Trading with electric power in the Nordic countries

International Nuclear Information System (INIS)

1992-01-01

During recent years Nordic cooperation has contributed to a greater integration of the Nordic electric power markets. This has been based on trade on a short-term basis. As a part of increased integration in Europe and the demand for more effective administration of Nordic energy resources, trade with electric power has become more significant. At the same time environmental challenges have lead to an increase in Nordic and European cooperation, also within the energy sector. The aim of the seminar held in Hankoe, Norway, on June 9-11, 1992 was to discuss the problems within this field. Both theoretical and practical aspects were dealt with and developments in Europe and environmental issues were in focus. The lectures given at the seminar are included in this publication. (AB)

Judicial aspects of emission trade. Emission trade in the European Union

International Nuclear Information System (INIS)

Van Beuge, M.J.J.

2004-01-01

Emission trade will start in Europe in 2005. In a series of articles an overview will be given of several juridical aspects with respect to the international and national trade of emission. In part 1 attention was paid to the international judicial basis for the present climate policy. In this article an overview is given of developments with regard to emission trade in the European Union [nl

Trade Liberalization between Russia and East Asian Countries

Directory of Open Access Journals (Sweden)

Dmitriy Aleksandrovich Izotov

2015-12-01

Full Text Available Based on the international statistics data the author estimates effects of trade liberalization between Russia and East Asian countries. The prospective niche markets in mutual trade and the impact of trade liberalization on the national economies were identified. Using a partial equilibrium model the author indicates the following positive trade effects for Russia and East Asia: trade creation effect prevails over trade diversion effect; general welfare and mutual trade of the countries tend to increase. The Russian economy has positive trade effects with all the East Asian countries, with the highest scale in the case of Sino-Russian trade. At the same time trade liberalization has following some costs for the Russian economy: a the growing role of imports, mostly from China, compared to Russian exports; b reduction of tariff revenues, which are four times higher for Russia, compared to East Asian countries; c continued negative trade balance with the East Asian countries. The evaluation shows that the increase of Russian exports to East Asian countries is feasible only for certain commodity groups which determine marketable niches of specific East Asian countries; at the same time, Russia can import from East Asia a huge range of commodity groups. The study reveals that reduction in tariff measures and non- tariff restrictions will not lead to a massive increase in Russian exports and changing in its trade and geographical structure. On the basis of prolongation of short-term trends the author identifies long-term challenges and opportunities for the Russian economy from trade liberalization with East Asian countries. According to the estimation results, the author suggests that in the current environment of global trade liberalization the tariff measures become less significant as a tool for redistribution of commodity flows

Banking and trading

NARCIS (Netherlands)

Boot, A.W.A.; Ratnovski, L.

2013-01-01

We study the interaction between relationship banking and short-term, scalable arm’s length finance which we call trading. Relationship banking is not scalable, has high franchise value, is long-term oriented and low risk. Trading is transaction-based: scalable, with lower margins (capital

Short-term predictions in forex trading

Science.gov (United States)

Muriel, A.

2004-12-01

Using a kinetic equation that is used to model turbulence (Physica A, 1985-1988, Physica D, 2001-2003), we redefine variables to model the time evolution of the foreign exchange rates of three major currencies. We display live and predicted data for one period of trading in October, 2003.

Bitcoin trading system

OpenAIRE

Turšič, Samo

2015-01-01

In this thesis an information solution was developed that enables the implementation of different trading strategies and backtesting over cryptocurrency Bitcoin trading data. Supported exchanges are Bitstamp, BTC-e and MtGox. In the field of technical analysis there already exist various solutions for Bitcoin that help traders to trade and advise them on basis of technical indicators and patterns. However, each has its own drawbacks, which we are aiming to fix. A web application was developed...

Bitcoin trading system

OpenAIRE

Turšič, Samo

2014-01-01

In this thesis an information solution was developed that enables the implementation of different trading strategies and backtesting over cryptocurrency Bitcoin trading data. Supported exchanges are Bitstamp, BTC-e and MtGox. In the field of technical analysis there already exist various solutions for Bitcoin that help traders to trade and advise them on basis of technical indicators and patterns. However, each has its own drawbacks, which we are aiming to fix. A web application was developed...

Pulling back the curtain on 'behind the border' trade costs: The case of EU-US agri-food trade

International Nuclear Information System (INIS)

Sanjuán, A.I.; Philippidis, G.; Resano, H.

2017-01-01

With the rise of anti-free-trade sentiment on both sides of the Atlantic, there is a growing urgency by trade negotiators to conclude the Trans-Atlantic Trade and Investment Partnership (TTIP) negotiations. The harmonisation of non-tariff restrictions is a key component of the talks, whilst global modelling databases typically lack a price compatible representation of these measures, which lends a degree of bias to ex-ante modelling assessments. In the gravity literature, there is (limited) evidence of non-tariff ad-valorem equivalent (AVE) estimates of agriculture and food, although disaggregated agri-food activities and/or bilateral EU-US route specific estimates are still in relatively short supply. Using panel data, this study consolidates both of these issues, whilst also proposing an ‘indirect’ gravity method as a basis upon which to provide econometric non-tariff AVE estimates compatible with the degree of sectoral concordance typically found in global modelling databases. On a general note, the results revealed the presence of significant behind the border trade costs on both sides of the Atlantic, which exceed their tariff counterparts. Using simple aggregated averages, our estimates are comparable with ‘direct’ gravity method studies. Furthermore, rigorous qualitative and quantitative comparisons on a sector-by-sector basis showed that a number of bilateral non-tariff AVEs are also found to be plausible, although in some cases, with recourse to relevant policy documents and expert opinion, it is debatable whether the EU or the US is more restrictive. Further work could focus on refining the sector specificity of each gravity equation to improve the model's predictive capacity.

Pulling back the curtain on 'behind the border' trade costs: The case of EU-US agri-food trade

Energy Technology Data Exchange (ETDEWEB)

Sanjuán, A.I.; Philippidis, G.; Resano, H.

2017-07-01

With the rise of anti-free-trade sentiment on both sides of the Atlantic, there is a growing urgency by trade negotiators to conclude the Trans-Atlantic Trade and Investment Partnership (TTIP) negotiations. The harmonisation of non-tariff restrictions is a key component of the talks, whilst global modelling databases typically lack a price compatible representation of these measures, which lends a degree of bias to ex-ante modelling assessments. In the gravity literature, there is (limited) evidence of non-tariff ad-valorem equivalent (AVE) estimates of agriculture and food, although disaggregated agri-food activities and/or bilateral EU-US route specific estimates are still in relatively short supply. Using panel data, this study consolidates both of these issues, whilst also proposing an ‘indirect’ gravity method as a basis upon which to provide econometric non-tariff AVE estimates compatible with the degree of sectoral concordance typically found in global modelling databases. On a general note, the results revealed the presence of significant behind the border trade costs on both sides of the Atlantic, which exceed their tariff counterparts. Using simple aggregated averages, our estimates are comparable with ‘direct’ gravity method studies. Furthermore, rigorous qualitative and quantitative comparisons on a sector-by-sector basis showed that a number of bilateral non-tariff AVEs are also found to be plausible, although in some cases, with recourse to relevant policy documents and expert opinion, it is debatable whether the EU or the US is more restrictive. Further work could focus on refining the sector specificity of each gravity equation to improve the model's predictive capacity.

Output, renewable energy consumption and trade in Africa

International Nuclear Information System (INIS)

Ben Aïssa, Mohamed Safouane; Ben Jebli, Mehdi; Ben Youssef, Slim

2014-01-01

We use panel cointegration techniques to examine the relationship between renewable energy consumption, trade and output in a sample of 11 African countries covering the period 1980–2008. The results from panel error correction model reveal that there is evidence of a bidirectional causality between output and exports and between output and imports in both the short and long-run. However, in the short-run, there is no evidence of causality between output and renewable energy consumption and between trade (exports or imports) and renewable energy consumption. Also, in the long-run, there is no causality running from output or trade to renewable energy. In the long-run, our estimations show that renewable energy consumption and trade have a statistically significant and positive impact on output. Our energy policy recommendations are that national authorities should design appropriate fiscal incentives to encourage the use of renewable energies, create more regional economic integration for renewable energy technologies, and encourage trade openness because of its positive impact on technology transfer and on output. - Highlights: • We examine the relationship between renewable energy consumption, trade and output in African countries. • There is a bidirectional causality between output and trade in both the short and long-run. • In the short-run, there is no causality between renewable energy consumption and trade or output. • In the long-run, renewable energy consumption and trade have a statistically significant positive impact on output. • African authorities should encourage trade openness because of its positive impact on technology transfer and on output

Illegal markets, human trade and transnational organised crime

Directory of Open Access Journals (Sweden)

Nikolić-Ristanović Vesna Ž.

