreign-trade zone at sites in Ada and Canyon Counties, Idaho, adjacent to the... proposed service area under the ASF would be Ada and Canyon Counties, Idaho. If approved, the applicant...

  7. 77 FR 75609 - Approval for Manufacturing Authority; Foreign-Trade Zone 277; Suntech Arizona, Inc. (Solar Panel...

    Science.gov (United States)

    2012-12-21

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1873] Approval for Manufacturing Authority; Foreign-Trade Zone 277; Suntech Arizona, Inc. (Solar Panel Manufacturing); Goodyear, AZ Pursuant to its authority under the Foreign-Trade Zones Act of June 18, 1934, as amended (19 U.S.C. 81a-81u...

  8. Liberalism in foreign trade versus liberalism in air transportation - is there a link?

    Directory of Open Access Journals (Sweden)

    Grancay Martin

    2014-01-01

    Full Text Available The aim of this paper is to determine whether there is a statistically significant link between regulation of international civil aviation and protectionism against foreign trade. We use weighted air liberalization index (WALI as a proxy for the level of regulation in a country’s foreign aviation relations; trade tariff restrictiveness index (TTRI and overall trade restrictiveness index (OTRI as proxies for the level of protectionism in a country’s foreign trade. Correlation analysis shows that there is no statistically significant link between the indicators. Hence, our research confirms the view that air transportation is a specific sector and it is subject to a different kind of policies than trade in goods. We also demonstrate that large high-income countries tend to have a more liberal approach to international civil aviation than small low-income countries.

  9. Characteristics of Serbian foreign trade of agricultural and food products

    Directory of Open Access Journals (Sweden)

    Božić Dragica

    2016-01-01

    Full Text Available Agricultural and food products are a significant segment of the total foreign trade of Serbia, which is characterized by a relatively high import dependency, modest export and constantly present deficit. In such conditions, agrarian sector serves as a stabilizer, and its importance is reflected in the permanently positive balance, increased participation, particularly in total exports, and balancing the trade balance of the country. The aim of the paper is to analyze the basic characteristics of foreign trade of agricultural and food products of Serbia in the period 2005-2015. The tendencies in export, import, and the level of coverage of import by export of agro-food (or agrarian products are analysed. The participation of these products in the total foreign trade of Serbia is also considered, followed by the comparison of this indicator with the neighbouring countries. In the next part of the paper, the structure of Serbian export and import of agricultural and food products (by product groups is analysed. Special attention is given to the territorial orientation of export and import of agrarian products by the most important trade partners. In order to conduct more comprehensive analysis of comparative advantages, or competitiveness of certain groups of agro-food products of Serbia in the exchange with the world, indicator of Revealed Comparative Advantage (RCA is calculated. The analysis of qualitative competitiveness is derived using the indicator - unit value of export and import. The analysis points to the dynamic growth in the value of Serbian export and import of agro-food products, with the constant surplus of trade balance in the observed period. These products are significantly represented in the structure of the total foreign trade of the country, particularly in export (with about 20%. RCA indicators show that Serbia has a comparative advantage in trade of agro-food products to the world in primary products and products of lower

  10. Can producer currency pricing models generate volatile real exchange rates?

    OpenAIRE

    Povoledo, L.

    2012-01-01

    If the elasticities of substitution between traded and nontraded and between Home and Foreign traded goods are sufficiently low, then the real exchange rate generated by a model with full producer currency pricing is as volatile as in the data.

  11. Trade linkages and macroeconomic effects of the price of oil

    International Nuclear Information System (INIS)

    Korhonen, Iikka; Ledyaeva, Svetlana

    2010-01-01

    In this paper we assess the impact of oil price shocks on oil-producer and oil-consuming economies. VAR models for different countries are linked together via a trade matrix, as in Abeysinghe (2001). As expected, we find that oil producers (here, Russia and Canada) benefit from oil price shocks. For example, a large oil shock leading to a price increase of 50% boosts Russian GDP by about 6%. However, oil producers are hurt by indirect effects of positive oil price shocks, as economic activity in their exporter countries suffers. For oil consumers, the effects are more diverse. In some countries, output falls in response to an oil price shock, while other countries seem to be relatively immune to oil price changes. Finally, indirect effects are also detected for oil-consumer countries. Those countries, which trade more with oil producers, gain indirect benefits via higher demand from oil-producing countries. In general, the largest negative total effects from positive oil price shocks are found for Japan, China, the USA, Finland and Switzerland, while other countries in our sample seem to have fared quite well during recent positive oil price shocks. The indirect effects are negative for Russia, Finland, Germany and Netherlands. (author)

  12. 75 FR 17692 - Foreign-Trade Zone 82; Application for Subzone Authority; ThyssenKrupp Steel and Stainless USA...

    Science.gov (United States)

    2010-04-07

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 51-2008] Foreign-Trade Zone 82..., many existing facilities are ``mini-mills'' and have less integration at a single site. Product may... addressed to the Board's Executive Secretary at: Foreign-Trade Zones Board, U.S. Department of Commerce...

  13. Option Price Estimations and Speculative Trading In Knowledge Society

    Directory of Open Access Journals (Sweden)

    Ovidiu TURCOANE

    2012-01-01

    Full Text Available Derivatives market has known an enormous and continuous development from the late 1970s, thanks to the most celebrated Black-Scholes-Merton formula. The impact on global economy is also tremendous, but due to the high leverage of speculative option trading there is a perpetual danger of economic collapse. This paper gives a short description of knowledge society and proposes methods for option price estimation based on implied volatility, skewness and kurtosis. ‘Free-lunch’ is hardly achievable if one predicts the option price using the knowledgeable information from the market and there is almost impossible to speculate, rather than to hedge, when trading option.

  14. Technology Transfer, Foreign Direct Investment and International Trade

    OpenAIRE

    Leonard K. Cheng

    2000-01-01

    By developing a Ricardian trade model that features technology transfer via foreign direct investment (FDI), we show that technology transfer via multinational enterprises (MNEs) increases world output and trade in goods and services. When there are many goods a continuous reduction in the cost of technology transfer will cause increasingly more technologically advanced goods to go through the product cycle, i.e., goods initially produced in the advanced North are later produced in the backwa...

  15. The effects of agricultural trade openness on food price transmission in Latin American countries

    Directory of Open Access Journals (Sweden)

    Insa Flachsbarth

    2014-11-01

    Full Text Available Trade of agricultural commodities has grown significantly in most Latin American countries (LAC over the last two decades. However, after the international food price surges in 2006-08 and 2011-12 concerns about food access of the poor arose. Within a panel framework containing six LAC (Argentina, Brazil, Chile, Colombia, Mexico and Peru, we used a single equation error correction model to identify possible cointegrating relationships between the food consumer price index (CPI and a set of trade related and domestic variables. The main focus of the study was to examine how different levels of trade openness impact international food price transmission to domestic markets. Our results confirm that deeper market integration increases global price transmission elasticities. In other words, more agricultural trade openness proves to elevate food CPIs during global price spikes. Thus, for poor consumers world price shocks can be deteriorating in the short-run and domestic food prices will slowly converge to a higher long-run equilibrium. Especially in increasingly integrated economies, effective policies to buffer food price shocks should be put in place, but must be carefully planned with the required budget readily available. We also found that exchange rate appreciations can buffer price shocks to a certain extent and that monetary policies seem to be an appropriate means for stabilizing food prices to safeguard food access of the poor population.

  16. 77 FR 68102 - Foreign-Trade Zone 163-Ponce, PR; Application for Subzone; Zimmer Manufacturing BV; Ponce, PR

    Science.gov (United States)

    2012-11-15

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-81-2012] Foreign-Trade Zone 163--Ponce, PR; Application for Subzone; Zimmer Manufacturing BV; Ponce, PR An application has been submitted to the Foreign-Trade Zones Board (the Board) by CODEZOL, C.D., grantee of FTZ 163, requesting special- purpose subzone...

  17. 75 FR 4344 - Foreign-Trade Zone 50-Long Beach, California Application for Subzone Allegro Mfg. Inc. (Cosmetic...

    Science.gov (United States)

    2010-01-27

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 6-2010] Foreign-Trade Zone 50--Long Beach, California Application for Subzone Allegro Mfg. Inc. (Cosmetic, Organizer and Electronic Bags and Accessories) Commerce, CA An application has been submitted to the Foreign-Trade Zones Board (the Board) by the Port of...

  18. An emissions trading scheme design for power industries facing price regulation

    International Nuclear Information System (INIS)

    Kim, Yong-Gun; Lim, Jong-Soo

    2014-01-01

    The electricity market, monopolistic in nature, with government price regulation, poses a serious challenge for policy makers with respect to the cost-effectiveness of emissions trading, particularly in Asian countries. This paper argues that a cap-and-trade regulatory system for indirect emissions combined with a rate-based allocation system for direct emissions can achieve market efficiency even in the presence of price and quantity controls in the electricity market. This particular policy mix could provide appropriate incentives for industries to reduce their electricity consumption while inducing power producers to reduce their direct carbon emissions cost-effectively in conditions where there is strict government control of electricity prices. Another advantage of the suggested policy mix is that it allows carbon leakage in cross-border power trades to be effectively eliminated. - Highlights: • A rate-based allocation induces power producers to minimize direct emissions. • A cap-and-trade on indirect emission induces firms to reduce electricity consumption. • These two can jointly achieve market efficiency even in the regulated power market

  19. Proposed currency composite approach to pricing OPEC oil: problems and possibilities

    Energy Technology Data Exchange (ETDEWEB)

    Shaaf, M.B.

    1982-01-01

    The primary purpose of this dissertation was to explore the nature, purposes, benefits, and barriers of establishing a currency basket for OPEC as an alternative to the use the dollar for international trade in oil. The study included the construction and evaluation of three alternative currency baskets and the evaluation of two other baskets for the protection of the real price of OPEC oil from foreign-exchange fluctuations between 1971 and 1980. A secondary objective was to assess the inflationary impact on the real price of oil. Finally, the purpose was to evaluate the changes of the terms of trade of OPEC during the same period. The findings of the research are as follows: During 1971-1980, inflation and the relative weakness of the dollar have reduced the real price of oil to OPEC. In spite of this, the terms of trade of OPEC have substantially improved. This was because OPEC increased its oil prices much more than sufficient to compensate for inflation and the fluctuation of foreign-exchange rates.

  20. 75 FR 30372 - Foreign-Trade Zone 196 Temporary/Interim Manufacturing Authority ATC Logistics & Electronics...

    Science.gov (United States)

    2010-06-01

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket T-2-2010] Foreign-Trade Zone 196 Temporary/Interim Manufacturing Authority ATC Logistics & Electronics (Cell Phone Kitting and Distribution... filed an application submitted by the ATC Logistics & Electronics, operator of Site 2, FTZ 196...

  1. 78 FR 23220 - Foreign-Trade Zone 22-Chicago, Illinois, Authorization of Production Activity, Abbott...

    Science.gov (United States)

    2013-04-18

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-91-2012] Foreign-Trade Zone 22--Chicago, Illinois, Authorization of Production Activity, Abbott Laboratories, Inc., AbbVie, Inc. (Pharmaceutical Production), North Chicago, Illinois, Area On December 14, 2012, Abbott Laboratories, Inc., and AbbVie, Inc...

  2. An econometric study of CO2 emissions, energy consumption, income and foreign trade in Turkey

    International Nuclear Information System (INIS)

    Halicioglu, Ferda

    2009-01-01

    This study attempts to empirically examine the dynamic causal relationships between carbon emissions, energy consumption, income, and foreign trade in the case of Turkey using the time-series data for the period 1960-2005. This research tests the interrelationship between the variables using the bounds testing to cointegration procedure. The bounds test results indicate that there exist two forms of long-run relationships between the variables. In the case of first form of long-run relationship, carbon emissions are determined by energy consumption, income and foreign trade. In the case of second long-run relationship, income is determined by carbon emissions, energy consumption and foreign trade. An augmented form of Granger causality analysis is conducted amongst the variables. The long-run relationship of CO 2 emissions, energy consumption, income and foreign trade equation is also checked for the parameter stability. The empirical results suggest that income is the most significant variable in explaining the carbon emissions in Turkey which is followed by energy consumption and foreign trade. Moreover, there exists a stable carbon emissions function. The results also provide important policy recommendations. (author)

  3. 77 FR 28569 - Foreign-Trade Zone 92-Gulfport, MS Notification of Proposed Production Activity; Gulf Ship, LLC...

    Science.gov (United States)

    2012-05-15

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-36-2012] Foreign-Trade Zone 92--Gulfport, MS Notification of Proposed Production Activity; Gulf Ship, LLC, (Shipbuilding), Gulfport, MS The Mississippi Coast Foreign-Trade Zone, Inc., grantee of FTZ 92, submitted a notification of proposed production activity on behalf of Gulf Ship, LLC (Gulf...

  4. 75 FR 29722 - Foreign-Trade Zone 18-San Jose, CA; Application for Subzone; Lam Research Corporation (Wafer...

    Science.gov (United States)

    2010-05-27

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 36-2010] Foreign-Trade Zone 18--San Jose, CA; Application for Subzone; Lam Research Corporation (Wafer Fabrication Equipment Manufacturing); Fremont, Newark, and Livermore, CA An application has been submitted to the Foreign-Trade Zones Board (the Board) by the City of San Jose, grantee of...

  5. The impact of foreign capital inflows and trade expansion on integrated pollutant discharge from China: Regional differences

    Directory of Open Access Journals (Sweden)

    Fan Xiufeng

    2015-04-01

    Full Text Available This article is based on the years from 1991 to 2012 of the nine categories of the provincial pollutant discharge indexes of China, uses the „vertical and horizontal method“ to calculate the comprehensive indexes that can fully measure the provincial pollutant discharge situation of China, establishes a dynamic inter-provincial panel data regression model and makes an empirical test on the relationship among foreign direct investments, foreign trade and pollutant discharge these three factors. The results show that foreign direct investment and foreign trade in different regions have a different impact on pollutant discharge. Therefore, local governments should at all levels be based on local conditions to attract foreign investment and develop foreign trade for the targeted optimization of the structure of introducing foreign investment and improving the quality of foreign trade growth, thus improving the overall situation of China’s pollutant discharge.

  6. 26 CFR 1.924(a)-1T - Temporary regulations; definition of foreign trading gross receipts.

    Science.gov (United States)

    2010-04-01

    ... trading gross receipts. 1.924(a)-1T Section 1.924(a)-1T Internal Revenue INTERNAL REVENUE SERVICE... United States § 1.924(a)-1T Temporary regulations; definition of foreign trading gross receipts. (a) In general. The term “foreign trading gross receipts” means any of the five amounts described in paragraphs...

  7. 78 FR 68814 - Foreign-Trade Zone 32-Miami, Florida, Authorization of Production Activity, Brightstar...

    Science.gov (United States)

    2013-11-15

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-68-2013] Foreign-Trade Zone 32--Miami, Florida, Authorization of Production Activity, Brightstar Corporation (Cell Phone Kitting), Miami, Florida On June 26, 2013, The Greater Miami Chamber of Commerce, grantee of FTZ 32, submitted a notification of proposed...

  8. The Impact of Trade Policies on Spiraling Prices in International Agricultural Commodity Markets

    Directory of Open Access Journals (Sweden)

    Agnes Ghibuțiu

    2011-07-01

    Full Text Available Since the mid-2000s food prices have been on an upward trend. In the first months of 2011, agricultural commodity prices reached an all-time high, fuelling fears about the imminent outbreak of a new food crisis, similar to the 1973/74 and 2006/08 ones. Behind concerns about increased price levels and volatility in international agricultural commodity markets lie concerns about food security. Hence, the international community is now under pressure to urgently find solutions for tempering strong upward fluctuations in prices for many major food commodities. Trade policy changes are increasingly discussed as a major contributing factor to food price surges. This paper addresses some issues related to the recurrent global food crises from the perspective of trade policy, specifically export restrictions. After a brief review of the fundamental drivers of the upward trend in real food prices (rising global population and income, climate change, high oil prices, increasing cereal use for biofuel production, and financial speculation, it examines the upsurge in agricultural export restrictions over the recent years. Relying on WTO's trade policy monitoring exercise, it highlights typology, motivations and effects of the newly introduced export restrictions, and finds that a major factor behind their recent proliferation is the lack of effective and binding multilateral rules concerning these trade policy instruments. The paper argues that strenghtening and improving WTO's rules and disciplines is essential for mitigating increased price pressure and volatility as well as the associated food security risks. While the issue of export restrictions is currently the topic of discussions under the Doha Round, trade negotiations are in impasse since 2008. Hence, urgent and successful conclusion of the round would be an essential step. In the meanwhile, a closer regular monitoring of all forms of export restrictions would help to provide at least more

  9. The geography of openness to foreign trade in Poland: The role of special economic zones and foreign-owned entities

    Directory of Open Access Journals (Sweden)

    Nazarczuk Jarosław M.

    2018-03-01

    Full Text Available The aim of this paper is to present the spatial distribution of openness to foreign trade assessed at the local level (LAU 1, poviats in Poland, between 2005 and 2012, with particular reference to its two determinants: activity of foreign-owned enterprises (FOEs and functioning of special economic zones (SEZs. With the use of data from different sources, including the foreign trade statistics for the Polish regions, constituting a set of indicators on openness to foreign trade, we deliberate on the determinants and the character of regional openness, as well as the quality of the proxies used in order to assess their spatial distribution. Our results indicate high regional dissimilarities in terms of export activity, correlated with the broader picture of regional inequalities. The role of FOEs has been crucial in determining the spatial distribution of exports. As regards the SEZs, their sole contribution increased significantly during the time span. In the times of the world financial crisis, the export performance diversity of poviats increased temporarily but diminished afterwards.

  10. Currency Policy Coordination оf Asean Countries: Foreign Trade Effects

    Directory of Open Access Journals (Sweden)

    Yana Valeryevna Dyomina

    2015-12-01

    Full Text Available The study estimates foreign trade effects of currency policy measures in ASEAN countries. On the base of exchange rate dynamics the author concludes that during the period of 2000-2014 ASEAN countries in general used competitive devaluation policy of national currencies to CNY, JPY, KRW and EUR and revaluation to USD. To eliminate negative effects of competitive devaluation policy the paper proposes currency policy coordination of ASEAN countries that could be done by pegging of national currencies to a common basket. Employing the SAC (Stable Aggregate Currency method the author suggests 4 options for a common currency basket. The researcher estimates foreign trade effects of currency policy coordination in ASEAN countries for every option of a currency basket in three following cases: ASEAN as a whole, ASEAN-6 and ASEAN-4. The author concludes that the optimal form of currency policy coordination in ASEAN is pegging of exchange rates of national currencies to a common basket composed of 13 East Asian currencies. This currency basket option has maximum foreign trade effects for the Association as a whole and by sub-groups of ASEAN-6 and ASEAN-4 when it devaluates to the U.S. dollar

  11. 78 FR 16465 - Foreign-Trade Zone 7-Mayaguez, Puerto Rico, Authorization of Production Activity, Pepsi Cola...

    Science.gov (United States)

    2013-03-15

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-84-2012] Foreign-Trade Zone 7--Mayaguez, Puerto Rico, Authorization of Production Activity, Pepsi Cola Puerto Rico Distributing, LLC (Soft Drink...-Trade Zones (FTZ) Board on behalf of Pepsi Cola Puerto Rico Distributing, LLC, in Toa Baja, Puerto Rico...

  12. Price volatility, trading volume, and market depth in Asian commodity futures exchanges

    Directory of Open Access Journals (Sweden)

    Tanachote Boonvorachote

    2016-01-01

    Full Text Available This paper empirically investigates the impact of trading activity including trading volume and open interest on price volatility in Asian futures exchanges. Trading volume and open interest represent market information for investors. This study uses three different definitions of volatility: (1 daily volatility measured by close-to-close returns, (2 non-trading volatility measured by close-to-open returns, and (3 trading volatility measured by open-to-close returns. The impact of trading volume and open interest on price volatility is investigated. Following Bessembinder and Seguin (1993, volume and open interest are divided into expected and unexpected components. The GARCH (1,1 model is employed using expected and unexpected components of trading activity (volume and open interest as explanatory variables. The results show a positive contemporaneous relationship between expected and unexpected trading volume and volatility, while open interest mitigates volatility. Policy makers can use these findings to suggest to investors that trading activity (volume and open interest is a proxy of market information flowing to exchanges, especially unexpected trading activity. New information flowing to exchanges can mostly be noticed in unexpected trading volumes and open interests.

  13. 78 FR 67927 - Foreign Trade Regulations (FTR): Mandatory Automated Export System Filing for All Shipments...

    Science.gov (United States)

    2013-11-13

    ... Internet at [email protected] ). FOR FURTHER INFORMATION CONTACT: Nick Orsini, Chief, Foreign Trade Division... 0607-AA50 Foreign Trade Regulations (FTR): Mandatory Automated Export System Filing for All Shipments... approval of new information collection requirements. [[Page 67928

  14. 77 FR 75145 - Foreign-Trade Zone 61-San Juan, Puerto Rico; Application for Subzone; Sea World, Inc.; Guaynabo, PR

    Science.gov (United States)

    2012-12-19

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [S-138-2012] Foreign-Trade Zone 61--San Juan, Puerto Rico; Application for Subzone; Sea World, Inc.; Guaynabo, PR An application has been submitted to the Foreign-Trade Zones Board (the Board) by the Puerto Rico Trade & Export Company, grantee of FTZ 61...

  15. 77 FR 26737 - Foreign-Trade Zone 235-Lakewood, NJ: Notification of Proposed Production Activity; Cosmetic...

    Science.gov (United States)

    2012-05-07

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-31-2012] Foreign-Trade Zone 235--Lakewood, NJ: Notification of Proposed Production Activity; Cosmetic Essence Innovations, LLC (Fragrance Bottling); Holmdel, NJ Cosmetic Essence Innovations, LLC (CEI) has submitted a notification of proposed production...

  16. Oil Prices and Venezuela's Economy

    OpenAIRE

    Mark Weisbrot; Rebecca Ray

    2008-01-01

    This paper looks at Venezuela’s export revenue, imports, and trade and current account balances under a range of oil price outcomes for the next two years. It finds that Venezuela would run large current account surpluses for prices between $60-90 per barrel, and would even run a small surplus with prices at $50 per barrel. (Most oil industry estimates for the next two years are in the range of $80-90 per barrel). The authors conclude that Venezuela is unlikely to run into foreign exchange co...

  17. Improved price transparency : how electronic trading is affecting natural gas prices

    International Nuclear Information System (INIS)

    Gault, G.

    2002-01-01

    New electronic trading platforms can be categorized as: (1) proprietary or marketplace systems owned by the market maker or liquidity provider, (2) matching systems for brokerage systems where counter parties are matched and electronically executed through bilateral trading agreements, and (3) cleared exchanges which have traditional characteristics such as neutrality, anonymity, and clearing. The Calgary-based Natural Gas Exchange (NGX) is an independent electronic energy exchange. It is owned by OM in Stockholm, Sweden and operates under an order from the Alberta Securities Commission. Its main objective is to provide electronic energy trading and clearing services to participants in the the North American energy market. NGX has transacted more than 270,000 trades with zero default. The services at NGX include: centralized and anonymous electronic trading; centralized risk management and netting; centralized collateral management; transaction facilitation; pipeline title transfer coordination; and, real time price index generation. This paper described the impact of the many different types of trading platforms on liquidity and volatility in the marketplace. It also addresses the future of online energy trading and their respective platforms. Supply and demand of natural gas, storage, and weather are the basic market fundamentals, but trading platforms have an impact of volatility of natural gas because of market fragmentation, transparency, and market systems. As online energy exchanges evolve, we will see a consolidation of online energy exchanges that will thin a shrinking pool of players, and appropriately capitalized and centralized clearinghouses will become the backbone of all major online energy trading operations

  18. Currency Inconvertibility, Portfolio Balance and Relative Prices

    OpenAIRE

    Jorge Braga de Macedo

    1983-01-01

    This paper analyzes regimes of currency inconvertibility in the frame-work of a simple general equilibrium model where an officially-traded good,a smuggled good and a non-traded good are produced and consumed by residents,who hold domestic and foreign currency in their portfolios. It is shown that stability requires the effect of relative prices on demand for traded and non-traded goods to dominate their effect on asset demands and that a once-and-for-all devaluation does not change the curre...

  19. 75 FR 13484 - Foreign-Trade Zone 22; Temporary/Interim Manufacturing Authority; LG Electronics Mobilecomm USA...

    Science.gov (United States)

    2010-03-22

    ... DEPARTMENT OF COMMERCE [Docket T-1-2010] Foreign-Trade Zones Board Foreign-Trade Zone 22; Temporary/Interim Manufacturing Authority; LG Electronics Mobilecomm USA, Inc. (Cell Phones); Notice of.../ interim manufacturing (T/IM) authority, on behalf of LG Electronics Mobilecomm USA, Inc. (LGEMU), to...

  20. 77 FR 55455 - Foreign-Trade Zone 235-Lakewood, NJ, Authorization of Production Activity, Cosmetic Essence...

    Science.gov (United States)

    2012-09-10

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-31-2012] Foreign-Trade Zone 235--Lakewood, NJ, Authorization of Production Activity, Cosmetic Essence Innovations, LLC, (Fragrance Bottling), Holmdel, NJ Cosmetic Essence Innovations, LLC (CEI) submitted a notification of proposed production activity to the...

  1. 78 FR 57838 - Foreign-Trade Zone (FTZ) 21-Dorchester County, South Carolina, Authorization of Production...

    Science.gov (United States)

    2013-09-20

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-57-2013] Foreign-Trade Zone (FTZ) 21--Dorchester County, South Carolina, Authorization of Production Activity, AGFA Materials Corporation, (Photographic Film Cutting), Goose Creek, South Carolina On May 17, 2013, the South Carolina State Ports...

  2. 78 FR 16247 - Foreign-Trade Zone 38-Spartanburg County, South Carolina; Authorization of Production Activity...

    Science.gov (United States)

    2013-03-14

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-86-2012] Foreign-Trade Zone 38--Spartanburg County, South Carolina; Authorization of Production Activity; ZF Transmissions Gray Court, LLC (Automatic Transmissions); Gray Court, South Carolina On November 8, 2012, the South Carolina State Ports Authority...

  3. 78 FR 17635 - Foreign-Trade Zone 93-Raleigh-Durham, North Carolina; Notification of Proposed Production...

    Science.gov (United States)

    2013-03-22

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-23-2013] Foreign-Trade Zone 93--Raleigh-Durham, North Carolina; Notification of Proposed Production Activity; Southern Lithoplate, Inc. (Aluminum Printing Plates); Youngsville, North Carolina The Triangle J Council of Governments grantee of FTZ 93...

  4. 78 FR 34639 - Foreign-Trade Zone (FTZ) 21-Dorchester County, South Carolina; Notification of Proposed...

    Science.gov (United States)

    2013-06-10

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-57-2013] Foreign-Trade Zone (FTZ) 21--Dorchester County, South Carolina; Notification of Proposed Production Activity; AGFA Materials Corporation (Photographic Film Cutting); Goose Creek, South Carolina The South Carolina State Ports Authority, grantee of...

  5. 78 FR 43141 - Foreign-Trade Zone 93-Raleigh-Durham, North Carolina, Authorization of Production Activity...

    Science.gov (United States)

    2013-07-19

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-23-2013] Foreign-Trade Zone 93--Raleigh-Durham, North Carolina, Authorization of Production Activity, Southern Lithoplate, Inc. (Aluminum Printing Plates), Youngsville, North Carolina On March 18, 2013, the Triangle J Council of Governments, grantee of...

  6. Influence of market factors on the pricing of exchange traded metals in the medium term

    Science.gov (United States)

    Bogdanov, S. V.; Shevelev, I. M.; Chernyi, S. A.

    2017-06-01

    On the basis of comparison of the influence of the stock exchange factors on the pricing of nonferrous metals for medium term with similar results for short term, it has been established that the main attention should be paid to the changes in the pricing environment on the metal market as a function of the prices of exchange traded metals. The situation on the market of energy carriers (hydrocarbons) and the European, American, and Asian stock exchanges can be based on parity and even significantly influence the variation of the metal prices. In the medium term, constructive development of metal trade should be reasonably promoted by changing the elasticity of supply with regard to prices for exchange traded metals and by applying the stock exchange factors that positively influence the pricing on commodity and stock markets.

  7. FINANCIAL ACCOUNTING APPROACHES OF THE REVOLVING LOANS WITH THE EXAMPLE OF THE FOREIGN TRADE COMPANIES

    Directory of Open Access Journals (Sweden)

    ADRIANA IOŢA

    2014-10-01

    Full Text Available In the current economic context, with a major increase in the foreign business of the Romanian companies, there is a need to finance their activities from various sources in order to meet competition. For this reason I aimed, with this paper, to identify the way to finance current business of foreign trade companies. Considering that for the majority of foreign trade transactions settlement is performed after a maturity established by agreement between the partners, in this interval various payment obligations may occur, reason for which companies resort to short-term funding sources, usually of the revolving type. This paper presents on one hand the financial features of two forms of crediting current activity, most often contracted by companies engaged in foreign trade, as the credit line and the global working loans. In the case of the credit line we presented the accounting methodology applicable to a company that engaged in foreign trade, with the purpose of highlighting the accounting peculiarities of the records of the currency credit line, as well as the costs (interests, fees these imply.

  8. Drivers of Live Cattle Price in the Livestock Trading System of Central Cameroon

    Science.gov (United States)

    Motta, Paolo; Handel, Ian G.; Rydevik, Gustaf; Hamman, Saidou M.; Ngwa, Victor Ngu; Tanya, Vincent N.; Morgan, Kenton L.; Bronsvoort, Barend M. deC.; Porphyre, Thibaud

    2018-01-01

    Livestock production and trade are critical for the food security and welfare of rural households in sub-Saharan Africa. In Cameroon, animal trade consists mainly of live cattle commercialized through livestock markets. Identifying the factors contributing to cattle price formation is critical for designing effective policies for sustainable production and for increasing food availability. In this study, we evaluated the influence of a range of individual- and market-level factors on the price of cattle that were sold in all transactions (n = 118,017) recorded over a 12-month period from 31 livestock markets in the main cattle production area of the country. An information-theoretic approach using a generalized additive mixed-effect model was implemented to select the best explanatory model as well as evaluate the robustness of the identified drivers and the predictive ability of the model. The age and gender of the cattle traded were consistently found to be important drivers of the price (p livestock market and the price of the traded live cattle (p < 0.01). Although our analysis did not account for factors informing on specific phenotypic traits nor breed characteristics of cattle traded, nearly 50% of the observed variation in live cattle prices was explained by the final model. Ultimately, our model gives a large scale overview of drivers of cattle price formation in Cameroon and to our knowledge is the first study of this scale in Central Africa. Our findings represent an important milestone in designing efficient and sustainable animal health management programme in Cameroon and ensure livelihood sustainability for rural households. PMID:29387687

  9. Turkey’s Foreign Trade as a Driver of Economic Development

    Directory of Open Access Journals (Sweden)

    Nigyar R. Masumova

    2016-01-01

    Full Text Available Turkey now is a regional leader due to economic success story of the past decade, changes in the economy's structure and dynamic. Since 1980th foreign trade has become the main driver of the economic growth. Due to liberalization policy Turkey was able to overcome the system crisis. The negative economic trends had contributed to the political instability. That's why it will be interesting to highlight some aspects of Turkish foreign trade policy, which influence the value, geographical and product orientation of foreign trade. Negative balance of trade is the result of its oil import dependence. But the export of goods with more value added has the trend to growth - 30% of exports come to machineries and transport equipments. After the collapse of the USSR Turkish-Russian economic relationship was facing revival. Trade and investment cooperation was developing rapidly. But the conflict of interest during the war in Syria led to growing differences between Russia and Turkey. 24th of November 2015 became a turning point for the Russian-Turkish relations, when Turkish fighter jet F-16 shot down a Russian military jet along the Syrian border. This tragedy had serious consequences for the bilateral economic relations. Huge investment pipeline project "Turkish stream" is freezed, the work of intergovernmental authorities is stopped, certain agricultural goods originated from Turkey is banned to the territory of the Russian Federation. Russia also suspended the visa-free regime for Turkish citizens, all charter flights to Turkey are prohibited. Nevertheless economic sanctions inevitable affect both the Turkish and Russian economies, but Russia is still one of the main partners of Turkey.

  10. The influencing factors of China carbon price: a study based on carbon trading market in hubei province

    Science.gov (United States)

    Li, Hao; Lei, Ming

    2018-02-01

    For the carbon market, good trading mechanism is the basis for the healthy development of the carbon trading market. In order to explore the core problem of carbon price formation, our research explores the influencing factors of the price of carbon trading market. After the preliminary statistical analysis, our study found that Hubei Province is in the leading position among seven pilots in the carbon trading volume and the transaction, so our study of carbon price takes Hubei Province as sample of the empirical research. Multi-time series model and ARCH model analysis method are used in the research, we use the data of Hubei carbon trading pilot from June 2014 to December 2016 to carry out empirical research, the results found that industrial income, energy price, government intervention and the number of participating corporation have significant effect on the carbon price, which provides a meaningful reference for the other pilots in-depth study, as well as the construction of a national carbon trading market.

  11. 75 FR 4343 - Foreign-Trade Zone 22-Chicago, IL; Application for Manufacturing Authority; LG Electronics...

    Science.gov (United States)

    2010-01-27

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 3-2010] Foreign-Trade Zone 22--Chicago, IL; Application for Manufacturing Authority; LG Electronics MobileComm USA, Inc. (Cell Phone Kitting... authority on behalf of LG Electronics MobileComm USA, Inc. (LGEMU), located in Bolingbrook, Illinois. The...

  12. 75 FR 64248 - Approval for Manufacturing Authority Foreign-Trade Zone 196 ATC Logistics & Electronics (Cell...

    Science.gov (United States)

    2010-10-19

    ... Authority Foreign-Trade Zone 196 ATC Logistics & Electronics (Cell Phone Kitting) Fort Worth, TX Pursuant to... Foreign-Trade Zones Board (the Board) adopts the following Order: Whereas, ATC Logistics & Electronics... Logistics & Electronics, as described in the application and Federal Register notice, is approved, subject...

  13. 78 FR 36523 - Foreign-Trade Zone 84-Houston, Texas; Authorization of Production Activity; Toshiba International...

    Science.gov (United States)

    2013-06-18

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-17-2013] Foreign-Trade Zone 84--Houston, Texas; Authorization of Production Activity; Toshiba International Corporation; (Hybrid Electric Vehicle Motors and Generators Production); Houston, Texas On February 11, 2013, the Port of Houston Authority, grantee of FTZ 84...

  14. 77 FR 34935 - Foreign-Trade Zone 161; Temporary/Interim Manufacturing Authority; Siemens Energy, Inc., (Wind...

    Science.gov (United States)

    2012-06-12

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket T-4-2012] Foreign-Trade Zone 161; Temporary/Interim Manufacturing Authority; Siemens Energy, Inc., (Wind Turbine Nacelles and Hubs); Notice of... temporary/interim manufacturing (T/IM) authority, on behalf of Siemens Energy, Inc., to manufacture wind...

  15. The EU Emissions Trading Scheme. Allowance Prices, Trade Flows, Competitiveness Effects

    International Nuclear Information System (INIS)

    Klepper, G.; Peterson, S.

    2004-03-01

    The upcoming European Emissions Trading Scheme (ETS) is one of the more controversial climate policy instruments. Predictions about its likely impact and its performance can at present only be made to a certain degree. As long as the National Allocations Plans are not finally settled the overall supply of allowances is not determined. In this paper we will identify key features and key impacts of the EU ETS by scanning the range of likely allocation plans using the simulation model DART. The analysis of the simulation results highlights a number of interesting details in terms of allowance trade flows between member countries, of allowance prices, and in terms of the role of the accession countries in the ETS

  16. Trade Costs and Location of Foreign Firms in China

    OpenAIRE

    International Monetary Fund

    2005-01-01

    This study examines the determinants of entry into by foreign firms, using information on 515 Chinese industries at the provincial level during 1998-2001. The analysis, rooted in the new economic geography, focuses on market and supplier access within and outside the province of entry, as well as production and trade costs. The results indicate that market and supplier access are the most important factors affecting foreign entry. Access to markets and suppliers in the province of entry matte...

  17. 78 FR 15682 - Foreign-Trade Zone 84-Houston, Texas, Authorization of Production Activit, Mitsubishi Caterpillar...

    Science.gov (United States)

    2013-03-12

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-88-2012] Foreign-Trade Zone 84--Houston, Texas, Authorization of Production Activit, Mitsubishi Caterpillar Forklift America Inc. (Forklift Trucks), Houston, TX On November 2, 2012, the Port of Houston Authority, grantee of FTZ 84, submitted a notification of...

  18. Key Trends in the Development of Foreign Trade of France in the Global Competitive Environment

    Directory of Open Access Journals (Sweden)

    Zvirgzde Kateryna I.