2003-01-01

Full Text Available In this paper the author explores, focusing largely on the example of the Balkans, the connection between the expansion of neoliberal market economy and war, and related to it the growth of illegal markets and the shadow economy, on one hand, and the victimisation by human trafficking, on the other. By locating human trade within expanding local and global illegal markets, the author is arguing that, without taking into consideration wider social contexts, which create structural incentives for illegal markets and transnational organised crime, we can hardly understand the causes, let alone build effective strategies to combat and prevent it. Consequently, on the basis of the analyses of human trade as a form of both transnational organised crime and illegal markets, some strategies (short-term and long-term for the prevention and control of human trafficking on both the micro and macro level are suggested.

Short-term LNG-markets

International Nuclear Information System (INIS)

Eldegard, Tom; Lund, Arne-Christian; Miltersen, Kristian; Rud, Linda

2005-01-01

The global Liquefied Natural Gas (LNG) industry has experienced substantial growth in the past decades. In the traditional trade patterns of LNG the product has typically been handled within a dedicated chain of plants and vessels fully committed by long term contracts or common ownership, providing risk sharing of large investments in a non-liquid market. Increasing gas prices and substantial cost reductions in all parts of the LNG chain have made LNG projects viable even if only part of the capacity is secured by long-term contracts, opening for more flexible trade of the remainder. Increasing gas demand, especially in power generation, combined with cost reductions in the cost of LNG terminals, open new markets for LNG. For the LNG supplier, the flexibility of shifting volumes between regions represents an additional value. International trade in LNG has been increasing, now accounting for more than one fifth of the world's cross-border gas trade. Despite traditional vertical chain bonds, increased flexibility has contributed in fact to an increasing LNG spot trade, representing 8% of global trade in 2002. The focus of this paper is on the development of global short-term LNG markets, and their role with respect to efficiency and security of supply in European gas markets. Arbitrage opportunities arising from price differences between regional markets (such as North America versus Europe) are important impetuses for flexible short-term trade. However, the short-term LNG trade may suffer from problems related to market access, e.g. limited access to terminals and regulatory issues, as well as rigidities connected to vertical binding within the LNG chain. Important issues related to the role of short-term LNG-trade in the European gas market are: Competition, flexibility in meeting peak demand, security of supply and consequences of differences in pricing policies (oil-linked prices in Europe and spot market prices in North America). (Author)

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.

Is the Classification of International Trade in Horizontal and Vertical Intra-Industry Trade Usable?

DEFF Research Database (Denmark)

Nielsen, Jørgen Ulff-Møller; Lüthje, Teit

2001-01-01

with vertical intra-industry trade (between Germany and France) making up 50-60%. The high level of vertical intra-industry trade probably covers up many products shifting between e.g. vertical and horizontal intra-industry. The statement from the literature that the European integration process involves heavy......Abstract On the basis of OECD trade statistics at SITC 5 digit level for the period 1961-1999 we show the classification of international trade in (a) inter-industry trade and (b) horizontal intra-industry and (c) vertical intra-industry trade used in the empirical trade literature to be non stable...... at the individual product level. This indicates that this type of statistical classification based on unit-values is probably not very useful. On the other hand, we also show in accordance with the literature that the aggregate distribution of trade into the three categories apparently is rather stable...

A basis for greenhouse gas trading in agriculture : Final report of the emission reduction trading protocol team

International Nuclear Information System (INIS)

2002-01-01

A link has been established between increasing levels of greenhouse gases in the atmosphere and the rise in global temperatures. The burning of fossil fuels, land use changes, agricultural and industrial activities play a large part in the increase of greenhouse gases and result in in changes to temperature, precipitation and weather patterns. The two methods that can be used to reduce the buildup of greenhouse gases in the atmosphere are the reduction of the gases and the sequestration of carbon dioxide (carbon dioxide is absorbed) into terrestrial processes. Several policy options are being considered to effect this reduction in buildup, and one of those includes the implementation of a tradable system of emission permits. Such a scenario would involve the agricultural sector removing and reducing on-farm emissions of greenhouse gases, thereby earning it credits that could then be sold to those industries that face tougher greenhouse gases control costs. The study led to several findings: (1) trades in carbon dioxide in the Albertan agricultural sector and changes in agricultural practices could lead to reductions of up to 5 million tonnes per year to 2008, (2) the sector is in a good position to trade carbon removals and credits into a large final emitter cap and trade system, (3) some uncertainties in the policy area remain, (4) the early years of trading are not risk-free, and (5) the risks are being hedged through a number of mechanisms and tools that have already been identified. 18 refs., 3 tabs., 3 figs

Trade Growth and Poverty: A Case of Pakistan

Directory of Open Access Journals (Sweden)

Rana Ejaz Ali Khan

2010-08-01

Full Text Available It is generally argued that open trade is crucial for economic growth and development. The economic literature also argues that growth is an important option for reducing poverty in developing countries. The paper analyzed the causality between the trade, growth and poverty for Pakistan using annual time series data from 1973-2009. Granger causality results based on Error-Correction Models have shown that in the case of Pakistan there exists two way relationship between trade and growth in the long-run but for the short-run growth enhance the trade. For the growth and poverty, there exists long-run relation from growth to poverty while for the short-run there exists no relationship. It may be concluded that international trade can play an important role towards growth and ultimately alleviation of poverty. From the policy perspective government should focus on trade.

THE TRADE POSITION OF POLAND IN THE ICT SERVICES SECTOR

Directory of Open Access Journals (Sweden)

Sylwia Talar

2016-09-01

Full Text Available The paper includes analysis and assessment of trade in the ICT services performance of Poland. This study is looked at the trade position, essentially on the basis of the share in the world ICT services exports, revealed comparative advantage (RCA, and trade coverage ratio. It also identifies trends of the world trade in the ICT services. The statistics are derived from the basis of UNCTAD and Eurostat. International trade in the ICT ser-vices sector has specific characteristics and the interpretation of results of this trade is to take account of the particular nature of the ICT services. Poland is currently not revealed comparative advantage in the ICT services exports, but has had positive balance. Practically all trade indicators for Poland show very strong growth, which indicate a significant improvement in its ICT services trade position.

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...

Application of a Shallow Neural Network to Short-Term Stock Trading

OpenAIRE

Madahar, Abhinav; Ma, Yuze; Patel, Kunal

2017-01-01

Machine learning is increasingly prevalent in stock market trading. Though neural networks have seen success in computer vision and natural language processing, they have not been as useful in stock market trading. To demonstrate the applicability of a neural network in stock trading, we made a single-layer neural network that recommends buying or selling shares of a stock by comparing the highest high of 10 consecutive days with that of the next 10 days, a process repeated for the stock's ye...

Alternative trading systems in Poland

Directory of Open Access Journals (Sweden)

Magdalena Mosionek-Schweda

2009-12-01

Full Text Available The first Polish alternative trading system – called NewConnect – was opened on 30 August 2007. It has the status of an organized market, but it is operated by the Warsaw Stock Exchange outside the regulated market. Two years later, on 30 September 2009, the WSE launched another market – Catalyst – which consists of four segments including: two regular markets and two alternative trading platforms. The present paper aims to describe fundamental rules of the Polish alternative trading platforms as well as to depict a short overview of their trading indicators and basic statistics.