    2016-01-01

    Full Text Available The article is aimed at analyzing the nature and contemporary trends of foreign trade activity of France. In the process of evolutionary development of the economy of France in content, structure and directions of its foreign trade strategies occurred permanent modifications and transformations, resulting from the need to maintain optimal proportions between material, financial and human resources, production and consumption, commodity supply and purchasing power, as well as receipts and payments in the settlements with other countries. The article is concerned with an integrated analysis of progressive structural reforms in the economic system of France in the last decade, which led to fundamental changes in its foreign trade operations both in terms of monetary magnitude of export-import transactions and their product-species, geographical, institutional and regulatory structures. The nature, key indicators, trends and issues in the foreign trade strategy of France in the face of global volatility as well as ways for its improvement have been researched.

  19. Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (1/3)

    CERN Multimedia

    CERN. Geneva; Coffey, Brian

    2009-01-01

    Abstract: An introduction to the mathematics and practicalities of market trading and risk management for financial derivatives, the course will focus on examples from the short-term and long term Foreign Exchange (FX) and Interest Rate (IR) derivatives markets. Topics: - Government Bonds and IR Curves - Stochastic FX, Black-Scholes Vanilla FX Options and Martingales - Risk Management and Market Trading for Vanilla FX Options, Market Implied Volatility, Valuation and Risk Management, Market Trading Strategies - Stochastic IR Curves and Implied Volatility, IR Derivatives - Long Term FX Options: Interaction of Stochastic FX and Stochastic IR Vanilla Foreign Exchange (FX) Options - $ Government Bonds, Interest Rate (IR) Curves, Continuous IR - Domestic ($) and Foreign (Yen) Government Bonds, IR curves - Stochastic Spot FX, Forward FX: Ito processes for $ and Yen Investors - Black-Scholes Vanilla FX Options, Connection to Heat/Diffusion Equation - Stochastic Differential Equations with Mart...

  20. Multiscale Analysis of Foreign Exchange Order Flows and Technical Trading Profitability

    OpenAIRE

    Nikola Gradojevic; Camillo Lento

    2012-01-01

    This paper investigates the multiscale (frequency-dependent) relationship between technical trading profitability and feedback trading effects in the Canada/U.S. dollar foreign exchange market. The results suggest weak evidence that technical trading activities of financial and non-financial customers drive frequent violations of the FX market microstructure assumption that exchange rate movements are driven by order flow. After controlling for transaction costs, we find that the contribution...

  1. Major Problems and Countermeasures of Foreign Trade in China under the Background of Expanding Domestic Demand

    OpenAIRE

    Ruan, Wei-tong; Li, Yu-hong

    2010-01-01

    Starting from China's macro-economic policy level and combining with the status of foreign trade in China, major problems in the development of foreign trade are analyzed under the background of expanding domestic demand, which is guided by the macro-economy, international finance, international trade and other related disciplines. Problems are mainly the inflation, the reduction of import, the trade protection, the increase in export costs, the reduction of export, the scale shrinkage of for...

  2. Production, prices, employment, and trade in Northwest forest industries, all quarters 2012

    Science.gov (United States)

    Xiaoping Zhou

    2013-01-01

    Provides current information on lumber and plywood production and prices; employment in the forest industries; international trade in logs, lumber, and plywood; volume and average prices of stumpage sold by public agencies; and other related items.

  3. Production, prices, employment, and trade in Northwest forest industries, all quarters 2013

    Science.gov (United States)

    Xiaoping Zhou

    2015-01-01

    Provides current information on lumber and plywood production and prices; employment in the forest industries; international trade in logs, lumber, and plywood; volume and average prices of stumpage sold by public agencies; and other related items.

  4. Production, prices, employment, and trade in Northwest forest industries, all quarters 2011

    Science.gov (United States)

    Xiaoping Zhou; Debra D Warren

    2012-01-01

    Provides current information on lumber and plywood production and prices; employment in the forest industries; international trade in logs, lumber, and plywood; volume and average prices of stumpage sold by public agencies; and other related items.

  5. Production, prices, employment, and trade in Northwest forest industries, all quarters 2014

    Science.gov (United States)

    Xiaoping Zhou; Jean M. Daniels

    2018-01-01

    Provides current information on lumber and plywood production and prices; employment in the forest industries; international trade in logs, lumber, and plywood; volume and average prices of stumpage sold by public agencies; and other related items.

  6. Price Manipulation in Indonesian Capital Market: Empirical Analysis on Stockbroker’s Behavior and Interaction Pattern between Domestic Investors and Foreign Investors

    Directory of Open Access Journals (Sweden)

    Buddi Wibowo

    2014-08-01

    Full Text Available Price manipulation in stock market transaction is an important issue when developing investor  conidence  and  market  integrity  is  a  priority.  Price  manipulation  is  prevalent  in emerging  markets,  which  still  have  institutional  problems  and  lack  regulations.  A  stock market  as  a  mutual  company  has  an  institutional  problem  when  a  stock  broker  instead  of being an intermediary, behaves like a dealer and a principal for some stocks. A stock broker has strong incentives to give a signal to public investors about price of some stocks in order to get an unfair proit. A usual pattern of manipulation done by stock broker is a pump and dump manipulation. Artiicial price increase was made by manipulators through buying and selling activities among themselves until tend chaser and naive investors jump to this game. When stock price is at the highest level, manipulators start selling their stock. This research measured  and  identiied  behavior  pattern  of  stock  brokers  in  Indonesian  Stock  Market, concerning  their  contribution  to  price  manipulation    existence.    Because  of  the  important  role  played by foreign investors in Indonesian stock market, this research would also identify interaction  pattern  between  foreign  and  domestic  investors.  Empirical  researches  showed that  foreign investors  were underperformed domestic investors in Indonesian stock market (Dvorak, 2005, and Agarwal et al. 2009. In spite of their superior experience and inancial support  compared  to  domestic  investosr,  foreign  investors  got  lower  return  on  average. Agarwal  et  al.  (2009  showed  this  phenomenon  occured  because  foreign  investors  were more aggressive than domestic investors. Dvorak (2005 argued that domestic investors had more  access  and  network  to  collect  short  run

  7. Investigation of Causal Relationship between Stock Prices and Trading Volume using Toda and Yamamoto Procedure

    Directory of Open Access Journals (Sweden)

    Sushil BAJAJ

    2014-11-01

    Full Text Available The present study probes the relationship between the stock prices and trading volume. For achieving this purpose, daily data of adjusted closing stock prices, trading volume of 39 individual securities and S&P CNX Nifty from January 1, 1998 to May 31, 2013 have been used. In this study, instead of applying ordinary Granger causality test to investigate the relationship between stock prices and trading volume, Toda and Yamamoto (1995 procedure has been applied for analyzing the data. Lag length chosen by AIC and FPE criterion has been insured by running Lagrange Multiplier (LM test and causality determined by Toda and Yamamoto test has also been confirmed by using VAR methodology. Although, Toda and Yamamoto and VAR test produced little dissimilar results, nevertheless, the empirical analysis provides sufficient grounds to declare the presence of interaction between stock prices and trading volume.

  8. EU emission trading scheme and the effect on the price of electricity

    International Nuclear Information System (INIS)

    2004-01-01

    The Electricity Market Working Group and the Climate Change Policy Working Group of the Nordic Council of Ministers, has commissioned ECON Analysis to prepare this report. The report analyses the demand and supply of GHG emission allowances and the price of emission allowances for the period 2005-2007 and 2008-2012 and the effect on the electricity price in the Nordic electricity market. The demand for emissions allowances has then been estimated for different scenarios, with different assumption on burden sharing between sectors and international participation and the supply of emission allowances is determined by the marginal abatement costs. Based on available information on abatement costs the supply of allowances is then estimated. The market balance between the demand and supply for allowances then determines the price of emission allowances. The effect on the electricity price is simulated with ECON's model for the Nordic power market to quantitatively estimate the effect from emissions trading on the electricity price, production, consumption, trade, etc. (BA)

  9. Volatilities, traded volumes, and the hypothesis of price increments in derivative securities

    Science.gov (United States)

    Lim, Gyuchang; Kim, SooYong; Scalas, Enrico; Kim, Kyungsik

    2007-08-01

    A detrended fluctuation analysis (DFA) is applied to the statistics of Korean treasury bond (KTB) futures from which the logarithmic increments, volatilities, and traded volumes are estimated over a specific time lag. In this study, the logarithmic increment of futures prices has no long-memory property, while the volatility and the traded volume exhibit the existence of the long-memory property. To analyze and calculate whether the volatility clustering is due to a inherent higher-order correlation not detected by with the direct application of the DFA to logarithmic increments of KTB futures, it is of importance to shuffle the original tick data of future prices and to generate a geometric Brownian random walk with the same mean and standard deviation. It was found from a comparison of the three tick data that the higher-order correlation inherent in logarithmic increments leads to volatility clustering. Particularly, the result of the DFA on volatilities and traded volumes can be supported by the hypothesis of price changes.

  10. China’s Foreign Trade: The Response to Changing the Exchange Rate

    Directory of Open Access Journals (Sweden)

    Izotov D. A.

    2011-12-01

    Full Text Available Based on official data of Chinese and international statistics assessment is given of the impact of the yuan revaluation on the parameters of China’s foreign trade by country (including in terms of crisis tendencies in the global economy. A regression analysis made it possible to obtain quantitative assessments of the responses of China’s foreign trade parameters by country, depending on different yuan revaluation (10% and 50% to the U.S. dollar. It is found that the yuan revaluation leads to reduction in the growth rates of both China’s exports and imports, with the responses by countries being different

  11. The trade union freedom of foreigners with no authorization to work

    Directory of Open Access Journals (Sweden)

    Consuelo Nieto Roales-Nieto

    2014-11-01

    Full Text Available The need of working, intended in its most primitive expression, as a mean for subsistence, is one of the fundamental causes for the increasement of migratory movements. As a result, a peculiar situation arises: there are foreign workers to whom the law that regulates the right to work does not apply.As trade union freedom is one of the fundamental rights related to work, it does not apply either. The article analyses the compatibility of the dispositions about foreigners that, in this respect, condition the exercise of the freedom of syndication, to the authorization of permanence in the country or residence permission with the scope of application of trade union freedom right provided by the Spanish Bill of Rights. The study does not try to establish the practical viability of the possibility for a foreigner to be covered by the right of syndication but the legitimacy of the normative implications when foreigner´s law (Ley de extranjería is applied confronted to the principles stated in the Spanish Constitution and in international treaties.

  12. 78 FR 75330 - Grant of Authority; Establishment of a Foreign-Trade Zone Under the Alternative Site Framework...

    Science.gov (United States)

    2013-12-11

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1921] Grant of Authority... authority under the Foreign-Trade Zones Act of June 18, 1934, as amended (19 U.S.C. 81a-81u), the Foreign... adjacent to U.S. Customs and Border Protection ports of entry; Whereas, the Board adopted the alternative...

  13. Intertemporal Risk-Return Trade-off in Foreign Exchange Rates

    OpenAIRE

    Christiansen, Charlotte

    2010-01-01

    We investigate the intertemporal risk-return trade-off of foreign ex-change (FX) rates for ten currencies quoted against the USD. For each currency,we use three risk measures simultaneously that pertain to that currency; its re-alized volatility, its realized skewness, and its value-at-risk. We apply monthlyFX excess returns and monthly FX risk measures calculated from daily ob-servations. We find that there is a positive and signi…cant contemporaneousrisk-return trade-off for most currencies...

  14. 78 FR 45181 - Foreign-Trade Zone 230-Piedmont Triad Area, North Carolina, Authorization of Production Activity...

    Science.gov (United States)

    2013-07-26

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-31-2013] Foreign-Trade Zone 230--Piedmont Triad Area, North Carolina, Authorization of Production Activity, Oracle Flexible Packaging, Inc., (Foil-Backed Paperboard), Winston-Salem, North Carolina On March 25, 2013, the Piedmont Triad Partnership...

  15. The Leading Economic Sectors Building Comparative and Competitive Advantages in Romania's Foreign Trade

    Directory of Open Access Journals (Sweden)

    Adriana Giurgiu

    2008-05-01

    Full Text Available For now on, as a member state of the EU, Romania and the Romanian commercial operators should maximize the foreign trade’s opportunities given by the rich portfolio of free trade agreements of the European Union and try to reorient our exports towards countries where the products of which the structure of our Romanian exports is consisted of hold a comparative and competitive advantage, in order to reduce the Romanian long-term trade balance deficit. Therefore, this paper focuses on finding out the leading sectors with high potential to maintain and consolidate the comparative and competitive advantages of the Romania’s foreign trade.

  16. Financial intermediation and the role of price discrimination in a two-tier market

    OpenAIRE

    Reitz, Stefan; Schmidt, Markus A.; Taylor, Mark P.

    2009-01-01

    Though unambiguously outperforming all other financial markets in terms of liquidity, foreign exchange trading is still performed in opaque and decentralized markets. In particular, the two-tier market structure consisting of a customer segment and an interdealer segment to which only market makers have access gives rise to the possibility of price discrimination. We provide a theoretical foreign exchange pricing model that accounts for market power considerations and analyze a database of th...

  17. Foreign Direct Investment and Trade Openness: The Case of Developing Economies

    Science.gov (United States)

    Liargovas, Panagiotis G.; Skandalis, Konstantinos S.

    2012-01-01

    This paper examines the importance of trade openness for attracting Foreign Direct Investment (FDI) inflows, using a sample of 36 developing economies for the period 1990-2008. It provides a direct test of causality between FDI inflows, trade openness and other key variables in developing regions of the world: Latin America, Asia, Africa, CIS…

  18. Statistics of foreign trade in radioactive materials

    International Nuclear Information System (INIS)

    Anon.

    2001-01-01

    The German Federal Office for Industry and Foreign Trade Control (BAFA) keeps annual statistics of the imports and exports of radioactive materials, nuclear fuels included. The entries, some of them with precise details, cover the participating countries and the radionuclides concerned as well as all kinds of radioactive materials. The tables listed in the article represent the overall balance of the development of imports and exports of radioactive materials for the years 1983 to 2000 arranged by activity levels, including the development of nuclear fuel imports and exports. For the year 2000, an additional trade balance for irradiated and unirradiated nuclear fuels and source materials differentiated by enrichment is presented for the countries involved. In 2000, some 2446 t of nuclear fuels and source materials were imported into the Federal Republic, while approx. 2720 t were exported. The chief trading partners are countries of the European Union and Russia, South Korea, and Brazil. (orig.) [de

  19. 77 FR 55800 - Foreign-Trade Zone 242-Boundary County, ID; Application for Subzone AREVA Enrichment Services...

    Science.gov (United States)

    2012-09-11

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-68-2012] Foreign-Trade Zone 242--Boundary County, ID; Application for Subzone AREVA Enrichment Services, LLC; Bonneville County, ID An application... FTZ 242, requesting special-purpose subzone status for the facility of AREVA Enrichment Services, LLC...

  20. 77 FR 70417 - Foreign-Trade Zone 7-Mayaguez, Puerto Rico; Notification of Proposed Production Activity; Pepsi...

    Science.gov (United States)

    2012-11-26

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-84-2012] Foreign-Trade Zone 7--Mayaguez, Puerto Rico; Notification of Proposed Production Activity; Pepsi Cola Puerto Rico Distributing, LLC... Company, grantee of FTZ 7, submitted a notification of proposed production activity on behalf of Pepsi...

  1. 77 FR 16537 - Approval for Expansion of Manufacturing Authority, Foreign-Trade Subzone 78A, Nissan North...

    Science.gov (United States)

    2012-03-21

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1820] Approval for Expansion of Manufacturing Authority, Foreign-Trade Subzone 78A, Nissan North America, Inc. (Electric Passenger Vehicles..., Nissan North America, Inc. (NNA), operator of Subzone 78A, at the NNA manufacturing facilities in Smyrna...

  2. 78 FR 28190 - Authorization of Production Activity; Foreign-Trade Subzone 29C; GE Appliances (Electric Water...

    Science.gov (United States)

    2013-05-14

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-7-2013] Authorization of Production Activity; Foreign-Trade Subzone 29C; GE Appliances (Electric Water Heaters); Louisville, Kentucky On January 7, 2013, GE Appliances, operator of Subzone 29C in Louisville, Kentucky, submitted a notification of proposed...

  3. CO2 price dynamics. The implications of EU emissions trading for the price of electricity

    International Nuclear Information System (INIS)

    Sijm, J.P.M.; Bakker, S.J.A.; Harmsen, H.W.; Lise, W.; Chen, Y.

    2005-09-01

    The present study analyses the relationship between EU emissions trading and power prices, notably the implications of free allocation of emissions allowances for the price of electricity in countries of North-western Europe. To study this impact, it uses a variety of analytical approaches, including interviews with stakeholders, empirical and statistical analyses, theoretical explorations, and analyses by means of the COMPETES model. The study shows that a significant part of the costs of freely allocated allowances is passed through to power price and discusses its implications in terms of higher electricity prices for consumers and windfall profits for producers. It concludes that free allocation of emission allowances is a highly questionable policy option for a variety of reasons and suggests that auctioning might offer a better perspective

  4. Effects of Free Trade Agreements on Foreign Trade: Predictions for Puerto Rico in the face of CAFTA-DR

    Directory of Open Access Journals (Sweden)

    José E. Signoret

    2006-10-01

    Full Text Available This paper examines the effects of regional free trade agreements on international trade activity. The analysis estimates gravity models of trade that serve to assess the likely impact of CAFTA-DR on Puerto Rico and United States’ foreign trade. The estimated effects of CAFTA-DR on the US are invariably modest. For the case of Puerto Rico, the effects are of considerably larger importance, albeit still somewhat small. The inclusion of the Dominican Republic into the Agreement, however, is critical for these latter results.

  5. Effects of Trade Liberalization on Domestic Prices: Some Evidence from Tunisian Manufacturing

    OpenAIRE

    Saggay, Ali; Heshmati, Almas; Adel Dhif, Mohamed

    2006-01-01

    This paper presents estimates of the competitive effects of trade liberalization on domestic pricing behaviour of Tunisian manufacturing industries. The theoretical framework is based on a dynamic flexible adjustment model of price determination in a small open economy. It investigates the process of adjustment in price level toward a desired level. The adjustment process is both industrial and time-specific. The empirical results show that, in the long run, domestic price responds greatly to...

  6. 78 FR 23904 - Foreign-Trade Zone 114-Peoria, Illinois; Application for Subzone; Easton-Bell Sports, Inc...

    Science.gov (United States)

    2013-04-23

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-32-2013] Foreign-Trade Zone 114--Peoria, Illinois; Application for Subzone; Easton-Bell Sports, Inc.; Rantoul, Illinois An application has been..., grantee of FTZ 114, requesting special-purpose subzone status for the facility of Easton-Bell Sports, Inc...

  7. 75 FR 61696 - Foreign-Trade Zone 51-Duluth, MN; Application for Reorganization Under Alternative Site Framework

    Science.gov (United States)

    2010-10-06

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 58-2010] Foreign-Trade Zone 51--Duluth... FTZ 51, requesting authority to reorganize the zone under the alternative site framework (ASF) adopted... or reorganizing a general-purpose zone, the application would have no impact on FTZ 51's authorized...

  8. 77 FR 77016 - Authorization of Production Activity: Foreign-Trade Zone 230: Sonoco Corrflex (Kitting-Gift Sets...

    Science.gov (United States)

    2012-12-31

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [B-69-2012] Authorization of Production Activity: Foreign-Trade Zone 230: Sonoco Corrflex (Kitting-Gift Sets); Rural Hall and Winston-Salem, North Carolina On August 20, 2012, the Piedmont Triad Partnership, grantee of FTZ 230, submitted a notification of...

  9. 75 FR 8918 - Approval for Subzone Expansion and Expanded Manufacturing Authority; Foreign-Trade Subzone 119B...

    Science.gov (United States)

    2010-02-26

    ... and Expanded Manufacturing Authority; Foreign-Trade Subzone 119B, Uponor, Inc. (Polyethylene Tubing); Apple Valley, MN Pursuant to its authority under the Foreign-Trade Zones Act of June 18, 1934, as... Zone 119 (Minneapolis, Minnesota), has submitted a request on behalf of Uponor, Inc. (Uponor), operator...

  10. 76 FR 88 - Voluntary Termination of Foreign-Trade Subzone 102A, Ford Motor Corporation, Hazelwood, MO

    Science.gov (United States)

    2011-01-03

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1728] Voluntary Termination of Foreign-Trade Subzone 102A, Ford Motor Corporation, Hazelwood, MO Pursuant to the authority granted in the... the Ford Motor Corporation plant in Hazelwood, Missouri (Board Order 252, 49 FR 19541, 5/8/84...

  11. 76 FR 771 - Reorganization/Expansion of Foreign-Trade Zone 14 Under Alternative Site Framework; Little Rock, AR

    Science.gov (United States)

    2011-01-06

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1729] Reorganization/Expansion of Foreign-Trade Zone 14 Under Alternative Site Framework; Little Rock, AR Pursuant to its authority under... the Little Rock Customs and Border [[Page 772

  12. Modeling and forecasting foreign exchange daily closing prices with normal inverse Gaussian

    Science.gov (United States)

    Teneng, Dean

    2013-09-01

    We fit the normal inverse Gaussian(NIG) distribution to foreign exchange closing prices using the open software package R and select best models by Käärik and Umbleja (2011) proposed strategy. We observe that daily closing prices (12/04/2008 - 07/08/2012) of CHF/JPY, AUD/JPY, GBP/JPY, NZD/USD, QAR/CHF, QAR/EUR, SAR/CHF, SAR/EUR, TND/CHF and TND/EUR are excellent fits while EGP/EUR and EUR/GBP are good fits with a Kolmogorov-Smirnov test p-value of 0.062 and 0.08 respectively. It was impossible to estimate normal inverse Gaussian parameters (by maximum likelihood; computational problem) for JPY/CHF but CHF/JPY was an excellent fit. Thus, while the stochastic properties of an exchange rate can be completely modeled with a probability distribution in one direction, it may be impossible the other way around. We also demonstrate that foreign exchange closing prices can be forecasted with the normal inverse Gaussian (NIG) Lévy process, both in cases where the daily closing prices can and cannot be modeled by NIG distribution.

  13. Moment generating function approach to pricing interest rate and foreign exchange rate claims

    NARCIS (Netherlands)

    Dijkstra, T.K.; Yao, Y.

    2002-01-01

    This paper uses moment generating functions to provide a general framework to model international term structures and to price interest rate and foreign exchange rate claims. When moment generating functions of state variables have a closed-form formula, closed-form formulas for bond prices are

  14. FDI Inflows, Price and Exchange Rate Volatility: New Empirical Evidence from Latin America

    Directory of Open Access Journals (Sweden)

    Silvia Dal Bianco

    2017-02-01

    Full Text Available This paper investigates the impact of price and real exchange rate volatility on Foreign Direct Investment (FDI inflows in a panel of 10 Latin American and Caribbean countries, observed between 1990 and 2012. Both price and exchange rate volatility series are estimated through the Generalized Autoregressive Conditional Heteroscedasticity model (GARCH. Our results obtained, employing the Fixed Effects estimator, confirm the theory of hysteresis and option value, in so far as a statistically significant negative effect of exchange rate volatility on FDI is found. Price volatility, instead, turns out to be positive but insignificant. Moreover, we show that human capital and trade openness are key for attracting foreign capital. From the policy perspective, our analysis suggests the importance of stabilization policies as well as the policy of government credibility in promoting trade openness and human capital formation.

  15. Water resources transfers through Chinese interprovincial and foreign food trade.

    Science.gov (United States)

    Dalin, Carole; Hanasaki, Naota; Qiu, Huanguang; Mauzerall, Denise L; Rodriguez-Iturbe, Ignacio

    2014-07-08

    China's water resources are under increasing pressure from socioeconomic development, diet shifts, and climate change. Agriculture still concentrates most of the national water withdrawal. Moreover, a spatial mismatch in water and arable land availability--with abundant agricultural land and little water resources in the north--increases water scarcity and results in virtual water transfers from drier to wetter regions through agricultural trade. We use a general equilibrium welfare model and linear programming optimization to model interprovincial food trade in China. We combine these trade flows with province-level estimates of commodities' virtual water content to build China's domestic and foreign virtual water trade network. We observe large variations in agricultural water-use efficiency among provinces. In addition, some provinces particularly rely on irrigation vs. rainwater. We analyze the virtual water flow patterns and the corresponding water savings. We find that this interprovincial network is highly connected and the flow distribution is relatively homogeneous. A significant share of water flows is from international imports (20%), which are dominated by soy (93%). We find that China's domestic food trade is efficient in terms of rainwater but inefficient regarding irrigation, meaning that dry, irrigation-intensive provinces tend to export to wetter, less irrigation-intensive ones. Importantly, when incorporating foreign imports, China's soy trade switches from an inefficient system to a particularly efficient one for saving water resources (20 km(3)/y irrigation water savings, 41 km(3)/y total). Finally, we identify specific provinces (e.g., Inner Mongolia) and products (e.g., corn) that show high potential for irrigation productivity improvements.

  16. 77 FR 73414 - Approval for Expansion of Manufacturing Authority; Foreign-Trade Subzone 41H; Mercury Marine...

    Science.gov (United States)

    2012-12-10

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1871] Approval for Expansion of Manufacturing Authority; Foreign-Trade Subzone 41H; Mercury Marine (Marine Propulsion Products); Fond du Lac and... manufacturing authority on behalf of Mercury Marine, operator of Subzone 41H at the Mercury Marine facilities in...

  17. 77 FR 8806 - Foreign-Trade Zone 183-Austin, TX; Application for Reorganization Under the Alternative Site...

    Science.gov (United States)

    2012-02-15

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 8-2012] Foreign-Trade Zone 183--Austin... following sites: Site 1 (33 acres)--Interchange within the Austin Enterprise Zone, located at Bolm Road and Gardner Road, Austin; Site 2 (50 acres)--Balcones Research site located in north central Austin at the...

  18. 76 FR 61342 - Foreign-Trade Zone 72 Temporary/Interim Manufacturing Authority Brevini Wind USA, Inc., (Wind...

    Science.gov (United States)

    2011-10-04

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket T-3-2011] Foreign-Trade Zone 72 Temporary/Interim Manufacturing Authority Brevini Wind USA, Inc., (Wind Turbine Gear Boxes); Notice of Approval On... manufacturing (T/IM) authority, on behalf of Brevini Wind USA, Inc., to manufacture wind turbine gear boxes...

  19. Exchange rate policy, growth, and foreign trade in China

    Directory of Open Access Journals (Sweden)

    Gligorić Mirjana

    2011-01-01

    Full Text Available This paper analyzes a hot topic: the influence of an undervalued currency on macroeconomic variables - primarily on the economic growth and trade balance of a country, but also on employment, foreign exchange reserves, competition, and living standards. It also reviews and explains the consequences of yuan undervaluation, points out the need for its appreciation, and states the negative effects that stem from this measure. Special attention is given to the problematic bilateral relations between China and the USA and the reasons why Americans are worried about the exchange rate policy that China implements. Although yuan appreciation would decrease the American foreign trade deficit, it also raises the question of further financing of the American deficit. There are also other problems that the possible appreciation would cause for the American economy, due to the effect of J-curve, passthrough, larger costs of input imported from China, etc. Therefore, Chinese foreign exchange policy is an important subject, but it is not the solution to the problems of the global economy - which have deeper roots than that. However, there is no excuse for China implementing unfair exchange rate policies, or replacing such policies with controversial protectionist policies (as some authors have suggested.

  20. European Accounting Harmonisation: Consequences of IFRS Adoption on Trade in Goods and Foreign Direct Investments

    OpenAIRE

    Laura Márquez-Ramos

    2011-01-01

    This paper focuses on the importance of accounting harmonisation in foreign activities at country level. The adoption of International Financial Reporting Standards (IFRS) is considered to reduce information costs among countries and, therefore, encourage international trade in goods and investment. The results provide evidence that benefits exist in terms of trade in goods and foreign direct investments (FDI) when IFRS are adopted.

  1. Foreign trade and pollution: the case of South China water quality

    Science.gov (United States)

    Zuo, Hui; Ai, Danxiang; Lin, Yuling

    2017-01-01

    With rapid economic growth, South China has to face the most serious water pollution. However, whether or not such kind of water pollution is mainly caused by foreign trade is questionable. And, how the trade mode will be changed by pollution and corresponding regulation is also uncertain. In this paper, a fully endogenous model, which integrate economic growth, energy use and pollution, is designed to interpret the interrelation among these key variables in South China. Through this model, a new possibility of water environment Kuznets curve change has been investigated. Attribute to mixed two stage feasible general least square estimation method, we conclude that foreign trade has strong influence on environment change rate and the turning point. It can make the virtuous circle of between economic growth and environment improvement come early or later in different circumstances. Export and import play different role in such process and have counter effects on environment.

  2. Germany's energy policies from 1960 to 1980 against the background of foreign trade relations and foreign politics

    International Nuclear Information System (INIS)

    Czakainski, M.

    1993-01-01

    There is hardly another area of politicis where the wishes and interests of different social groups clash so hard with facts and realities as the area of energy politics. The following article looks at Germany's energy politics between 1960 and 1980, it tries to highlight the vanifications of foreign trade relations and explain their impact on energy politics and on the resulting tensions on the area of foreign politics. (orig.) [de

  3. Trades, quotes and prices financial markets under the microscope

    CERN Document Server

    Bouchaud, Jean-Philippe; Donier, Jonathan; Gould, Martin

    2018-01-01

    The widespread availability of high-quality, high-frequency data has revolutionised the study of financial markets. By describing not only asset prices, but also market participants' actions and interactions, this wealth of information offers a new window into the inner workings of the financial ecosystem. In this original text, the authors discuss empirical facts of financial markets and introduce a wide range of models, from the micro-scale mechanics of individual order arrivals to the emergent, macro-scale issues of market stability. Throughout this journey, data is king. All discussions are firmly rooted in the empirical behaviour of real stocks, and all models are calibrated and evaluated using recent data from Nasdaq. By confronting theory with empirical facts, this book for practitioners, researchers and advanced students provides a fresh, new, and often surprising perspective on topics as diverse as optimal trading, price impact, the fragile nature of liquidity, and even the reasons why people trade a...

  4. An approach to forming tax regulation of foreign trade activity as a means of financial security assurance

    Directory of Open Access Journals (Sweden)

    Maksimov Yu. A.

    2016-05-01

    Full Text Available the article examines the issue of improving the taxation of foreign trade activity depending on the global market conditions. The author offers an approach to taxation of foreign trade, and suggests the way of improving the taxation in this article’s branch.

  5. The influence of oil price shocks on china’s macro-economy: A perspective of international trade

    Directory of Open Access Journals (Sweden)

    Dengke Chen

    2015-09-01

    Full Text Available This paper is aimed at investigating and understanding the relationship between China’s macro-economy and oil price from a new perspective—the international trade perspective. We find strong evidence to suggest that the increase of China’s price level, resulting from oil price shocks, is statistically less than that of its main trade partners’. This helps us to understand the confused empirical results estimated within the SVAR framework. More specifically, SVAR results suggest that China’s output level is positively correlated with the oil price. Positive correlation between China’s output and oil price shocks presumably results from the drop in China’s relative price induced by oil price shocks, which is inclined to stimulate China’s goods and service exports.

  6. 75 FR 12732 - Foreign-Trade Zones 73 and 74; Application for Manufacturing Authority; The Belt's Corporation...

    Science.gov (United States)

    2010-03-17

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Docket 16-2010] Foreign-Trade Zones 73 and 74... Corporation (TBC), an operator of FTZs 73 and 74, requesting manufacturing authority at sites within FTZs 73... CFR part 400). It was formally filed on March 5, 2010. The TBC facility in FTZ 73 (32 employees, 3,300...

  7. Domestic and Foreign Effects on Prices in an Open Economy

    DEFF Research Database (Denmark)

    Juselius, Katarina

    1994-01-01

    Domestic price determination in Denmark is investigated using three kinds of macro-economic explanations: (1) internal labor mar­ ket theories describing the relation between price and wage inflation, (2) pure monetarist theories describing the effect of excess money on the inflation rate, and (3...... model. The results stand up as quite strong evidence against the Lucas critiqueDomestic price determination in Denmark is investigated using three kinds of macro-economic explanations: (1) internal labor mar­ ket theories describing the relation between price and wage inflation, (2) pure monetarist...... found to be the main determinants of the inflation rate. Among these, the domestic effects were small compared to the foreign effects. The em­ pirical results strongly favored a backward-looking behavioral model in terms of structurally stable parameters as opposed to a forward- looking expectations...

  8. Domestic and foreign effects on prices in an open economy

    DEFF Research Database (Denmark)

    Juselius, Katarina

    1992-01-01

    Domestic price determination in Denmark is investigated using three kinds of macroeconomic explanations: (1) internal labor market theories describing the relation between price and wage inflation, (2) pure monetarist theories describing the effect of excess money on the inflation rate. and (3...... found to be the main determinants of the inflation rate. Among these, the domestic effects were small compared to the foreign effects. The empirical results strongly favored a backward-looking behavioral model in terms of structurally stable parameters as opposed to a forward-looking expectations model...

  9. 77 FR 45575 - Foreign-Trade Zone 143-West Sacramento, CA

    Science.gov (United States)

    2012-08-01

    ... Sacramento, CA Application for Extended Production Authority; Subzone 143D, Grafil Inc. (Carbon Fiber Production); Sacramento, California An application has been submitted to the Foreign-Trade Zones Board (the... its facilities located in Sacramento, California. The application conforming to the requirements of...

  10. 77 FR 63289 - Foreign-Trade Zone 61-San Juan, PR, Application for Subzone, Coamo Property & Investments, LLC...

    Science.gov (United States)

    2012-10-16

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [S-107-2012] Foreign-Trade Zone 61--San Juan, PR, Application for Subzone, Coamo Property & Investments, LLC, Coamo, PR An application has been submitted to the..., requesting special-purpose subzone status for the facility of Coamo Property & Investments, LLC, located in...

  11. 77 FR 74170 - Foreign-Trade Zone 7-Mayaguez, PR; Application for Subzone; Pepsi Cola Puerto Rico Distributing...

    Science.gov (United States)

    2012-12-13

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [S-132-2012] Foreign-Trade Zone 7--Mayaguez, PR; Application for Subzone; Pepsi Cola Puerto Rico Distributing, LLC, Toa Baja, PR An application has been..., grantee of FTZ 7, requesting special-purpose subzone status for the facility of Pepsi Cola Puerto Rico...

  12. Bad faith trade mark applications in China : a threat to foreign investment?

    OpenAIRE

    Elftorp, Kristian

    2012-01-01

    In a report provided by the European Chamber of Commerce in China, the problem with bad faith trade mark applications was highlighted. The report concluded that the current application of the law, combined with the procedural background constitutes an incentive rather than a deterrent for bad faith trade mark applications in China. The issue originates in Chinese defrauders conducting research among foreign companies with the intent of un- lawfully registering their trade marks in China. Sinc...

  13. MANAGERIAL ACCOUNTING AND PRICING FOR SALE OF GOODS AND PRODUCTS IN TRADE AND PUBLIC CATERING

    Directory of Open Access Journals (Sweden)

    TUHARI Tudor

    2017-06-01

    Full Text Available The most relevant problems of accounting and control in the sphere of commodity exchange are the reliable determination of the cost of mass goods and products during their storage and sale, as well as the operational orientation in pricing, taking into account the demand and supply in the interests of obtaining the necessary profit at an appropriate level of profitability. In the case of the sum stock accounting method for the goods in the retail trade and public catering, the especially important element of the accounting is the process of formation of retail sales prices and calculation of production cost of sales and profit of the enterprise. The article mainly focuses on the method of determining the retail sales prices for goods and products in the area of trade and public catering, respectively, through the use of trade mark-ups in percentage terms in relation not to the purchase, but to retail sales prices including VAT. Determining the cost of sales and its accounting is recommended to adjust only at the end of the month based on the calculation of the average percentage of trade mark-up (margin.

  14. ROMANIAN FOREIGN TRADE WITH THE EUROPEAN UNION-DINAMICS AND TRENDS

    Directory of Open Access Journals (Sweden)

    Mihaela-Nona CHILIAN

    2012-12-01

    Full Text Available The paper presents briefly the evolutions in world trade and Romanian foreign trade, especially with the EU. A significant increase in exports, but also in imports was recorded over the interval 2000-2011, accompanied by major structural changes: decline in the shares of low value added and labor intensive products and advance of the more technologically advanced products. However, Romania's trade balance with the EU and most countries in this region remained negative, similar to other new Member States, which generally import more from than export to the EU. Years 2009-2011 marked a sharp drop and a relative stabilization of the trade deficit with the EU, due to significant reduction in exports, but especially in imports, and to the adjustments induced by the crisis after 2008.