Pairs Trading to the Commodities Futures Market Using Cointegration Method

Directory of Open Access Journals (Sweden)

Cüneyt Ungever

2015-10-01

Full Text Available This paper investigates pairs trading strategy by using the cointegration method among the 10 most popular agricultural future markets. It is found that only in 2 pairs shows trading signal. The pairs trading strategy is performed in two stages that are the formation period and the trading period with daily futures data from 2004 to 2015. After the formation period was constructed, it is assumed that the cointegration error continues to hold the trading period same as it does for the formation period. The pairs trading strategy is created by the long position cotton and the short position coffee and also long position cotton and short position the livecattle. It is found that the profitability of this strategy worked well in both formation period and trading period.

U.S. International Trade: Trends and Forecasts

National Research Council Canada - National Science Library

Nanto, Dick K

2006-01-01

.... The purpose of this report is to provide current data and brief explanations for the various types of trade flows along with a short discussion of particular trends and points of contention related to trade policy...

Trade and energy consumption in the Middle East

International Nuclear Information System (INIS)

Sadorsky, Perry

2011-01-01

Over the past 30 years many economies have experienced large increases in economic trade, income and energy consumption. This brings up an interesting question. How do increases in trade affect energy consumption? This study uses panel cointegration data estimation techniques to examine the impact of trade on energy consumption in a sample of 8 Middle Eastern countries covering the period 1980 to 2007. Short-run dynamics show Granger causality from exports to energy consumption, and a bi-directional feedback relationship between imports and energy consumption. Long run elasticities estimated from FMOLS show that a 1% increase in per capita exports increases per capita energy consumption by 0.11% while a one percent increase in per capita imports increases per capita energy consumption by 0.04%. These results are important in establishing that increased trade affects energy demand in the Middle East in both the short and long-run. This has implications for energy policy and environmental policy. - Research Highlights: → Trade affects energy consumption in Middle Eastern economies. → Short-run causality runs from exports to energy consumption. → There is a short-run feedback relationship between energy consumption and imports. → In the long-run a 1% increase in per capita exports increases per capita energy consumption by 0.11%. → In the long-run a 1% increase in per capita imports increases per capita energy consumption by 0.04%.

Horizontal and Vertical Intra-Industry Trade: Is the Empirical Classification Usable?

DEFF Research Database (Denmark)

Nielsen, Jørgen Ulff-Møller; Lüthje, Teit

2002-01-01

On the basis of OECD trade statistics at SITC 5 digit level for the period 1961-1999 this paper shows the classification of international trade in (1) inter-industry trade; (2) horizontal intra-industry; and (3) vertical intra-industry trade used in the empirical trade literature to be unstable...

Canister storage building trade study. Final report

International Nuclear Information System (INIS)

Swenson, C.E.

1995-05-01

This study was performed to evaluate the impact of several technical issues related to the usage of the Canister Storage Building (CSB) to safely stage and store N-Reactor spent fuel currently located at K-Basin 100KW and 100KE. Each technical issue formed the basis for an individual trade study used to develop the ROM cost and schedule estimates. The study used concept 2D from the Fluor prepared ''Staging and Storage Facility (SSF) Feasibility Report'' as the basis for development of the individual trade studies

Canister storage building trade study. Final report

Energy Technology Data Exchange (ETDEWEB)

Swenson, C.E. [Westinghouse Hanford Co., Richland, WA (United States)

1995-05-01

This study was performed to evaluate the impact of several technical issues related to the usage of the Canister Storage Building (CSB) to safely stage and store N-Reactor spent fuel currently located at K-Basin 100KW and 100KE. Each technical issue formed the basis for an individual trade study used to develop the ROM cost and schedule estimates. The study used concept 2D from the Fluor prepared ``Staging and Storage Facility (SSF) Feasibility Report`` as the basis for development of the individual trade studies.

Modern trends of electronic trading by negotiable financial instruments

OpenAIRE

Кравчук, Ігор Святославович

2018-01-01

International negotiable financial instrument markets have a high level of electronic trading. It is displayed using the consolidated limit order book, the widening the range of trading orders, smart order routing, high speed access to the market on the basis of latency minimizing. The result of electronic trading is the development of high-frequency trading, the positive features of which are the increase of trading activity and market liquidity, and the reducing of transaction costs. The ma...

Multi-Period Trading via Convex Optimization

DEFF Research Database (Denmark)

Boyd, Stephen; Busseti, Enzo; Diamond, Steve

2017-01-01

We consider a basic model of multi-period trading, which can be used to evaluate the performance of a trading strategy. We describe a framework for single-period optimization, where the trades in each period are found by solving a convex optimization problem that trades off expected return, risk......, transaction cost and holding cost such as the borrowing cost for shorting assets. We then describe a multi-period version of the trading method, where optimization is used to plan a sequence of trades, with only the first one executed, using estimates of future quantities that are unknown when the trades....... In this paper, we do not address a critical component in a trading algorithm, the predictions or forecasts of future quantities. The methods we describe in this paper can be thought of as good ways to exploit predictions, no matter how they are made. We have also developed a companion open-source software...

The Role of Exchange Rates in Korea’s Commodity Trade with China

Directory of Open Access Journals (Sweden)

Gab-Je Jo

2010-12-01

Full Text Available In this paper I investigate the link between Korea's trade balance and the exchange rate, using both aggregated and disaggregated data. Employing the bounds testing approach to cointegration, and error-correction modeling, when I use the aggregate trade balance as a dependent variable, I find no support for the J-curve in the short-run; and also find that in the long-run, the exchange rate had a significant positive impact on the trade balance. However, in both the short and the long-run, I find that the exchange rate does not play a significant role in deterIn this paper I investigate the link between Korea's trade balance and the exchange rate, using both aggregated and disaggregated data. Employing the bounds testing approach to cointegration, and error-correction modeling, when I use the aggregate trade balance as a dependent variable, I find no support for the J-curve in the short-run; and also find that in the long-run, the exchange rate had a significant positive impact on the trade balance. However, in both the short and the long-run, I find that the exchange rate does not play a significant role in determining the bilateral trade balance between Korea and China, nor does it improve the disaggregated trade balance. This is because the exchange rate elasticity of the trade balance depends on the nature of the commodity. Especially if the commodity is an intermediate good or a raw material, the exchange rate elasticity in trade balance could be inelastic because the demand for the intermediate good is a derived demand from the final good.

Trade unions and social movements: methods and forms of interaction

Directory of Open Access Journals (Sweden)

O. L. Tupytsia

2017-07-01

New typological features of social movements are formed on the basis of a new type of social and communication links. Social hierarchy and class antagonisms, which provided the basis for the existence and development of trade unions in the past, expired. Therefore, the organizational forms of trade unions as social movements have become more available and acceptable for contemporary citizens.

THE TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP

Directory of Open Access Journals (Sweden)

MOT Anca

2014-06-01

Full Text Available The Transatlantic Trade and Investment Partnership is a project of exceptional importance which opens a new stage in the globalization process. Given its historical significance, this construction causes numerous debates and controversies. This article attempts to draft a few reflections regarding the main elements, dimensions, orientations, the basis values, objectives and the relevant actors (economic, political, formal and informal of this greatest bilateral trade agreement. We will attempt a decrypting, on the basis of press articles, of political discourse, and of different analyses and comments, what are the social and economic effects, what are the consequences on democracy of this market project.

The future of human rights impact assessments of trade agreements

NARCIS (Netherlands)

Walker, S.M.

2009-01-01

The Future of Human Rights Impact Assessments of Trade Agreements develops a methodology for human rights impact assessments of trade agreements and considers whether there is any value in using the methodology on a sustained basis to ensure that the human dimensions of international trade are taken

Improving efficiency in bilateral emission trading

International Nuclear Information System (INIS)

Burtraw, D.; Harrison, K.W.; Turner, P.

1998-01-01

When environmental damages from emissions are spatially nonuniform, permit trading has been modeled most often as a 'pollution offset program' in which emission permits are traded between agents, subject to constraints on ambient air quality. To date the institution envisioned to implement such a program involves trading on a bilateral and sequential basis. However, simulation studies indicate that the sequence of trades may alter the outcome and undermine the cost savings from a pollution offset program. This paper identifies a design for the trading institution that tends to overcome this phenomenon and improve the efficiency of equilibria obtained in a simulation model. We model a bilateral trading process for the reduction of sulfur dioxide emissions with a stochastic description of the sequence of trades within groups of nations in Europe. When trading takes place between disaggregated, stylistic representations of economic enterprises, rather than between national governments, a significantly greater portion of potential savings is achieved. In fact, under most sets of assumptions, approximate first order stochastic dominance is achieved wherein the more decentralized the trading agents, the greater the expected savings from a trading program. 4 figs., 2 tabs., 31 refs

Carbon trading thickness and market efficiency

International Nuclear Information System (INIS)

Montagnoli, Alberto; De Vries, Frans P.

2010-01-01

This note tests for the efficient market hypothesis (EMH) in the market for CO 2 emission allowances in Phase I and Phase II of the European Union Emissions Trading Scheme (EU ETS). As usually is the case in emerging and non-competitive markets such as the EU ETS, trading often not occurs on a frequent basis. This has adverse implications for both the gains from permit trade as well as biases the EMH tests. Variance ratio tests are employed to adjust for the thin trading effect. The results indicate that Phase I - the trial and learning period - was inefficient, whereas the first period under Phase II shows signs of restoring market efficiency. (author)

Trade Credit and Informational Asymmetry.

OpenAIRE

Smith, Janet Kiholm

1987-01-01

Commonly used trade credit terms implicitly define a high interest rate that operates as an efficient screening device where information about buyer default risk is asymmetrically held. By offering trade credit, a seller can identify prospective defaults more quickl y than if financial institutions were the sole providers of short-ter m financing. The information is valuable in cases where a seller has made nonsalvageable investments in buyers since it enables the seller to take actions to pr...

Derivatives Trading and Negative Voting

OpenAIRE

Spamann, Holger

2012-01-01

This paper exposits a model of parallel trading of corporate securities (shares, bonds) and derivatives in which a large trader can sometimes profitably acquire securities with their corporate control rights for the sole purpose of reducing the corporations value and gaining on a net short position created through off-setting derivatives. At other times, the large trader profitably takes a net long position. The large trader requires no private information beyond its own trades. The problem i...

Pollution added credit trading (PACT). New dimensions in emissions trading

International Nuclear Information System (INIS)

Schaltegger, Stefan; Thomas, Tom

1996-01-01

To date, sources of hazardous, toxic, or otherwise harmful emissions have been regulated on a pollutant by pollutant basis. Environmental policies, even the more advanced 'incentive-based' programs, have focused on individual substances rather than on the overall environmental problem to which the substances contribute. This has produced results that are less economically efficient and ecologically effective than is desirable. A more comprehensive approach combines the principles of emission reduction credit trading with advances made recently in the field of environmental impact assessment, to yield an advanced form of inter-pollutant trading, which we refer to as pollution added credit trading (PACT). PACT incorporates a method for estimating the total environmental harm generated (pollution added) by a facility emitting a variety of pollutants. Weightings that reflect relative harm are used to calculate total pollution added. Each facility covered by PACT would receive annual allowances for total pollution added that they could discharge to the environment. As with existing emissions trading programs, surplus allowances could be sold and shortfalls would be covered by purchasing other facilities' surplus allowances. PACT is more efficient than single-pollutant emissions trading in that it captures differences in marginal reduction costs that exist between pollutants as well as between facilities. It is more ecologically effective because it focuses on the overall environmental problem, rather than on the individual pollutants that contribute to the problem

Impact of Terms-of-Trade on Slovakia, the Czech Republic, and Croatia in the Short Run

Directory of Open Access Journals (Sweden)

Szomolányi Karol

2017-03-01

Full Text Available The terms-of-trade shocks are not main source of business cycles in three post-communist countries (i.e., Slovakia, the Czech Republic, and Croatia. The zero or negative reactions of the trade balance in terms-of-trade positive shocks in the countries exhibit the Obstfeld-Svensson-Razin effect, according to which the Harberger-Laursen-Metzler positive effect on terms-of-trade indicates that the smaller the trade balance, the more persistent the terms-of-trade shock is. The conclusions come from the structural vector autoregressive analysis of the cyclical components of terms-of-trade, trade balance, output, consumption, and investment in three post-communist countries.

Conflicting Perspectives in Trade and Environmental Negotiations

International Nuclear Information System (INIS)

Buchner, B.K.; Roson, R.

2002-09-01

International trade negotiations have recently tackled the issue of possible free trade restrictions, justified - among others - on the basis of environmental concerns. Also, some analyses of international environmental agreements (especially in the field of climate change) have highlighted the key role played by changes in the terms of trade in determining the cost of environmental policies. Yet, secondary effects of international trade remain disregarded in many environmental policies, whereas the introduction of environmental trade barriers has been resisted, arguing that this may hide a Trojan horse of a renewed protectionism. This paper reviews the debate on trade and the environment in the two fields of environmental and trade negotiations, highlighting the different and somewhat conflicting approach adopted in the two cases. A numerical general equilibrium model is used to illustrate how different 'perceptions' (translated in terms of alternative model closures) affect the use of instruments, the distributional impact of the various policies, and the strategic interplay between negotiators in international agreements

Conflicting Perspectives in Trade and Environmental Negotiations

Energy Technology Data Exchange (ETDEWEB)

Buchner, B.K. [Fondazione Eni Enrico Mattei FEEM, Milan (Italy); Roson, R. [Economics Department, Ca' Foscari University, Venice (Italy)

2002-09-01

International trade negotiations have recently tackled the issue of possible free trade restrictions, justified - among others - on the basis of environmental concerns. Also, some analyses of international environmental agreements (especially in the field of climate change) have highlighted the key role played by changes in the terms of trade in determining the cost of environmental policies. Yet, secondary effects of international trade remain disregarded in many environmental policies, whereas the introduction of environmental trade barriers has been resisted, arguing that this may hide a Trojan horse of a renewed protectionism. This paper reviews the debate on trade and the environment in the two fields of environmental and trade negotiations, highlighting the different and somewhat conflicting approach adopted in the two cases. A numerical general equilibrium model is used to illustrate how different 'perceptions' (translated in terms of alternative model closures) affect the use of instruments, the distributional impact of the various policies, and the strategic interplay between negotiators in international agreements.

Combined heat and power production planning in a waste-to-energy plant on a short-term basis

International Nuclear Information System (INIS)

Touš, Michal; Pavlas, Martin; Putna, Ondřej; Stehlík, Petr; Crha, Lukáš

2015-01-01

In many cases, WtE (waste-to-energy) plants are CHP (combined heat and power) producers. They are often integrated into a central heating system and they also export electricity to the grid. Therefore, they have to plan their operation on a long-term basis (months, years) as well as on a short-term basis (hours, days). Simulation models can effectively support decision making in CHP production planning. In general, CHP production planning on a short-term basis is a challenging task for WtE plants. This article presents a simulation based support. It is demonstrated on an example involving a real WtE plant. Most of the models of relevant WtE sub-systems (boilers, steam turbine) are developed using operational data and applying linear regression and artificial neural network technique. The process randomness given mainly by fluctuating heating value of waste leads to uncertainty in a calculation of CHP production and a stochastic approach is appropriate. The models of the sub-systems are, therefore, extended of a stochastic part and Monte-Carlo simulation is applied. Compared to the current planning strategy in the involved WtE plant, the stochastic simulation based planning provides increased CHP production resulting in better net thermal efficiency and increased revenue. This is demonstrated through a comparison using real operational data. - Highlights: • Introduction of a stochastic model of a CHP production in a waste-to-energy plant. • An application of the model for the next day CHP production planning. • Better net thermal efficiency and therefore increased revenue achieved.

Quotum for CO2. Trading system in preparation

International Nuclear Information System (INIS)

Van der Weijden, C.; Dingenen, S.