  15. Foreicn Trade of Capital Goods in the United States: A Persistent Deterioration

    OpenAIRE

    Goicoechea, Julio

    2017-01-01

    Foreign trade of capital goods in the United States from 1994 to 2016 is specifically examined. A lagging performance of exports vis-à-vis imports in terms of magnitude, growth rate as well as price reductions has led to the current deficit. Domestic industrial output is a determining factor in the extent of foreign trade of capital goods. It exposes very large coefficients in the long term for exports (2.89), as well as for imports (4.34). Concerning the effective exchange rate, coefficients...

  16. Stock price analysis of sustainable foreign investment companies in Indonesia

    Science.gov (United States)

    Fachrudin, Khaira Amalia

    2018-03-01

    The stock price is determined by demand and supply in the stock market. Stock price reacts to information. Sustainable investment is an investment that considers environmental sustainability and human rights. This study aims to predict the probability of above average stock price by including the sustainability index as one of its variables. The population is all foreign investment companies in Indonesia. The target population is companies that distribute dividends – also as a sample. The analysis tool is a logistic regression. At 5% alpha, it was found that sustainability index did not have the probability to increase stock price average. The significant effects are free cash flow and cost of debt. However, sustainability index can increase the Negelkarke R square. The implication is that the awareness of sustainability is still necesary to be improved because from the research result it can be seen that investors only consider the risk and return.

  17. Trade of Solid Biofuels, and Fuel Prices in Europe

    International Nuclear Information System (INIS)

    Alakangas, E.; Hillring, B.; Nikolaisen, L.S.

    2002-01-01

    Traditionally, biomass fuels are used in the same geographical region, in which they are produced. In more recent years, this pattern has been changed in Northern Europe by large-scale use of biomass for district heating and a vast supply of recycled wood and forest residues. The trade situation has come about as a result of means of control on waste and energy. Sea shipments allow bulk transports of biomass over long distances at low cost. In most countries, the customs statistics do not record trade in such a detail that the international trade of different biomass types could be identified. Today, solid biofuels like wood residues, pellets and wood chips are already traded in Europe and have reached a level of almost 50 PJ/a. In some countries, there is a growing interest in the international biomass trade, because the trade can provide biofuels at lower prices. The largest volumes of biomass are traded from the Baltic countries (Estonia, Latvia, Lithuania) to the Nordic countries (especially Sweden and Denmark, but also Finland). Some volumes are also traded from Finland to other Nordic countries, and between neighbouring countries in Central Europe, especially the Netherlands, Germany, Austria, Slovenia and Italy. The traded biofuel is most often of refined wood fuels (pellets and briquettes) and industrial by-products (sawdust, chips), in Central Europe also wood waste

  18. Trade of Solid Biofuels, and Fuel Prices in Europe

    Energy Technology Data Exchange (ETDEWEB)

    Alakangas, E. [VTT Processes, Jyvaeskylae (Finland); Hillring, B. [Swedish Univ. of Agricultural Sciences, Uppsala (Sweden); Nikolaisen, L.S. [Danish Technological Inst. (DTI), Aarhus (Denmark). Centre for Biomass Technology

    2002-07-01

    Traditionally, biomass fuels are used in the same geographical region, in which they are produced. In more recent years, this pattern has been changed in Northern Europe by large-scale use of biomass for district heating and a vast supply of recycled wood and forest residues. The trade situation has come about as a result of means of control on waste and energy. Sea shipments allow bulk transports of biomass over long distances at low cost. In most countries, the customs statistics do not record trade in such a detail that the international trade of different biomass types could be identified. Today, solid biofuels like wood residues, pellets and wood chips are already traded in Europe and have reached a level of almost 50 PJ/a. In some countries, there is a growing interest in the international biomass trade, because the trade can provide biofuels at lower prices. The largest volumes of biomass are traded from the Baltic countries (Estonia, Latvia, Lithuania) to the Nordic countries (especially Sweden and Denmark, but also Finland). Some volumes are also traded from Finland to other Nordic countries, and between neighbouring countries in Central Europe, especially the Netherlands, Germany, Austria, Slovenia and Italy. The traded biofuel is most often of refined wood fuels (pellets and briquettes) and industrial by-products (sawdust, chips), in Central Europe also wood waste.

  19. Statistics of foreign trade in radioactive materials 2004

    International Nuclear Information System (INIS)

    Anon.

    2006-01-01

    The German Federal Office for Industry and Foreign Trade Control (BAFA) keeps annual statistics of the imports and exports of radioactive materials, nuclear fuels included. The entries, some of them with precise details, cover the participating countries and the radionuclides concerned as well as all kinds of radioactive materials. The tables listed in the article represent the overall balance of the development of imports and exports of radioactive materials for the years 1986 to 2004 arranged by activity levels, including the development of nuclear fuel imports and exports. For the year 2004, an additional trade balance for irradiated and unirradiated nuclear fuels and source materials differentiated by enrichment is presented for the countries involved. In 2004, some 2,558 t of nuclear fuels and source materials were imported into the Federal Republic, while approx. 1,971 t were exported. The chief trading partners are countries of the European Union, Canada, Russia and the USA. (orig.)

  20. Statistics of foreign trade in radioactive materials 2002

    International Nuclear Information System (INIS)

    Anon.

    2003-01-01

    The German Federal Office for Industry and Foreign Trade Control (BAFA) keeps annual statistics of the imports and exports of radioactive materials, nuclear fuels included. The entries, some of them with precise details, cover the participating countries and the radionuclides concerned as well as all kinds of radioactive materials. The tables listed in the article represent the overall balance of the development of imports and exports of radioactive materials for the years 1983 to 2002 arranged by activity levels, including the development of nuclear fuel imports and exports. For the year 2002, an additional trade balance for irradiated and unirradiated nuclear fuels and source materials differentiated by enrichment is presented for the countries involved. In 2002, some 3 070 t of nuclear fuels and source materials were imported into the Federal Republic, while approx. 3 052 t were exported. The chief trading partners are countries of the European Union, Russia, and the USA. (orig.)

  1. Optimal Prices and Trade-in Rebates for Durable, Remanufacturable Products

    OpenAIRE

    Saibal Ray; Tamer Boyaci; Necati Aras

    2005-01-01

    Most durable products have two distinct types of customers: first-time buyers and customers who already own the product, but are willing to replace it with a new one or purchase a second one. Firms usually adopt a price-discrimination policy by offering a trade-in rebate only to the replacement customers to hasten their purchase decisions. Any return flow of products induced by trade-in rebates has the potential to generate revenues through remanufacturing operations. In this paper, we study ...

  2. Pricing a Collateralized Derivative Trade with a Funding Value Adjustment

    Directory of Open Access Journals (Sweden)

    Chadd B. Hunzinger

    2015-01-01

    Full Text Available The 2008 credit crisis changed the manner in which derivative trades are conducted. One of these changes is the posting of collateral in a trade to mitigate the counterparty credit risk. Another is the realization that banks are not risk-free and, as a result, cannot borrow at the risk-free rate any longer. The latter led banks to introduced the controversial adjustment to derivative prices, known as a funding value adjustment (FVA, which is interlinked with the posting of collateral. In this paper, we extend the Cox, Ross and Rubinstein (CRR discrete-time model to include collateral and FVA. We prove that this derived model is a discrete analogue of Piterbarg’s partial differential equation (PDE, which describes the price of a collateralized derivative. The fact that the two models coincide is also verified by numerical implementation of the results that we obtain.

  3. Putting a price on carbon. Econometric essays on the European Union emissions trading scheme and its impacts

    Energy Technology Data Exchange (ETDEWEB)

    Aatola, P.

    2013-06-01

    This dissertation examines the main instrument of the European Union climate policy, the emissions trading scheme (EU ETS) during its first years. Emission trading provides a cost-efficient way to reduce emissions. It creates a price on carbon dioxide and thereby incentives for cleaner production. The four empirical studies in this dissertation provide new information on the price determination in the emissions trading market, market efficiency and market interactions with the electricity markets. This information is useful for many purposes. It benefits the market participants who make choice between trading of emission allowances in the market and abatement of emissions. For the authorities and policy planners the price signal and the efficiency of the markets reveal unique real-time information on marginal abatement costs, impacts of policy decisions and impacts of institutional design of this policy instrument. To be a well-functioning policy instrument the EU ETS should create a credible price signal and efficient markets for trading allowances. The objective of this dissertation is to analyze the EU ETS markets and the price of the European Union emissions allowance, EUA, with econometric time series models. A large data set on market fundamentals is used to analyze the price series. The results of this dissertation reveal that EU ETS is functions well. Carbon has a price that reflects to a large extent the market fundamentals in the study period. The markets are maturing even if not fully informational efficient yet. Interactions with electricity markets are close. The impact of price of carbon on the price of electricity is positive but spatially uneven. In the long run, also climate change affects the electricity bill. The first study of this dissertation investigates the price determination in the market. The empirical results based on years 2005-2011 show that the price of the EUA is largely determined by the market fundamentals. Especially the price of

  4. 78 FR 20090 - Grant of Authority; Establishment of a Foreign-Trade Zone Under the Alternative Site Framework...

    Science.gov (United States)

    2013-04-03

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1886] Grant of Authority... its authority under the Foreign-Trade Zones Act of June 18, 1934, as amended (19 U.S.C. 81a-81u), the... in or adjacent to U.S. Customs and Border Protection ports of entry; Whereas, the Board adopted the...

  5. 78 FR 57837 - Grant of Authority; Establishment of a Foreign-Trade Zone Under the Alternative Site Framework...

    Science.gov (United States)

    2013-09-20

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1909] Grant of Authority... to its authority under the Foreign-Trade Zones Act of June 18, 1934, as amended (19 U.S.C. 81a-81u... zones in or adjacent to U.S. Customs and Border Protection ports of entry; Whereas, the Board adopted...

  6. Economic impacts of higher oil and gas prices. The role of international trade for Germany

    International Nuclear Information System (INIS)

    Lutz, Christian; Meyer, Bernd

    2009-01-01

    The analysis concentrates on direct and indirect price increases, induced shifts in international trade and structural changes in the oil importing economies. The paper at hand asks, whether a stabilizing effect via international trade and domestic structural change on the GDP of oil importing countries can be observed, if a permanent oil price increase occurs. At least for Germany, structural change from consumer goods to investment goods industry and an improvement of international competitiveness limit negative impacts of increased energy prices. Analysis is based on the extensive and disaggregated global GINFORS model and the detailed INFORGE model for the German economy. (author)

  7. International Trade of Wood Pellets (Brochure)

    Energy Technology Data Exchange (ETDEWEB)

    2013-05-01

    The production of wood pellets has increased dramatically in recent years due in large part to aggressive emissions policy in the European Union; the main markets that currently supply the European market are North America and Russia. However, current market circumstances and trade dynamics could change depending on the development of emerging markets, foreign exchange rates, and the evolution of carbon policies. This fact sheet outlines the existing and potential participants in the wood pellets market, along with historical data on production, trade, and prices.

  8. China's foreign trade and climate change: A case study of CO2 emissions

    International Nuclear Information System (INIS)

    Yan Yunfeng; Yang Laike

    2010-01-01

    The globalization of trade has numerous environmental implications. Trade creates a mechanism for consumers to shift environmental pollution associated with their consumption to other countries. Carbon leakage exerts great influences on international trade and economy. Applying an input-output approach, the paper estimates the amount of carbon dioxide (CO 2 ) embodied in China's foreign trade during 1997-2007. It is found that 10.03-26.54% of China's annual CO 2 emissions are produced during the manufacture of export goods destined for foreign consumers, while the CO 2 emissions embodied in China's imports accounted for only 4.40% (1997) and 9.05% (2007) of that. We also estimate that the rest of world avoided emitting 150.18 Mt CO 2 in 1997, increasing to 593 Mt in 2007, as a result of importing goods from China, rather than manufacturing the same type and quantity of goods domestically. During 1997-2007, the net 'additional' global CO 2 emissions resulting from China's exports were 4894 Mt. Then, the paper divides the trade-embodied emissions into scale, composition and technical effect. It was found that scale and composition effect increased the CO 2 emissions embodied in trade while the technical effect offset a small part of them. Finally, its mechanism and policy implications are presented.

  9. Pricing Volatility Referenced Assets

    Directory of Open Access Journals (Sweden)

    Alan De Genaro Dario

    2006-12-01

    Full Text Available Volatility swaps are contingent claims on future realized volatility. Variance swaps are similar instruments on future realized variance, the square of future realized volatility. Unlike a plain vanilla option, whose volatility exposure is contaminated by its asset price dependence, volatility and variance swaps provide a pure exposure to volatility alone. This article discusses the risk-neutral valuation of volatility and variance swaps based on the framework outlined in the Heston (1993 stochastic volatility model. Additionally, the Heston (1993 model is calibrated for foreign currency options traded at BMF and its parameters are used to price swaps on volatility and variance of the BRL / USD exchange rate.

  10. The Effect of Exchange Rate Volatility on Turkey’s Agricultural Foreign Trade

    Directory of Open Access Journals (Sweden)

    Güngör Karakaş

    2017-07-01

    Full Text Available In this study, impact of the real effective exchange rate (REER and its volatility (REERV on Turkey's agricultural foreign trade was investigated. 25importantcountries in agricultural trade of Turkey and 1990-2012 periods were examined, and panel data analysis was used in this research. IGARCH model was applied to obtain for the REERV. Influence of the REER and REERV on Turkey's agricultural trade was analyzed whit FMOLS model both individual country and groups panel. According to the results of FMOLS model; It was determined that Turkey agricultural import (7.61% and export (2.24% were increased when the REER was risen about 1%. The agricultural import was decreased 18.83% in case the REERV was increased 1%. On the other hand, when the REERV was increased around 1%, there was no significantly relationship between agricultural export and REERV. As a result, it can be stated that REER and REERV were caused an imbalance on Turkey's agricultural foreign trade. Agricultural producers and industrialists are often adversely affected by the REERV. For these reasons, it is important to take protective measures for them.

  11. Are domestic investors more informed than foreign investors? Evidence from the Perfectly Segmented Market in China

    NARCIS (Netherlands)

    Chan, K.A.; Menkveld, A.J.; Yang, Z.

    2007-01-01

    This paper uses the perfect market segmentation setting in China's stock market to compare the information content of the stock trades of domestic and foreign investors. We study 76 firms that issue both A-shares (for domestic investors) and B-shares (for foreign investors) and compare the price

  12. Quantitative Model of Price Diffusion and Market Friction Based on Trading as a Mechanistic Random Process

    Science.gov (United States)

    Daniels, Marcus G.; Farmer, J. Doyne; Gillemot, László; Iori, Giulia; Smith, Eric

    2003-03-01

    We model trading and price formation in a market under the assumption that order arrival and cancellations are Poisson random processes. This model makes testable predictions for the most basic properties of markets, such as the diffusion rate of prices (which is the standard measure of financial risk) and the spread and price impact functions (which are the main determinants of transaction cost). Guided by dimensional analysis, simulation, and mean-field theory, we find scaling relations in terms of order flow rates. We show that even under completely random order flow the need to store supply and demand to facilitate trading induces anomalous diffusion and temporal structure in prices.

  13. #eVALUate: Monetizing Service Acquisition Trade-offs Using the QUALITY-INFUSED Price Methodology

    Science.gov (United States)

    2016-04-01

    they determine their source selection methodology along the best-value spectrum, ranging from lowest price technically acceptable (LPTA) to full...sidering factors determined to be germane to service value to the agency (Finkenstadt, 2015). Once an offeror’s prices are determined to be fair and... determine whether the quality rating system would affect the quality trade-off. In this case, the highest priced yet highest rated offeror was selected

  14. CO2 emissions, energy consumption, income and foreign trade: A South African perspective

    International Nuclear Information System (INIS)

    Kohler, Marcel

    2013-01-01

    The effect of trade liberalisation on environmental conditions has yielded significant debate in the energy economics literature. Although research on the relationship between energy consumption, emissions and economic growth is not new in South Africa, no study specifically addresses the role that South Africa's foreign trade plays in this context. A surprising fact given trade is one of the most important factors that can explain the environmental Kuznets curve. This study employs recent South African trade and energy data and modern econometric techniques to investigate this. The main finding of interest in this paper is the existence of a long run relationship between environmental quality, levels of per capita energy use and foreign trade in South Africa. As anticipated per capita energy use has a significant long run effect in raising the country's CO 2 emission levels, yet surprisingly higher levels of trade for the country act to reduce these emissions. Granger causality tests confirm the existence of a positive bidirectional relationship between per capita energy use and CO 2 emissions. Whilst the study also finds positive bidirectional causality between trade and income per capita and between trade and per capita energy use, it appears however that trade liberalisation in South Africa has not contributed to a long run growth in pollution-intensive activities nor higher emission levels. - Highlights: • A long run relationship between CO 2 emissions, levels of energy use and trade in SA. • Per capita energy has a significant long run effect in raising SA's CO 2 levels. • Trade reduces CO 2 emissions through stimulating technological innovations. • Positive bidirectional causality between per capita energy use and CO 2 emissions. • Bidirectional causality between trade and income and trade and energy use

  15. Gas and LNG pricing and trading hub in East Asia: An introduction

    Directory of Open Access Journals (Sweden)

    Xunpeng Shi

    2016-10-01

    Full Text Available This paper summarizes the four papers in the special issues on ‘Gas and LNG pricing and trading hub in East Asia’. The papers examine lessons and experience from European hub development, other commodity, the Japanese history on developing of futures markets and inter-fuel substitution in East Asia. The papers finds that liquid futures market is the key to formulate benchmark prices while a well-developed spot market is the foundation; political will and strong leadership are required to overcome the power of incumbents and to restructure the gas market that impede the the development of competitive markets; and East Asia needs to develop its indigenous gas or LNG trading hubs even in low oil prices period and its developing market allows easier changes in new contracts than in existing ones. This hub development requires governments to go through tough domestic market reforms, including liberalization and cooperation with each other and with gas exporters.

  16. Effectiveness of the management of price risk methodologies for the corn market based on trading signals

    Directory of Open Access Journals (Sweden)

    W. Rossouw

    2013-03-01

    Full Text Available Corn production is scattered geographically over various continents, but most of it is grown in the United States. As such, the world price of corn futures contracts is largely dominated by North American corn prices as traded on the Chicago Board of Trade. In recent years, this market has been characterised by an increase in price volatility and magnitude of price movement as a result of decreasing stock levels. The development and implementation of an effective and successful derivative price risk management strategy based on the Chicago Board of Trade corn futures contract will therefore be of inestimable value to market stakeholders worldwide. The research focused on the efficient market hypothesis and the possibility of contesting this phenomenon through an application of a derivative price risk management methodology. The methodology is based on a combination of an analysis of market trends and technical oscillators with the objective of generating returns superior to that of a market benchmark. The study found that market participants are currently unable to exploit price movement in a manner which results in returns that contest the notion of efficient markets. The methodology proposed, however, does allow the user to consistently achieve returns superior to that of a predetermined market benchmark. The benchmark price for the purposes of this study was the average price offered by the market over the contract lifetime, and as such, the efficient market hypothesis was successfully contested

  17. An Evaluation of the Intermediation Role of Hong Kong in Chinese Foreign Trade

    OpenAIRE

    Xinhua He

    2007-01-01

    Two different data sources can be used to study Hong Kong's role in intermediating China's foreign trade. One is the bilateral trade statistics between Hong Kong and the Chinese Mainland reported by National Bureau of Statistics of China, and the other is the bilateral trade statistics published by Census and Statistics Department, Hong Kong. The corresponding statistics are not comparable to each other because of the different statistical criteria adopted by each source. Hong Kong's intermed...

  18. Processing Trade, Productivity and Prices: Evidence from a Chinese Production Survey

    DEFF Research Database (Denmark)

    Li, Yao Amber; Smeets, Valerie; Warzynski, Frederic

    to be less efficient than firms only involved on the domestic market based on the standard revenue productivity measure. However, we show strong positive export premium when we instead consider physical productivity. The simple and intuitive explanation of our results is that exporters charge on average...... lower prices. We focus more particularly on the role of processing trade and find that price differences are especially (and probably not surprisingly) large for firms involved in this type of contractual arrangements....

  19. Multinational Corporations and Foreign Direct Investments in Romania. Effects on the Romanian Trade

    Directory of Open Access Journals (Sweden)

    Catana Adina Mihaela

    2011-12-01

    Full Text Available This paper focuses on the study of transnational corporations and their business development through foreign direct investments made in other countries, mostly greenfield type countries. The objective of this paper is to determine the impact of these companies enlargement on the Romanian retail market, especially on the consumer goods market. Transnational companies have experienced a very dynamic economic growth, enjoying success at first in their country and then expanding to other countries. As independent players on the international market, multinational corporations are becoming more and more powerful every day. Most of these companies record annual sales of ten million dollars each. The most important aspect of business globalization is the interdependence between national economies. In this process, Foreign Direct Investments have an important role, given the fact that the internal resources are not enough to ensure the development and support of businesses hence the need to obtain external resources. Generally, FDI have a strong training effect both in the national and global economy, providing the replacement and modernization of techniques and technologies, increasing production and supply of goods, improving their quality and competitiveness, creating new jobs and growing the quality of life. Thus, each national economy is building its economic development strategy in which investments have a predominant role. Foreign Direct Investment is a major driver of globalization that characterizes the modern economy. Increasing of Foreign Direct Investment flows, accompanied by the increasing of the portfolio investments, highlights the major role played by transnational corporations, especially in developing economies and transition economies. The most important areas in which FDI was made in Romania are: financial intermediation and insurance, trade, construction and real estate, information technology and communication. The entering of

  20. Testing for Nonlinear Granger Causality in the Price-Volume Relations of Taiwan's Stock and Foreign Exchange Markets

    OpenAIRE

    Shyh-Wei Chen; Chun-Wei Chen

    2006-01-01

    This paper investigates the price-volume relationships of Taiwan's stock and foreign exchange markets. We first adopt the traditional linear Granger causality test to achieve this goal. In addition, the nonlinearity feature is also taken into account. We employ the nonlinear Granger causality test, championed by Hiemstra and Jones (1994), to detect the nonlinear relationships among stock and foreign exchange markets. The empirical results show that there do exist nonlinear price-volume relati...

  1. Technical analysis in the foreign exchange market: a layman's guide

    OpenAIRE

    Christopher J. Neely

    1997-01-01

    Economists have traditionally been skeptical of the value of technical analysis, the use of past price behavior to guide trading decisions in asset markets. Instead, they have relied on the logic of the efficient markets hypothesis. Christopher J. Neely briefly explains the fundamentals of technical analysis and the efficient markets hypothesis as applied to the foreign exchange market, evaluates the profitability of simple trading rules, and reviews recent ideas that might justify extrapolat...

  2. Germany's foreign trade with nuclear products, 1979-1981

    International Nuclear Information System (INIS)

    Anon.

    1982-01-01

    The survey on the foreign trade of the Federal Republic of Germany with nuclear-technical products which was set up by the Federal Ministry for Research and Technology (BMFT) shows for 1981 (with comparative figures for 1979 and 1980) an increase by 35.5% or from 0,5 billion DM to 2.1 billion DM if compared to the previous year while there had been a regression by 23.2%, 0.5 billion DM resp. from 1979 to 1980. (orig./UA) [de

  3. Born Global Firms: A Foreign Trade Related Study on Turkey

    Directory of Open Access Journals (Sweden)

    Aytaç GÖKMEN

    2013-11-01

    Full Text Available With the comprehensive advent in information and communication technologies and worldwide ease of transportation, the volume of international trade and business increased profoundly. Within this process, a Born Global Firm (BGF, right from its initiation, aims at creating competitive advantage by marketing a large volume of its products in various international markets by utilizing technological advances. Therefore, the rational behind the idea of BGF is to become an international firm in a short period of time and making international business affairs core of its business activities. Thus, the aim of this study is to review the concept of BGF theoretically and relate the issue to foreign trade affairs resting on significant sources related to the Turkish case mainly focusing on trade statistics as to review the potential development of BGFs in Turkey.

  4. Los giros del comercio exterior y la inversión extranjera directa en Cuba. The turns of foreign trade and direct foreign investment in cuba

    OpenAIRE

    Quintero Santos, Jose

    2013-01-01

    Cuban economy has a high dependence on foreign trade. In this way, Cuban economy is very vulnerable to changes occurring in the international economy. The changes in domestic economic policy and in the international economic have a great influence in the structure of the trade balance and the positioning of the various products and services in the composition of exports and imports that Cuba needs for economic development. Hence, external financing and the foreign direct invest...

  5. Analysis of the Exchange Rate and Pricing Foreign Currency Options on the Croatian Market: the NGARCH Model as an Alternative to the Black-Scholes Model

    Directory of Open Access Journals (Sweden)

    Petra Posedel

    2006-12-01

    Full Text Available The interest of professional investors in financial derivatives on the Croatian market is steadily increasing and trading is expected to start after the establishment of the legal framework. The quantification of the fair price of such financial instruments is therefore becoming increasingly important. Once the derivatives market is formed, the use of the Black-Scholes option pricing model is also expected. However, contrary to the assumptions of the Black-Scholes model, research in the field of option markets worldwide suggests that the volatility of the time-series returns is not constant over time. The present study analyzes the implications of volatility that changes over time for option pricing. The nonlinear-in-mean asymmetric GARCH model that reflects asymmetry in the distribution of returns and the correlation between returns and variance is recommended. For the purpose of illustration, we use the NGARCH model for the pricing of foreign currency options. Possible prices for such options having different strikes and maturities are then determined using Monte Carlo simulations. The improvement provided by the NGARCH model is that the option price is a function of the risk premium embedded in the underlying asset. This contrasts with the standard preference-free option pricing result that is obtained in the Black-Scholes model.

  6. The impact of foreign trade in agricultural products of Bosnia and Herzegovina within the framework of CEFTA 2006

    Directory of Open Access Journals (Sweden)

    Ćejvanović Ferhat

    2014-01-01

    Full Text Available In modern conditions, characterized by the growing importance of foreign trade between the countries, relations of a country with international environment play an increasingly impor­tant role in economic development. Over the last decade the process of economic integration through the removal of barriers for the free movement of goods, services, money and people has improved job creation and economic growth. From economic cooperation with foreign countries should expect positive effects on the economy of the state if the external economic factor used in accordance with the plans and programs of economic development of a coun­try. Thereto, there are social forces that can decide relatively independently to all elements of internal development and cooperation with foreign countries. The objective of this study was to investigate the effect of the CEFTA 2006 on the foreign trade of agricultural products in Bosnia and Herzegovina. In this respect it may be noted that foreign trade of agricultural products has an impact on the agricultural sector in Bosnia and Herzegovina.

  7. CHINA’S ECONOMIC ACTIVITIES IN AFRICA: TRADE, FOREIGN DIRECT INVESTMENT AND AID

    OpenAIRE

    Michałowski, Tomasz

    2014-01-01

    The paper examines the nature of China’s economic activities in Africa in three dimensions: merchandise trade, foreign direct investment, and aid. These are three main channels through which China’s presence on the continent affects Africa’s economic growth and development. China’s economic relations with Africa are, to a large extent, driven by Chinese demand for natural resources, especially oil and minerals. It is the most visible in Sino-African trade, where fuels alone account for about ...

  8. Terms of trade, countertrade and recycling under oil price shocks

    Energy Technology Data Exchange (ETDEWEB)

    Tolonen, Y. (Turku School of Economics (Finland))

    1989-01-01

    In this paper we first analyse the consequences of oil pricedisturbances in a model of two oil importing and one oil producingcountries. Attention is given both to the terms of trade between theoil importers and to the recycling of the oil revenues of the oilproducer to imports from these oil importing countries. Secondly,extending the model by another oil producer we discuss a situationwhere a part of the oil trade takes place on a countertrade basis. Thequestion is whether such countertrade deals are advantageous or notwhen oil price shocks occur. Various factors are presented upon whichthe outcome depends. 12 refs., 2 tabs., 1 app.

  9. Development of the International Trade in Terms of Incoterms 2010 Rules

    Directory of Open Access Journals (Sweden)

    Lucia PALIU - POPA

    2012-04-01

    Full Text Available It is known that the world economy provides the entrepreneurs a wide range of functional integration in foreign trade systems, but these commercial transactions are subject to common rules established and uniformly applied throughout the world. In the context of the importance of time or place of the transfer of ownership from seller to buyer, in carrying out intra-Community and international trade, time that also influences the price of goods, as now and then there takes place the transfer and the acquisition of costs and of the risk that the delivery involves, in this paper we will analyse the new delivery terms used in foreign trade, regulated under the name of Incoterms 2010, after which analysis we will issue opinions on the benefits of the proper use of such rules.

  10. Relative Pricing of Publicly Traded U.S. Electric Utility Companies

    Science.gov (United States)

    Jewczyn, Nicholas Stephen

    In the financial turmoil of 2008, U.S. firms reported debt-ratios that differed from the debt-ratios calculated from balance sheets. The problem is that investors bought common stock expecting initial investment return and lost money when companies delisted. The purpose of this quantitative study was to determine sample securities pricing with the application of synthetic assets and debt accrued. Addressed in the research questions was whether those securities were (a) underpriced compared with return-on-assets (ROA), (b) overpriced compared with ROA, (c) a debt-ratio higher than 60% and also overpriced, (d) underpriced with a synthetic asset added, or (e) related by relative pricing to variant pricing and market capitalization. The study's base theory was Pan's efficient market hypothesis (EMH) of security price prediction of market prices versus model prices. The data from the financial statements of 16 publicly traded U.S. electric utility companies were analyzed via correlations and multiple regression analyses to determine securities pricing and suitability. The findings from the analyses of the sample's variables of market price, book value, market-to-book, and study constructed variables from those variable data were statistically significant. The alternate hypotheses were accepted for all 5 research questions since the analytical operationalization of the hypothetical constructs led to significant relationships. Results suggest that the use of more pricing determinants in securities evaluation may lead to investors losing less money and earning the expected returns for a more efficient capital market, leading to a stronger economy and macroeconomic stability.

  11. The high price of "free" trade: U.S. trade agreements and access to medicines.

    Science.gov (United States)

    Lopert, Ruth; Gleeson, Deborah

    2013-01-01

    The United States' pursuit of increasingly TRIPS-Plus levels of intellectual property protection for medicines in bilateral and regional trade agreements is well recognized. Less so, however, are U.S. efforts through these agreements to influence and constrain the pharmaceutical coverage programs of its trading partners. Although arguably unsuccessful in the Australia- U.S. Free Trade Agreement (AUSFTA), the U.S. nevertheless succeeded in its bilateral FTA with South Korea (KORUS) in establishing prescriptive provisions pertaining to the operation of coverage and reimbursement programs for medicines and medical devices, which have the potential to adversely impact future access in that country. More recently, draft texts leaked from the current Trans Pacific Partnership Agreement (TPPA) negotiations show that U.S. objectives include not only AUSFTA-Plus and KORUS-Plus IP provisions but also ambitious inroads into the domestic health programs of its TPPA partners. This highlights the apparent conflict between trade goals - pursued through multilateral legal instruments to promote economic "health"- and public health objectives, such as the development of treatments for neglected diseases, the pursuit of efficiency and equity in priority setting, and the procurement of medicines at prices that reflect their therapeutic value and facilitate affordable access. © 2013 American Society of Law, Medicine & Ethics, Inc.

  12. 15 CFR 400.45 - Retail trade.

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 2 2010-01-01 2010-01-01 false Retail trade. 400.45 Section 400.45 Commerce and Foreign Trade Regulations Relating to Commerce and Foreign Trade (Continued) FOREIGN-TRADE ZONES BOARD, DEPARTMENT OF COMMERCE REGULATIONS OF THE FOREIGN-TRADE ZONES BOARD Zone Operations and...

  13. Maximizing transportation efficiencies and economic impact of the Southwest Missouri foreign-trade zone.

    Science.gov (United States)

    2013-07-01

    Overview of Foreign-Trade Zones (FTZ or Zone) and their impact on economic development, goods : movement jobs creation and retention. Zones provide a competitive advantage for multi-national : manufacturing and distribution firms resulting in the ret...

  14. Gas and LNG pricing and trading hub in East Asia: An introduction

    OpenAIRE

    Shi, Xunpeng

    2017-01-01

    This paper summarizes the four papers in the special issues on ‘Gas and LNG pricing and trading hub in East Asia’. The papers examine lessons and experience from European hub development, other commodity, the Japanese history on developing of futures markets and inter-fuel substitution in East Asia. The papers finds that liquid futures market is the key to formulate benchmark prices while a well-developed spot market is the foundation; political will and strong leadership are required to over...

  15. FORCED INDUSTRIALIZATION IN ROMANIA AND FOREIGN TRADE CHANGES DURING SOCIALISM

    Directory of Open Access Journals (Sweden)

    Eugen Ghiorghita

    2016-09-01

    Full Text Available During the 40 years (1949-1989 of centralized management of the economy, Romania was transformed from an agrarian-industrial country into an industrial-agrarian country, but not beyond the stage of a developing country. Planning the formation of the accumulation fund and the fixed funds allocation made possible to faster diversify and increase the industrial production. In a first stage, during the 8th decade (1971-1980, the increase in imports of capital goods needed in industries’ technology revamping engendered the growth of Romania's foreign debt. In the 9th decade, the policy of forced payment of previously accumulated foreign debt was achieved by aggressive compression of imports and boost of exports. At the end, in 1989, Romania's foreign trade structure corresponded almost completely to the structure of the supply from the countries producing industrial processed goods. From this point of view, Romania became, after four decades of accelerated development, an acceptable client to Western exporters.

  16. AN OVERVIEW OF THE GENERAL EVOLUTION OF THE ROMANIAN FOREIGN TRADE AFTER 1989, WHILE TRYING TO JOIN THE EU (I

    Directory of Open Access Journals (Sweden)

    GIURGIU Adriana

    2010-07-01

    Full Text Available Those 17 years (since 1990 until the accession date to the EU of institutional and economic-social reforms which, with all the good and bad things, brought Romania to the European Union starting with 1 January 2007, and should make us now be able to emphasise a few elements connected to the Romanian foreign trade. Thus, we consider that the present paper is of a significant importance for the specialists in the foreign trade problems, as well as for the Romanian and all other EU economic operators because we will try to realise a “radiography” of all the general aspects and tendencies of the Romanian External Trade during the years 1990-2006, and their effects upon the Romania’s current and future membership to the European Union, as part of the Common Trade Policy, by presenting some relevant indicators, such as: the volume of foreign trade, volume of exports and imports, GDP growth etc.

  17. Currency Invoicing in International Trade : A Panel Data Approach

    OpenAIRE

    Ligthart, J.E.; Da Silva, J.

    2007-01-01

    The paper empirically investigates the determinants of currency invoicing in Dutch goods trade with OECD countries. To this end, a currency-share systems approach is employed, which is applied to quarterly panel data for 1987–1998. One of the key findings is that a country’s share of producer currency pricing falls if demand in the foreign export market falls. In addition, we find that the better developed the partner country’s banking sector and the larger its share in world trade, the lower...

  18. CONCEPTS AND METODOLOGIES REGARDING THE IMPROVEMENT OF ROMANIAN FOREIGN TRADE (I

    Directory of Open Access Journals (Sweden)

    Negrea Adrian

    2013-07-01

    Full Text Available The purpose of the current paper is to highlight possible engines that can boost Romanian foreign trade from a chronic deficit to a more balanced one. In the beginning, the main theories and models that tackle this subject will be presented. In this respect, the paper starts with Smith, Ricardo, Manoilescu and Heckscher-Ohlin, in order to see the historic thought of trade model development. Following these models, a more mathematical approach will be made, using a thorough analysis at the product level. All the computations will be based on the combined nomenclature with its XXII classes, being the most exact determinant of traded goods. This paper uses the statistical indicators of Michaely and Lafay, in order to determine the specialization effect of the Romanian classes for a period of twenty one years, starting with 1991 and ending in 2012. This is the point where former, current and future specialized engines of potential trade growth can be established. It is crucial for a country to determine its potential in an open international arena, in order to take the necessary steps to encourage or discourage productive or non-productive areas of certain industry branches. Based on the results and on the previous methodology, a mix of theory with solid mathematical analysis, will gives the opportunity to draw up different sets of sustainable development formulas in order to obtain a higher concentration ratio regarding several classes from the combined nomenclature. For Romania to obtain higher gains from international trade, a more sustainable integration in the European Union, it has to stop its chronic balance of trade deficit. Looking at and analysing the potential development of a combined nomenclature class or classes, will help improving Romania’s chronic deficit, offering a long term prospective of sustainable development, reducing its foreign debt, improving its balance of trade accounts, and transforming its import driven economy to a

  19. GENERAL ASPECTS RELATED TO THE SALE AND PURCHASE OF FOREIGN CURRENCY IN THE FOREX MARKET IN MOLDOVA

    Directory of Open Access Journals (Sweden)

    Tatiana ŞEVCIUC

    2015-04-01

    Full Text Available The buying-selling currency activity is a specific kind of trade within which currency is considered to be a good. The result of this trade is a price (currency rate of exchange that depends on the demand-supply conditions existing on the market; this price may be limited from legal point of view. The purpose of this article is to define various transactions on the currency market including that of the Republic of Moldova and to single out currency transactions within foreign currency accounts of the residents and non-residents.