2002-01-01

CO2 emission rights trading is one of the most promising tools for limiting the release of CO2 in the short term. While development of a trading system continues at the European Union level, the Netherlands is working on a system of its own, which will differ from its European counterpart in various critical respects. Although the Netherlands is likely to be one of the main beneficiaries of emission trading, the nation nevertheless has an obligation to pursue technical innovation [nl

Canadian municipal carbon trading primer

International Nuclear Information System (INIS)

Seskus, A.

2002-01-01

The trading of greenhouse gas (GHG) emissions is being suggested as an effective economic way to meet Canada's Kyoto target. Emissions trading is a market-based instrument that can help achieve environmental improvements while using the market to absorb the economical and effective measures to achieve emissions reductions. Placing a value on emissions means that in order to minimize costs, companies will be motivated to apply the lowest-cost emission reductions possible for regulatory approval. The two main types of emissions trading that exist in Canada are the trading of emissions that lead to the formation of smog or acid rain, and the trading of greenhouse gas emissions that lead to climate change. Since carbon dioxide is the most prevalent GHG, making up approximately 75 per cent of Canadian GHG emissions, the trading of units of GHGs is often referred to as carbon trading. The impact that emissions trading will have on municipal operations was the focus of this primer. The trading of GHG involves buying and selling of allowances of GHGs between contracting parties, usually between one party that is short of GHG credits and another that has excess credits. The 3 common approaches to emissions trading include allowance trading (cap and trade), credit trading (baseline and credit), and a hybrid system which combines both credit and allowance trading systems. The issues that impact municipalities include the debate regarding who owns the credits from landfills, particularly if power is generated using landfill gas and the power is sold as green power. Other viable questions were also addressed, including who can claim emission reduction credits if a city implements energy efficiency projects, or fuel substitution programs. Also, will municipalities be allowed to trade internationally, for example, with municipalities in the United States, and how should they spend their money earned from selling credits. This report also presents highlights from 3 emissions

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.

POTENTIAL TRADE EFFECTS OF TARIFF LIBERALIZATION UNDER THE TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP (TTIP FOR THE EU AGRI-FOOD SECTOR

Directory of Open Access Journals (Sweden)

Agnieszka Poczta-Wajda

2017-06-01

Full Text Available  The aim of this article is to determine the potential trade effects of Transatlantic Trade and Investment Partnership (TTIP for the EU agri-food sector. The ex post analysis covered the characteristics of agri-food trade between the EU and the US in the years 2004–2014 on the basis of statistical data from the database of the World Bank WITS. The ex ante evaluation was carried out using SMART – a partial equilibrium model. The results of the study indicate that although bilateral agri-food trade relations of the EU–US have relatively little importance, but it is significant at the individual industries level. TTIP agreement, which includes the reduction of tariff barriers to agri-food trade between the EU and the US, will contribute to boosting bilateral agri-food trade to a greater extent for the US. The creation of a free trade produces mostly creation effect, whereby it will be asymmetric – concentrated in a few product groups.

Perception Of Trader Towards International Trade: A Diagnostic Study

Directory of Open Access Journals (Sweden)

Muzaffar Asad

2010-12-01

Full Text Available In this article the authors have identified the significant factors that influence international trade in the light of traders. Foreign exchange transaction may prove to be helpful in managing currency risk which is associated with import and export of goods. The significance of multi-national firms over international trade has been discussed along with the impact of balance of payment over international trade and the measures taken by the government to create a balance in balance of payment and balance of trade. The considerations of countries while determining exchange rates have been elaborated in this paper. The numerous factors that affect decision making for International Traders and the rectifications are also discussed in this paper. The paper also discusses how various aspects induce an industry to change its course or completely shut down and how to deal with these lingering threats. On the basis of literature reviewed the variables that have been selected that may influence international trade include; trade quotas, brand name, WTO, NAFTA, SAFTA, ASIAN, GATT, e-commerce, international payment systems, product specialization, home industry, foreign reserves, government regulations, international market, dumping duties, trade policies, social crises, economic crises, balance of payments, change in value, and supply than demand. A questionnaire will be developed on the basis of above-mentioned variables. The respondents of questionnaire will be the traders in the international market, importers and exporters. The data will then be handled by the use of SPSS. Regression analysis will be conducted to identify the significant variables that have major impact on international trade. At the end the recommendations will be mentioned for getting maximum benefit from international trade.

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...

Bonus schemes and trading activity

NARCIS (Netherlands)

Pikulina, E.S.; Renneboog, L.D.R.; ter Horst, J.R.; Tobler, P.N.

2014-01-01

Little is known about how different bonus schemes affect traders' propensity to trade and which bonus schemes improve traders' performance. We study the effects of linear versus threshold bonus schemes on traders' behavior. Traders buy and sell shares in an experimental stock market on the basis of

A FEW CONSIDERATIONS ABOUT TRADE FAIR STANDS DESIGN

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NEIDONI Nadina

2017-05-01

Full Text Available The paper presents some aspects related to the design of a trade fair stand, advertising a company specialized in the fabrication of corrugated fibre board packaging. The first section reviews shortly the main features of the industrial design. The second section deals with the structural conception of successful trade shows. Further, the importance of the package in the marketing matters is addressed. In this context corrugated fibreboard, as secondary or tertiary material is essential. In the final section, a comparison between two trade fair stands, representing a corrugated fibreboard company are presented.

Perspective of Chinese Forest Carbon Absorption Trade Based on Low-Carbon Economy

OpenAIRE

Wang, Ming-gang

2011-01-01

The paper analyzes the basis of forest carbon trade including me feasibility of carbon absorption trade, main body, platform and standard. The purposes of capital of carbon absorption trade is introduced. Caron absorption trade capital can be used to resettle ecological migrants, absorb employment, build forest and increase fund, increase local income, enhance forest science and technology development and launch environmental proportion. The perspective of developing forest carbon absorption ...

The World Trade Organization and organic food trade

DEFF Research Database (Denmark)

Daugbjerg, Carsten

2012-01-01

disagreement on whether the WTO's Agreement on Technical Barriers to Trade (addresses food labelling) covers production standards based on ethical values such as those defining organic food standards. Another problem is that two sets of international standards for organic food exist—the Codex Alimentarius...... guidelines and the standards of the International Federation of Organic Agriculture Movements. Finally, many certification bodies are private organisations certifying on the basis of government standards. This blurs the distinction between private and public and questions whether WTO rules apply...

Discourse on corruption counteraction in network trade

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Leonid A. Zhigun

2015-12-01

Full Text Available Objective to determine the specific forms of corruption and promising methods to counteract corruption in network trade. Methods the combination of inductive observations comparisons generalizations facts and trends of corruption in network trade with a logical analytical deduction of economic theories and the corruption concept are the basis of the study and provide an opportunity on the one hand to assess the level of compliance of theoretical concepts of corruption with the practice and on the other handnbsp to determine their applicability to organize opposition and create conditions to prevent its occurrence to summarize the features of corruption in the form of a kickback the discourse method was applied in this work. Results on the basis of theoretical provisions and facts of corruption in trade it is proved that it has typical characteristics of corruption in commercial and nonprofit organizations. The key reasons are identified why corruption occurs in trade. Among them supply of poor quality goods at inflated prices leading to bribery in the form of laquopersonal bonusraquo to administrator of the trading organization when selling goods by an unscrupulous supplier and also supply goods to the trade organizations which will not buy without kickback. Most of these corrupt deals are carried out by natural monopolies in the form of state and municipal procurement. In some cases the kickback is the argument stimulating the decision to introduce new and advanced technologies. The factors that lead to corruption in trade are listed and reasonable methods to counteract it are grounded allowing to create conditions for its eradication in other branches of business as well. Scientific novelty for the first time a generalization has been made about the deficit as the driving force in the mechanism when the bribegivers and bribetakers change places. Practical significance the main provisions and conclusions of the article can be used in the

International trade and exchange rate volatility

NARCIS (Netherlands)

J.M.A. Viaene (Jean-Marie); C.G. de Vries (Casper)

1992-01-01

textabstractFor currencies with well developed forward markets several papers have investigated the conjectured negative relationship between trade and short term exchange rate volatility, without being very successful. A theoretical explanation for the empirical anomalies is provided by solving

Long-Term Orientation in Trade

NARCIS (Netherlands)

Hofstede, G.J.; Jonker, C.M.; Verwaart, D.

2008-01-01

Trust does not work in the same way across cultures. This paper presents an agent model of behavior in trade across Hofstedes cultural dimension of long-term vs. short-term orientation. The situation is based on a gaming simulation, the Trust and Tracing game. The paper investigates the

From probabilistic forecasts to statistical scenarios of short-term wind power production

DEFF Research Database (Denmark)

Pinson, Pierre; Papaefthymiou, George; Klockl, Bernd

2009-01-01

on the development of the forecast uncertainty through forecast series. However, this additional information may be paramount for a large class of time-dependent and multistage decision-making problems, e.g. optimal operation of combined wind-storage systems or multiple-market trading with different gate closures......Short-term (up to 2-3 days ahead) probabilistic forecasts of wind power provide forecast users with highly valuable information on the uncertainty of expected wind generation. Whatever the type of these probabilistic forecasts, they are produced on a per horizon basis, and hence do not inform....... This issue is addressed here by describing a method that permits the generation of statistical scenarios of short-term wind generation that accounts for both the interdependence structure of prediction errors and the predictive distributions of wind power production. The method is based on the conversion...

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)

75 FR 24592 - Order Finding that the TETCO-M3 Financial Basis Contract Traded on the IntercontinentalExchange...

Science.gov (United States)

2010-05-05

... by industry participants. The TETCO M3 zone is a significant trading center for natural gas but is... transactions. \\20\\ 17 CFR part 36, Appendix A. The M3 zone is a major trading center for natural gas in the... adverse price movements. As noted above, the M3 zone is a significant trading center for natural gas in...

75 FR 24626 - Order Finding That the TETCO-M3 Financial Basis Contract Traded on the IntercontinentalExchange...

Science.gov (United States)

2010-05-05

...\\ The TMT contract prices trading activity at the M3 zone of TETCO's pipeline. The M3 zone is defined as... zone is a major trading center for natural gas in the United States and, as noted, ICE sells price... time to hedge against adverse price movements. As noted above, the M3 zone is a significant trading...

Permit trading and credit trading

DEFF Research Database (Denmark)

Boom, Jan-Tjeerd; R. Dijstra, Bouwe

This paper compares emissions trading based on a cap on total emissions (permit trading) and on relative standards per unit of output (credit trading). Two types of market structure are considered: perfect competition and Cournot oligopoly. We find that output, abatement costs and the number...... of firms are higher under credit trading. Allowing trade between permit-trading and credit-trading sectors may increase in welfare. With perfect competition, permit trading always leads to higher welfare than credit trading. With imperfect competition, credit trading may outperform permit trading....... Environmental policy can lead to exit, but also to entry of firms. Entry and exit have a profound impact on the performance of the schemes, especially under imperfect competition. We find that it may be impossible to implement certain levels of total industry emissions. Under credit trading several levels...

NPT, export controls and nuclear trade

International Nuclear Information System (INIS)

Pande, Savita

1997-01-01

Nuclear trade has by and large remained unhampered vis-a-vis both the NPT as well as export control regulations. The NPT rules are regarded as insufficient, the guidelines appear to contravene the spirit of cooperation in trade and development between suppliers and recipients and there is no agreement among leading suppliers themselves on what constitutes the proper conduct of trade. Export control regimes are more or less too informal to be able to be implemented. The supplier states have to invariably depend on national legislations which again vary from country to country. The only common formal basis on which action can be taken is, therefore, the NPT, its loopholes notwithstanding. The idea of transparency, and supplier-recipient dialogue continues to be a myth and will continue to be so long as these regimes remain discriminatory, so long as some nations are more powerful than others by virtue of retaining nuclear weapons and superiority in nuclear technology and trade

Trade Liberalization, Mergers and Acquisitions, and Intra-Industry Reallocations

DEFF Research Database (Denmark)

Bache, Peter Arendorf

This paper presents a Melitz-type model of international trade in final goods and Grossman-Hart-Antràs input sourcing by heterogeneous firms. We show how firms self-select into different organizational forms in a continuum of industries with different characteristics. Next, we show how a liberali...... a liberalization of trade leads to short run increases in the number of firm mergers and acquisitions and potentially new gains from trade. Finally, we show how the relative prevalence of integrating firms is increasing in some industries while constant in all others....

Reserves and Trade Jointly Determine Exposure to Food Supply Shocks

Science.gov (United States)

Marchand, Philippe; Carr, Joel A.; Dell'Angelo, Jampel; Fader, Marianela; Gephart, Jessica A.; Kummu, Matti; Magliocca, Nicholas; Porkka, Miina; Puma, Michael J.; Zak, Ratajczak

2016-01-01

While a growing proportion of global food consumption is obtained through international trade, there is an ongoing debate on whether this increased reliance on trade benefits or hinders food security, and specifically, the ability of global food systems to absorb shocks due to local or regional losses of production. This paper introduces a model that simulates the short-term response to a food supply shock originating in a single country, which is partly absorbed through decreases in domestic reserves and consumption, and partly transmitted through the adjustment of trade flows. By applying the model to publicly-available data for the cereals commodity group over a 17 year period, we find that differential outcomes of supply shocks simulated through this time period are driven not only by the intensification of trade, but as importantly by changes in the distribution of reserves. Our analysis also identifies countries where trade dependency may accentuate the risk of food shortages from foreign production shocks; such risk could be reduced by increasing domestic reserves or importing food from a diversity of suppliers that possess their own reserves. This simulation-based model provides a framework to study the short-term, nonlinear and out-of-equilibrium response of trade networks to supply shocks, and could be applied to specific scenarios of environmental or economic perturbations.

Trade Liberalisation and Economic Growth in Macedonia

Directory of Open Access Journals (Sweden)

Mano-Bakalinov Viktorija

2016-12-01

Full Text Available The objective of this paper is to explore the effects of trade on Macedonian economic growth. The autoregressive distributed lag (ARDL model is applied on yearly data over the period of 1993-2014. Empirical investigation reveals that an increase of population and openness demonstrate a positive and significant effect on Macedonian economic growth. Given other diverging findings, this suggests that the relationship between trade reforms and growth through the productivity function may vary across transition economies. Nevertheless, the findings of this paper indicate that policies focusing on market liberalisation and opening the economy to trade have a positive effect on Macedonian economic growth, both in the short run and the long run.

Intraday Trading of Wind Energy

DEFF Research Database (Denmark)

Skajaa, Anders; Edlund, Kristian; Morales González, Juan Miguel

2015-01-01

In this paper, we tackle the problem of a wind power producer participating in a short-term electricity market that allows for the continuous, but potentially illiquid, intraday trading of energy. Considering the realistic case of a wind farm operating in the western Danish price area of Nord Pool......, we build a simple but effective algorithm for the wind power producer to fully benefit from the Elbas intraday market. We then investigate the sensitivity of the obtained benefits to the maximum volume of energy the wind power producer is willing to trade in the intraday market, the ultimate aim...... of the trade (either to decrease energy imbalances or to increase profits) and to the installed capacity of the wind farm. Our numerical results reveal that the wind power producer can substantially increase his revenues by partaking in the intraday market but with diminishing returns to scale—a result that we...

Monetary-Fiscal-Trade Policy and Economic Growth in Pakistan: Time Series Empirical Investigation

Directory of Open Access Journals (Sweden)

Syed Tehseen Jawaid

2011-01-01

Full Text Available This study empirically examines the effect of monetary, fiscal and trade policy on economic growth in Pakistan using annual time series data from 1981 to 2009. Money supply, government expenditure and trade openness are used as proxies of monetary, fiscal and trade policy respectively. Cointegration and error correction model indicate the existence of positive significant long run and short run relationship of monetary and fiscal policy with economic growth. Result also indicates that monetary policy is more effective than fiscal policy in Pakistan. In contrast, trade policy has insignificant effect on economic growth both in the short run and in the long run. In light of the findings, it is suggested that the policy makers should focus more on monetary policy in order to ensure economic growth in the country. It is also recommended that further research should be conducted to find out such components of exports and imports which lead to the ineffectiveness of trade policy to enhance economic growth in Pakistan.