  20. Foreign direct investment and trade in health services: a review of the literature.

    Science.gov (United States)

    Smith, Richard D

    2004-12-01

    Globalization is a key challenge facing health policy-makers. A significant aspect of this is direct trade in health services, a result of the rise of transnational corporations, challenges in health care financing, porous borders and improved technology creating the scope for increased 'foreign direct investment' (FDI) in health care. This has gathered momentum with the General Agreement on Trade in Services (GATS), which aims to further liberalize trade in services, and within which FDI has been noted as perhaps the most critical area for trade negotiation. Given the rapid development of this area, there are little empirical data. This paper therefore seeks to provide the first comprehensive and systematic review of evidence concerning FDI and health services. This process included electronic bibliographic database searches, website searches and correspondence with experts in the area of trade in health services, from which 76 papers, books and reports were reviewed. Perhaps due to the rapid developments in this area, most of the literature is speculative, polarized between those arguing for the benefits of liberalization and those arguing against. However, there seem to be three issues which emerge as of most importance: (i) the extent to which a national health system is commercialized per se is of more significance than whether investment in it is foreign or domestic; (ii) the national regulatory environment and its 'strength' will significantly determine the economic and health impact of FDI, the effectiveness of safeguard measures, and the stability of GATS commitments; and (iii) any negotiations will depend upon parties having a common understanding of what is being negotiated, and the interpretation of key definitions is thus critical. Each of these issues is explored in some depth, with the overall conclusion that countries should take a step back and first think through the risks and benefits of commercialization of their health sector, rather than being

  1. 75 FR 7546 - Foreign Trade Regulations (FTR): Eliminate the Social Security Number (SSN) as an Identification...

    Science.gov (United States)

    2010-02-22

    ... DEPARTMENT OF COMMERCE Census Bureau 15 CFR Part 30 [Docket Number: 090422707-91445-02] RIN 0607-AA48 Foreign Trade Regulations (FTR): Eliminate the Social Security Number (SSN) as an Identification... Trade Regulations (FTR) to eliminate the requirement to report a Social Security Number (SSN) as an...

  2. DETERMINATION OF SPATIAL INTEGRATION AND SUBSTITUTION OF FOREIGN RICE FOR LOCAL RICE IN GHANA

    Directory of Open Access Journals (Sweden)

    Philip Kofi ADOM

    2014-11-01

    Full Text Available This study tested for spatial integration in the rice market and the substitution of imported rice for local rice in Ghana. It is established that the markets for domestic imported rice are well-integrated, but not complete. The imperfect spatial integration of domestic foreign rice markets implies that the market provides opportunities for arbitrage. Price leadership roles are found to be determined by the kind of sub-inter-regional-trade network defined. However, in all, the Accra market emerged as a dominant market leader in the domestic foreign rice market. There is evidence of significant regional substitution of foreign rice for local rice in the long run, but the result is mixed in the short run. The result that local rice is not a perfect substitute for imported rice implies that price disincentive measures such as increasing the import tariffs on foreign rice will only produce a mild effect on increasing the producer price faced by local rice farmers, but aggravate the burden on households’ budget.

  3. Is It Possible To Use Intelligent Systems To Design A Profitable Foreign Exchange Trading Agent?

    OpenAIRE

    Julian, Pomfret-Pudelsky

    2009-01-01

    In this paper, a trading agent is developed using a basket of intelligent systems with the goal of trading the GBPUSD currency pair profitably in the Foreign Exchange market. The basket of intelligent system consists of two regression models: a radial basis neural network and a TSK-fuzzy inference system; and three classification models: k-nearest neighbour, support vector machine and a decision tree. The trading strategy combines the predictions of each model using a Kalman-type filter to...

  4. 31 CFR 539.406 - Importation into and release from a bonded warehouse or foreign trade zone.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Importation into and release from a bonded warehouse or foreign trade zone. 539.406 Section 539.406 Money and Finance: Treasury Regulations... WEAPONS OF MASS DESTRUCTION TRADE CONTROL REGULATIONS Interpretations § 539.406 Importation into and...

  5. Analysis of Right Issue Announcement Effect toward Stock Price Movement and Stock Trading Volume within Issuer in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Wilson Yaputra Yakup

    2016-05-01

    Full Text Available The purpose of this study were to identify and analyze the rights issue effect to the stock price, the effect of the rights issue on stock trading volume, the correlation between stock prices before and after the right issue, as well as the correlation between volume of trading activity before the right issue and after that event. The objects of the study are the companies listed on Indonesia Stock Exchange (JSX. The hypothesis stated that right issues have a significant effect on stock price on companies listed on the JSX, rights issues have a significant effect on the stock trading volume on companies listed on the JSX, there is a significant correlation between stock price before and after the rights issue on companies listed in JSX, there is a significant correlation between volume of the stock trading before the rights issue and after that event. Data analysis used were descriptive statistics, simple linear regression analysis and paired t-test. Hypothesis testing was performed by using the Pearson correlation test with significance level of 5%. The results show that the right issue has a positive effect but not significant toward stock prices of companies listed in JSX, right issue has a negative effect and not significant toward the trading volume activity (TVA on companies listed in JSX.

  6. 75 FR 29727 - Reorganization of Foreign-Trade Zone 37 Under Alternative Site Framework Orange County, NY

    Science.gov (United States)

    2010-05-27

    ... Zone 37 Under Alternative Site Framework Orange County, NY Pursuant to its authority under the Foreign... reorganization of general-purpose zones; Whereas, Orange County, New York, grantee of Foreign-Trade Zone 37... under the ASF with a service area of Orange County, New York, adjacent to the New York/Newark Customs...

  7. Assessing the impact of forward trading, retail liberalization, and white certificates on the Italian wholesale electricity prices

    International Nuclear Information System (INIS)

    Petrella, Andrea; Sapio, Alessandro

    2012-01-01

    How do policy actions affect the dynamics of deregulated electricity prices? We investigate this issue in the context of the Italian Power Exchange (IPEX), using data on the daily average day-ahead price (PUN) between April 2004 and December 2008. Estimates of baseline time series models (SARMAX and SARMAX-EGARCH) and their forecasting performances suggest that the trend in natural gas prices, market power indicators, deterministic weekly patterns, perceived temperatures, persistence in conditional volatility, and the inverse leverage effect are essential features of the PUN dynamics. We then augment the best-performing models with dummies that account for changes in the market architecture, such as the introduction of contracts for differences (CfDs) to support renewables, trading of white certificates for energy efficiency, and the demand-side liberalization. The findings show that changes in the market architecture affected both the PUN level and its volatility. Specifically, wholesale electricity prices and volatility appear to have decreased upon the introduction of CfDs, only to be pushed upwards following the start of white certificates' trading and retail liberalization. Moreover, after controlling for reforms the inverse leverage effect vanishes, and the persistence in volatility is lower than in the baseline estimates. - Highlights: ► We model Italian wholesale power prices using SARMAX and EGARCH models. ► We assess the price impact of contracts for differences, retail liberalization, white certificates. ► The electricity price level and its volatility have increased after the adoption of contracts for differences. ► Following retail liberalization and the start of white certificates trading, the price level and its volatility have increased.

  8. Impacts on CO2 Emission Allowance Prices in China: A Quantile Regression Analysis of the Shanghai Emission Trading Scheme

    Directory of Open Access Journals (Sweden)

    Jie Zhang

    2016-11-01

    Full Text Available A pilot regional carbon emission trading scheme (ETS has been implemented in China for more than two years. An investigation into the impacts of different factors on carbon dioxide (CO2 emission allowance prices provides guidance for price-making in 2017 when the nation-wide ETS of China will be established. This paper adopts a quantile regression approach to estimate the impacts of different factors in Shanghai emission trading scheme (SH-ETS, namely, economic growth, energy prices and temperature. The empirical analysis shows that: (i the economic growth in Shanghai leads to a drop in the carbon allowance prices; (ii the oil price has a slightly positive effect on the allowance prices regardless of the ordinary least squares (OLS or quantile regression method; (iii a long-run negative relationship exists between the coal price and the Shanghai emission allowances (SHEA prices, but a positive interaction under different quantiles, especially the 25%–50% quantiles; (iv temperature has a significantly positive effect at the 20%–30% quantiles and a conspicuous negative impact at the right tail of the allowances prices.

  9. 76 FR 11196 - Foreign-Trade Zone 158-Vicksburg/Jackson, MS, Application for Expansion of Manufacturing...

    Science.gov (United States)

    2011-03-01

    ..., tool sets, reservoir tanks, fans, air-conditioner components, filters, valves, thermostats, door roller... America, Inc. (Motor Vehicles) An application has been submitted to the Foreign-Trade Zones Board (the...

  10. Foreign trade Ukrainian provinces of the Russian empire (late 19th – early 20th cent.: modern national historiography

    Directory of Open Access Journals (Sweden)

    Iryna M. Zhilenkova

    2016-01-01

    Full Text Available The state of scientific study of questions about foreign trade of the Ukraine of the late XIX century – early XX century by modern national historiographers analyzed. The main attention paid to finding out of their attitude towards the policy of the Russian Empire in the relevant sphere. Modern vision of noted problem found out in Ukrainian historical science of time of independence. The available scientific literature divided into thematic groups. Common and distinctive features of the estimations of foreign trade specificity of the mentioned period are determined, the influence of public policy to raise competitive capacity of the products in foreign markets. The dependence of authors’ position on their change of political course is established. Scientists are studying the works of predecessors and trying to answer the controversial issues about this economic problem. There systematized and described major groups’ historiographical sources on the history of foreign trade of the Ukraine issue is the period. Shown the negative influence of ideological and political dogmas and prejudices on the development objective knowledge of the problem.

  11. A reaction-diffusion model for market fluctuations - A relation between price change and traded volumes

    Science.gov (United States)

    Yuvan, Steven; Bier, Martin

    2018-02-01

    Two decades ago Bak et al. (1997) [3] proposed a reaction-diffusion model to describe market fluctuations. In the model buyers and sellers diffuse from opposite ends of a 1D interval that represents a price range. Trades occur when buyers and sellers meet. We show analytically and numerically that the model well reproduces the square-root relation between traded volumes and price changes that is observed in real-life markets. The result is remarkable as this relation has commonly been explained in terms of more elaborate trader strategies. We furthermore explain why the square-root relation is robust under model modifications and we show how real-life bond market data exhibit the square-root relation.

  12. Accumulation and foreign trade from a center-periphery perspective Acumulación y comercio exterior desde una perspectiva centro-periferia

    Directory of Open Access Journals (Sweden)

    García José Guillermo

    1998-06-01

    Full Text Available The theories which have attempted to explain the insertion of the countries of the periphery in the international division of labor haven't been able to explain in a satisfactory way the economic foundations and mechanisms of foreign trade in that contexto To understand the logic of the mechanism of peripheral insertion, the function served by foreign
    trade in the capital accumulation process must be analyzed. By going back to this problem in the classical analysis, some pieces of a new puzzle can be found. Smith's theory of the extension of the market, the structural heterogeneity of capitalism expressed in the differentiation of national price systems and profit rates according to Ricardo, and the foundations of the forms of mercantile and industrial accumulation in Marx are the new elements. The profit rate improves the conditions of accumulation when it exploits the differences in the national price systems. In the process of accumulation, the mechanisms of industrial accumulation operate in the interior, and they are strengthened by the
    mechanisms of mercantile accumulation which operate in external trade. As a consequence, the extension of the market outward to the periphery is only viable to the extent that this zone offers compensations which improve the condi tions determining the rates of profi t and accumulation
    in the center.Las teorías que han intentado explicar en forma satisfactoria los fundamentos y los mecanismos económicos del comercio exterior en ese contexto. Para entender la lógica del mecanismos de inserción periférica, es necesario analizar la funci´pon que cumple el comercio exterior en el proceso de acumulación de capital. Retomando está problemática en el análisis clásico, se pueden sacara las piezas del nuevo romprecabezas. La teroría de la extensión de mercados de Smith, la heterogenidad estructural del capitalismo expresada en la diferenciación de sistemas de precios nacionales y de tasas

  13. Explaining Home Bias in Trade: The Role of Time Costs

    Directory of Open Access Journals (Sweden)

    Inkoo Lee

    2010-12-01

    Full Text Available We study how time costs, combined with elasticity of substitution across home and foreign goods, can explain the home bias puzzle in a framework of flexible prices. Using a simple two-country model, we show that introducing time costs to an otherwise standard competitive model improves its ability to rationalize home bias in trade. Our analysis suggests that home bias and corresponding incomplete risk-sharing naturally arise in the presence of time costs, even under the assumption of complete financial markets and low elasticity of substitution between home and foreign goods.

  14. Biofuels and the Greater Mekong Subregion: Assessing the impact on prices, production and trade

    Energy Technology Data Exchange (ETDEWEB)

    Yang, Jun; Huang, Jikun; Qiu, Huanguang [Center for Chinese Agricultural Policy, Chinese Academy of Sciences and Institute of Geographical Sciences and Natural Resources Research, Jia 11, Datun Road, Beijing 100101 (China); Rozelle, Scott [Freeman Spogli Institute of International Studies, Stanford University, East Encina Hall, Stanford, CA 94305 (United States); Sombilla, Mercy A. [Southeast Asian Regional Center for Graduate Study and Research in Agriculture, College, Laguna 4031 (Philippines)

    2009-11-15

    Similar to many other countries, all nations in the Greater Mekong Subregion (GMS) have planned or are planning to develop strong national biofuel programs. The overall goal of this paper is to better understand the impacts of global and regional biofuels on agriculture and the rest of the economy, with a specific focus on the GMS. Based on a modified multi-country, multi-sector computable general equilibrium model, this study reveals that global biofuel development will significantly increase agricultural prices and production and change trade in agricultural commodities in the GMS and the rest of world. While biofuel in the GMS will have little impacts on global prices, it will have significant effects on domestic agricultural production, land use, trade, and food security. The results also show that the extent of impacts from biofuel is highly dependent on international oil prices and the degree of substitution between biofuel and gasoline. The findings of this study have important policy implications for the GMS countries and the rest of world. (author)

  15. Biofuels and the Greater Mekong Subregion: Assessing the impact on prices, production and trade

    International Nuclear Information System (INIS)

    Yang, Jun; Huang, Jikun; Qiu, Huanguang; Rozelle, Scott; Sombilla, Mercy A.

    2009-01-01

    Similar to many other countries, all nations in the Greater Mekong Subregion (GMS) have planned or are planning to develop strong national biofuel programs. The overall goal of this paper is to better understand the impacts of global and regional biofuels on agriculture and the rest of the economy, with a specific focus on the GMS. Based on a modified multi-country, multi-sector computable general equilibrium model, this study reveals that global biofuel development will significantly increase agricultural prices and production and change trade in agricultural commodities in the GMS and the rest of world. While biofuel in the GMS will have little impacts on global prices, it will have significant effects on domestic agricultural production, land use, trade, and food security. The results also show that the extent of impacts from biofuel is highly dependent on international oil prices and the degree of substitution between biofuel and gasoline. The findings of this study have important policy implications for the GMS countries and the rest of world. (author)

  16. 76 FR 40688 - Foreign-Trade Zone 71-Windsor Locks, CT Application for Expansion

    Science.gov (United States)

    2011-07-11

    ... Locks, CT Application for Expansion An application has been submitted to the Foreign-Trade Zones Board... 2 (390 acres)--within the 600-acre New England Tradeport business park located at the intersection... distribution services to area businesses. No specific manufacturing authority is being requested at this time...

  17. Information flows around the globe: predicting opening gaps from overnight foreign stock price patterns

    NARCIS (Netherlands)

    de Gooijer, J.G.; Diks, C.G.H.; Gatarek, L.T.

    2012-01-01

    This paper describes a forecasting exercise of close-to-open returns on major global stock indices, based on high-frequency price patterns that have become available in foreign markets overnight. Generally speaking, out-ofsample forecast performance depends on the forecast method as well as the

  18. Cross-border electricity market effects due to price caps in an emission trading system : An agent-based approach

    NARCIS (Netherlands)

    Richstein, J.C.; Chappin, E.J.L.; De Vries, L.J.

    2014-01-01

    The recent low CO2 prices in the European Union Emission Trading Scheme (EU ETS) have triggered a discussion whether the EU ETS needs to be adjusted. We study the effects of CO2 price floors and a price ceiling on the dynamic investment pathway of two interlinked electricity markets (loosely based

  19. Directory of Book Trade and Related Organizations. Books Trade Associations, United States and Canada; International and Foreign Book Trade Associations; National Information Standards Organization (NISO) Standards; Calendar, 2003-2012; Acronyms; Index of Organizations; Subject Index.

    Science.gov (United States)

    Bowker Annual Library and Book Trade Almanac, 2003

    2003-01-01

    Includes two lists: one of book trade associations in the United States and Canada, and one of international and foreign book trade associations. Concludes with National Information Standards Organization (NISO) standards; calendar, 2003-2012; acronyms; index of organizations; and subject index. (LRW)

  20. China's foreign trade and climate change. A case study of CO{sub 2} emissions

    Energy Technology Data Exchange (ETDEWEB)

    Yunfeng, Yan [Business School, East China Normal University, 500 Dongchuan Rd., Shanghai 200241 (China); Laike, Yang [Center of International Finance and Risk Management, East China Normal University, 500 Dongchuan Rd., Shanghai 200241 (China)

    2010-01-15

    The globalization of trade has numerous environmental implications. Trade creates a mechanism for consumers to shift environmental pollution associated with their consumption to other countries. Carbon leakage exerts great influences on international trade and economy. Applying an input-output approach, the paper estimates the amount of carbon dioxide (CO{sub 2}) embodied in China's foreign trade during 1997-2007. It is found that 10.03-26.54% of China's annual CO{sub 2} emissions are produced during the manufacture of export goods destined for foreign consumers, while the CO{sub 2} emissions embodied in China's imports accounted for only 4.40% (1997) and 9.05% (2007) of that. We also estimate that the rest of world avoided emitting 150.18 Mt CO{sub 2} in 1997, increasing to 593 Mt in 2007, as a result of importing goods from China, rather than manufacturing the same type and quantity of goods domestically. During 1997-2007, the net 'additional' global CO{sub 2} emissions resulting from China's exports were 4894 Mt. Then, the paper divides the trade-embodied emissions into scale, composition and technical effect. It was found that scale and composition effect increased the CO{sub 2} emissions embodied in trade while the technical effect offset a small part of them. Finally, its mechanism and policy implications are presented. (author)

  1. China's foreign trade and climate change: A case study of CO{sub 2} emissions

    Energy Technology Data Exchange (ETDEWEB)

    Yan Yunfeng, E-mail: yyf007@126.co [Business School, East China Normal University, 500 Dongchuan Rd., Shanghai 200241 (China); Yang Laike, E-mail: lkyang@bs.ecnu.edu.c [Center of International Finance and Risk Management, East China Normal University, 500 Dongchuan Rd., Shanghai 200241 (China)

    2010-01-15

    The globalization of trade has numerous environmental implications. Trade creates a mechanism for consumers to shift environmental pollution associated with their consumption to other countries. Carbon leakage exerts great influences on international trade and economy. Applying an input-output approach, the paper estimates the amount of carbon dioxide (CO{sub 2}) embodied in China's foreign trade during 1997-2007. It is found that 10.03-26.54% of China's annual CO{sub 2} emissions are produced during the manufacture of export goods destined for foreign consumers, while the CO{sub 2} emissions embodied in China's imports accounted for only 4.40% (1997) and 9.05% (2007) of that. We also estimate that the rest of world avoided emitting 150.18 Mt CO{sub 2} in 1997, increasing to 593 Mt in 2007, as a result of importing goods from China, rather than manufacturing the same type and quantity of goods domestically. During 1997-2007, the net 'additional' global CO{sub 2} emissions resulting from China's exports were 4894 Mt. Then, the paper divides the trade-embodied emissions into scale, composition and technical effect. It was found that scale and composition effect increased the CO{sub 2} emissions embodied in trade while the technical effect offset a small part of them. Finally, its mechanism and policy implications are presented.

  2. OIL PRICES AND TRADE IN TURKEY: A WAVELET CONTINUOUS TRANSFORM ANALYSIS

    Directory of Open Access Journals (Sweden)

    Nuray Terzi

    2016-11-01

    Full Text Available Since the beginning of the Great Recession, the conceptuality of the economic literature has been going through an unprecedented change at a rate which is mind-boggling. The flaws of the DSGE model that let to its breakdown, the existence of a zero lower bound for a period that is much longer than expected, the important and intriguing models that the literature on nowcasting offers, heterodox beliefs of yesterday that became orthodox notions such as the non-linearity of all variables used in empirical analysis as well as the role of measurement errors in these variables as the main cause of continuous fluctuations have all been at the forefront of this wave of new research in economics to build robust (or at least not flawed models that are somewhat capable of explaining the nature of human behavior that has been shaped by the global technological advances which hardly has been a part of the past conventional economic analysis. Moreover, questions surrounding the models used to employ expectation formation of individuals and the shifting focus to company culture rather than just a representative agent have added additional fuel to a debate which seems to be only at its infant stages. Nonetheless, there are still important topics which are much simpler to tackle with that are left unattended by the literature among all this chaos that dominates the research and the empirical applications. One of them is the literature between the relation of oil prices and trade deficit. This paper studies the oil price-trade deficit relationship in the emerging market of Turkey, employing one of the recent unconventional methods that take into account the non-linear nature of the variables, the wavelet methodology. Our findings show that these two variables are definitely positively related and oil prices are leading the trade deficit, especially during the periods of turmoil and fluctuations.

  3. Price performance following stock's IPO in different price limit systems

    Science.gov (United States)

    Wu, Ting; Wang, Yue; Li, Ming-Xia

    2018-01-01

    An IPO burst occurred in China's stock markets in 2015, while price limit trading rules usually help to reduce the short-term trading mania on individual stocks. It is interesting to make clear the function of the price limits after IPOs. We firstly make a statistical analysis based on all the IPO stocks listed from 1990 to 2015. A high dependency exists between the activities in stock's IPO and various market environment. We also focus on the price dynamics in the first 40 trading days after the stock listed. We find that price limit system will delay the price movement, especially for the up-trend movements, which may lead to longer continuous price limit hits. Similar to our previous work, many results such as ;W; shape can be also observed in the future daily return after the price limit open. At last, we find most IPO measures show evident correlations with the following price limit hits. IPO stocks with lower first-day turnover and earning per share will be followed with a longer continuous price limit hits and lower future daily return under the newest trading rules, which give us a good way to estimate the occurrence of price limit hits and the following price dynamics. Our analysis provides a better understanding of the price dynamics after IPO events and offers potential practical values for investors.

  4. Information Flows around the Globe: Predicting Opening Gaps from Overnight Foreign Stock Price Patterns

    NARCIS (Netherlands)

    J.G. de Gooijer (Jan); C.G.H. Diks (Cees); L. Gatarek (Lukasz)

    2009-01-01

    textabstractThis paper describes a forecasting exercise of close-to-open returns on major global stock indices, based on price patterns from foreign markets that have become available overnight. As the close-to-open gap is a scalar response variable to a functional variable, it is natural to focus

  5. Fuel trading

    International Nuclear Information System (INIS)

    2015-01-01

    A first part of this report proposes an overview of trends and predictions. After a synthesis on the sector changes and trends, it indicates and comments the most recent predictions for the consumption of refined oil products and for the turnover of the fuel wholesale market, reports the main highlights concerning the sector's life, and gives a dashboard of the sector activity. The second part proposes the annual report on trends and competition. It presents the main operator profiles and fuel categories, the main determining factors of the activity, the evolution of the sector context between 2005 and 2015 (consumptions, prices, temperature evolution). It analyses the evolution of the sector activity and indicators (sales, turnovers, prices, imports). Financial performances of enterprises are presented. The economic structure of the sector is described (evolution of the economic fabric, structural characteristics, French foreign trade). Actors are then presented and ranked in terms of turnover, of added value, and of result

  6. Book Trade Research and Statistics. Prices of U.S. and Foreign Published Materials; Book Title Output and Average Prices: 2000 Final and 2001 Preliminary Figures; Book Sales Statistics, 2001: AAP Preliminary Estimates; U.S. Book Exports and Imports: 2001; Number of Book Outlets in the United States and Canada; Review Media Statistics.

    Science.gov (United States)

    Sullivan, Sharon G.; Barr, Catherine; Grabois, Andrew

    2002-01-01

    Includes six articles that report on prices of U.S. and foreign published materials; book title output and average prices; book sales statistics; book exports and imports; book outlets in the U.S. and Canada; and review media statistics. (LRW)

  7. 15 CFR 2008.12 - Foreign government information.

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 3 2010-01-01 2010-01-01 false Foreign government information. 2008.12 Section 2008.12 Commerce and Foreign Trade Regulations Relating to Foreign Trade Agreements OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE REGULATIONS TO IMPLEMENT E.O. 12065; OFFICE OF THE UNITED...

  8. 76 FR 28418 - Voluntary Termination of Foreign-Trade Subzone 33C; Sony Corporation of America, Mt. Pleasant, PA

    Science.gov (United States)

    2011-05-17

    ...-Trade Subzone 33C; Sony Corporation of America, Mt. Pleasant, PA Pursuant to the authority granted in... Industrial Development Corporation of Southwestern Pennsylvania, (grantee of FTZ 33) authorizing the establishment of Foreign-Trade Subzone 33C at the Sony Corporation of America plant in Mt. Pleasant...

  9. Information flows around the globe: predicting opening gaps from overnight foreign stock price patterns

    NARCIS (Netherlands)

    de Gooijer, J.G.; Diks, C.G.H.; Gatarek, L.T.

    2009-01-01

    This paper describes a forecasting exercise of close-to-open returns on major global stock indices, based on price patterns from foreign markets that have become available overnight. As the close-to-open gap is a scalar response variable to a functional variable, it is natural to focus on functional

  10. Why do Economic Instruments Fail? The role of Water trading and Pricing at a River Basin Scale

    Science.gov (United States)

    Pérez-Blanco, C. D.; Gomez, C.; Loch, A. J.; Adamson, D. C.

    2016-12-01

    Water management problems stem from the mismatch between a multitude of individual decisions, on the one hand, and the current and projected status of water resources, on the other. Economics provides valuable information on the incentives that drive individual decisions and can be used to design instruments that address the problem. Yet, proposals from economists regarding instruments like water pricing or trading are mostly based upon basic and general principles of welfare economics that are not straightaway applicable to assets as complex as water. For example, while water markets clearly serve to the parts directly involved in the transaction, the unique characteristics of water often leads to Pareto inefficient allocations that affect the environment and related economic uses. The flaw in this approach lies in the understanding that water prices and water trading schemes may be good or bad on their own (e.g. finding the "right" price). This vision changes radically when we focus on the problem, instead of the instrument. In this case addressing water management challenges is equivalent to making the multitude of decisions people do about water compatible with collective water governance goals such as curbing degradation trends or building water security for the future. These ideas provide both the basis for assessing existing incentives such as pricing and trading schemes and reshaping economic instruments to serve the objectives of an integrated water resources management.

  11. Trade policy responses to food price crisis and implications for existing domestic support measures

    DEFF Research Database (Denmark)

    Yu, Wusheng; Jensen, Hans Grinsted

    2014-01-01

    jointly moderated rises of domestic grain prices. In particular, domestic and trade measures on key agricultural inputs such as fertilizers are shown to contribute significantly to expand grain outputs and reduce domestic market prices. While the short-term goal in stabilizing domestic grain prices......Many national governments around the world applied export restrictions in order to achieve domestic market stabilization during the 2007/8 world food price crisis. However, current literature says little about how these export restrictions interact with existing domestic support measures in jointly...... determining domestic market outcomes. This paper analyzes this interaction by providing a quantitative assessment on how increased spending on agricultural domestic support in China offset the negative effects on grain production caused by the country's export restrictions and how these two types of measures...

  12. CHANGES IN STRUCTURE OF ROMANIA'S INTERNATIONAL TRADE

    Directory of Open Access Journals (Sweden)

    CECILIA IRINA RABONTU

    2014-05-01

    Full Text Available Evolution of structural changes in Romanian trade is somewhat interesting if you look at it from the perspective of mutations that occurred in the categories of goods and services subject to international trade. After the Revolution of 1989, the Romanian economy has gone through dramatic changes that had determinate a total reconfiguration of foreign trade. At the same time, the economic instability has had further repercussions on the Romanian economy manifested through higher prices, reduced wages or earnings, reduced employment and rising unemployment, increasing interest rates on loans due to the devaluation of the national currency, increase value-added tax, consumption reduction etc. We proposed in this paper an analyze for a significant period of time evolution of international trade in goods and services of Romania in order to establish the main categories of goods traded but Romania's main trading partners, too. In order to achieve the central goal of this paper we will use statistical data found in the databases provided by the WTO, Eurostat and the National Statistical Institutes and statistical methods to support our initiative.

  13. Racial Trade Barriers?

    DEFF Research Database (Denmark)

    Bjerre, Jacob Halvas

    . This paper analyzes the racial policies pursued in the foreign trade and argues that we need to recognize Aryanization as a world-wide policy in order to fully understand its character and possible consequences. I focus on the pre-war period and analyze the case of Denmark from three different perspectives......: perpetrators, victims and bystanders. The analysis will show that race, economy and foreign trade were combined in an attempt to raise racial trade barriers. This forced the question of German racial policies on the Danish government, Danish-Jewish businesses, and German companies involved in foreign trade...

  14. BUSINESS DEVELOPMENT, FOREIGN DIRECT INVESTMENT AND INTERNATIONAL TRADE: A policy and economic comparative analysis for Canada

    Directory of Open Access Journals (Sweden)

    Isabel Husid

    2015-01-01

    Full Text Available The present work aims to achieve an overall view of Foreign Direct Investment and International Trade in Canada, analyzing both the current situation and the actions and policies being implemented by several provinces to promote this subject. This study will be valuable to companies and governments to understand what has been done and to support strategic planning to invest and trade with Canada, especially for the Brazilian market.

  15. Study on the new financial products traded on the Forex Market

    Directory of Open Access Journals (Sweden)

    Laurenţiu Paul BARANGA

    2016-07-01

    Full Text Available This paper puts forward an analysis of the new trends in terms of foreign currency transactions and, implicitly, the new financial products traded on the Forex market with a view to identify the category they belong to, namely foreign currency transactions or foreign exchange derivative transactions. Also, the implications of including the new products traded on the Forex market into one of the two categories have been taken into account, both in terms of market microstructure and in terms of investor-wise implications. Thus, the analysis showed that, by changing the destination of the amounts deposited by clients into the settlement account of the Forex services provider, i.e. from amounts deposited in order to cover the equivalent of purchased foreign currencies into amounts deposited in order to cover any price difference, financial products such as currency pairs and rolling spot Forex acquire features similar to those of derivatives (such as Contracts For Difference - CFDs. Further, acknowledging these financial products of the Forex market (currency pairs and rolling spot Forex as derivatives would determine a series of transformations of the microstructure of the market they are traded on, changes that would contribute to a better protection of investors and to improved monitoring and prevention by the supervisory authorities of the potential risks induced by such transactions on the financial market.

  16. 77 FR 38269 - Approval for Expanded Manufacturing Authority; Foreign-Trade Subzone 7M; Amgen Manufacturing...

    Science.gov (United States)

    2012-06-27

    ... Manufacturing Authority; Foreign-Trade Subzone 7M; Amgen Manufacturing Limited (Biotechnology and Healthcare... the scope of manufacturing authority on behalf of Amgen Manufacturing Limited (Amgen), within Subzone..., the Board hereby orders: The application to expand the scope of manufacturing authority under zone...

  17. 76 FR 47143 - Approval for Manufacturing Authority, Foreign-Trade Zone 153; Abbott Cardiovascular Systems, Inc...

    Science.gov (United States)

    2011-08-04

    ... Authority, Foreign-Trade Zone 153; Abbott Cardiovascular Systems, Inc., (Cardiovascular Devices), Riverside... of Abbott Cardiovascular Systems, Inc., within Sites 11-13 of FTZ 153, located in Riverside County... behalf of Abbott Cardiovascular Systems, Inc., as described in the application and Federal Register...

  18. Trade, Foreign Direct Investment or Acquisition: Optimal Entry Modes for Multinationals

    OpenAIRE

    Theo Eicher; Jong Woo Kang

    2004-01-01

    We examine multinationals’ optimal entry modes into foreign markets as a function of market size, FDI fixed costs, tariffs and transport costs. Our results highlight why large countries are more likely to attract acquisition investment, while intermediate-sized countries may be served predominantly through trade, even in the presence of high tariffs. Small countries are most likely to experience either FDI or no entry. We also show how these results vary with the competition intensity in th...

  19. The Impact of Emissions Trading on the Price of Electricity in Nord Pool : Market Power and Price Determination in the Nordic Electricity Market

    OpenAIRE

    Oranen, Anna

    2006-01-01

    The objective of this thesis is to find out how dominant firms in a liberalised electricity market will react when they face an increase in the level of costs due to emissions trading, and how this will effect the price of electricity. The Nordic electricity market is chosen as the setting in which to examine the question, since recent studies on the subject suggest that interaction between electricity markets and emissions trading is very much dependent on conditions specific to each market ...

  20. A Study of the Determinants of Emissions Unit Allowance Price in the European Union Emissions Trading Scheme

    Directory of Open Access Journals (Sweden)

    Alina Maydybura

    2011-12-01

    Full Text Available In 2005 the European Union (EU began the first phase of the largest and most ambitious emissions trading system (EU ETS ever attempted, which then applied to all members of the EU. In its second phase whichbegan in 2008 the EU ETS now applies to all 27 members of the EU together with Norway, Iceland and Lichtenstein, the members of the European Economic Area (EEA which are not members of the Union. Inthe first phase of the EU ETS permits to emit carbon into the atmosphere known as European Union Allowances (EUA were traded in a market where the price rose to €30 and eventually fell to well below 10 Euro cents as the imperfections of the market became obvious. In the second phase which began in 2008 the price has fluctuated between €30 and €8. EUA are traded in a manner which is similar to the trading of financial instruments and a range of derivatives has developed with the total value of the market now above €120b, a growing market dominated by a few large players.This paper reports some results of an empirical investigation into the factors which appear to drive the carbon price and the key determinants of the price of an EUA. Over the last decade a number of environmental products have been developed alongside the EUA, including Certified Emissions Reductions (CERs, Renewable Energy Certificates and White Certificates (energy efficiency credits and markets have developed for a range of these environmental products. A better understanding of the determinants of these markets willhelp regulators manage these new markets and this paper aims to enhance our knowledge of the market.

  1. 17 CFR 240.3a12-8 - Exemption for designated foreign government securities for purposes of futures trading.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Exemption for designated foreign government securities for purposes of futures trading. 240.3a12-8 Section 240.3a12-8 Commodity and... trading. (a) When used in this Rule, the following terms shall have the meaning indicated: (1) The term...

  2. Informational Efficiency in the USD/KRW Spot Market: Some Evidence from a Joint Runs Test and Foreigners’ Trading Rule Profits

    Directory of Open Access Journals (Sweden)

    Changmo Ahn

    2010-12-01

    Full Text Available This paper examines whether the USD/KRW spot market is efficient in processing new information by employing both the Runs Test and the foreigners' securities trading rule profitability approach. Excluding the period of 2008 financial crisis, the USD/KRW spot market is efficient in terms of close rates, but not efficient in terms of open rates. The foreigners' securities trading rule can also produce statistically significant profits if the trades are based on open prices, though not high. This implies that traders can predict future exchange rates, to some degree, with the information on foreign net purchases of securities in the Korean stock/ bond markets. If we consider the related interest differentials and transaction costs, however, the profits fade out to marginal level or below. This result implies that traders can expect the existence of predictability in the USD/KRW spot market, but not profitability.

  3. Economic reform in Vietnam - the role of foreign direct investment and trade policy

    International Nuclear Information System (INIS)

    Tran, D.L.

    1998-11-01

    Vietnam was one of the five poorest countries in the world in the 1980's. Since then, Vietnam has adopted a market economic policy, and she has made substantial economic progress. In the last 10 years Meanwhile Vietnam's per capita income has increased by 3 times, the volume of export doubled very two years, and the inflation rate was reduced to 4.5 % in 1997 from 775 % in 1986. The GDP also has increased, the exchange rate with the US$ was stabilized and foreign direct investment (FDI) and trade has increased. There was about US$35 billion were invested by the foreign investors between 1987 to the middle of June 1998. However, the current crisis in the economies of Southeast Asian countries has put pressure on Vietnam to rethink seriously her future reform program with respect to stabilization and sustainable current economic policies. Since FDI is an imperative for the development of a country like Vietnam, it is necessary to use this capital very careful for her economy. Thus, the main objective of this dissertation is to study the role of FDI in the development of Vietnam. To examine this objective, various investigations were made, especially focusing on development dimensions such as reforming state enterprises, foreign trade policy, foreign investment and so on. Therefore, in the future, FDI and privatization policies should be strengthened to maintain and create an international market. Moreover, there are some major reforms required to transform the state sector into a private sector with appropriate policy measures, such as improving management of financial companies, developing the agricultural sector and minimizing bureaucracy and red tapism of the government. This dissertation provides a set of recommendations how to strengthen Vietnams economic and market situation in the 21st century. (author)

  4. Cointegration analysis on trading behavior in four SELECTED asean countries BEFORE MONETARY CRISIS

    Directory of Open Access Journals (Sweden)

    R. Budi Prawoto

    2007-06-01

    Full Text Available This paper aims to analyze Indonesian position among the trading behavior in four selected ASEAN countries (according to their import-and-export products using cointegration analysis. The demands for export and import are estimated before the monetary crisis erupted (1963 – 1995 using the dynamic OLS (DOLS method. The Johansen Maximum Likelihood (JML approach is also employed to compare the results obtained. The results show that foreign income has a significant impact on export demand, suggesting that foreign disturbance in the form of economic activities is likely to be transmitted to these countries. The Marshall Lerner conditions are easily met for the cases of Malaysia and Thailand (DOLS and JML. For Indonesia and the Philippines, the sum of the price elasticities of export and import demand are less than unity. This can be explained by the J-curve, in which the currency depreciations will first worsen the trade balance before it improves, and it takes a long time to affect the trade balance.

  5. International red meat trade.

    Science.gov (United States)

    Brester, Gary W; Marsh, John M; Plain, Ronald L

    2003-07-01

    The maturation of the US beef and pork markets and increasing consumer demands for convenience, safety, and nutrition suggests that the beef and pork industries must focus on product development and promotion. New marketing arrangements are developing that help coordinate production with consumer demands. The relative high levels of incomes in the United States are likely to increase the demands for branded products rather than increase total per capita consumption. Foreign markets represent the greatest opportunity for increased demand for commodity beef and pork products. Increasing incomes in developing countries will likely allow consumers to increase consumption of animal-source proteins. Real prices of beef and pork have declined substantially because of sagging domestic demand and increasing farm-level production technologies. Increasing US beef and pork exports have obviated some of the price declines. Pork attained a net export position from a quantity perspective in 1995. The United States continues to be a net importer of beef on a quantity basis but is close to becoming a net exporter in terms of value. By-products continue to play a critical role in determining the red meat trade balance and producer prices. The United States, however, must continue to become cost, price, and quality competitive with other suppliers and must secure additional market access if it is to sustain recent trade trends. Several trade tensions remain in the red meat industry. For example, mandated COOL will undoubtedly have domestic and international effects on the beef and pork sectors. Domestically, uncertainty regarding consumer demand responses or quality perceptions regarding product origin, as well as added processor-retailer costs will be nontrivial. How these factors balance out in terms of benefits versus costs to the industry is uncertain. From an international perspective, some beef and pork export suppliers to the United States could view required labeling as a

  6. The impact of the EU emissions trading scheme on the price of electricity in the Netherlands

    International Nuclear Information System (INIS)

    Sijm, J.P.M.

    2004-02-01

    In this paper a specific aspect of the proposed EU Emissions Trading System (EU ETS) is discussed, namely the potential impact of the EU ETS on the price of electricity in the Netherlands and, hence, the potential implications for Dutch power producers and consumers. It shows that the EU ETS may lead to a significant increase in the price of electricity in the Netherlands (and other EU Member States), depending on the marginal costs of emissions trading (i.e. the price of an emission allowance), the emission factor of the marginal production technology to generate electricity, and the extent to which the costs of emissions trading will be passed on to the end-users of electricity. If, for one reason or another, these costs will not be passed on to power consumers, it will have an adverse impact on overall efficiency from both an energy and economic point of view. On the other hand, if - as expected - these costs are indeed passed on to end-users of electricity, it will benefit power producers (mainly owing to the economic rent of allocating emission allowances for free), while it will harm those energy-intensive industries that, in turn, are not able to pass the higher electricity costs to their customers (resulting in a loss of economic production and income). To some degree, these effects can be best avoided by auctioning emission allowances mandatory throughout the EU ETS and using the auction revenues to reduce the overall level of taxation and social premiums in order to improve the overall competitiveness of domestic industries and to (partly) compensate power consumers for the ET-induced increase in the price of electricity

  7. A prospect theory explanation of the disposition to trade losing investments for less than market price.

    Science.gov (United States)

    Johnstone, D J

    2002-06-01

    Investors have a proven general reluctance to realize losses. The theory of "mental accounting" suggests that losses are easier to accept when mentally integrated with either preceding losses or with compensatory gains. Mental integration is made easier when a failed asset is exchanged against a new, apparently profitable, acquisition. The alternative is to sell the existing asset on the open market before re-investing the proceeds as desired. This is emotionally less appealing than "rolling over" a losing investment into a new venture by way of an asset trade. The psychological benefits of exchanging rather than selling a failed asset come at a cost. It is typical of trade-in arrangements, e.g., where one trades an old car against a new one, that the effective sale price of the existing asset is less than current market value. Acceptance of this low price adds to the investor's total monetary loss on the existing asset but is essential to an overall package deal apart from which that asset would often remain belatedly unsold.

  8. 75 FR 42377 - Foreign-Trade Zone 244-Riverside County, CA; Application for Reorganization Under Alternative...

    Science.gov (United States)

    2010-07-21

    ... application and case record and to report findings and recommendations to the Board. Public comment is invited...--Riverside County, CA; Application for Reorganization Under Alternative Site Framework An application has been submitted to the Foreign-Trade Zones (FTZ) Board (the Board) by the March Joint Powers Authority...

  9. 78 FR 39707 - Foreign-Trade Zone (FTZ) 277-Western Maricopa County, Arizona; Notification of Proposed...

    Science.gov (United States)

    2013-07-02

    ....; (Plastic Containers) Goodyear, Arizona The Greater Maricopa Foreign Trade Zone, Inc. (GMFTZ), grantee of... application is currently pending to expand FTZ 277 and include the Schoeller Arca facility as a usage-driven... plastic containers for industrial/commercial materials handling applications. Pursuant to 15 CFR 400.14(b...

  10. Saving money on rig refurbishments through foreign trade zones or duty-drawback

    International Nuclear Information System (INIS)

    Ward, R.J. Jr.

    1997-01-01

    The recent boom in day rates for rigs capable of drilling in deep water and harsh environments has created a frenzy of rig refurbishment activity in shipyards located in US Gulf states. In most instances, the destination for the rigs upon completion is the US Outer Continental Shelf (USOCS) in the Gulf of Mexico. The problem faced by contractors/operators planning to use US shipyards is that this circumstance has caused difficulty in shielding rigs and their foreign-sourced components from US Customs duties. Under US Customs law, a bona fide exportation requires severance from US commerce and joining to the commerce of some foreign country or, in the case of a vessel supply, a qualifying international voyage. The USOCS does not qualify as an exportation, nor do movements to drilling sites located on it qualify as an international voyage. Described here are two possible solutions to this economic dilemma and an example of how the foreign trade zone solution was applied by Global marine in its plans for upgrading some of its semisubmersible drilling rigs for deepwater USOCS work

  11. Transfer Pricing

    DEFF Research Database (Denmark)

    Rohde, Carsten; Rossing, Christian Plesner

    trade internally as the units have to decide what prices should be paid for such inter-unit transfers. One important challenge is to uncover the consequences that different transfer prices have on the willingness in the organizational units to coordinate activities and trade internally. At the same time...... the determination of transfer price will affect the size of the profit or loss in the organizational units and thus have an impact on the evaluation of managers‟ performance. In some instances the determination of transfer prices may lead to a disagreement between coordination of the organizational units...

  12. Interjurisdictional trading rules and issues

    International Nuclear Information System (INIS)

    Keizer, C.

    2001-01-01

    Rules and issues regarding financial transmission rights were presented in this power point presentation which focused on access to the Ontario electricity grid. Power generators submit offers to the independent market operator (IMO) to participate in the IMO dispatch. This presentation covered uniform pricing issues in Ontario, the congestion pricing theory, congestion management, and how congestion pricing can apply to inter-regional trades. Inter-regional trading examples of buying and selling electricity in Ontario were also presented. IMOs have the power to auction transmission rights, which are the financial instrument that protects against exposure to changes in price differences. Initially, this would apply only to price differences between the uniform Ontario price and prices in each zone. The holders of financial transmission rights receive a portion of the congestion surplus collected through the IMO settlements as a result of congestion pricing on the entities. The problem is that this provides no incentive for transmitters. Another problem is that there are different trading regimes in Ontario, but it is preferable to have seamless trading across jurisdictions to promote inter-jurisdictional trading

  13. Price discovery in dual-class shares across multiple markets

    DEFF Research Database (Denmark)

    Fernandes, Marcelo; Scherrer, Cristina

    We extend the standard price discovery analysis to estimate the information share of dual-class shares across domestic and foreign markets. By examining both common and preferred shares, we aim to extract information not only about the fundamental value of the firm, but also about the dual...... the innovations, the standard information share measure depends heavily on the ordering we attribute to prices in the system. To remain agnostic about which are the leading share class and market, one could for instance compute some weighted average information share across all possible orderings...... or trading platform conveys more information about shocks in the fundamental price. As such, our procedure yields a single measure of information share, which is invariant to the ordering of the variables in the system. Simulations of a simple market microstructure model show that our information share...

  14. Price and Income Elasticities of Russian Exports

    Directory of Open Access Journals (Sweden)

    Bernardina Algieri

    2004-12-01

    Full Text Available The paper gauges export demand elasticities for Russia using an Error Correction technique within a cointegration framework. An extended version of the Imperfect Substitutes Model has been implemented to estimate the sensitivity of Russian exports without oil components to price and to Russian and world income. Our results suggest a robust and negative long run cointegration relationship between the real effective exchange rate, defined as the weighted average of the rouble’s exchange rates versus a basket of the three currencies with the largest share in the trade turnover adjusted to incorporate inflation rate differences (the ratio of the domestic price indices to the foreign price indices, and Russian exports. An increase in exports by 24% is caused by a real depreciation by 10%. Furthermore, a 10% growth in world income leads to a 33% rise in exports. Finally, exports drop by 14% whenever a 10% increase in domestic income occurs

  15. 78 FR 58273 - Approval for Manufacturing (Production) Authority, Foreign-Trade Zone 284, Liberty Pumps, Inc...

    Science.gov (United States)

    2013-09-23

    ... (Production) Authority, Foreign-Trade Zone 284, Liberty Pumps, Inc. (Submersible and Water Pumps), Bergen, New... (production) authority on behalf of Liberty Pumps, Inc., within FTZ 284 in Bergen, New York (FTZ Docket 5-2012... manufacturing (production) authority under zone procedures within FTZ 284 on behalf of Liberty Pumps, Inc., as...

  16. Long-term Development of Time Series in Foreign Trade of the Czech Republic According to SITC Categories

    Directory of Open Access Journals (Sweden)

    Jana Stávková

    2004-01-01

    Full Text Available This contribution presents results obtained by means of a time series analysis of import, export, turnover, balance of trade, coverage indicator of export with import, according to SITC classes (3rd Rev. in the Czech Republic for time interval 1993-2001. Along with description of dynamics of examined effects and their trends there following parameters were also classified: mean level, variability and percentage share of particular classification classes of foreign trade indicators.

  17. Growth, exchange rates and trade in Brazil: a structuralist post-Keynesian approach

    Directory of Open Access Journals (Sweden)

    Nelson H. Barbosa Filho

    2004-01-01

    Full Text Available This paper presents a structuralist post-Keynesian analysis of trade adjustment in Brazil. Based on the concept of the balance-of-payments (BoP constraint on growth, the paper investigates the relationship between income growth and real-exchange-rate devaluation necessary to adjust trade to a foreign-exchange constraint. The main result is that, with price-inelastic and income-elastic imports and based on its trade structure in 2002, Brazil may have to compensate an additional 1% of income growth with approximately 7% of real-exchange-rate devaluation in order to keep its trade balance stable in relation to GDP in the near future. Moreover, the trade parameters of Brazil seem to be unfavorable to growth with stable trade, that is, even moderate rates of GDP expansion lead to a substantial increase of imports and, therefore, require an also substantial devaluation of the real exchange rate to avoid a deterioration of the trade balance.

  18. Growth, exchange rates and trade in Brazil: a structuralist post Keynesian approach

    Directory of Open Access Journals (Sweden)

    Nelson H. Barbosa Filho

    2009-06-01

    Full Text Available This paper presents a structuralist post-Keynesian analysis of trade adjustment in Brazil. Based on the concept of the balance-of-payments (BoP constraint on growth, the paper investigates the relationship between income growth and real-exchange-rate devaluation necessary to adjust trade to a foreign-exchange constraint. The main result is that, with price-inelastic and income-elastic imports and based on its trade structure in 2002, Brazil may have to compensate an additional 1% of income growth with approximately 7% of real-exchange-rate devaluation in order to keep its trade balance stable in relation to GDP in the near future. Moreover, the trade parameters of Brazil seem to be unfavorable to growth with stable trade, that is, even moderate rates of GDP expansion lead to a substantial increase of imports and, therefore, require an also substantial devaluation of the real exchange rate to avoid a deterioration of the trade balance.

  19. Resisting Foreign Competition – A Case Study of France and Germany

    Directory of Open Access Journals (Sweden)

    Thannaletchimy Thanagopal

    2014-04-01

    Full Text Available This article incorporates both the new trade and the endogenous growth theories to study the determinants of import volumes of France and Germany so as to explain their individual industrial competitiveness strategies – price or quality competition. This article is different because it studies competitiveness of a country’s products by considering its resistance to foreign competition rather than considering exports of these countries. Using disaggregated bilateral data for 16 European countries including Japan and the United States across 15 distinctly classified industries over a period of 20 years (between 1991 and 2010, we use an import demand equation to compare the relative product performances of France and Germany vis-à-vis their exporting competitors. To eliminate the price endogeneity problem, we implement a Two Stage Least Squares (2SLS estimation technique using the cost of production (which includes the unit labor cost and costs of capital and intermediates, mark-up and distance as instrumental variables for import prices. We also proxy innovation and hence product quality using research and development (R&D intensity, reported in Product Field. We find that French products are highly substitutable vis-à-vis their foreign competitors in contrast to German products. Germany adopts better quality competitive strategies, thus rendering their products less substitutable and highly differentiated vis-à-vis their foreign counterparts.

  20. International provision of trade services, trade, and fragmentation

    OpenAIRE

    Deardorff, Alan V.

    2001-01-01

    The author examines the special role that trade liberalization in services industries can play in stimulating trade in both services, and goods. International trade in goods requires inputs from such trade services as transportation, insurance, and finance, for example. Restrictions on services across borders, and within foreign countries add costs, and barriers to international trade. Lib...

  1. Market-oriented ethanol and corn-trade policies can reduce climate-induced US corn price volatility

    International Nuclear Information System (INIS)

    Verma, Monika; Diffenbaugh, Noah; Hertel, Thomas

    2014-01-01

    Agriculture is closely affected by climate. Over the past decade, biofuels have emerged as another important factor shaping the agricultural sector. We ask whether the presence of the US ethanol sector can play a role in moderating increases in US corn price variability, projected to occur in response to near-term global warming. Our findings suggest that the answer to this question depends heavily on the underlying forces shaping the ethanol industry. If mandate-driven, there is little doubt that the presence of the corn-ethanol sector will exacerbate price volatility. However, if market-driven, then the emergence of the corn-ethanol sector can be a double-edged sword for corn price volatility, possibly cushioning the impact of increased climate driven supply volatility, but also inheriting volatility from the newly integrated energy markets via crude oil price fluctuations. We find that empirically the former effect dominates, reducing price volatility by 27%. In contrast, mandates on ethanol production increase future price volatility by 54% in under future climate after 2020. We also consider the potential for liberalized international corn trade to cushion corn price volatility in the US. Our results suggest that allowing corn to move freely internationally serves to reduce the impact of near-term climate change on US corn price volatility by 8%. (letter)

  2. Market-oriented ethanol and corn-trade policies can reduce climate-induced US corn price volatility

    Science.gov (United States)

    Verma, Monika; Hertel, Thomas; Diffenbaugh, Noah

    2014-05-01

    Agriculture is closely affected by climate. Over the past decade, biofuels have emerged as another important factor shaping the agricultural sector. We ask whether the presence of the US ethanol sector can play a role in moderating increases in US corn price variability, projected to occur in response to near-term global warming. Our findings suggest that the answer to this question depends heavily on the underlying forces shaping the ethanol industry. If mandate-driven, there is little doubt that the presence of the corn-ethanol sector will exacerbate price volatility. However, if market-driven, then the emergence of the corn-ethanol sector can be a double-edged sword for corn price volatility, possibly cushioning the impact of increased climate driven supply volatility, but also inheriting volatility from the newly integrated energy markets via crude oil price fluctuations. We find that empirically the former effect dominates, reducing price volatility by 27%. In contrast, mandates on ethanol production increase future price volatility by 54% in under future climate after 2020. We also consider the potential for liberalized international corn trade to cushion corn price volatility in the US. Our results suggest that allowing corn to move freely internationally serves to reduce the impact of near-term climate change on US corn price volatility by 8%.

  3. A Study on stabilization of energy supply and demand using foreign futures market

    Energy Technology Data Exchange (ETDEWEB)

    Yun, Won Chul; Lee, Sung Keun [Korea Energy Economics Institute, Euiwang (Korea)

    1999-02-01

    This study seeks to minimize financial cost related to the price stabilization and the supply and demand stabilization. In order to accomplish this, it derives a theoretical model of supply hedging to minimize fluctuation risk of price and financial cost intended for crude oil and LNG. Through the positive analysis based on this, it analyzes quantitatively the economic effect of utilizing foreign futures market. It shows the decline of average and divergence of supply cost. Despite the economic effect of utilizing a futures market, the degree of utilizing energy futures market of related firms in Korea appeared to be insufficient. To raise the utilization of trading in futures, the followings were suggested. Firstly, cost reduction and sharing relating information can be designed through the joint participation among allied enterprises. Secondly, energy futures transaction center in Korea can be established or trading linkage based on the existing international trading system can be built. Thirdly, it is possible to subsidize related cost by making a loan from trading in futures. Lastly, the participating directly in a futures market at government level can be considered. (author). 61 refs., 57 figs., 22 tabs.

  4. TRENDS IN ROMANIA'S AGRO-FOOD FOREIGN TRADE IN THE PERIOD 2007-2012

    Directory of Open Access Journals (Sweden)

    Agatha POPESCU

    2014-12-01

    Full Text Available The purpose of this study was the analysis of Romania's agro-food foreign trade dynamics in the period 2007-2012 in order to identify its major trends and changes. In 2012, the agro-food export reached Euro Million 2,812, and import Euro Million 3,834. The Euro Million -1,021 balance deficit proved that Romania is still a net exporting country. The EU accounts for about 72 % in export and 70% in import value, of which agro-food trade contributes by 8.90 % and, respectively by 9.54% in Romania's import. In 2012, the agro-food export structure was the following one:Vegetable products 38.66%, Prepared foodstuffs, beverages and tobacco 36.02 %, and Live animals and animal products 18.99 %, and the agro-food import structure was: Prepared foodstuffs, beverages and tobacco 38.39 %, Vegetal products 30.89 %, and Live animals and animal products 25.62 %. The main Romania's trade partners are Italy, Bulgaria, Hungary, Spain, Germany, The Netherlands, Greece, France, Austria and United Kingdom for agro-food export (88.14 % and Hungary, Germany, The Netherlands, Poland, Bulgaria, Italy, France, Austria, the Czech Republic and Greece for agro-food import (88.38 %. In the period 2007-2012, an improved efficiency of the agro-food trade was noticed in terms of export/import ratio, export value per GDP and per inhabitant, and lower and lower deficit of the trade balance.

  5. Trade Liberalization and Optimal Environmental Policies in Vertical Related Markets

    Directory of Open Access Journals (Sweden)

    Yan-Shu Lin

    2012-12-01

    Full Text Available This paper establishes a symmetric two-country model with vertically related markets. In the downstream market, there is one firm in each country selling a homogeneous good, whose production generates pollution, to its home and the foreign markets a la Brander (1981. In the intermediate good market, there is also one upstream firm in each country, supplying the intermediate good only to its own country’s downstream market. The upstream firms can choose either price or quantity to maximize their profits. With this setting, the paper examines the optimal environmental policy and how it is affected by the tariff on the final good. It is found that, under free trade, the optimal final-good output with imperfect intermediate-good market will have the same output level as that with perfect intermediate-good market after imposing the optimal emission tax. The optimal environmental tax is smaller and the optimal environmental policy is less likely to be a green strategy under trade liberalization if the market structure in the intermediate good market is imperfect than perfect competition. On the other hand, the optimal environmental tax is necessarily higher if the upstream firm chooses price than quantity. Moreover, the optimal environmental policy is less likely to be a green strategy under trade liberalization if the upstream firms choose quantity than price to maximize their profits.

  6. Generation of predictive price and trading volume patterns in a model of dynamically evolving free market supply and demand

    Directory of Open Access Journals (Sweden)

    J. K. Wang

    2001-01-01

    Full Text Available I present a model of stock market price fluctuations incorporating effects of share supply as a history-dependent function of previous purchases and share demand as a function of price deviation from moving averages. Price charts generated show intervals of oscillations switching amplitude and frequency suddenly in time, forming price and trading volume patterns well-known in market technical analysis. Ultimate price trends agree with traditional predictions for specific patterns. The consideration of dynamically evolving supply and demand in this model resolves the apparent contradiction with the Efficient Market Hypothesis: perceptions of imprecise equity values by a world of investors evolve over non-negligible periods of time, with dependence on price history.

  7. Strategic analysis on establishing a natural gas trading hub in China

    Directory of Open Access Journals (Sweden)

    Xiaoguang Tong

    2014-12-01

    Full Text Available Since 2010, the LNG importing price premium in the Asia–Pacific markets has become increasingly high, generating great effects on the economic development in China. In addition, the natural gas dependence degree is expanding continuously, making it extremely urgent to establish a natural gas trading hub in China, with the aim to ensure national energy security, to gain the pricing power, and to build the regional benchmark prices. Through a comparative analysis of internal strength/weakness and external competitiveness, we concluded that with intensively-issued supporting policies on the natural gas sector, the initiation of spot and futures markets, the rapid growth of gas production and highly-improved infrastructures, as well as Shanghai's advantageous location, China has more advantages in establishing an Asian Natural Gas Trading Hub than other counties like Singapore, Japan and Malaysia. Moreover, based on the SWOT (strength, weakness, opportunity and threat and the marketization process analysis, the following strategies were presented: to impel the establishment of a natural gas trading hub depending on the gas supply condition, to follow the policies to complete the gas storage system, to form regional communities by taking comparative advantages, and to reinforce the marketization reform and regulation system establishment with foreign experiences for reference. This study rationalized the necessity and practicality of establishing a natural gas trading hub in China and will help China make a proper decision and find a periodical strategic path in this sector.

  8. 78 FR 18314 - Foreign-Trade Zone 169-Manatee County, Florida; Application for Production Authority; ASO, LLC...

    Science.gov (United States)

    2013-03-26

    ... located within Subzone 169A, in Sarasota, Florida. The facility is used for the production of plastic and... County, Florida; Application for Production Authority; ASO, LLC; Subzone 169A (Textile Fabric Adhesive Bandage Coating and Production); Sarasota, Florida An application has been submitted to the Foreign-Trade...

  9. The Effect of Food Prices on Inflation in the Republic of Serbia

    Directory of Open Access Journals (Sweden)

    Radukić Snežana

    2015-05-01

    Full Text Available In the Republic of Serbia, food accounts for a significant share in the consumer price index through which the inflation is statistically expressed. Therefore, in considerations of the basic factors of increase in the general price level, a special emphasis is placed on the specific features of the market of agricultural-food products. The aim of this research is to peruse the effect of the characteristics of the food market in Serbia on the inflation rate. High volatility of food prices is present because of the instability of this market, mainly due to seasonal fluctuations of supply and the effect of natural factors. Bearing in mind that the increase in food prices is the main determinant of the increase in the inflation rate, the indirect state control is very important so as to maintain price stability. Special importance is attached to the following instruments of economic policy: commodity reserves, storage policy, and fiscal and foreign trade policy.

  10. BRACEROS, MEXICO, AND FOREIGN TRADE.

    Science.gov (United States)

    1966

    CRITICISM OF GOVERNMENTAL POLICY RESTRICTING USE OF FOREIGN CONTRACT WORKERS ON AMERICAN FARMS IN 1965 EXPRESSES THREE POSSIBILITIES -- (1) A SEVERE DISRUPTION OF DOMESTIC FRUIT AND VEGETABLE PRODUCTION, (2) AN INCREASE OF AMERICAN INVESTMENT IN FOREIGN, PARTICULARLY MEXICAN, AGRICULTURAL PRODUCTION, AND (3) A LOSS OF UNITED STATES EXPORT MARKET…

  11. IMPLEMENTATION OF TRADE LAWS: IMPLICATIONS IN THE PRICE CONTROL POLICY OF COMMUNITY NEEDS

    Directory of Open Access Journals (Sweden)

    Engkus Engkus

    2018-01-01

    Full Text Available [Implementation Of Trade Laws: Implications In The Price Control Policy Of Community Needs] Issuing the act no 7 year 2014 about tade, Indonesia has new hope to design the obscene of social basic requirements were going on all this time. The main problem in the research that “increasing and decreasing pricefluctuatively” has became repeatedly in Ramadhan. It has been caused by some factors: Unbalancing Supply and demand not done optimally yet. The aim of the research to collect data, facta and problems analyses them and directly or indirectlywe want to know and increase for academic nuance as theorital, also who want to know about them deeply. The research is qualitative research, using the technical of theresearch are observation, interview, documental history and documental audio visual. The results of research, before, at the moment, after Ramadhan, the price of social basic requirements still increasely and fluctuatively. Government intervention, by short term policy not touched social basic requirements continously yet. So piling them were not clearness of official. Raring supply, increasing demand, It has been caused by social increasing consumption, Finally high increasing price. Conclusion: The price control social basic requirements policy, complately by redesign comprehensive, transparancy, participative and continuosly policy, from central government to local government towards nation autonomy in food. Keywords: Increasing Price, clearness of official, Control.

  12. Asymmetric Effects of Global Liquidity Expansion on Foreign Portfolio Inflows, Exchange Rates, and Stock Prices

    Directory of Open Access Journals (Sweden)

    Dong-Eun Rhee

    2014-06-01

    Full Text Available This paper examines the effects of global liquidity expansion on advanced and emerging economies by using panel VAR methodology. The results show that global liquidity expansion tends to boost economy by increasing GDP growth and stock prices. However, we find that the effects are asymmetric. The effects of global liquidity on GDP and stock prices are greater and more persistent in emerging economies than in liquidity recipient advanced economies. Moreover, global liquidity appreciates emerging economies' exchange rates more persistently than those of advanced economies. Lastly, while global liquidity expansion increases foreign portfolio investment inflows to Asian countries and liquidity recipient advanced economies, there is no evidence for Latin American countries.

  13. Water-quality trading: Can we get the prices of pollution right?

    Science.gov (United States)

    Konishi, Yoshifumi; Coggins, Jay S.; Wang, Bin

    2015-05-01

    Water-quality trading requires inducing permit prices that account properly for spatially explicit damage relationships. We compare recent work by Hung and Shaw (2005) and Farrow et al. (2005) for river systems exhibiting branching and nonlinear damages. The Hung-Shaw scheme is robust to nonlinear damages, but not to hot spots occurring at the confluence of two branches. The Farrow et al. (2005) scheme is robust to branching, but not to nonlinear damages. We also compare the two schemes to each other. Neither dominates from a welfare perspective, but the comparison appears to tilt in favor of the Farrow et al. scheme.

  14. Components of foreign object management as

    Directory of Open Access Journals (Sweden)

    V.Yu. Gordopolov

    2016-12-01

    Full Text Available In the article the components of foreign economic activity as objects of accounting and management, and analysis of current legislation and scientific literature that allowed classification form shapes and types of foreign economic activities that contribute to the planning process in the enterprise, as well as building an effective system of management and accounting, economic analysis and internal control. As part of the classification described basic forms, types of foreign trade, especially their implementation and legal regulation. On the basis of basic forms and types of foreign trade, set a number of problems conceptual-categorical apparatus applicable law. A nine treatments categories–operations of foreign economic activity of fixing specific legal acts. Operations of foreign economic activity (import transactions, export transactions, international transactions, securities, credit and foreign payment transactions, foreign rental operations, international leasing, foreign exchange transactions, foreign investments and operations associated with the joint activity identified as about objects accounting in foreign trade and is divided according to types of business entities (operating, financial and investment.

  15. Determinants of Price Dynamics in Ethiopia

    African Journals Online (AJOL)

    The result also indicates that the relationship between inflation and foreign prices is rather ..... domestic and foreign borrowing to monetary finance, the level of fiscal gap .... rate and petroleum prices have no significant impact on expectation.

  16. Effects and Implications for Adoption of Brokerage System in Korea's Foreign Exchange Market

    Directory of Open Access Journals (Sweden)

    Yunjong Wang

    1999-03-01

    Full Text Available Since January 1st 1999, the South Korean government has begun to establish the understructure of the foreign exchange market in order to achieve the liberalization of foreign exchange. As one of the plans, the trade of foreign exchange which was under the monopolized mediation of the capital medium of financial settlement center will be in the charge of several commercial brokers. In the developed countries, the foreign exchange & stock system and the liberalization of foreign exchange are both widely used in a flexible way. So it is predicted that the introduction of commercial foreign exchange & stock system will bring positive effect to the enhancement of the market efficiency and the function of price both in South Korean market and overseas market, the foster of competitive power of the domestic broker and the improvement of the understructure of domestic foreign exchange market. But more importantly is that the foreign exchange market must expand the scale of its participator, bring in various relevant foreign exchange products and develop the bond market which has a close relationship with the foreign exchange market for further development.

  17. Security Price Informativeness with Delegated Traders

    OpenAIRE

    Gary Gorton; Ping He; Lixin Huang

    2010-01-01

    Trade in securities markets is conducted by agents acting for principals, using "mark-to-market" contracts whereby performance is assessed using security market prices. We endogenize contract choices, information production, informed trading, and security price informativeness. But there is a contract externality. Prices are informative only because other principals induce their agents to trade based on privately produced information. The agent-traders then have an incentive to coordinate and...

  18. Modelling the impact of oil prices on Vietnam's stock prices

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema

    2010-01-01

    The goal of this paper is to model the impact of oil prices on Vietnam's stock prices. We use daily data for the period 2000-2008 and include the nominal exchange rate as an additional determinant of stock prices. We find that stock prices, oil prices and nominal exchange rates are cointegrated, and oil prices have a positive and statistically significant impact on stock prices. This result is inconsistent with theoretical expectations. The growth of the Vietnamese stock market was accompanied by rising oil prices. However, the boom of the stock market was marked by increasing foreign portfolio investment inflows which are estimated to have doubled from US$0.9 billion in 2005 to US$1.9 billion in 2006. There was also a change in preferences from holding foreign currencies and domestic bank deposits to stocks local market participants, and there was a rise in leveraged investment in stock as well as investments on behalf of relatives living abroad. It seems that the impact of these internal and domestic factors were more dominant than the oil price rise on the Vietnamese stock market. (author)

  19. 75 FR 64694 - Approval for Expanded Manufacturing Authority; Foreign-Trade Subzone 33E; DNP IMS America...

    Science.gov (United States)

    2010-10-20

    ... Manufacturing Authority; Foreign-Trade Subzone 33E; DNP IMS America Corporation (Thermal Transfer Ribbon Printer..., grantee of FTZ 33, has requested an expansion of the scope of manufacturing authority on behalf of DNP IMS...-6636, 2/10/2010) and the application has been processed pursuant to the FTZ Act and the Board's...

  20. Advertising of slave trade in the Romanian principalities

    Directory of Open Access Journals (Sweden)

    Marian Petcu

    2014-12-01

    Full Text Available This study deals with the thorny issue of the history of our country – the Gypsy slave trade, as it was presented in the press (1837-1844. We have identified a number of advertisements that reflect the type of trade, its form, prices for slaves, and institutions involved in such transactions. All this information is presented in a variety of contexts: the writings of foreign travelers, responses of public authorities, official documents. Studied documents leave no doubt as to the intention of the authorities to assimilate the Gypsies. There is also highlighted the role of the press as an intermediary in the Gypsy slave trade. Since we are talking about semi-official publications (Cantor de Avis şi Comerţ, Vestitorul Românesc, Albina Românească, it should be understood that these transactions were carried out with the consent of the heads of the relevant state entities. The study also highlights the stages of freeing the slaves.

  1. Crescimento da firma e comércio exterior: revisitando a teoria de Adrian Wood Growth of the firm and foreign trade: Adrian Wood's theory revisited

    Directory of Open Access Journals (Sweden)

    Fabrício Catermol

    2006-06-01

    Full Text Available This paper analyzes the growth of the firm by foreign trade. The theory of Adrian Wood is revisited for the analysis of growth and profit trade-off and improved to cope with growth by exports. The main outcome of this paper is that low domestic demand can be a very important factor to firm choices growth by foreign market. However, the growth of domestic demand does not necessarily reduce exports.

  2. Spatial equilibrium energy prices: a proposal for trade in electric power under deregulation and privatization of the generation sector

    International Nuclear Information System (INIS)

    Mukherjee, S.

    1992-01-01

    The concept of spatial equilibrium prices for electricity is presented based on incremental generating costs and transmission costs between major generating and load centers, which may be individual generators, utilities or countries. The equilibrium price changes in time and space, with the important property that these prices, if used for trading of electricity, results in all loads being served at minimal total cost. A network modeling approach for determining optimal operation of an interconnected system of utilities and independent generators simultaneously calculates these equilibrium prices. The methodology determines optimal generation by each utility, transactions between them, and the flows in the transmission network. 11 refs., 3 figs

  3. Foreign trade and declining pollution in Sweden: a decomposition analysis of long-term structural and technological effects

    International Nuclear Information System (INIS)

    Kander, Astrid; Lindmark, Magnus

    2006-01-01

    This article examines whether there exists any causal relationship between foreign trade and declining pollution in developed countries. In other words, do developed countries outsource their problems to less developed countries rather than solve them? The case study is the Swedish economy and the two environmental indicators employed are energy consumption and CO 2 emissions. No causal relationships are found, since Sweden has long been a net exporter of embodied energy and CO 2 and continues to be so after 1970, when energy consumption stabilizes and CO 2 emissions decline. In addition, the ratios of net exported energy and CO 2 to total consumption remain stable, which means there were no effects on the energy intensity or CO 2 intensity either. These results suggest that internal forces, like efficiency improvements, changed consumption patterns and transformation of the energy system, have been crucial for relative environmental improvement in Sweden, while foreign trade has played no role

  4. Energy Trading and Pricing in Microgrids with Uncertain Energy Supply: A Three-Stage Hierarchical Game Approach

    Directory of Open Access Journals (Sweden)

    Kai Ma

    2017-05-01

    Full Text Available This paper studies an energy trading and pricing problem for microgrids with uncertain energy supply. The energy provider with the renewable energy (RE generation (wind power determines the energy purchase from the electricity markets and the pricing strategy for consumers to maximize its profit, and then the consumers determine their energy demands to maximize their payoffs. The hierarchical game is established between the energy provider and the consumers. The energy provider is the leader and the consumers are the followers in the hierarchical game. We consider two types of consumers according to their response to the price, i.e., the price-taking consumers and the price-anticipating consumers. We derive the equilibrium point of the hierarchical game through the backward induction method. Comparing the two types of consumers, we study the influence of the types of consumers on the equilibrium point. In particular, the uncertainty of the energy supply from the energy provider is considered. Simulation results show that the energy provider can obtain more profit using the proposed decision-making scheme.

  5. Henry Hub and national balancing point prices: what will be the international gas price reference?

    International Nuclear Information System (INIS)

    Mazighi, A.E.H.