Trading volume in financial markets: An introductory review

International Nuclear Information System (INIS)

Duarte Queirós, Sílvio M.

2016-01-01

In this article, I introduce a short review on the statistical and dynamical properties of the high-frequency trading volume and its relation to other financial quantities such as the price fluctuations and trading value. In addition, I compare these results — which were obtained within the framework of applications of Physics to quantitative financial analysis —with the mainstream financial hypotheses of mixture of distributions (MDH) and sequential arrival of information (SIAH).

Stochastic Optimal Wind Power Bidding Strategy in Short-Term Electricity Market

DEFF Research Database (Denmark)

Hu, Weihao; Chen, Zhe; Bak-Jensen, Birgitte

2012-01-01

Due to the fluctuating nature and non-perfect forecast of the wind power, the wind power owners are penalized for the imbalance costs of the regulation, when they trade wind power in the short-term liberalized electricity market. Therefore, in this paper a formulation of an imbalance cost...... minimization problem for trading wind power in the short-term electricity market is described, to help the wind power owners optimize their bidding strategy. Stochastic optimization and a Monte Carlo method are adopted to find the optimal bidding strategy for trading wind power in the short-term electricity...... market in order to deal with the uncertainty of the regulation price, the activated regulation of the power system and the forecasted wind power generation. The Danish short-term electricity market and a wind farm in western Denmark are chosen as study cases due to the high wind power penetration here...

Emission reduction trading - a power marketer`s perspective

Energy Technology Data Exchange (ETDEWEB)

Stewart, M. [Powerex Inc., Vancouver, BC (Canada)

1999-10-01

The current situation , and the short-term and long-term outlook in emission reduction trading are reviewed from the point of view of a power marketer. The author`s view is that while the concept of emission reduction credit (ERC) is easy enough to understand, i.e. a series of measures to reduce carbon dioxide production and enhance carbon sequestration, there is no standard definition, although there are a number of models under consideration. What is being sought is clear ownership and title, a clear understanding of what qualifies as a credit, credit for early action, commodity specifications and the ability to hedge. The author predicts that in the short-tem, industry will experiment with different types of transactions to gain experience and seek partners who are willing to share risk and development cost. In the longer-term, emission reduction credits will be bought and sold as commodities and traded, swapped or exchanged as part of a portfolio in bilateral trade transactions, and used in hedging against future liabilities.

77 FR 31182 - Final Withdrawal of Regulations Pertaining to Imports of Cotton Woven Fabric and Short Supply...

Science.gov (United States)

2012-05-25

... Woven Fabric and Short Supply Procedures AGENCY: Import Administration, International Trade... final rule withdrawing regulations pertaining to imports of cotton woven fabric and short supply..., and the short supply voluntary restraints have not affected U.S. trade for over 19 years. The removal...

Is trade openness good for environment in South Korea? The role of non-fossil electricity consumption.

Science.gov (United States)

Zhang, Shun

2018-04-01

The paper investigates the linkage of carbon dioxide (CO 2 ) emissions, per capita real output, share of non-fossil electricity consumption, and trade openness in South Korea from 1971 to 2013. The empirical results indicate that the environmental Kuznets curve (EKC) is supported by autoregressive distributed lag (ARDL) test. Both short- and long-run estimates indicate that increasing non-fossil electricity consumption can mitigate environmental degradation, and increasing trade aggravates carbon dioxide emissions. By Granger causality, long-run causalities are found in both equations of CO 2 emissions and trade openness, as well as exports and imports. In the short-run, evidence indicates feedback linkage between output and trade, unidirectional linkages from trade to emissions, from emissions to output, and from output to non-fossil electricity use. Therefore, South Korea should strengthen the sustainable economy, consume clean energy, and develop green trade.

A multiplex PCR mini-barcode assay to identify processed shark products in the global trade.

Directory of Open Access Journals (Sweden)

Diego Cardeñosa

Full Text Available Protecting sharks from overexploitation has become global priority after widespread population declines have occurred. Tracking catches and trade on a species-specific basis has proven challenging, in part due to difficulties in identifying processed shark products such as fins, meat, and liver oil. This has hindered efforts to implement regulations aimed at promoting sustainable use of commercially important species and protection of imperiled species. Genetic approaches to identify shark products exist but are typically based on sequencing or amplifying large DNA regions and may fail to work on heavily processed products in which DNA is degraded. Here, we describe a novel multiplex PCR mini-barcode assay based on two short fragments of the cytochrome oxidase I (COI gene. This assay can identify to species all sharks currently listed on the Convention of International Trade of Endangered Species (CITES and most shark species present in the international trade. It achieves species diagnosis based on a single PCR and one to two downstream DNA sequencing reactions. The assay is capable of identifying highly processed shark products including fins, cooked shark fin soup, and skin-care products containing liver oil. This is a straightforward and reliable identification method for data collection and enforcement of regulations implemented for certain species at all governance levels.

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.

International trade and environment

International Nuclear Information System (INIS)

Posada, Luis Guillermo

1998-01-01

The international trade conventional theory not only continues being supported upon the classic principle of comparative advantage, but also, in response to the rationality inherent to the traditional economic system, al so neglects considering the biophysical conditions under which transable goods are produced. The linkage of environment to trade is a recent concern, and it is explained on the basis that the first one has become a barrier for the second one. The environmental cause defenders, so as the free market advocates, are exposing their arguments in a context in which not necessarily to build viable solutions to the conflict is possible. The world economy behavior and tendencies do not offer the conditions needed so as that the official thesis in which the GATT - Rio - WTO thought can be summarized and the positive linkage towards the environmental quality, explicitly claimed by that thesis, becomes reality. Form these considerations, it is argument in this article in the direction of establishing a new international trade pattern and also some ideas are presented as to its characterization ecological economic view

ROMANIAN INVESTORS PORTFOLIO. ONLINE VERSUS ASSISTED TRADING

Directory of Open Access Journals (Sweden)

Ioana Ancuţa IANCU

2017-05-01

Full Text Available One of the most important aspects in deciding to trade online, alone, without the help of a broker, is the portfolio profitability. In this study, using the personal experience, survey data and secondary sources, we identify some factors that may influence the gain and the loss of investors which trade online. Our study contradicts other results from literature that claim that the transition from assisted to online trading is a big drawback in terms of portfolio profitability. By analyzing the performance of the portfolio when passing from assisted to online trading, we observe that half of the investors achieved identical profitability. We also observed that the efficiency of the portfolios belonging to the online investors that were assisted in the past by a broker for a short period, is lower compared to the ones assisted (in the past for a longer period.

Ecological network analysis on global virtual water trade.

Science.gov (United States)

Yang, Zhifeng; Mao, Xufeng; Zhao, Xu; Chen, Bin

2012-02-07

Global water interdependencies are likely to increase with growing virtual water trade. To address the issues of the indirect effects of water trade through the global economic circulation, we use ecological network analysis (ENA) to shed insight into the complicated system interactions. A global model of virtual water flow among agriculture and livestock production trade in 1995-1999 is also built as the basis for network analysis. Control analysis is used to identify the quantitative control or dependency relations. The utility analysis provides more indicators for describing the mutual relationship between two regions/countries by imitating the interactions in the ecosystem and distinguishes the beneficiary and the contributor of virtual water trade system. Results show control and utility relations can well depict the mutual relation in trade system, and direct observable relations differ from integral ones with indirect interactions considered. This paper offers a new way to depict the interrelations between trade components and can serve as a meaningful start as we continue to use ENA in providing more valuable implications for freshwater study on a global scale.

Measurable inhomogeneities in stock trading volume flow

Science.gov (United States)

Cortines, A. A. G.; Riera, R.; Anteneodo, C.

2008-08-01

We investigate the statistics of volumes of shares traded in stock markets. We show that the stochastic process of trading volumes can be understood on the basis of a mixed Poisson process at the microscopic time level. The beta distribution of the second kind (also known as q-gamma distribution), that has been proposed to describe empirical volume histograms, naturally results from our analysis. In particular, the shape of the distribution at small volumes is governed by the degree of granularity in the trading process, while the exponent controlling the tail is a measure of the inhomogeneities in market activity. Furthermore, the present case furnishes empirical evidence of how power law probability distributions can arise as a consequence of a fluctuating intrinsic parameter.