    2005-01-01

    One of the lessons in the history of international trade in commodities is the emergence - sooner or later - of an international price reference, most commonly known as an international marker price. In the area of oil, West Texas Intermediate (WTI) plays the role of a marker for sour crudes traded in the Atlantic basin. Brent oil fulfils this function for sweet crudes traded in Europe. Another important aspect in the area of global commodities is that the emergence of a marker price is not always necessarily related to the relative share of production of exports of the commodity, but primarily to the existence of an organized market for this commodity. Today, while international gas trade is intensifying, we still lack an international price reference for this commodity. This is due to the fact that the international trade of natural gas is still highly regionalized. It is also due to the fact that most gas markets are still regulated. Nevertheless, deregulation efforts have been implemented in both developed (the United States, the United Kingdom, continental Europe, Korea) and developing countries (Brazil, Chile) and have led to new market structures based on more competition in all segments of the gas chain, except transportation. In the meantime, price structures based on supply and demand principles are supposed to have emerged in the US and UK markets in the 1990s as a result of the implementation of deregulation measures. Today, the US gas market, which represents more than 660 billion cubic metres per year of consumption and the UK gas market, which is close to 100 bcm annually, are considered mature enough to make the principles of supply and demand operate inside these markets. In fact, the Henry Hub (HH) price, which is determined at a physical location in Louisiana, US, and the national balancing point (NBP) price, which is determined somewhere inside the national transmission system (NTS), without any precise location, are considered as potential

  6. Does price efficiency increase with trading volume? Evidence of nonlinearity and power laws in ETFs

    Science.gov (United States)

    Caginalp, Gunduz; DeSantis, Mark

    2017-02-01

    Whether efficiency increases with increasing volume is an important issue that may illuminate trader strategies and distinguish between market theories. This relationship is tested using 124,236 daily observations comprising 68 large and liquid U.S. equity exchange traded funds (ETFs). ETFs have the advantage that efficiency can be measured in terms of the deviation between the trading price and the underlying net asset value that is reported each day. Our findings support the hypothesis that the relationship between volume and efficiency is nonlinear. Indeed, efficiency increases as volume increases from low to moderately high levels, but then decreases as volume increases further. The first part tends to support the idea that higher volume simply facilitates transactions and maintains efficiency, while the latter part, i.e., even higher volumes, supports the ansatz that increased volume is associated with increased speculation that ignores valuation and decreases efficiency. The results are consistent with the hypothesis that valuation is only part of the motivation for traders. Our methodology accounts for fund heterogeneity and contemporaneous correlations. Similar results are obtained when daily price volatility is introduced as an additional independent variable.

  7. Proceedings of the 1999 natural gas lookout and strategies forum : Price and supply outlook, trading and purchasing strategies

    International Nuclear Information System (INIS)

    Anon.

    1998-01-01

    A total of 17 papers were presented at this conference, all of them devoted to a discussion of marketing strategies and price and supply outlook within the natural gas industry in North America. The presentations provided a practical and analytical look at where natural gas prices were heading. They also described winning trading and purchasing strategies. The challenges posed by the deregulation and the expected competition in the natural gas industry in North America also received much attention. tabs., figs

  8. Trade, investment and the environment

    International Nuclear Information System (INIS)

    Ward, H.; Brack, D.

    2000-01-01

    As liberalisation of global trade and investment accelerates, what happens to the environment? As the world heads for confrontation in Seattle, the questions intensify. Does foreign direct investment mean forsaking environmental protection? Or do multinational corporations export higher standards when they invest abroad? Can a powerful trading nation ban imports of tropical timber produced unsustainably? Should the World Trade Organisation take the views of industry or environmental groups into account when deciding? Must world trade rules be changed to accommodate environmental concerns? This book analyzes key issues in this increasingly controversial arena and includes contributions from Renato Ruggiero, former Director General of the World Trade Organization; The Rt Hon Brian Wilson MP, former UK Minister of Trade; Dr Magda Shahin, Deputy Assistant Minister of Foreign Affairs at the Egyptian Ministry of Foreign Affairs; Pradeep Mehta, Secretary General, Consumer Unity and Trust Society, India; and Dr Michel Potier, Head of the Economics Division at the OECD's Environment Directorate. (Author)

  9. Trading behaviour on the continuous intraday market ELBAS

    International Nuclear Information System (INIS)

    Scharff, Richard; Amelin, Mikael

    2016-01-01

    Intraday markets for electricity allow for trading of energy until shortly before the period of delivery. This offers market participants a possibility to reduce their expected imbalances and to offer own unused flexibility. Because this form of distributed balancing before the period of delivery can be profitable for market participants as well as beneficial for system operations, intraday trading is expected to gain more importance in future, especially with increasing shares of variable renewable energy sources in the generation mix. So far, intraday markets are still a research field with many open questions. This paper contributes by a first analysis of intraday trades on ELBAS, one of the European intraday markets. The analysis gives a detailed picture on trading activity and price development and is intended to improve understanding of continuous intraday trading. Findings include that trading activity differs significantly between price zones, that most trades occur in the last hours before gate closure and that market participants have to handle substantial price variations during the trading period. The paper also investigates the imbalance settlement rules in the Nordic countries and studies which effects one- and two-price imbalance settlement systems have on the market participants' profitability of intraday trading. - Highlights: • Insights into intraday trading: trading activity and price development. • Special focus is on characteristics of continuous trading. • Intrinsic problems in the Nordic imbalance pricing scheme are discussed. • Implications regarding balancing of generation from vRES.

  10. Understanding the cost bases of Space Shuttle pricing policies for commercial and foreign customers

    Science.gov (United States)

    Stone, Barbara A.

    1984-01-01

    The principles and underlying cost bases of the 1977 and 1982 Space Shuttle Reimbursement Policies are compared and contrasted. Out-of-pocket cost recovery has been chosen as the base of the price for the 1986-1988 time period. With this cost base, it is NASA's intent to recover the total cost of consumables and the launch and flight operations costs added by commercial and foreign customers over the 1986-1988 time period. Beyond 1988, NASA intends to return to its policy of full cost recovery.

  11. 77 FR 55455 - Approval for Manufacturing Authority Foreign-Trade Zone 72, Brevini Wind USA, Inc., (Wind Turbine...

    Science.gov (United States)

    2012-09-10

    ... Authority Foreign-Trade Zone 72, Brevini Wind USA, Inc., (Wind Turbine Gear Boxes), Yorktown, IN Pursuant to... Wind USA, Inc., within FTZ 72 in Yorktown, Indiana (FTZ Docket 54-2011, filed 8-11-2011); Whereas... procedures within FTZ 72 on behalf of Brevini Wind USA, Inc., as described in the application and Federal...

  12. The roles of the trading time risks on stock investment return and risks in stock price crashes

    Science.gov (United States)

    Li, Jiang-Cheng; Dong, Zhi-Wei; Yang, Guo-Hui; Long, Chao

    2017-03-01

    The roles of the trading time risks (TTRs) on stock investment return and risks are investigated in the condition of stock price crashes with Hushen300 data (CSI300) and Dow Jones Industrial Average (ˆDJI), respectively. In order to describe the TTR, we employ the escape time that the stock price drops from the maximum to minimum value in a data window length (DWL). After theoretical and empirical research on probability density function of return, the results in both ˆDJI and CSI300 indicate that: (i) As increasing DWL, the expectation of returns and its stability are weakened. (ii) An optimal TTR is related to a maximum return and minimum risk of stock investment in stock price crashes.

  13. When Procedural Legitimacy Equals Nothing: Civil Society and Foreign Trade Policy in Brazil and Mexico

    Directory of Open Access Journals (Sweden)

    Vinícius Rodrigues Vieira

    2016-01-01

    Full Text Available Abstract Non-state actors contribute with inputs to the elaboration of the national interest in trade negotiations, thus enhancing its legitimacy. Nevertheless, does the participation of those actors necessarily equal influence on the part of all segments of civil society on policymaking? To answer the question, I argue that procedural legitimacy should be evaluated not only in relation to the inputs society provides to the State, but should also consider whether officials actually analyse societal contributions in decision-making. I demonstrate the empirical application of the model based upon Brazil's experience in multilateral trade negotiations during the 2000s, using Mexico as a shadow case. I conclude that foreign trade policymaking can only be democratised if, in procedural legitimacy, the State attributes equal weight to contributions from all types of societal actors, including civil society organisations and organised social movements, which tend to have less material resources and power than interest groups such as business associations and labour unions.

  14. Environmentally Responsible Trade and Its Importance for Sustainable Forestry

    Directory of Open Access Journals (Sweden)

    Olena Maxymets

    2006-06-01

    Full Text Available This article focuses on the environmental component of trade, primarily foreign trade, which concerns the interests of many countries. It examines the reciprocal influence of foreign trade and the environment. The author defines environmentally responsible trade and formulates its main principles. She examines the development of trade in forest products globally and in Ukraine and evaluates the impact of different trade restrictions on the condition of forests and the forestry industry. Indicators of the efficiency of foreign trade from the economic and environmental perspectives are proposed. Underlining the need for enterprises to switch over to environmentally responsible trade, the author proposes instruments to achieve this end.

  15. Return and Risk of Pairs Trading Using a Simulation-Based Bayesian Procedure for Predicting Stable Ratios of Stock Prices

    Directory of Open Access Journals (Sweden)

    David Ardia

    2016-03-01

    Full Text Available We investigate the direct connection between the uncertainty related to estimated stable ratios of stock prices and risk and return of two pairs trading strategies: a conditional statistical arbitrage method and an implicit arbitrage one. A simulation-based Bayesian procedure is introduced for predicting stable stock price ratios, defined in a cointegration model. Using this class of models and the proposed inferential technique, we are able to connect estimation and model uncertainty with risk and return of stock trading. In terms of methodology, we show the effect that using an encompassing prior, which is shown to be equivalent to a Jeffreys’ prior, has under an orthogonal normalization for the selection of pairs of cointegrated stock prices and further, its effect for the estimation and prediction of the spread between cointegrated stock prices. We distinguish between models with a normal and Student t distribution since the latter typically provides a better description of daily changes of prices on financial markets. As an empirical application, stocks are used that are ingredients of the Dow Jones Composite Average index. The results show that normalization has little effect on the selection of pairs of cointegrated stocks on the basis of Bayes factors. However, the results stress the importance of the orthogonal normalization for the estimation and prediction of the spread—the deviation from the equilibrium relationship—which leads to better results in terms of profit per capital engagement and risk than using a standard linear normalization.

  16. Understanding Price Controls and Non-Price Competition with Matching Theory

    OpenAIRE

    Hatfield, John William; Plott, Charles R.; Tanaka, Tomomi

    2012-01-01

    We develop a quality competition model to understand how price controls affect market outcomes in buyer-seller markets with discrete goods of varying quality. While competitive equilibria do not necessarily exist in such markets when price controls are imposed, we show that stable outcomes do exist and characterize the set of stable outcomes in the presence of price restrictions. In particular, we show that price controls induce non-price competition: price floors induce the trade of ineffici...

  17. Modelling the impact of oil prices on Vietnam's stock prices

    Energy Technology Data Exchange (ETDEWEB)

    Narayan, Paresh Kumar [School of Accounting, Economics and Finance, Deakin University, Victoria 3125 (Australia); Narayan, Seema [School of Economics, Finance and Marketing, Royal Melbourne Institute of Technology University, Melbourne (Australia)

    2010-01-15

    The goal of this paper is to model the impact of oil prices on Vietnam's stock prices. We use daily data for the period 2000-2008 and include the nominal exchange rate as an additional determinant of stock prices. We find that stock prices, oil prices and nominal exchange rates are cointegrated, and oil prices have a positive and statistically significant impact on stock prices. This result is inconsistent with theoretical expectations. The growth of the Vietnamese stock market was accompanied by rising oil prices. However, the boom of the stock market was marked by increasing foreign portfolio investment inflows which are estimated to have doubled from US$0.9 billion in 2005 to US$1.9 billion in 2006. There was also a change in preferences from holding foreign currencies and domestic bank deposits to stocks local market participants, and there was a rise in leveraged investment in stock as well as investments on behalf of relatives living abroad. It seems that the impact of these internal and domestic factors were more dominant than the oil price rise on the Vietnamese stock market. (author)

  18. 75 FR 23227 - Trade Adjustment Assistance for Farmers

    Science.gov (United States)

    2010-05-03

    ... DEPARTMENT OF AGRICULTURE Foreign Agricultural Service Trade Adjustment Assistance for Farmers AGENCY: Foreign Agricultural Service, USDA. ACTION: Notice. The Administrator, Foreign Agricultural... be obtained at the Web site for the Trade Adjustment Assistance for Farmers program. The URL is http...

  19. 75 FR 23226 - Trade Adjustment Assistance for Farmers

    Science.gov (United States)

    2010-05-03

    ... DEPARTMENT OF AGRICULTURE Foreign Agricultural Service Trade Adjustment Assistance for Farmers AGENCY: Foreign Agricultural Service, USDA. ACTION: Notice. The Administrator, Foreign Agricultural... Web site for the Trade Adjustment Assistance for Farmers program. The URL is http://www.fas.usda.gov...

  20. Supply chain model with price- and trade credit-sensitive demand under two-level permissible delay in payments

    Science.gov (United States)

    Giri, B. C.; Maiti, T.

    2013-05-01

    This article develops a single-manufacturer and single-retailer supply chain model under two-level permissible delay in payments when the manufacturer follows a lot-for-lot policy in response to the retailer's demand. The manufacturer offers a trade credit period to the retailer with the contract that the retailer must share a fraction of the profit earned during the trade credit period. On the other hand, the retailer provides his customer a partial trade credit which is less than that of the manufacturer. The demand at the retailer is assumed to be dependent on the selling price and the trade credit period offered to the customers. The average net profit of the supply chain is derived and an algorithm for finding the optimal solution is developed. Numerical examples are given to demonstrate the coordination policy of the supply chain and examine the sensitivity of key model-parameters.

  1. Intransparent Markets and Intra-Industry Trade

    DEFF Research Database (Denmark)

    Schmidt, Christian Gormsen

    Buyers are typically unaware of the full set of offers when making a purchase. This paper examines how international trade interacts with this problem of market intransparency. Sellers must communicate their offers through costly advertising, but cannot reach all buyers. Consequently, no market...... clearing price exists, and sellers randomize over an equilibrium price distribution. Letting sellers advertise their offers abroad leads to international trade, which would not take place under complete information. Buyers then receive more offers, leading to lower prices and welfare gains. Sellers...... in the model are identical, but appear heterogeneous due to their price randomization. In larger and more open economies, prices and markups will be lower, and exports are primarily realized by sellers who charge low prices. These predictions are similar to those of trade models where firm heterogeneity...

  2. 78 FR 55057 - Authority To Manufacture Carbon Fiber for the U.S. Market Not Approved; Foreign-Trade Subzone...

    Science.gov (United States)

    2013-09-09

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1914] Authority To Manufacture Carbon... behalf of Toho Tenax America, Inc. (TTA), to manufacture carbon fiber under zone procedures for the U.S... approve the application requesting authority to manufacture carbon fiber for the U.S. market under zone...

  3. The Belgian Minister of Economy, Energy, Foreign Trade and Science Policy, Marc Verwilghen, with CERN's Director-General, Robert Aymar.

    CERN Multimedia

    Michel Blanc

    2005-01-01

    Marc Verwilghen, Belgian Minister of Economy, Energy, Foreign Trade and Science Policy, came to CERN on 8 April 2005, where he visited the CMS assembly hall and underground cavern, as well as the hall where the LHC superconducting magnets are being tested.

  4. Energy trading

    International Nuclear Information System (INIS)

    Glachant, J.M.; Kimman, R.; Schweickardt, H.E.

    2001-05-01

    This document brings together 18 testimonies of experts about energy trading: 1 - the energy trading experience on European deregulated markets: structure of deregulated energy markets in Europe, case study: a two years experience of a power exchange in western Europe, case study: European energy exchanges (experience of spot and future trading), case study: risk management on energy deregulated markets; 2 - the trading activity environment and realities in France: the French electrical law and the purchase for resale, experience feedback: status after 3 months of trading in France (the first experience of a French producer), the access to the power transportation network, which legal constraints for trading in France, the access of eligible clients to the French power market, conditions of implementation of a power exchange market in France, which real trading possibilities in France for producers and self-producers in the legal frame, case study: the role of trading in the company (main part or link to process), convergence of gas and electricity markets, gas-electricity trading: which pricing models; 3 - risk management and use of new technologies potentiality, the results outside the French borders: case study: what differences between the European and US markets, prices volatility and commodity risk management: towards the on-line trading, role and developments of E-business in energy trading, how to simplify trade in a liberalized market. (J.S.)

  5. Fish is food--the FAO's fish price index.

    Science.gov (United States)

    Tveterås, Sigbjørn; Asche, Frank; Bellemare, Marc F; Smith, Martin D; Guttormsen, Atle G; Lem, Audun; Lien, Kristin; Vannuccini, Stefania

    2012-01-01

    World food prices hit an all-time high in February 2011 and are still almost two and a half times those of 2000. Although three billion people worldwide use seafood as a key source of animal protein, the Food and Agriculture Organization (FAO) of the United Nations-which compiles prices for other major food categories-has not tracked seafood prices. We fill this gap by developing an index of global seafood prices that can help to understand food crises and may assist in averting them. The fish price index (FPI) relies on trade statistics because seafood is heavily traded internationally, exposing non-traded seafood to price competition from imports and exports. Easily updated trade data can thus proxy for domestic seafood prices that are difficult to observe in many regions and costly to update with global coverage. Calculations of the extent of price competition in different countries support the plausibility of reliance on trade data. Overall, the FPI shows less volatility and fewer price spikes than other food price indices including oils, cereals, and dairy. The FPI generally reflects seafood scarcity, but it can also be separated into indices by production technology, fish species, or region. Splitting FPI into capture fisheries and aquaculture suggests increased scarcity of capture fishery resources in recent years, but also growth in aquaculture that is keeping pace with demand. Regionally, seafood price volatility varies, and some prices are negatively correlated. These patterns hint that regional supply shocks are consequential for seafood prices in spite of the high degree of seafood tradability.

  6. Fish is food--the FAO's fish price index.

    Directory of Open Access Journals (Sweden)

    Sigbjørn Tveterås

    Full Text Available World food prices hit an all-time high in February 2011 and are still almost two and a half times those of 2000. Although three billion people worldwide use seafood as a key source of animal protein, the Food and Agriculture Organization (FAO of the United Nations-which compiles prices for other major food categories-has not tracked seafood prices. We fill this gap by developing an index of global seafood prices that can help to understand food crises and may assist in averting them. The fish price index (FPI relies on trade statistics because seafood is heavily traded internationally, exposing non-traded seafood to price competition from imports and exports. Easily updated trade data can thus proxy for domestic seafood prices that are difficult to observe in many regions and costly to update with global coverage. Calculations of the extent of price competition in different countries support the plausibility of reliance on trade data. Overall, the FPI shows less volatility and fewer price spikes than other food price indices including oils, cereals, and dairy. The FPI generally reflects seafood scarcity, but it can also be separated into indices by production technology, fish species, or region. Splitting FPI into capture fisheries and aquaculture suggests increased scarcity of capture fishery resources in recent years, but also growth in aquaculture that is keeping pace with demand. Regionally, seafood price volatility varies, and some prices are negatively correlated. These patterns hint that regional supply shocks are consequential for seafood prices in spite of the high degree of seafood tradability.

  7. DIFFERENT ARGUMENTS FOR AND AGAINST THE ROLE AND IMPACT OF FOREIGN INVESTMENT ON THE DEVELOPMENT POTENTIALS OF DEVELOPING COUNTRIES: AN OVERVIEW

    Directory of Open Access Journals (Sweden)

    HÜSEYİN ŞEN

    2013-05-01

    Full Text Available This study explores different arguments for and against the role of foreign investment on the development potentials of developing countries. Generally, foreign investment comes to host countries through transnational corporatios (TNCs. These corporations are global profit-seeking organisations, investing in more than one country and supplying financial capital, management, technology and marketing enterprise. The arguments for and against the role and impact of foreign investment focus mainly on the following areas: economic growth, technology transfer, balance of payments, export performance, employment, environment, and transfer pricing as well as socio-cultural aspects of TNCs. The study concludes that with the appropriate government policies, such as unbiased trade regime, market reform and cooperation, developing countries could provide more benefits from foreign investment.

  8. Intraday Price Discovery in Fragmented Markets

    NARCIS (Netherlands)

    S.R. Ozturk (Sait); M. van der Wel (Michel); D.J.C. van Dijk (Dick)

    2014-01-01

    textabstractFor many assets, trading is fragmented across multiple exchanges. Price discovery measures summarize the informativeness of trading on each venue for discovering the asset’s true underlying value. We explore intraday variation in price discovery using a structural model with

  9. [Competition and prices in the Mexican pharmaceutical market].

    Science.gov (United States)

    Molina-Salazar, Raúl E; González-Marín, Eloy; Carbajal-de Nova, Carolina

    2008-01-01

    The forms of market competition define prices. The pharmaceutical market contains submarkets with different levels of competition; on the one hand are the innovating products with patents, and on the other, generic products with or without trade names. Innovating medicines generally have monopolistic prices, but when the patents expire prices drop because of competition from therapeutic alternatives. The trade name makes it easier to maintain monopolistic prices. In Mexico, medicine prices in the private market are high--according to aggregated estimates and prices for specific medicines--which reflect the limitations of pharmaceutical market competition and the power of the trade name. The public segment enjoys competitive prices using the WHO strategy for essential medicines on the basis of the Essential List.

  10. Measuring the Information Content of Stock Trades.

    OpenAIRE

    Hasbrouck, Joel

    1991-01-01

    This paper suggests that the interactions of security trades and quote revisions be modeled as a vector autoregressive system. Within this framework, a trade's information effect may be meaningfully measured as the ultimate price impact of the trade innovation. Estimates for a sample of NYSE issues suggest a trade's full price impact arrives only with a protracted lag; the impact is a positive and concave function of the trade size; large trades cause the spread to widen; trades occurring in ...

  11. Retailer's inventory system in a two-level trade credit financing with selling price discount and partial order cancelations

    Science.gov (United States)

    Thangam, A.

    2015-06-01

    In today's fast marketing over the Internet or online, many retailers want to trade at the same time and change their marketing strategy to attract more customers. Some of the customers may decide to cancel their orders partially with a retailer due to various reasons such as increase in customer's waiting time, loss of customer's goodwill on retailer's business, attractive promotional schemes offered by other retailers etc. Even though there is a lag in trading and order cancelation, this paper attempts to develop the retailer's inventory model with the effect of order cancelations during advance sales period. The retailer announces a price discount program during advance sales period to promote his sales and also he offers trade credit financing during the sales periods. The retailer availing trade credit period from his supplier offers a permissible delay period to his customers. The customer who gets an item has allowed paying on or before the permissible delay period which is accounted from the buying time rather than the start period of inventory sales. This accounts for significant changes in the calculations of interest payable and interest earned by the retailer. The retailer's total cost is minimized so as to find out the optimal replenishment cycle time and price discount policies through a solution procedure. The results derived in mathematical theorems are implemented in numerical examples and sensitivity analyses on several inventory parameters are obtained.

  12. Retailer's inventory system in a two-level trade credit financing with selling price discount and partial order cancellations

    Science.gov (United States)

    Thangam, A.

    2014-02-01

    In today's fast marketing over the Internet or online, many retailers want to trade at the same time and change their marketing strategy to attract more customers. Some of the customers may decide to cancel their orders partially with a retailer due to various reasons such as increase in customer's waiting time, loss of customer's goodwill on retailer's business, and attractive promotional schemes offered by other retailers. Even though there is a lag in trading and order cancellation, this paper attempts to develop the retailer's inventory model with the effect of order cancellations during advance sales period. The retailer announces a price discount program during advance sales period to promote his sales and also offers trade credit financing during the sales periods. The retailer availing trade credit period from his supplier offers a permissible delay period to his customers. The customer who gets an item is allowed to pay on or before the permissible delay period which is accounted from the buying time rather than from the start period of inventory sales. This accounts for significant changes in the calculations of interest payable and interest earned by the retailer. The retailer's total cost is minimized so as to find out the optimal replenishment cycle time and price discount policies through a solution procedure. The results derived in mathematical theorems are implemented in numerical examples, and sensitivity analyses on several inventory parameters are obtained.

  13. ASSORTMENT AND PRICE POLICY OF STATE PHARMACIES OF MOSCOW

    Directory of Open Access Journals (Sweden)

    I. V. Voronovich

    2015-01-01

    Full Text Available The most important index which determines the level and quality of pharmaceutical support is the correspondence of assortment to consumers needs. Assortment policy is determined by the functions implemented, and the problems of organization of pharmaceutical support of medicinal organizations within the frameworks of substantiated and reasonable expenditure of budget funds, and affordable pharmaceutical support of the population. The purpose of this research was the study of assortment and price policy of state pharmacies of Moscow. The objects were pharmacy subdivisions of state pharmacy network of Moscow. We have used sociological methods (questionnaire, interviewing, method of marketing, and statistic analysis. We have studied the assortment structure, assortment groups’ distribution on price segments. We have established that the drugs, more than 60% of which are foreign-made occupied more than a half of the assortment. Medicinal drugs in 50 rubles price spectrum occupy the biggest share of pharmacy assortment. Distribution within every assortment group revealed that more than a half of drugs are in average price spectrum from 50 to 500 rubles. Average charge for VED amounts to 21.87%, and for drugs which were not included in VED list – 34.07%. The charge for the goods, the price of which is not regulated, trade charge is more. 

  14. Recurrence interval analysis of trading volumes.

    Science.gov (United States)

    Ren, Fei; Zhou, Wei-Xing

    2010-06-01

    We study the statistical properties of the recurrence intervals τ between successive trading volumes exceeding a certain threshold q. The recurrence interval analysis is carried out for the 20 liquid Chinese stocks covering a period from January 2000 to May 2009, and two Chinese indices from January 2003 to April 2009. Similar to the recurrence interval distribution of the price returns, the tail of the recurrence interval distribution of the trading volumes follows a power-law scaling, and the results are verified by the goodness-of-fit tests using the Kolmogorov-Smirnov (KS) statistic, the weighted KS statistic and the Cramér-von Mises criterion. The measurements of the conditional probability distribution and the detrended fluctuation function show that both short-term and long-term memory effects exist in the recurrence intervals between trading volumes. We further study the relationship between trading volumes and price returns based on the recurrence interval analysis method. It is found that large trading volumes are more likely to occur following large price returns, and the comovement between trading volumes and price returns is more pronounced for large trading volumes.

  15. Oil price stability and free markets

    International Nuclear Information System (INIS)

    Yamani, A.Z.

    1992-01-01

    The oil industry, like any capital-intensive industry with long supply lead times, is prone to price instability. Free markets in oil reflect this inherent instability, for prices are efficient signallers of imbalances between supply and demand. Free markets are desirable in principle, but entirely free oil markets are unstable. Volatile oil prices are undesirable. This article advocates trading some market freedom for more price stability, since such a trade off will be beneficial to the world as a whole. (author)

  16. 15 CFR 806.15 - Foreign direct investment in the United States.

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 3 2010-01-01 2010-01-01 false Foreign direct investment in the... Foreign Trade (Continued) BUREAU OF ECONOMIC ANALYSIS, DEPARTMENT OF COMMERCE DIRECT INVESTMENT SURVEYS § 806.15 Foreign direct investment in the United States. (a) Specific definitions—(1) Foreign direct...

  17. The constitutional protection of trade secrets and patents under the Biologics Price Competition and Innovation Act of 2009.

    Science.gov (United States)

    Epstein, Richard A

    2011-01-01

    The Biologics Price Competition and Innovation Act of 2009 ("Biosimilars Act") is for the field of pharmaceutical products the single most important legislative development since passage of the Drug Price Competition and Patent Term Restoration Act of 1984 ("Hatch-Waxman Act"), on which portions of the Biosimilars Act are clearly patterned. Congress revised section 351 of the Public Health Service Act (PHSA) to create a pathway for FDA approval of "biosimilar" biological products. Each biosimilar applicant is required to cite in its application a "reference product" that was approved on the basis of a full application containing testing data and manufacturing information, which is owned and was submitted by another company and much of which constitutes trade secret information subject to constitutional protection. Because the Biosimilars Act authorizes biosimilar applicants to cite these previously approved applications, the implementation of the new legislative scheme raises critical issues under the Fifth Amendment of the Constitution, pursuant to which private property--trade secrets included--may not be taken for public use, without "just compensation." FDA must confront those issues as it implements the scheme set out in the Biosimilars Act. This article will discuss these issues, after providing a brief overview of the Biosimilars Act and a more detailed examination of the law of trade secrets.

  18. Redefining trade-based market manipulation

    NARCIS (Netherlands)

    Nelemans, Matthijs

    2008-01-01

    Trade-based market manipulation, which is usually described as trading shares to initiate a price change or to cause an artificial price, has received wide attention in policy and academic discussions, although the behavior is still poorly defined in both legal and economic literature. This Article

  19. The Impact of the Protectionist Politics over the Increase of Foreign Commerce

    Directory of Open Access Journals (Sweden)

    Chiru Gheorghe

    2007-10-01

    Full Text Available This article presents the evolution of foreign commerce between 1865 up to First World War. After 1863 until the first World War, theforeign trade of Romania increases its volume permanently (between 1863-1913 - 6,5 times, from a 72,1 million gold lei import and 120,9 millionexport, to an import of 590 million and an export of 670,7 million gold lei. Romania reduced already the gap between prices, but its predominantagrarian economy, its poor industrial development exposed it still to the effects of uneven exchange with stronger partners better economicallydeveloped.

  20. 15 CFR Appendix A to Chapter Xx - Administration of the Trade Agreements Program

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 3 2010-01-01 2010-01-01 false Administration of the Trade Agreements Program A Appendix A to Chapter XX Commerce and Foreign Trade Regulations Relating to Foreign Trade Agreements OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE Ch. XX, App. A Appendix A to Chapter XX...

  1. 78 FR 27953 - Reorganization and Expansion of Foreign-Trade Zone 3 (Expansion of Service Area and Additional...

    Science.gov (United States)

    2013-05-13

    ... its authority under the Foreign-Trade Zones Act of June 18, 1934, as amended (19 U.S.C. 81a-81u), the... application to the Board (FTZ Docket B-1- 2013, docketed 01-09-2013, amended 02-28-2013) for authority to... amended application, within and adjacent to the San Francisco U.S. Customs and Border Protection port of...

  2. COMPETITIVENESS ANALYSIS OF THE REPUBLIC OF MOLDOVA BY MEANS OF EFFICIENCY INDICATORS OF FOREIGN TRADE WITH AGRICULTURAL FOOD PRODUCTS

    Directory of Open Access Journals (Sweden)

    Boris COREŢCHI

    2014-06-01

    Full Text Available An old traditional form of foreign economic relations is represented by foreign trade. Republic of Moldova,Featuring a geographical position that represents the area of intersection the numerous trade routes and regionalconnotation communications, should use these advantages in order to extend the export-import relations; there for,Republic of Moldova follows to use the internal potential in intensive and effective way. Competitiveness of externaltrade with agricultural food products has a particularly important role which is steadily increasing, it determine theincreasing or decreasing of the national income produced outside depending upon the ratio between the nationaland international amount of goods. Ensuring the economic efficiency of production requires a certain minimumvolume of its. If the volume exceeds the absorption capacity of the internal market, ensuring efficient productionrequires a call to the external market. On the other hand, certain products can not be obtained either domesticproduction or isn’t justified from the economic point of view can be obtained only from the external market.

  3. State cigarette minimum price laws - United States, 2009.

    Science.gov (United States)

    2010-04-09

    Cigarette price increases reduce the demand for cigarettes and thereby reduce smoking prevalence, cigarette consumption, and youth initiation of smoking. Excise tax increases are the most effective government intervention to increase the price of cigarettes, but cigarette manufacturers use trade discounts, coupons, and other promotions to counteract the effects of these tax increases and appeal to price-sensitive smokers. State cigarette minimum price laws, initiated by states in the 1940s and 1950s to protect tobacco retailers from predatory business practices, typically require a minimum percentage markup to be added to the wholesale and/or retail price. If a statute prohibits trade discounts from the minimum price calculation, these laws have the potential to counteract discounting by cigarette manufacturers. To assess the status of cigarette minimum price laws in the United States, CDC surveyed state statutes and identified those states with minimum price laws in effect as of December 31, 2009. This report summarizes the results of that survey, which determined that 25 states had minimum price laws for cigarettes (median wholesale markup: 4.00%; median retail markup: 8.00%), and seven of those states also expressly prohibited the use of trade discounts in the minimum retail price calculation. Minimum price laws can help prevent trade discounting from eroding the positive effects of state excise tax increases and higher cigarette prices on public health.

  4. THE IMPLICATIONS OF VARYING EXCHANGE RATES FOR THE INTERNATIONAL TRADE

    Directory of Open Access Journals (Sweden)

    Sandu Carmen

    2011-07-01

    Full Text Available The benefit of international trade is a more efficient employment of the productive forces of the world. (John Stuart Mill The exchange rate is a primary factor that influences economy. This instrument is used by some countries in order to improve the lack of balance caused as a result of the financial crisis felt in many countries considered by then infallible. The negative effects of the financial crisis can also be found in the decreased volume of commodities involved in international trade exchanges, as a consequence of modified prices and decreased offer. The globalizing trend leads to a constant expansion of exchanges between countries and to the consolidation of international cooperation. Except that economic interdependence generates an increased risk under the influence of economic, financial, monetary or political factors. The currency risk can generate either a gain or loss during foreign trade operations. The long period of RON depreciation made possible the entry of Romanian products on the international markets due to their prices. Sheltered by the gain generated by the evolution of the exchange rate, most of the exporters were not concerned by the increase of product competitiveness or by avoiding the currency risk. The fact that, for many years, the evolution of the exchange rate generated substantial losses for the exporters shows that risk coverage in Romania is, in most cases, a purely theoretical concept.

  5. Cross-border electricity market effects due to price caps in an emission trading system: An agent-based approach

    International Nuclear Information System (INIS)

    Richstein, Jörn C.; Chappin, Emile J.L.; Vries, Laurens J. de

    2014-01-01

    The recent low CO 2 prices in the European Union Emission Trading Scheme (EU ETS) have triggered a discussion whether the EU ETS needs to be adjusted. We study the effects of CO 2 price floors and a price ceiling on the dynamic investment pathway of two interlinked electricity markets (loosely based on Great Britain, which already has introduced a price floor, and on Central Western Europe). Using an agent-based electricity market simulation with endogenous investment and a CO 2 market (including banking), we analyse the cross-border effects of national policies as well as system-wide policy options. A common, moderate CO 2 auction reserve price results in a more continuous decarbonisation pathway. This reduces CO 2 price volatility and the occurrence of carbon shortage price periods, as well as the average cost to consumers. A price ceiling can shield consumers from extreme price shocks. These price restrictions do not cause a large risk of an overall emissions overshoot in the long run. A national price floor lowers the cost to consumers in the other zone; the larger the zone with the price floor, the stronger the effect. Price floors that are too high lead to inefficiencies in investment choices and to higher consumer costs. - Highlights: • Cross-border effects of CO 2 policies were investigated with an agent-based model. • The current EU ETS might cause CO 2 price shocks and CO 2 price volatility. • A CO 2 auction reserve price does not lower welfare, but lowers CO 2 price volatility. • A national CO 2 price floor lowers consumer cost in the other countries. • A CO 2 price ceiling does not lead to an overshoot of emissions

  6. The Algerian Foreign Trade between the Multilateral Trading System and the Regionalism

    Directory of Open Access Journals (Sweden)

    Khayreddine Belaaze

    2014-04-01

    Full Text Available This contribution aims at highlighting a major challenge facing global trade and trade in developing countries. Indeed, regional and preferential trade agreements are now more than ever inconsistent and incoherent and one of the principles of the World Trade Organization, the clause of the most favored nation requiring eliminated all forms of discrimination between trading parties, but what we see in regional trade agreements that the preferential tariffs based on a principle of discrimination. All regional trade agreements granting preferential tariffs between member countries, these preferences do not include the remains of non-member countries (rest of world. On the other hand, preferential tariffs are lower than MFN rates. Meanwhile, the number of regional agreements has doubled since 1995 date creation of the WTO, and Algeria like other developing countries considered one of countries which have not benefit a lot from this situation.

  7. The Role of Exchange Traded Funds in the Price Discovery Process of Stocks Listed on the Botswana Stock Exchange

    Directory of Open Access Journals (Sweden)

    Edson Kambeu

    2017-04-01

    Full Text Available In this paper we analyse the role of Exchange Traded Funds (ETFs in the price discovery process of stocks listed at the Botswana Stock Exchange.Using daily returns data covering the period 3 January 2013 to 31 December 2015   for Beta Betta ETF and Domestic Company Indices, we utilize a VECM model to find out whether the Betta Beta ETF is playing a significant role in the price discovery process of stocks listed on the Botswana Stock Exchange. We found the error correction term to be statistically significant thereby confirming that the Beta Betta ETF is playing a significant role in the price discovery of stocks listed on the Botswana Stock Exchange.

  8. 77 FR 6536 - Approval for Manufacturing Authority; Foreign-Trade Zone 177; Best Chair, Inc., d/b/a Best Home...

    Science.gov (United States)

    2012-02-08

    ... manufacturing authority on behalf of Best Chair, Inc., d/ b/a Best Home Furnishings, Inc., within FTZ 177 in... application for manufacturing authority under zone procedures within FTZ 177 on behalf of Best Chair, Inc., d... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1807] Approval for Manufacturing...

  9. Evaluation of policy options to reform the EU Emissions Trading System. Effects on carbon price, emissions and the economy

    Energy Technology Data Exchange (ETDEWEB)

    Verdonk, M.; Brink, C.; Vollebergh, H.; Roelfsema, M.

    2013-04-15

    The EU Emissions Trading System (EU ETS) is a key instrument of EU climate policy, providing a clear reduction pathway for CO2 emissions. The current carbon price (of about 3 euros per tonne of CO2, April 2013) is much lower than previously expected (which was around 30 euros) and is likely to remain low for a long time. This fuels doubts about whether the ETS will remain a key policy instrument in the long term. Such doubts also increase investment uncertainty, which is likely to have a negative impact on further investments in low-carbon technologies needed for a low-carbon economy in 2050. In November 2012, the European Commission put forward six options for a more structural reform of the EU ETS. The proposed options vary from reducing the cap and expanding the ETS to include other sectors, to strengthening the ETS by measures directly affecting allowance prices. The Dutch Ministry of Infrastructure and the Environment (IenM) asked the PBL Netherlands Environmental Assessment Agency to assess the impact of these options. Four categories of options for reforming the ETS were evaluated: (1) reducing the supply of emission allowances; (2) expanding the ETS by including other sectors; (3) a minimum price for auctioned allowances; and (4) combining ETS with a carbon tax. Recently, the European Parliament voted against the European Commission's proposal to temporarily set aside emission allowances. In an earlier assessment of this proposal, PBL concluded that the impact of this backloading proposal on CO2 prices is likely to be limited, because the total amount of allowances up to 2020 would remain unchanged. All options analysed would reduce emissions and cause the emission price to increase. A minimum price on carbon, however, would provide the best opportunity to make the ETS more robust against unforeseen events, such as a further deterioration of the economy. Such a minimum price would result in more emission reductions if abatement proves to be cheaper

  10. Spatial price dynamics: From complex network perspective

    Science.gov (United States)

    Li, Y. L.; Bi, J. T.; Sun, H. J.

    2008-10-01

    The spatial price problem means that if the supply price plus the transportation cost is less than the demand price, there exists a trade. Thus, after an amount of exchange, the demand price will decrease. This process is continuous until an equilibrium state is obtained. However, how the trade network structure affects this process has received little attention. In this paper, we give a evolving model to describe the levels of spatial price on different complex network structures. The simulation results show that the network with shorter path length is sensitive to the variation of prices.

  11. Foreign uranium supply. Final report

    International Nuclear Information System (INIS)

    McLeod, N.B.; Steyn, J.J.

    1978-04-01

    This report presents an assessment of the extent to which foreign uranium may be available to United States utilities in the short term (through 1980), the intermediate term (1981--1985), and the long term (1986--95). All free world foreign uranium producers and prospects are included, with particular emphasis on Australia, Canada, southern Africa, France, and French-speaking Africa. The assessment includes reserves, resources, exploration and prospects; firm and potential production capacity and prospects; national policies and relevant political and economic conditions; foreign uranium demand; etc. Conclusions are: Foreign supply capability is greater than foreign demand in the near term. The current availability of uncommitted future Australian production presents an unusual opportunity for establishing commercial relations with very substantial producers. Foreign uranium contracts represent an increase in diversity of supply and access to resources but have less assurance of supply than do domestic contracts. However, uncertainties can frequently be accommodated within an overall procurement program, thereby retaining the diversity and price advantages of foreign procurement. The practice of market pricing of contracts reduces the incentives for foreign contracting

  12. A study of pricing and trading model of Blockchain & Big data-based Energy-Internet electricity

    Science.gov (United States)

    Fan, Tao; He, Qingsu; Nie, Erbao; Chen, Shaozhen

    2018-01-01

    The development of Energy-Internet is currently suffering from a series of issues, such as the conflicts among high capital requirement, low-cost, high efficiency, the spreading gap between capital demand and supply, as well as the lagged trading & valuation mechanism, any of which would hinder Energy-Internet's evolution. However, with the development of Blockchain and big-data technology, it is possible to work out solutions for these issues. Based on current situation of Energy-Internet and its requirements for future progress, this paper demonstrates the validity of employing blockchain technology to solve the problems encountered by Energy-Internet during its development. It proposes applying the blockchain and big-data technologies to pricing and trading energy products through Energy-Internet and to accomplish cyber-based energy or power's transformation from physic products to financial assets.

  13. Environmentally Responsible Trade and Its Importance for Sustainable Forestry

    OpenAIRE

    Olena Maxymets

    2006-01-01

    This article focuses on the environmental component of trade, primarily foreign trade, which concerns the interests of many countries. It examines the reciprocal influence of foreign trade and the environment. The author defines environmentally responsible trade and formulates its main principles. She examines the development of trade in forest products globally and in Ukraine and evaluates the impact of different trade restrictions on the condition of forests and the forestry industry. Indic...

  14. Solutions for wood-based bio-energy price discovery

    Energy Technology Data Exchange (ETDEWEB)

    Teraes, Timo [FOEX Indexes Ltd., Helsinki (Finland)], e-mail: timo@foex.fi

    2012-11-01

    Energy prices are highly volatile. This volatility can have serious ill-effects on the profitability of companies engaged in the energy business. There are, however, a number of price risk management tools which can be used to reduce the problems caused by price volatility. International trade of wood pellets and wood chips is rapidly growing. A good price transparency helps in developing the trade further. In order to meet the renewable energy targets within the EU, further growth of volumes is needed, at least within Europe and from overseas supply sources to the European markets. Reliable price indices are a central element in price risk management and in general price discovery. Exchanges have provided, in the past, the most widely known price discovery systems. Since 1990's, an increasing number of price risk management tools has been based on cash settlement concept. Cash settlement requires high quality benchmark price indices. These have been developed by the exchanges themselves, by trade press and by independent price benchmark provider companies. The best known of these benchmarks in forest industry and now also in wood-based bioenergy products are the PIX indices, provided by FOEX Indexes Ltd. This presentation discusses the key requirements for a good price index and the different ways of using the indices. Price relationships between wood chip prices and pellet prices are also discussed as will be the outlook for the future volume growth and trade flows in woodchips and pellets mainly from the European perspective.

  15. Preferential Price and Trade Tied Aid in Fiji: Implications on Price ...

    African Journals Online (AJOL)

    Pacific island countries (PICs) have been receiving the highest percapita aid .... dimension of the preferential price by examining the role of forecast price as an ..... Abbot, D and S. Pollard (2004) Hardship and Poverty in the Pacific, Asian.

  16. DOMESTIC AND FORIGN FACTORS FOR STOCK PRICES IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Rahajeng Cahyaning Putri Cipto

    2011-09-01

    Full Text Available Indonesia has been developing various sectors of its economy, and so it needs a huge amount of capital. Therefore, it has been putting a lot of efforts to develop its capital market. This paper analyzes the impacts of domestic and foreign factors on Indonesia stock price. Some considered domestic factors are interest rates, production index, and foreign exchange rates. Various considered foreign factors are Singapore and US stock prices. The paper uses Vector Error Correction Mechanism model to analyze the data. The estimation results suggest that all variables significantly influence Indonesia stock price, with Singapore stock price as the dominant factors.Keywords: Stock price, interest rates, exchange rates, production indexJEL classification numbers: G12, G15

  17. Chartist Trading in Exchange Rate Theory

    OpenAIRE

    Selander, Carina

    2006-01-01

    This thesis consists of four papers, of which paper 1 and 4 are co-written with Mikael Bask. Paper [1] implements chartists trading in a sticky-price monetary model for determining the exchange rate. It is demonstrated that chartists cause the exchange rate to "overshoot the overshooting equilibrium" of a sticky-price monetary model. Chartists base their trading on a short-long moving average. The importance of technical trading depends inversely on the time horizon in currency trade. The exc...

  18. Market information and price volatility in petroleum derivatives spot and future markets

    International Nuclear Information System (INIS)

    Khalid Nainar, S.M.

    1993-01-01

    This paper examines the relationship between petroleum futures trading, market information and spot prices. It tests the hypothesis that there is increased spot market information with futures trading of various petroleum derivatives for weekly data during the period January 1970 to July 1985 at the new York Mercantile Exchange. Increased market information with futures trading is indicated by the insignificance of coefficients of past prices in spot price regressions in periods with futures trading. However, the estimates of the coefficient of variation indicate that price volatility tends to increase with futures trading. Thus, traders seem better informed with futures trading although the advantages of increased market information might potentially be undermined by increased price volatility as in the case of regular gasoline. (author)

  19. 48 CFR 225.403 - World Trade Organization Government Procurement Agreement and Free Trade Agreements.

    Science.gov (United States)

    2010-10-01

    ... Government Procurement Agreement and Free Trade Agreements. 225.403 Section 225.403 Federal Acquisition... FOREIGN ACQUISITION Trade Agreements 225.403 World Trade Organization Government Procurement Agreement and... Government Procurement Agreement, acquire only U.S.-made, qualifying country, or designated country end...

  20. Trade structure, trade mode and the urban-rural income gap in China

    Directory of Open Access Journals (Sweden)

    Hao Wei

    2013-05-01

    Full Text Available This paper analyses the effect of foreign trade in China on the urban-rural income gap from certain angles including trade scale, trade structure and trade mode at the national and provincial levels. The empirical results indicate that, from the perspective of trade scale, the export and import in the eastern and national regions have an expansion effect on the urban-rural income gap, and, in the central regions, they have a reduction effect. Furthermore, export in the western regions has a reduction effect while import in these regions did not have a significant effect. From the perspective of trade structure, the trade of high-tech products and labour-intensive products in the national and eastern regions has an expansion effect, and the trade of the above-mentioned products in the central regions has a reduction effect. The trade of labour-intensive products in the western regions has a reduction effect, and that of high-tech products an expansion effect. From the perspective of trade mode, processing trade and general trade in the national and eastern regions have an expansion effect, while in the central regions they have a reduction effect. General trade in the western regions would expand the urban-rural income gap, and processing trade does not have a significant effect. Consequently, when the South African Government is working out trade multiplicative and corresponding policy, they should consider the development of foreign trade and should pay attention to the labour market structure.

  1. Monitoring the impacts of trade agreements on food environments.

    Science.gov (United States)

    Friel, S; Hattersley, L; Snowdon, W; Thow, A-M; Lobstein, T; Sanders, D; Barquera, S; Mohan, S; Hawkes, C; Kelly, B; Kumanyika, S; L'Abbe, M; Lee, A; Ma, J; Macmullan, J; Monteiro, C; Neal, B; Rayner, M; Sacks, G; Swinburn, B; Vandevijvere, S; Walker, C

    2013-10-01

    The liberalization of international trade and foreign direct investment through multilateral, regional and bilateral agreements has had profound implications for the structure and nature of food systems, and therefore, for the availability, nutritional quality, accessibility, price and promotion of foods in different locations. Public health attention has only relatively recently turned to the links between trade and investment agreements, diets and health, and there is currently no systematic monitoring of this area. This paper reviews the available evidence on the links between trade agreements, food environments and diets from an obesity and non-communicable disease (NCD) perspective. Based on the key issues identified through the review, the paper outlines an approach for monitoring the potential impact of trade agreements on food environments and obesity/NCD risks. The proposed monitoring approach encompasses a set of guiding principles, recommended procedures for data collection and analysis, and quantifiable 'minimal', 'expanded' and 'optimal' measurement indicators to be tailored to national priorities, capacity and resources. Formal risk assessment processes of existing and evolving trade and investment agreements, which focus on their impacts on food environments will help inform the development of healthy trade policy, strengthen domestic nutrition and health policy space and ultimately protect population nutrition. © 2013 The Authors. Obesity Reviews published by John Wiley & Sons Ltd on behalf of the International Association for the Study of Obesity.

  2. Food Prices and Climate Extremes: A Model of Global Grain Price Variability with Storage

    Science.gov (United States)

    Otto, C.; Schewe, J.; Frieler, K.

    2015-12-01

    Extreme climate events such as droughts, floods, or heat waves affect agricultural production in major cropping regions and therefore impact the world market prices of staple crops. In the last decade, crop prices exhibited two very prominent price peaks in 2007-2008 and 2010-2011, threatening food security especially for poorer countries that are net importers of grain. There is evidence that these spikes in grain prices were at least partly triggered by actual supply shortages and the expectation of bad harvests. However, the response of the market to supply shocks is nonlinear and depends on complex and interlinked processes such as warehousing, speculation, and trade policies. Quantifying the contributions of such different factors to short-term price variability remains difficult, not least because many existing models ignore the role of storage which becomes important on short timescales. This in turn impedes the assessment of future climate change impacts on food prices. Here, we present a simple model of annual world grain prices that integrates grain stocks into the supply and demand functions. This firstly allows us to model explicitly the effect of storage strategies on world market price, and thus, for the first time, to quantify the potential contribution of trade policies to price variability in a simple global framework. Driven only by reported production and by long--term demand trends of the past ca. 40 years, the model reproduces observed variations in both the global storage volume and price of wheat. We demonstrate how recent price peaks can be reproduced by accounting for documented changes in storage strategies and trade policies, contrasting and complementing previous explanations based on different mechanisms such as speculation. Secondly, we show how the integration of storage allows long-term projections of grain price variability under climate change, based on existing crop yield scenarios.

  3. CO2 price dynamics. A follow-up analysis of the implications of EU emissions trading for the price of electricity

    International Nuclear Information System (INIS)

    Sijm, J.P.M.; Ten Donkelaar, M.; Hers, J.S.; Scheepers, M.J.J.; Chen, Y.

    2006-03-01

    The present study discusses the results of some follow-up analyses on the relationship between EU emissions trading and power prices, notably the implications of free allocations of CO2 emissions allowances for the price of electricity in Germany and the Netherlands. These analyses include: An update of the empirical and statistical analyses of the price trends and pass through rates of CO2 costs in the power sector of Germany and the Netherlands; An analysis by means of the model COMPETES of the potential effects of CO2 emissions trading on the wholesale market shares of the major power producers in the Netherlands; An analysis of two policy options to cope with certain adverse effects of passing through the opportunity costs of freely allocated CO2 emission allowances, i.e. less grandfathering to the major power producers - in favour of major electricity users - by either a more stringent allocation to the power generators or auctioning part of the allowances to these generators. A major finding of the present study is that dark/spark spreads of power production in Germany and the Netherlands have improved substantially in 2005, especially during the period August-December. Whereas valid CO2 pass through rates of 40 to 70 percent have been estimated for the first period of 2005 (January- July), estimates for the year 2005 as a whole - and particularly for the latter period August-December - seem to be less or not valid since other factors, such as market power or scarcity, seem also (or even more) responsible for the improvement of dark/spark spreads in the latter period of 2005 (while data are lacking to abstract for these other factors). Regarding the policy options to address adverse effects of CO2 cost pass through, the report concludes that a small degree of less grandfathering to the power producers (i.e. 10-20 percent of the allowances needed) will reduce their windfall profits accordingly, without a major, decisive impact on the operational and investment

  4. Quantifying the CO{sub 2} permit price sensitivity

    Energy Technology Data Exchange (ETDEWEB)

    Gruell, Georg; Kiesel, Ruediger [Duisburg-Essen Univ., Essen (Germany). Inst. of Energy Trading and Financial Services

    2012-06-15

    Equilibrium models have been widely used in the literature with the aim of showing theoretical properties of emissions trading schemes. This paper applies equilibrium models to empirically study permit prices and to quantify the permit price sensitivity. In particular, we demonstrate that emission trading schemes both with and without banking are inherently prone to price jumps. (orig.)

  5. 22 CFR 226.45 - Cost and price analysis.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Cost and price analysis. 226.45 Section 226.45 Foreign Relations AGENCY FOR INTERNATIONAL DEVELOPMENT ADMINISTRATION OF ASSISTANCE AWARDS TO U.S. NON-GOVERNMENTAL ORGANIZATIONS Post-award Requirements Procurement Standards § 226.45 Cost and price analysis. Some...

  6. A simple test for PPP among traded goods

    NARCIS (Netherlands)

    Ph.H.B.F. Franses (Philip Hans); D.J.C. van Dijk (Dick)

    2002-01-01

    textabstractThe so-called Balassa-Samuelson model implies that relative prices of non-traded goods may be nonstationary and, hence, that PPP should preferably be tested on real exchange rates based on prices of traded goods only. We propose a simple test for PPP among traded goods which can be

  7. International Trade and Foreign Direct Investment as Innovation Factors of the U.S. Economy

    Directory of Open Access Journals (Sweden)

    Napiórkowski1 Tomasz M.

    2014-10-01

    Full Text Available The aim of this research is to asses the hypothesis that foreign direct investment (FDI and international trade have had a positive impact on innovation in one of the most significant economies in the world, the United States (U.S.. To do so, the author used annual data from 1995 to 2010 to build a set of econometric models. In each model, 11 in total the number of patent applications by U.S. residents is regressed on inward FDI stock, exports and imports of the economy as a collective, and in each of the 10 SITC groups separately.

  8. NUKEM adjusts price definitions

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

    This article is the October-November 1994 market report, providing trading volume and prices in the Uranium market. During this period, there were five deals in the spot concentrates market, five deals in the medium and long-term market, one deal in the conversion market, and two deals in the enrichment market. Restricted prices strengthened while unrestricted prices held steady. Price re-definitions were also announced

  9. The effect of counter-trading on competition in electricity markets

    International Nuclear Information System (INIS)

    Dijk, Justin; Willems, Bert

    2011-01-01

    In a competitive electricity market, nodal pricing is the most efficient way to manage congestion. Counter-trading is inefficient as it gives the wrong long term signals for entry and exit of power plants. However, in a non-competitive market, additional entry will improve the competitiveness of the market, and will increase social benefit by reducing price-cost margins. This paper studies whether the potential pro-competitive entry effects could make counter-trading more efficient than nodal pricing. We find that this is unlikely to be the case, and expect counter-trading to have a negative effect on overall welfare. The potential benefits of additional competition (more competitive prices and lower production cost) do not outweigh the distortions (additional investment cost for the entrant, and socialization of the congestion cost to final consumers). - Research highlights: → 'Counter-trading' and 'nodal pricing' manage congestion in electric grids. → Nodal pricing gives superior locational prices. → Counter-trading induces extra investments in regions with a production surplus. → Extra investments improve competition, but are expected to be socially inefficient.

  10. Price expectations and price dynamics: the case of the rice sector in developing Asia

    OpenAIRE

    Thomas Barré

    2011-01-01

    Uncertainty is a crucial issue for producers who must make input decisions without knowing prices and without perfect knowledge of realized output. In this context, price expectations strongly determine the production choices and market prices that result from market-clearing conditions. This study analyzed the role that price expectations play in price dynamics, developing a theoretical model of trade in varieties following Armington (1969) and augmented with yield and price uncertainty to h...

  11. Oil price and the dollar

    International Nuclear Information System (INIS)

    Coudert, V.; Mignon, V.; Penot, A.

    2007-01-01

    Oil prices and the United States (US) dollar exchange rate are driving the evolution of the world economy. This paper investigated long-term relationships between oil prices and the US effective exchange rate. An empirical study was performed on oil prices and the dollar real effective exchange rate between 1974 to 2004. The impact of the dollar exchange rate was also explored, and the effects of oil prices on supply and demand were considered. A dynamic partial equilibrium framework study was evaluated in order to compare how other countries used revenues from oil exports in dollars. The study showed that both variables had similar evolutions when price fluctuations were low. Strong increases in the dollar were associated with lower oil prices. However, adjustment speeds of the dollar real effective exchange rate was slow. Co-integration and causality tests showed that oil prices influenced the exchange rate, and that the link between the 2 variables was transmitted through the country's net foreign asset position. It was concluded that higher oil prices improved US net foreign asset position in relation to other countries, and had a positive impact on dollar appreciation. 24 refs., 6 tabs., 1 fig

  12. Electricity as a traded good

    International Nuclear Information System (INIS)

    Srinivasan, Sunderasan

    2013-01-01

    Electric power has traditionally been classified as a non-traded good, produced and consumed within the country of origin. More recently, electricity has been traded across national borders and in certain cases, viz., Bhutan, has been the dominant export; in other situations, it is used to repay debts owed to neighboring countries. This paper investigates the role of electricity as the primary export, analyzes its valuation, and then goes on to evaluate the impact on the terms of trade. We conclude that in the medium-term, the electric power exporting economy would be better off developing its manufacturing sector to diversify its exposure and to protect its trade interests. The case of Bhutanese hydro-electricity exports to India is studied and the change in trade advantage with every increase in power tariff is ascertained. It is found that a 1.26% annual increase in (non-food) consumer prices is correlated with a 1% increase in electricity export tariff. While the causality from electric power tariff to Indian manufactures prices is not established statistically, a change in manufactures prices feeding back into consumer prices in Bhutan is statistically significant. Suggestions are offered for Bhutan to reduce dependence on Indian imports and to diversify its export market exposure. - Highlights: • Electricity as principal export of small economy. • Bilateral trade with large economy. • Tourism as major income generator for small economy. • Partial equilibrium model involving key variables. • Small economy would need to diversify. • Important subject for inter-temporal and inter-regional trade of power

  13. Central European Free Trade Agreement (CEFTA 2006 - Opportunities, Trade Relation and Evolution of Macedonian Economic Diplomacy

    Directory of Open Access Journals (Sweden)

    Krum Efremov

    2015-07-01

    Full Text Available Main activity in the foreign trade policy of the Republic of Macedonia during the past 10 years was the integration of the country on the Central European Free Trade Agreement – (CEFTA. The reason for this is the expectation that the membership of the Republic of Macedonia in CEFTA will significantly contribute to the continual efforts for strengthening the regional trade cooperation, further liberalisation of foreign trade exchange, and continuation of activities for harmonisation of trade rules with international standards. Additionally, CEFTA 2006 provides a much more comprehensive framework for development of mutual relations and economic cooperation among the countries of South Easte Europe. We will explain the concept of development of economic diplomacy in the Republic of Macedonia as a tool for supporting Macedonian economy. The purpose of these activities is to present the Republic of Macedonia as an attractive destination for foreign investments through the promotion of business advantages, and giving incentive to Macedonian export, as well as through strengthening of the country’s position as a attractive touristic destination.

  14. The Influence of Cyclicality of the Global Economic System Development on the Structure and Dynamics of Ukraine’s Foreign Trade

    Directory of Open Access Journals (Sweden)

    Revyakin Georgiy V.

    2017-09-01

    Full Text Available The aim of the article is to study the structure and dynamics of Ukraine’s foreign trade under the influence of cyclicality of the global economic system development. There analyzed reasons for the predominance of primary sector goods in the structure of Ukraine’s production, which causes a relatively high seasonal volatility of the economic growth rates. The raw material orientation of Ukraine’s exports explains the instability of the Ukrainian economy regarding the fluctuations of the world market conjuncture. Ukraine’s critical dependence on the cyclical fluctuations of the global economic system manifested itself in 2009, when the adverse conjuncture of the world prices for metals and commodities led to a sharp decline in the production volumes in the national economy. It is concluded that the possible ways of solving the above problems in the national economy of Ukraine is the modernization and restructuring of industrial production, increase in the production volumes of goods for domestic consumption, technological and organizational renewal of the fixed assets of manufacturing enterprises, as well as reorientation of the Ukrainian industry to producing goods with a higher degree of processing along with increasing the share of high-tech products in the total exports.

  15. Prediction of future asset prices

    Science.gov (United States)

    Seong, Ng Yew; Hin, Pooi Ah; Ching, Soo Huei

    2014-12-01

    This paper attempts to incorporate trading volumes as an additional predictor for predicting asset prices. Denoting r(t) as the vector consisting of the time-t values of the trading volume and price of a given asset, we model the time-(t+1) asset price to be dependent on the present and l-1 past values r(t), r(t-1), ....., r(t-1+1) via a conditional distribution which is derived from a (2l+1)-dimensional power-normal distribution. A prediction interval based on the 100(α/2)% and 100(1-α/2)% points of the conditional distribution is then obtained. By examining the average lengths of the prediction intervals found by using the composite indices of the Malaysia stock market for the period 2008 to 2013, we found that the value 2 appears to be a good choice for l. With the omission of the trading volume in the vector r(t), the corresponding prediction interval exhibits a slightly longer average length, showing that it might be desirable to keep trading volume as a predictor. From the above conditional distribution, the probability that the time-(t+1) asset price will be larger than the time-t asset price is next computed. When the probability differs from 0 (or 1) by less than 0.03, the observed time-(t+1) increase in price tends to be negative (or positive). Thus the above probability has a good potential of being used as a market indicator in technical analysis.

  16. Fighting the Financial Crisis in Greece: The Privileged Company to Protect Production and Trade in Currants (1905 as International Bank Cooperation

    Directory of Open Access Journals (Sweden)

    Korinna Schönhärl

    2013-12-01

    problem was the lack of diversity of Greek agricultural production, which was focused on raisins and currants (especially flavourful raisins, grown exclusively in the area around Corinth for export. The collapse of market prices for this good seriously affected the Greek treasury and society in the growing regions. The Greek government responded by trying to withhold part of the harvest in fertile years to stabilise world market prices. Plans to organise a monopoly company for the currant trade necessitated high sums of capital from abroad. This article investigates the question of how foreign bankers in London (Hambro & Son, Emile Erlanger and Paris (Banque de l’Union Parisienne could be convinced to participate in the project. Which factors allowed foreign bankers to trust in the Greek national economy despite its poor reputation? What factors influenced their risk management? The focus is on the role of Greek brokers in persuading the foreigners to invest in Greece, especially the role played by Ioannis Pesmazoglou, the director of the young and innovative Bank of Athens.

  17. An analysis of security price risk and return among publicly traded pharmacy corporations.

    Science.gov (United States)

    Gilligan, Adrienne M; Skrepnek, Grant H

    2013-01-01

    Community pharmacies have been subject to intense and increasing competition in the past several decades. To determine the security price risk and rate of return of publicly traded pharmacy corporations present on the major U.S. stock exchanges from 1930 to 2009. The Center of Research in Security Prices (CRSP) database was used to examine monthly security-level stock market prices in this observational retrospective study. The primary outcome of interest was the equity risk premium, with analyses focusing upon financial metrics associated with risk and return based upon modern portfolio theory (MPT) including: abnormal returns (i.e., alpha), volatility (i.e., beta), and percentage of returns explained (i.e., adjusted R(2)). Three equilibrium models were estimated using random-effects generalized least squares (GLS): 1) the Capital Asset Pricing Model (CAPM); 2) Fama-French Three-Factor Model; and 3) Carhart Four-Factor Model. Seventy-five companies were examined from 1930 to 2009, with overall adjusted R(2) values ranging from 0.13 with the CAPM to 0.16 with the Four-Factor model. Alpha was not significant within any of the equilibrium models across the entire 80-year time period, though was found from 1999 to 2009 in the Three- and Four-Factor models to be associated with a large, significant, and negative risk-adjusted abnormal returns of -33.84%. Volatility varied across specific time periods based upon the financial model employed. This investigation of risk and return within publicly listed pharmacy corporations from 1930 to 2009 found that substantial losses were incurred particularly from 1999 to 2009, with risk-adjusted security valuations decreasing by one-third. Copyright © 2013 Elsevier Inc. All rights reserved.

  18. The Pricing of Economics Books.

    Science.gov (United States)

    Laband, David; Hudson, John

    2003-01-01

    Examines the pricing and other characteristics of books. Notes substantial increases in book prices between 2000 and 1985 data. Suggests a major factor is the increasing importance of foreign presses that sell books at higher prices. Indicates that discount on paperbacks appear to have been relatively stable in the two years studied. (JEH)

  19. The External Trade of Romania: Evolution Trends

    Directory of Open Access Journals (Sweden)

    Botescu Ion

    2017-01-01

    On top of these, a series of negative impact events such as wars or crises have overlapped. Despite all the investment efforts made, the impact of Romania’s economic development on foreign trade was limited during the socialist era. As regards the volume of foreign trade, the trade balance, the structure of exports and imports, the value of exports per capita, Romania’s evolution was generally modest. Practically, with some exceptions, Romania’s involvement in international trade was below the economic potential of our country throughout the analyzed period.

  20. Price-volume multifractal analysis and its application in Chinese stock markets

    Science.gov (United States)

    Yuan, Ying; Zhuang, Xin-tian; Liu, Zhi-ying

    2012-06-01

    An empirical research on Chinese stock markets is conducted using statistical tools. First, the multifractality of stock price return series, ri(ri=ln(Pt+1)-ln(Pt)) and trading volume variation series, vi(vi=ln(Vt+1)-ln(Vt)) is confirmed using multifractal detrended fluctuation analysis. Furthermore, a multifractal detrended cross-correlation analysis between stock price return and trading volume variation in Chinese stock markets is also conducted. It is shown that the cross relationship between them is also found to be multifractal. Second, the cross-correlation between stock price Pi and trading volume Vi is empirically studied using cross-correlation function and detrended cross-correlation analysis. It is found that both Shanghai stock market and Shenzhen stock market show pronounced long-range cross-correlations between stock price and trading volume. Third, a composite index R based on price and trading volume is introduced. Compared with stock price return series ri and trading volume variation series vi, R variation series not only remain the characteristics of original series but also demonstrate the relative correlation between stock price and trading volume. Finally, we analyze the multifractal characteristics of R variation series before and after three financial events in China (namely, Price Limits, Reform of Non-tradable Shares and financial crisis in 2008) in the whole period of sample to study the changes of stock market fluctuation and financial risk. It is found that the empirical results verified the validity of R.

  1. Detecting noise trading using fuzzy exception learning

    NARCIS (Netherlands)

    Bergh, van den W.M.; Berg, van den J.; Kaymak, U.

    2001-01-01

    This paper analyses noise trading, a phenomenon observed in financial markets when technical traders forecast financial price movements based on recent prices and volumes. Due to noise trading, financial returns show (during a few and unknown periods in time), certain deterministic behavior besides

  2. The political economy of services trade agreements

    OpenAIRE

    FIORINI, Matteo; LEBRAND, Mathilde

    2016-01-01

    Why do governments sign services trade agreements? This paper focuses on the role of international agreements in the context of trade in services when services are used as intermediate inputs in downstream industries. Compared to goods, services inputs are mostly non-tradable and complementary to other factors of production. We build a theoretical trade policy framework in which firms use foreign investment to contest foreign markets in services sectors and governments can restrict the entry ...

  3. Price increase

    CERN Multimedia

    2006-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced, as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  4. Price increase

    CERN Multimedia

    2005-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  5. Cuba's transition to market-based energy prices

    International Nuclear Information System (INIS)

    Perez-Lopez, J.F.

    1992-01-01

    Since 1960 the Soviet Union has been, for all practical purposes, Cuba's exclusive supplier of energy products. For certain time periods, Soviet sales of oil and oil products to Cuba were made at concessional prices; prior to 1991, they were priced using transferable rubles and were essentially bartered for Cuban goods, especially sugar. Effective January 1, 1991, the Soviet Union shifted to world market prices and convertible currency payments for all traded commodities, including energy products. The shift to market prices and convertible currencies in Cuban-Soviet energy trade has already brought - or is likely to bring - a number of adjustments in four areas: (1) the trade balance; (2) the ability to reexport oil and oil products; (3) energy consumption patterns; (4) and the structure of energy supplies. 33 refs., 8 tabs

  6. STS pricing policy

    Science.gov (United States)

    Lee, C. M.; Stone, B.

    1982-01-01

    In 1977 NASA published Shuttle Reimbursement Policies for Civil U.S. Government, DOD and Commercial and Foreign Users. These policies were based on the principle of total cost recovery over a period of time with a fixed flat price for initial period to time to enhance transition. This fixed period was to be followed with annual adjustments thereafter, NASA is establishing a new price for 1986 and beyond. In order to recover costs, that price must be higher than the initial fixed price through FY 1985. NASA intends to remain competitive. Competitive posture includes not only price, but other factors such as assured launch, reliability, and unique services. NASA's pricing policy considers all these factors.

  7. Are Price Limits Effective? An Examination of an Artificial Stock Market.

    Science.gov (United States)

    Zhang, Xiaotao; Ping, Jing; Zhu, Tao; Li, Yuelei; Xiong, Xiong

    2016-01-01

    We investigated the inter-day effects of price limits policies that are employed in agent-based simulations. To isolate the impact of price limits from the impact of other factors, we built an artificial stock market with higher frequency price limits hitting. The trading mechanisms in this market are the same as the trading mechanisms in China's stock market. Then, we designed a series of simulations with and without price limits policy. The results of these simulations demonstrate that both upper and lower price limits can cause a volatility spillover effect and a trading interference effect. The process of price discovery will be delayed if upper price limits are imposed on a stock market; however, this phenomenon does not occur when lower price limits are imposed.

  8. Price discovery in European natural gas markets

    International Nuclear Information System (INIS)

    Schultz, Emma; Swieringa, John

    2013-01-01

    We provide the first high-frequency investigation of price discovery within the physical and financial layers of Europe's natural gas markets. Testing not only looks at short-term return dynamics, but also considers each security's contribution to price equilibrium in the longer-term. Results show that UK natural gas futures traded on the Intercontinental Exchange display greater price discovery than physical trading at various hubs throughout Europe. - Highlights: • We use intraday data to gauge price discovery in European natural gas markets. • We explore short and long-term dynamics in physical and financial market layers. • Results show ICE's UK natural gas futures are the main venue for price discovery

  9. Evaluation of Trends in Foreign Trade Development in the Post-Communist Countries of Europe in the Years 2000–2012 Following their Accession to the EU

    Directory of Open Access Journals (Sweden)

    Cieślik Ewa

    2016-12-01

    Full Text Available This paper seeks to analyse directions in foreign trade in the post-communist countries of Europe over the years 2000-2012 in the context of changes observed in other EU states. It was assumed that changes in the directions of foreign trade in post-communist states would be similar to those noted in Western Europe. On the basis of data derived from the OECD, EUROSTAT and OECD-WTO we show that the trading rules used by the old EU-15 adopted by those countries have brought them measurable benefits. As a result, the post-communist economies have become similar to those of the EU-15. Considering the structure of their trade and links with the EU-15, it is apparent that they have become the main trading and investment partners for the European Union. Hence, their integration with the EU structures made their development faster, but also made them more sensitive to industrial and demand shocks coming from the eurozone. It is predicted that the present model is not going to change, especially in the context of the participation in production networks.

  10. A new equilibrium trading model with asymmetric information

    Directory of Open Access Journals (Sweden)

    Lianzhang Bao

    2018-03-01

    Full Text Available Taking arbitrage opportunities into consideration in an incomplete market, dealers will pricebonds based on asymmetric information. The dealer with the best offering price wins the bid. The riskpremium in dealer’s offering price is primarily determined by the dealer’s add-on rate of change tothe term structure. To optimize the trading strategy, a new equilibrium trading model is introduced.Optimal sequential estimation scheme for detecting the risk premium due to private inforamtion isproposed based on historical prices, and the best bond pricing formula is given with the accordingoptimal trading strategy. Numerical examples are provided to illustrate the economic insights underthe certain stochastic term structure interest rate models.

  11. An Empirical Study on the Driving Path of Optimizing the Resources Allocation of Foreign Trade Enterprises from the Perspective of Energy Supply-side Reform

    Science.gov (United States)

    You, Yu-cong; Yi, Lu-xia

    2017-11-01

    From the perspective of energy supply-side reform, this paper, by conducting an empirical study on foreign trade enterprises, conducts a research on the cross-role effect of optimizing the resources allocation and enhancing the energy efficiency. Methodologically, this paper creatively introduces the HILE's probabilistic structured property into Granger causality test analysis, forming an HILE-Granger (H-G) model, so as to empirically estimate both the short-term and long-term causal relationship effects between the energy efficiency and resources allocation. Conclusion is drawn that optimization of resources allocation is positively proportional with the energy efficiency enhancement. This paper is to provide a decision-making reference for the supply side reform strategy of foreign trade enterprises under the background of green energy economy.

  12. Oil and the U.S. foreign policy

    International Nuclear Information System (INIS)

    Hegburg, A.S.

    2001-01-01

    Oil and natural gas play a major role in the formulation and implementation of U.S. foreign oil policy. It was emphasized that the U.S. oil policy will adjust in response to market developments, both political and commercial. It will also adjust to structural changes and constituency pressures. U.S. foreign oil policy has been drastically different in each of the last 3 decades. The 1970s were a period of oil crisis and shortage when OPEC producers were in control of domestic pricing and production. The defining moment was the Arab oil embargo of the United States and the Netherlands in response to the U.S. military resupply of Israel. After that moment, production and depletion policy shifted to sovereign rule. This embargo prompted many responses, one of which was the short-lived notion that the world would have to rely mostly on synthetics and alternatives to oil. The embargo prompted a multilateral consumer country cooperation, and a staged deregulation of U.S. oil prices. It also prompted a strong U.S. denunciation of Arab producers' use of the oil weapon for foreign policy reasons. The author described the many lessons learned from the 1970s and discussed the use of sanctions against Libya, Cuba and Iran and how these have become a tool to pursue U.S. national security interests or accommodate a domestic constituency. It was predicted that forthcoming changes in U.S. energy policy will reflect unilateral, bilateral and multilateral cooperation. It was noted that beyond the extensive trade and investment links between Canada and the United States, the additional Canadian component is the Alaskan gas line which is currently being considered. It was also noted that early administrative attention should be given to improving the intergovernmental relationship within the International Energy Agency

  13. Trade Blocs, Currency Blocs and the Disintegration of World Trade in the 1930s

    OpenAIRE

    Eichengreen, Barry; Irwin, Douglas

    1993-01-01

    The dramatic implosion and regionalization of international trade during the 1930s has often been blamed on the trade and foreign exchange policies that emerged in the interwar period. We provide new evidence on the impact of trade and currency blocs on trade flows from 1928 1938 that suggests a blanket indictment of interwar trade policies and payments arrangements is not warranted. Discriminatory trade policies and international monetary arrangements had neither a uniformly favorable nor un...

  14. Pushing Economies (and Students) outside the Factor Price Equalization Zone

    Science.gov (United States)

    Oslington, Paul; Towers, Isaac

    2009-01-01

    Despite overwhelming empirical evidence of the failure of factor price equalization, most teaching of international trade theory (even at the graduate level) assumes that economies are incompletely specialized and that factor price equalization holds. The behavior of trading economies in the absence of factor price equalization is not well…

  15. Rivalry of domestic and foreign retailers in Croatia

    Directory of Open Access Journals (Sweden)

    Dario Dunković

    2004-01-01

    Full Text Available Foreign retailers are gaining progressively more of the Croatian retail market share. This paper is an analysis of the retail structure in the Republic of Croatia (sector G – 52, with respect to the origin of trading companies (domestic and foreign retailers, to their size (small, medium and large companies and to sub-sectors within a sector G – 52. The aim of this paper is to contribute to the understanding of causes underlying the foreign retailers’ expansion regarding their business success. The paper includes an analysis of the structure of household consumption in the Republic of Croatia as an important condition for the development of the retail structure. The analysis involves the indicators of domestic and foreign retailers’ business success: the turnover per one trading company and the turnover per one employee of the trading company. The comparison of these indicators for domestic and foreign retailers lead to certain differences (foreign retailers are slightly more productive than the domestic retailers and to the evaluation of the differences caused by the size of the company. Since a correlation of the size of the structure of domestic and foreign trading companies in certain sub-sectors within sector G –52 must not exist, the conclusion suggests itself in the form of a need to investigate other features of the retail structure. The research is related to the year 2001. Nevertheless, the research presented in the paper points at an inadequate adaptability of domestic retailers to the structure of demand in the Republic of Croatia as the cause of the insufficient trading success.

  16. Testing the theory of emissions trading. Experimental evidence on alternative mechanisms for global carbon trading

    International Nuclear Information System (INIS)

    Klaassen, Ger; Nentjes, Andries; Smith, Mark

    2005-01-01

    Simulation models and theory prove that emission trading converges to market equilibrium. This paper sets out to test these results using experimental economics. Three experiments are conducted for the six largest carbon emitting industrialized regions. Two experiments use auctions, the first a single bid auction and the second a Walrasian auction. The third relies on bilateral, sequential trading. The paper finds that, in line with the standard theory, both auctions and bilateral, sequential trading capture a significant part (88% to 99%) of the potential cost savings of emission trading. As expected from trade theory, all experiments show that the market price converges (although not fully) to the market equilibrium price. In contrast to the theory, the results also suggest that not every country might gain from trading. In both the bilateral trading experiment and the Walrasian auction, one country actually is worse off with trade. In particular bilateral, sequential trading leads to a distribution of gains significantly different from the competitive market outcome. This is due to speculative behavior, imperfect foresight and market power

  17. Foreign exchange market data analysis reveals statistical features that predict price movement acceleration.

    Science.gov (United States)

    Nacher, Jose C; Ochiai, Tomoshiro

    2012-05-01

    Increasingly accessible financial data allow researchers to infer market-dynamics-based laws and to propose models that are able to reproduce them. In recent years, several stylized facts have been uncovered. Here we perform an extensive analysis of foreign exchange data that leads to the unveiling of a statistical financial law. First, our findings show that, on average, volatility increases more when the price exceeds the highest (or lowest) value, i.e., breaks the resistance line. We call this the breaking-acceleration effect. Second, our results show that the probability P(T) to break the resistance line in the past time T follows power law in both real data and theoretically simulated data. However, the probability calculated using real data is rather lower than the one obtained using a traditional Black-Scholes (BS) model. Taken together, the present analysis characterizes a different stylized fact of financial markets and shows that the market exceeds a past (historical) extreme price fewer times than expected by the BS model (the resistance effect). However, when the market does, we predict that the average volatility at that time point will be much higher. These findings indicate that any Markovian model does not faithfully capture the market dynamics.

  18. From an accounting point of view of cost control challenges current export foreign trade enterprises%从会计成本控制的角度分析当前外贸企业出口挑战

    Institute of Scientific and Technical Information of China (English)

    吴哲敏

    2016-01-01

    As a cost control basic functions of accounting personnel, has a very important impact on daily business operations and cost savings. At this stage of international development trend, especially foreign trade enterprises in the face of all kinds of domestic and foreign markets dynamic challenges of cost control means, methods, results and other concerns, naturally become the pursuit of sustainable development an important starting point. In the current paper the impact of various types of foreign trade enterprises business factors of cost control, such as raising the cost of human resources, marketing costs increased rapidly, energy price fluctuations as the analysis starting point for analysis, and strive to provide some advice to optimize trade and export policy opinion.%成本控制作为会计人员的基本职能，对企业的日常运营及成本节约具有极为重要的影响。现阶段在我国国际化发展的大趋势下，尤其是外贸企业在面对国内外市场的各类动态性挑战中，对成本控制的方式、方法、成效等关注，自然就成为企业谋求可持续发展的重要切入点。文中以当前影响外贸企业贸易成本控制的各类因素，如人力资源成本的提升、营销费用快速递增、能源价格波动等作为分析的切入点进行分析，力求为外贸企业出口策略的优化提供一定建议和意见。

  19. Configuración actual del comercio exterior en Galicia = Current foreign trade framework in Galicia

    Directory of Open Access Journals (Sweden)

    José Luis Placer Galán

    2016-12-01

    Full Text Available La reciente crisis económica y la contracción de la demanda interna han impulsado un creciente interés por los mercados exteriores. Esta investigación pretende caracterizar la configuración actual del comercio exterior de la Comunidad Autónoma de Galicia, tanto en lo relativo a los productos como a los mercados geográficos de origen y destino. Para ello se emplean una serie de indicadores, ampliamente contrastados en la investigación económica, que permiten identificar: el grado de apertura de la economía provincial leonesa; la propensión exportadora y la dependencia importadora; el grado de concentración, por producto y mercados, de sus flujos comerciales exteriores; la especialización exportadora y la ventaja comparativa sectorial; la composición inter o intra-industrial del comercio exterior; y la distribución geográfica de los flujos comerciales de la economía gallega con los mercados exteriores. The recent economic crisis and internal demand contraction have encouraged the emerging interest in international markets. This study aims at featuring the current foreign trade framework of the Galicia, in regards to both import and export products and geographical markets. For that purpose, several indexes, widely verified in this study, have been utilized to identify the trade openness level of Leon economy, its export propensity, import dependence as well as the concentration level for products and internal trade flows. Leon export specialization, its comparative advantage by sector, the inter-intra-industry trade composition and geographical distribution of trade with international markets have been likewise included in this study.   Keywords: .

  20. Oil markets and prices: the Brent market and the formation of world oil prices

    International Nuclear Information System (INIS)

    Horsnell, Paul; Mabro, Robert.

    1993-01-01

    The purpose of this book is to enhance our understanding of the complex working of the world petroleum market and of the formation of oil prices in international trade. It devotes particular attention to the Brent market which involves spot, physical forward and futures trading of a blend of North Sea crudes known as Brent which has become one of the most important markers for world oil prices. Because the Brent market is central the research presented here examines its relationship to the constellation of other oil markets: those which deal on a spot basis with the main export crude of Africa, the Gulf, the Far East and the North Sea, the market for Dubai, another marker crude, and that for West Texas Intermediate (WTI). Finally an analysis of pricing mechanisms used by OPEC and many non-OPEC exporting countries for their oil sales under term contracts and which use Brent prices as one of their references complete this study on oil markets and prices. (author)

  1. How Do Drug Prices Respond to a Change from External to Internal Reference Pricing?

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Mendez, Susan J.

    (where they are based on the cheapest domestic substitute). We analyze three therapeutic classes with different treatment durations and show that the reform led to substantial price decreases for our lifelong treatment and to less substantial price reductions for our medium duration treatment while we do......We study the effects of a change in the way patient reimbursements are calculated on the prices of pharmaceuticals using quasi-experimental data for Denmark which switched from external (where reimbursements are based on prices of similar products in foreign countries) to internal reference pricing...

  2. The pricing of illiquidity and illiquid assets : Essays on empirical asset pricing

    NARCIS (Netherlands)

    Tuijp, Patrick

    2016-01-01

    This dissertation studies the pricing of liquidity and illiquid assets. For this thesis, liquidity will generally refer to the ease with which an asset can be traded. The first chapter investigates the role of the investment horizon in the impact of illiquidity on stock prices. We obtain a clientele

  3. Stochastic Pricing and Order Model with Transportation Mode Selection for Low-Carbon Retailers

    Directory of Open Access Journals (Sweden)

    Yi Zheng

    2016-01-01

    Full Text Available More and more enterprises have begun to pay attention to their carbon footprint in the supply chain, of which transportation has become the second major source of carbon emissions. This paper aims to study both optimum pricing and order quantities, considering consumer demand and the selection of transportation modes by retailers, in terms of carbon emissions sensitivity and price sensitivity under the conditions of a cap-and-trade policy and uncertain market demand. Firstly, we analyze the effects of transportation mode (including transportation costs and transportation-induced carbon emissions, initial emissions allowances, carbon emissions trading price and consumer sensitivity to carbon emissions on the optimum decisions and profits of retailers. The results demonstrate that when consumers are less sensitive to price, the optimum retail price and the optimum order quantity of products are proportional to the transportation cost and transportation-induced carbon emissions of retailers per unit product, the carbon emissions trading price as well as consumer sensitivity to carbon emissions. However, when consumers are highly sensitive to price, the optimum order quantity of products is inversely proportional to the transportation costs and transportation-induced carbon emissions of retailers per unit product, the carbon emissions trading price and consumer sensitivity to carbon emissions. In addition, the optimum retail price of products is inversely proportional to consumer sensitivity to carbon emissions. We also find that retailers prefer a low-carbon transportation mode when the carbon emissions trading price is high. Meanwhile, the carbon emissions trading price influences the carbon emissions trading volume of retailers. These theoretical findings are further validated by some numerical analysis.

  4. Sustainable Trade Credit and Replenishment Policies under the Cap-And-Trade and Carbon Tax Regulations

    Directory of Open Access Journals (Sweden)

    Juanjuan Qin

    2015-12-01

    Full Text Available The paper considers the sustainable trade credit and inventory policies with demand related to credit period and the environmental sensitivity of consumers under the carbon cap-and-trade and carbon tax regulations. First, the decision models are constructed under three cases: without regulation, carbon cap-and-trade regulation, and carbon tax regulation. The optimal solutions of the retailer in the three cases are then discussed under the exogenous and endogenous credit periods. Finally, numerical analysis is conducted to obtain conclusions. The retailer shortens the trade credit period as the environmental sensitivity of the consumer is enhanced. The cap has no effects on the credit period decisions under the carbon cap-and-trade regulation. Carbon trade price and carbon tax have negative effects on the credit period. The retailer under carbon cap-and-trade regulation is more motivated to obey regulations than that under carbon tax regulation when carbon trade price equals carbon tax. Carbon regulations have better effects on carbon emission reduction than with exogenous credit term when the retailer has the power to decide with regards credit policies.

  5. Heterogeneous traders, price-volume signals, and complex asset price dynamics

    Directory of Open Access Journals (Sweden)

    Frank H. Westerhoff

    2005-01-01

    model reveal that interactions between fundamentalists and chartists may cause intricate endogenous price fluctuations. Contrary to the intuition, we find that chart trading may increase market stability.

  6. Trade tensions between EU and Russia: Possible effects on trade in agricultural commodities for Visegrad countries

    NARCIS (Netherlands)

    Erokhin, V.; Heijman, W.J.M.; Ivolga, A.

    2014-01-01

    The paper includes overview of the current state of the EU-CIS and the EU-Russia trade flows with particular attention to trade in agricultural commodities, as well as contemporary tendencies in agricultural production and foreign trade in agricultural commodities and food in Russia. The paper

  7. Assessment of Trade Policy in Terms of Export Diversification in Azerbaijan

    Directory of Open Access Journals (Sweden)

    Sevda Shakir Imamverdiyeva

    2015-09-01

    Full Text Available We analyze current status of of Azerbaijan export diversification and foreign trade policy in independent years (up from1991. The main focuse is on the tariffs and non-tariff measures of the Republic of Azerbaijan. We analyze foreign trade policy instruments of Azerbaijan one by one and compeare them with similar mechanisms of other countries. Our results show that that the foreign trade policy is very favorable for increasing foreign trade volume, and diversification of non-oil export in Azerbaijan. We find that Azerbaijan’s the maximum import tariffs level is 15%, and simple average is 9.4%. At the same time, until now Azerbaijani Government does not use most non-tariff barriers, including import quantity quotas, export subsidy, damping, anti-dumping etc.

  8. Intransparent Markets and Intra-Industry Trade

    DEFF Research Database (Denmark)

    Schmidt, Christian Gormsen

    Buyers are typically unaware of the full set of offers when making a purchase. This paper examines how international trade interacts with this problem of market intransparency. Sellers must communicate their offers through costly advertising, but cannot reach all buyers. Consequently, no market...... in the model are identical, but appear heterogeneous due to their price randomization. In larger and more open economies, prices and markups will be lower, and exports are primarily realized by sellers who charge low prices. These predictions are similar to those of trade models where firm heterogeneity...

  9. Risk management and oil trading contracts

    International Nuclear Information System (INIS)

    Sas, B.

    1992-01-01

    The oil market provides an excellent case study for an analysis of the commodity trading risks and the development of contractual instruments and market structures to meet these risks. The paper identifies the main risks, namely performance, credit/payment, price, regulatory, fiscal, and ''trading'' risk. A conceptual framework provides the basis to trace the evolution of the risk management instruments from relational (e.g. long-term), through ''transactional'' (e.g. spot and forwards) to ''institutional'' (e.g. futures and options) and finally ''pricing'' (e.g. swaps and trigger pricing) contracts. (author)

  10. INTERNATIONAL TRADE OF ROMANIA IN THE CONTEXT OF ITS LOW ECONOMIC POTENTIAL

    Directory of Open Access Journals (Sweden)

    Ionel BOSTAN

    2016-12-01

    Full Text Available The study provides a view on Romanian economy in terms of its competitiveness and potential for sustaining an efficient foreign trade. After reviewing literature and the reports of prestigious institutions and bodies in the area, the author presents several elements providing an accurate image on current quantitative and qualitative parameters of Romanian foreign trade, the internal and foreign processes influencing it and its main trends. The theoretical, legislative and institutional background of the paper was developed earlier by the author in his monograph - "The legal and financial regime applicable to international foreign trade" published in 2008 by ArtPress Publishing House after Romania joined the European Union. In this study, however, the focus is placed on major changes that have occurred in Romania’s foreign trade after it joined the European structures.

  11. Application Actuation Trade Study

    Science.gov (United States)

    1982-01-01

    32 RCA PRICE-L Podel Calculated 0 & S Values 138 33 RCA PRICE LCC Summery - Typical LRU 139 34 Airplane Actuation Trade Study LCC Summary 140 35...results achieved can be duplicated by a user. The RCA PRICE Podel calculates the RDTSE. Production cost, and creates the YiDF file for use in the PCA...PR ICE L). Some of the basic program ground rules for this study were as follows: RCA - PRICE Cost Podel RCA - PRICE L Model Prototype Hardware 10

  12. The energy price equivalence of carbon taxes and emissions trading—Theory and evidence

    International Nuclear Information System (INIS)

    Chiu, Fan-Ping; Kuo, Hsiao-I.; Chen, Chi-Chung; Hsu, Chia-Sheng

    2015-01-01

    Highlights: • The price equivalence of carbon taxes and emissions trading from theoretical and empirical models are developed. • The theoretical findings show that the price effects of these two schemes depend on the market structures. • Energy prices under a carbon tax is lower than an issions trading in an imperfectly competitive market. • A case study from Taiwan gasoline market is applied here. - Abstract: The main purpose of this study is to estimate the energy price equivalence of carbon taxes and emissions trading in an energy market. To this end, both the carbon tax and emissions trading systems are designed in the theoretical model, while alternative market structures are taken into consideration. The theoretical findings show that the economic effects of these two schemes on energy prices depend on the market structures. Energy prices are equivalent between these two schemes given the same amount of greenhouse gas emissions (GHGE) reduction when the market structure is characterized by perfect competition. However, energy prices will be lower when a carbon tax is introduced than when emissions trading is implemented in an imperfectly competitive market, which implies that the price effects of a carbon tax and emissions trading depend on the energy market structure. Such a theoretical basis is applied to the market for gasoline in Taiwan. The empirical results indicate that the gasoline prices under a carbon tax are lower than under emissions trading. This implies that the structure of the energy market needs to be examined when a country seeks to reduce its GHGE through the implementation of either a carbon tax or emissions trading.

  13. Foreign-Related Commercial Dispute Resolution in China: a focus on litigation and arbitration

    NARCIS (Netherlands)

    B. Yuan (Bo)

    2017-01-01

    markdownabstractThe significant increase of foreign investment and trade is an important impetus for China’s economic development after the 1978 reform. The prosperity of foreign investment and trade brings both opportunities and challenges: accompanied by the increasing investment and trade

  14. The response of the Beijing carbon emissions allowance price (BJC) to macroeconomic and energy price indices

    International Nuclear Information System (INIS)

    Zeng, Shihong; Nan, Xin; Liu, Chao; Chen, Jiuying

    2017-01-01

    In 2013, China opened pilot carbon emission trading markets in seven provinces, where carbon emission allowances have now been traded for more than two years. In this paper, we employ a structural VAR model and the price of the Beijing carbon emission allowance to study the dynamic relationships among the price of the carbon emission allowance, economic development and the price of energy. This paper's data cover the period from April 2, 2014 to November 6, 2015. This paper provides information that will be helpful to both investors and governmental policy makers. The results show that (1) an increase of one standard deviation in the coal price leads to an initial increase of approximately 0.1% in the Beijing carbon price. After 2 days, there is a decrease of less than 0.1%, and the price gradually increases by approximately 0.1% after 30 days; (2) the price of the Beijing carbon emission allowance is mainly affected by its own historical price; (3) the Beijing carbon emission allowance price, crude oil price, natural gas price and economic development have positive – albeit non-significant – correlations. - Highlights: • This paper examines the response of the Beijing carbon emission allowance price. • A rise in coal prices will have different effects in different lag stages. • There are positive correlations between the BJC and economic development.

  15. Oil market prices 1989/1990

    International Nuclear Information System (INIS)

    Jenkins, G.

    1991-01-01

    There are many oil markets. Oil Market Prices lists the markets, provides statistics on prices and the volumes of trade, analyses the price structures in the markets and provides supplementary information on ocean freight rates and oil refining margins. Oil Market Prices will serve as a permanent record of crude oil prices including those quoted on the futures and forward markets, the many wholesale prices for refined oil products, prices consumers pay and the average prices received by the oil companies. In all instances the sources of the statistics are given together with comprehensive listing of alternative sources. (Author)

  16. International emissions trading

    DEFF Research Database (Denmark)

    Boom, Jan Tjeerd

    This thesis discusses the design and political acceptability of international emissions trading. It is shown that there are several designs options for emissions trading at the national level that have a different impact on output and thereby related factors such as employment and consumer prices....... The differences in impact of the design make that governments may prefer different designs of emissions trading in different situations. The thesis furthermore establishes that international emissions trading may lead to higher overall emissions, which may make it a less attractive instrument....

  17. KOBİ’lerde Girişimcilik Değerleri ve Dış Ticaret Faaliyetleri Arasındaki İlişki: Sanayi İşletmeleri Örneği - The Relationship Between The Values Of Entrepreneurship And Foreign Trade Activities In SME’s: The Case Of Industrial Enterprises

    Directory of Open Access Journals (Sweden)

    Ayberk ŞEKER

    2016-06-01

    Full Text Available Nowadays, SME’s and entrepreneurs have important roles in the national and international economy in terms of countries. SME’s and entrepreneurs have several advantages in competitive market economy. These advantages are adapting increasing competition, gaining knowledge of market and production, undertaking the risks that may occur, adapting quickly to innovations in the organization. In this study, it is analyzed relationship between SME’s entrepreneurship values and foreign trade activities. It has been included to study that foreign trade firms in Ankara, Istanbul, Adana, Mersin, Bursa and Kocaeli in order to evaluate their views of foreign trade activities and determine relationship between entrepreneurship and foreign trade. In the scope of the research, it is used primary data that belong to 180 SMEs. The empirical result of research shows that there are positive relationship between entrepreneurship values and foreign trade.

  18. 48 CFR 25.504-3 - FTA/Israeli Trade Act.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false FTA/Israeli Trade Act. 25.504-3 Section 25.504-3 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION SOCIOECONOMIC PROGRAMS FOREIGN ACQUISITION Evaluating Foreign Offers-Supply Contracts 25.504-3 FTA/Israeli Trade...

  19. REFERENCES OF THE NEW THEORY OF TRADE AND ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Spiridon Pralea

    2012-12-01

    Full Text Available This paper shows that the dynamization of the traditional theory of international trade through the study of growth effects on the foreign trade in the framework of neoclassical analysis, alongsidethe approach with the Keynesian toolkit of the role of foreign trade as a factor of growth, have constituted the main aspects of the new theory of trade and economic growth. The “new theory” basically represents a set of theories and models of the type “growth-led export” or “export-led growth”, which explain the complex role of foreign trade in the dynamic of development, the new segments of international trade, and also provides base for trade strategies for development. Their typology includes: “import-substitutionstrategy”, “export-promotion strategy”, and more recently “outward oriented strategy”. In the context of regionalization and globalization of competition the author believes most appropriate the states’ option for a “outward - oriented competitive development strategy”.

  20. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    Directory of Open Access Journals (Sweden)

    Xiao-Qian Sun

    Full Text Available Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

  1. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing

    2016-01-01

    Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

  2. Going 'green': trade specialisation dynamics in the solar photovoltaic sector

    International Nuclear Information System (INIS)

    Algieri, Bernardina; Aquino, Antonio; Succurro, Marianna

    2011-01-01

    The present study aims at providing a comprehensive analysis of trade flows and the domestic value creation of the major solar photovoltaic industry at the world level. Solar technologies convert light and heat from the sun into useful energy. The use of the sun's energy can not only reduce the consumption of conventional fuels, thus reducing the emission of detrimental greenhouse gases, but it can also enable a gain in enhanced fuel and energy security along with lessening costs. In addition, green technologies and industries can promote economic growth and international competitiveness, and can offer new business and employment opportunities. It becomes, therefore, extremely important to deeply explore the dynamics of the solar photovoltaic sector. Specifically, the present work analyses the main global trends of this sector and sketches the key players on the world market, including producers, installers, and top traders. Based on an analysis of trade flows at the 6-digit level, the international specialisation patterns are investigated, and the role of various market and trade drivers, including subsidies in the uptake of solar technologies, is identified and examined. - Highlights: → Trade specialisation in solar photovoltaics is examined using an index analysis. → Trade of the US, UK and Germany has an intra-industry nature. → Trade of Italy, Greece and Japan is more inter-industry oriented. → There is a long-run relationship between PV exports, foreign income and prices.

  3. The Current Status and Prospects for Development of International Trade in Goods

    Directory of Open Access Journals (Sweden)

    Kovtun Tamara D.

    2018-03-01

    Full Text Available The article is aimed at analyzing the current status and determining prospects for international trade in goods. The dynamics of international trade in goods are characterized and the reasons for its slowdown are disclosed. A considerable attention is paid to the analysis of the commodity and geographical structure of the international trade in goods. On the basis of the conducted research the new tendencies and peculiarities of development of the international trade in goods in the contemporary conditions are disclosed. In particular, the authors consider the tendency of increasing the influence of non-tariff barriers on the dynamics of the international commodity exchange. Based on the calculation of the export quota as an indicator of the intensity of foreign trade in goods, conclusions have been drawn about the degree of openness of national economies in the current conditions. The authors have noted that in the coming years the growth of physical and value volumes of the world commodity exports is projected in the conditions of growth of the world prices for raw products. It has been determined that, most likely, further development of the international trade in goods will take place in conditions of deepening of trade integration at the mega-regional level. An increase in the number of participants in the international trade in goods is also expected in the context of further spread of e-commerce in the developing countries.

  4. 75 FR 44761 - Export Trade Certificate of Review

    Science.gov (United States)

    2010-07-29

    ... sales prices and/or minimum target sales prices, and other terms of sales in the Export Markets... canned salmon in the Export Markets, selling strategies for the Export Markets, sales for the Export... described below for the following Export Trade and Export Markets: Export Trade Products Shelf stable non...

  5. 48 CFR 25.405 - Caribbean Basin Trade Initiative.

    Science.gov (United States)

    2010-10-01

    ... Initiative. 25.405 Section 25.405 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION SOCIOECONOMIC PROGRAMS FOREIGN ACQUISITION Trade Agreements 25.405 Caribbean Basin Trade Initiative. Under the Caribbean Basin Trade Initiative, the United States Trade Representative has determined that, for...

  6. The Rules of Origin of Goods as an Instrument of the State Foreign Trade Policy

    Directory of Open Access Journals (Sweden)

    Storozhchuk Volodymyr M.

    2018-01-01

    Full Text Available The article is aimed at analyzing the types of rules of origin of goods, existing in the international practice, and approaches to assess their impact on the foreign trade flows. The article considers two types of rules for determining the country of origin of goods used in the international practice: non-preferential and preferential. The main characteristics of the non-preferential rules of origin and peculiarities of their application in Ukraine are defined and systematized. The article defines the priority functions of the customs tariff, subject to the use of non-preferential rules of origin of goods, to which are classified: protective, fiscal, and regulatory. The criteria used in the non-preferential rules of origin of goods have been considered. It has been substantiated that the priority functions of the customs tariff subject to the use of preferential rules of origin of goods are the integration and progressive functions. The criteria used in the preferential rules of origin of goods have been considered. Based on the results of the analysis of the rules of origin of goods, it has been substantiated that their use can be considered as a restrictive or an incentive tool of the State foreign trade policy. It has been shown that of special importance, in the context of Ukraine’s integration into the global value chains, is the goods’ acquisition of the status of preferential origin in accordance with the criterion of diagonal cumulation within the framework of the Regional Pan-Euro-Med Convention, which requires Ukraine to conclude a number of bilateral agreements with the identical preferential rules of origin of goods.

  7. Exchange rate volatility and oil prices shocks and its impact on economic sustainability

    Directory of Open Access Journals (Sweden)

    Khuram Shaf

    2015-01-01

    Full Text Available Impact of exchange rate volatility has received a great attention from the last century, its importance is certain in all sectors of the economy and it affects welfare as well as social life of the economy. Exchange rate between two currencies tells the value of one currency in terms of others one. Depreciation/Appreciation of exchange rate affects economic growth in terms of trade and shifts income to/from exporting countries from/to importing countries. The factors affecting exchange rate are inflation, interest rate, foreign direct investment, government consumption expenditure and balance of trade. This research study examines the impact of oil prices and exchange rate volatility on economic growth in Germany based on 40-year annual data. Cointegration technique is applied to check the impact of macroeconomic variables on exchange rate in the long run and short run. It is estimated that imports, exports, inflation, interest rate, government consumption expenditure and foreign direct investment had significant impacts on real effective exchange rate in the long run and short run. Sin addition, Engle Granger results indicate that relationship was significant for the long run and its error correction adjustment mechanism (ECM in short a run is significant and correctly signed for Germany.

  8. To Explore Managerial Issues and Their Implications on e-Government Deployment in the Public Sector: Lessons from Taiwan's Bureau of Foreign Trade

    Science.gov (United States)

    Tseng, Paul T. Y.; Yen, David C.; Hung, Yu-Chung; Wang, Nana C. F.

    2008-01-01

    The objective of this article is to explore the experience of reconciling the strategic information system (IS) management with the radical transition of the Information Technology (IT) infrastructure in Taiwan's Bureau of Foreign Trade (BOFT) between 1998 and 2003. This investigation will be beneficial for the implementation of IT projects, as…

  9. Foreign-Related Commercial Dispute Resolution in China: a focus on litigation and arbitration

    OpenAIRE

    Yuan, Bo

    2017-01-01

    markdownabstractThe significant increase of foreign investment and trade is an important impetus for China’s economic development after the 1978 reform. The prosperity of foreign investment and trade brings both opportunities and challenges: accompanied by the increasing investment and trade opportunities is the rise in the number of commercial disputes between foreign businessmen and their Chinese partners. Facing the challenges, China adopts a dual legal system in which the resolution of do...

  10. The "institutional factor" in the theory of international trade: new vs. old trade theories

    OpenAIRE

    Parrinello, Sergio

    2000-01-01

    Abstract The New Trade Theory presents novel perspectives compared to the Old Theories of international trade. Increasing returns and different institutional arrangements can explain the international specialization and trade flows even between countries which are identical in terms of factor endowments, technology and preferences for private goods. In this context the pattern of trade cannot be determined by a price/cost comparison of isolated countries. Comparative advantages can be affe...

  11. International competition in vertically differentiated markets with innovation and imitation: trade policy versus free trade

    Czech Academy of Sciences Publication Activity Database

    Kováč, Eugen; Žigić, Krešimir

    2014-01-01

    Roč. 81, č. 323 (2014), s. 491-521 ISSN 0013-0427 Institutional support: RVO:67985998 Keywords : model of price competition * trade policy * free trade Subject RIV: AH - Economics Impact factor: 1.045, year: 2014

  12. Firms, Technology and Trade

    OpenAIRE

    Caldera Sanchez, Aida

    2010-01-01

    This doctoral dissertation studies the effect of economic integration on the performance of firms. The ongoing process of global economic integration has been characterized by dismantling of trade barriers and openness to foreign direct investments (FDI). These changes have not only brought opportunities to firms in terms of market access and the possibility to learn about foreign technologies brought in by foreign counterparts. The new economic environment has also posed new challenges throu...

  13. Going cheap: determinants of bird price in the Taiwanese pet market.

    Science.gov (United States)

    Su, Shan; Cassey, Phillip; Vall-Llosera, Miquel; Blackburn, Tim M

    2015-01-01

    International wildlife trade is the largest emerging source of vertebrate invasive alien species. In order to prevent invasions, it is essential to understand the mechanics of trade and, in particular, which traded species are most likely to be released or escape into the wild. A species' economic value is a key factor, because we expect cheaper species to be less assiduously secured against escaping, and more likely to be deliberately released. Here, we investigate determinants of the price of species in the Taiwanese bird trade. Taiwan is an international hub for bird trade, and several native species are threatened by alien bird species. We investigated the relationship between the traded species sale price in Taiwan and the species availability for trade (the number of birds for sale, geographic range size and their origin, conservation and CITES status) and traits (body size, coloration, song attractiveness). We used phylogenetic generalized least squares models, with multi-model inference, to assess the variables that are best related to the price of birds in the Taiwanese pet trade. We found that species available for sale in larger numbers, native to Taiwan, not globally endangered, and small-bodied are all relatively cheaper, as too are species lacking yellow coloration and without attractive songs. Our models of price revealed high levels of phylogenetic correlation, and hence that closely related species tended to be sold for similar prices. We suggest that, on the basis of price, native species are more likely to be deliberately or accidentally released than alien species. Nevertheless, our survey of bird shops recorded 160 species alien to Taiwan (7,631 individuals), several of which are for sale cheaply and in large numbers. Alien bird species in trade therefore present an ongoing, non-trivial invasion risk on the island.

  14. Optimal pricing and replenishment policies for instantaneous deteriorating items with backlogging and trade credit under inflation

    Science.gov (United States)

    Sundara Rajan, R.; Uthayakumar, R.

    2017-12-01

    In this paper we develop an economic order quantity model to investigate the optimal replenishment policies for instantaneous deteriorating items under inflation and trade credit. Demand rate is a linear function of selling price and decreases negative exponentially with time over a finite planning horizon. Shortages are allowed and partially backlogged. Under these conditions, we model the retailer's inventory system as a profit maximization problem to determine the optimal selling price, optimal order quantity and optimal replenishment time. An easy-to-use algorithm is developed to determine the optimal replenishment policies for the retailer. We also provide optimal present value of profit when shortages are completely backlogged as a special case. Numerical examples are presented to illustrate the algorithm provided to obtain optimal profit. And we also obtain managerial implications from numerical examples to substantiate our model. The results show that there is an improvement in total profit from complete backlogging rather than the items being partially backlogged.

  15. International competition in vertically differentiated markets with innovation and imitation: trade policy versus free trade

    Czech Academy of Sciences Publication Activity Database

    Kováč, E.; Žigić, Krešimir

    2014-01-01

    Roč. 81, č. 323 (2014), s. 491-521 ISSN 0013-0427 Institutional support: PRVOUK-P23 Keywords : model of price competition * trade policy * free trade Subject RIV: AH - Economics Impact factor: 1.045, year: 2014

  16. International Transfer Pricing Regulation: Nigerian Experience ...

    African Journals Online (AJOL)

    Multinational enterprises (MNEs), as any other international business concern, have among other objectives, the reduction of foreign exchange risk, duties or tariffs, foreign and domestic taxes, which ultimately maximise the enterprises profitability. The use of international transfer pricing strategy by MNEs remains on the ...

  17. 22 CFR 145.45 - Cost and price analysis.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Cost and price analysis. 145.45 Section 145.45....45 Cost and price analysis. Some form of cost or price analysis shall be made and documented in the procurement files in connection with every procurement action. Price analysis may be accomplished in various...

  18. 7 CFR 993.21b - Trade demand.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 8 2010-01-01 2010-01-01 false Trade demand. 993.21b Section 993.21b Agriculture... Order Regulating Handling Definitions § 993.21b Trade demand. (a) Domestic trade demand. The quantity of... domestic markets for human consumption as prunes and prune products. (b) Foreign trade demand. The quantity...

  19. 48 CFR 25.406 - Israeli Trade Act.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Israeli Trade Act. 25.406... PROGRAMS FOREIGN ACQUISITION Trade Agreements 25.406 Israeli Trade Act. Acquisitions of supplies by most agencies are covered by the Israeli Trade Act, if the estimated value of the acquisition is $50,000 or more...

  20. The voluntary price for the small consumer: Real-time pricing in Spain

    International Nuclear Information System (INIS)

    Roldán Fernández, Juan Manuel; Payán, Manuel Burgos; Santos, Jesús Manuel Riquelme; García, Ángel Luis Trigo

    2017-01-01

    In 2013, a period of reform was initiated of the regulatory framework of the Spanish electricity sector. A year later, the methodology for the calculation of the Voluntary Price for the Small Consumer (VPSC) was approved: a real-time price tariff for small domestic consumers. Under this price-setting system, VPSC consumers are billed according to their hourly consumption and hourly prices along the day. Directive 27/2014/EU, on energy saving, was also transposed to Spanish regulation in 2014. The impact on the Spanish electricity market and domestic VPSC consumers of these two recent energy policy modifications are analyzed in this work. A qualitative model, based on the flexibility of the merit-order curves, is first introduced to formulate a number of hypotheses. A set of scenarios are then examined to quantify the main effects on the market and on domestic consumers. The results show that domestic energy-saving, and, to a lesser extent, load-shifting scenarios, can diminish the mean hourly price and the cost of the annual traded energy in the market. Nevertheless, these reductions are mainly granted to large qualified consumers, since domestic consumers mostly benefit from the reduction of their energy demand rather than from a reduction of the price. - Graphical abstract: Load saving and load-shifting performed by small VPSC consumers reduces the hourly clearing price and the traded energy leading to some rent transfer from the generators to the purchasing agents. The cost saving for VPSC consumers is mainly related to the energy they saved. They profit only partially from the market cost saving. - Highlights: • Merit-order effect related to energy saving and load-shifting are identified. • Domestic consumers are able to conduct energy saving and load-shifting at no cost. • Cyclic load-shifting reduces the traded energy and the economic cost in the market. • Rent transfer form generators to purchasing agents catalyzed by costumers’ saving.

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