Viruses' life history: towards a mechanistic basis of a trade-off between survival and reproduction among phages.

Directory of Open Access Journals (Sweden)

Marianne De Paepe

2006-07-01

Full Text Available Life history theory accounts for variations in many traits involved in the reproduction and survival of living organisms, by determining the constraints leading to trade-offs among these different traits. The main life history traits of phages-viruses that infect bacteria-are the multiplication rate in the host, the survivorship of virions in the external environment, and their mode of transmission. By comparing life history traits of 16 phages infecting the bacteria Escherichia coli, we show that their mortality rate is constant with time and positively [corrected] correlated to their multiplication rate in the bacterial host. Even though these viruses do not age, this result is in line with the trade-off between survival and reproduction previously observed in numerous aging organisms. Furthermore, a multiple regression shows that the combined effects of two physical parameters, namely, the capsid thickness and the density of the packaged genome, account for 82% of the variation in the mortality rate. The correlations between life history traits and physical characteristics of virions may provide a mechanistic explanation of this trade-off. The fact that this trade-off is present in this very simple biological situation suggests that it might be a fundamental property of evolving entities produced under constraints. Moreover, such a positive correlation between mortality and multiplication reveals an underexplored trade-off in host-parasite interactions.

Candlestick Charting and Trading Volume: Evidence from Bursa Malaysia

OpenAIRE

Chin, Chee-Ling; Jais, Mohamad; Balia, Sophee Sulong; Ahmad, Ayoib Che; Abidin, Azlan Zainol

2016-01-01

Technical analysis is deemed to be a futile practice among academicians who propose efficient market hypothesis, typically the weak form market efficiency which strongly protests the application of past prices and trading volume data for prediction of future market movement. As candlestick charting is one of the oldest technical indicators for short term investment, therefore this study examines the predictability of candlestick charting with combination to trading volume for Malaysian stock ...

Prospects of international trade in irradiated foods

International Nuclear Information System (INIS)

Loaharanu, P.

1990-01-01

Irradiation is gaining recognition as a physical process for reducing food losses, enhancing hygienic quality of food and facilitating food trade. At present, 36 countries have approved the use of irradiation for processing collectively over 40 food items either on an unconditional or restricted basis. Commercial use of irradiated foods and food ingredients is being carried out in 22 countries. Technology transfer on food irradiation is being intensified to local industry in different regions. Worldwide, a total of 40 commercial/demonstration irradiators available for treating foods have been or are being constructed. Acceptance and control of international trade in irradiated foods were discussed at the International Conference on the Acceptance, Control of and Trade in Irradiated Food, jointly convened by FAO, IAEA, WHO and ITC-UNCTAD/GATT in Geneva, Switzerland, 12-16 December 1988. An ''International Document on Food Irradiation'' was adopted by consensus at this Conference which will facilitate wider acceptance and control of international trade in irradiated foods. (author)

The role of trade union organization in solving labor disputes and strikes in Vietnam

Directory of Open Access Journals (Sweden)

Nguen T.H.

2017-01-01

Full Text Available the article describes the role of the trade union organization in solving labor disputes and strikes and the legal basis of the role of trade union organization in solving labor disputes and strikes in Vietnam.

Short and long run macroeconomic effects of trade policy in the presence of debt servicing

NARCIS (Netherlands)

S.M. Murshed (Syed)

2010-01-01

textabstractThe purpose of this paper is to analyze the macroeconomic effects of trade policy, when the instrument is a voluntary export restraint (VER), on both the home (imposing) country and the foreign (targeted) country. The innovation in the paper is the analysis of trade policy when debt

Short and long run macroeconomic effects of trade policy in the presence of debt servicing

NARCIS (Netherlands)

S.M. Murshed (Syed)

2010-01-01

textabstractABSTRACT: The purpose of this paper is to analyze the macroeconomic effects of trade policy, when the instrument is a voluntary export restraint (VER), on both the home (imposing) country and the foreign (targeted) country. The innovation in the paper is the analysis of trade policy when

Trade Openness Effect on Income Inequality: Empirical Evidence from Indonesia

Directory of Open Access Journals (Sweden)

Lestari Agusalim

2018-01-01

Full Text Available This research analyzed the effect of international trade openness to income inequality in Indonesia using Vector Error Correction Model (VECM. The data used is the secondary data, which are the export-import value, gross domestic product (GDP, GDP per capita, open unemployment rate, and Gini index. The results of this study indicate that in the short term the trade openness has negative impact significantly on the income inequality. However, in the long-run, it does not show any significant effect in decreasing the income inequality rate. The impulse response function (IRF concluded that income inequality gives a positive response, except on the third year. Based on the forecast error variance decomposition (FEDV, the trade openness does not provide any significant contribution in effecting the income inequality in Indonesia, but economic growth does. Nevertheless, in long-term, the economic growth makes the income inequality getting worse than in the short-term.DOI: 10.15408/sjie.v7i1.5527

Greenhouse gas emissions trading and complementary policies. Developing a smart mix for ambitious climate policies

Energy Technology Data Exchange (ETDEWEB)

Matthes, Felix C.

2010-06-15

A debate has - most notably as a result of the introduction of fixed caps within the framework of emissions trading - been raised about the need for using additional instruments of climate and energy policy. A common line of argument is that the targets set within the emissions trading scheme are going to be met with a high degree of certainty, and flexibility among the regulated stakeholders will lead to market-based discovery processes. Additional instruments would only generate additional costs and would therefore have to be rejected. However, closer analysis of these fundamental arguments shows that they are constructed on a very high level of abstraction and sometimes rely on strongly simplifying or idealising assumptions. Their theoretical assumptions are, at least in part, very questionable and do not correspond to conditions in the real world for climate and energy policy. At the same time the debate about policy instruments cannot be held autonomously of the specific context of the problem at hand. In this sense the very extensive (complete) and above all effective decarbonisation of the economies of industrialised countries in a comparatively short time frame is the key basic condition for the analysis, assessment and design of the climate policy mix. Essentially, the question is what the best instruments are for purging the whole economic system almost entirely of CO{sub 2} emissions within a period of only forty years. The introduction of emissions trading schemes for greenhouse gases in an increasing number of OECD countries undoubtedly constitutes an important landmark of climate policy. They: - provide a high degree of certainty in terms of meeting targets; - create, on the basis of a standardised price signal, a clearing mechanism for the broad spectrum of emission reduction options close to the market, at least in the short to medium term; and - represent, by means of linking, an interesting option in terms of the globalisation of climate policy

E-commerce trade in invasive plants.

Science.gov (United States)

Humair, Franziska; Humair, Luc; Kuhn, Fabian; Kueffer, Christoph

2015-12-01

Biological invasions are a major concern in conservation, especially because global transport of species is still increasing rapidly. Conservationists hope to anticipate and thus prevent future invasions by identifying and regulating potentially invasive species through species risk assessments and international trade regulations. Among many introduction pathways of non-native species, horticulture is a particularly important driver of plant invasions. In recent decades, the horticultural industry expanded globally and changed structurally through the emergence of new distribution channels, including internet trade (e-commerce). Using an automated search algorithm, we surveyed, on a daily basis, e-commerce trade on 10 major online auction sites (including eBay) of approximately three-fifths of the world's spermatophyte flora. Many recognized invasive plant species (>500 species) (i.e., species associated with ecological or socio-economic problems) were traded daily worldwide on the internet. A markedly higher proportion of invasive than non-invasive species were available online. Typically, for a particular plant family, 30-80% of recognized invasive species were detected on an auction site, but only a few percentages of all species in the plant family were detected on a site. Families that were more traded had a higher proportion of invasive species than families that were less traded. For woody species, there was a significant positive relationship between the number of regions where a species was sold and the number of regions where it was invasive. Our results indicate that biosecurity is not effectively regulating online plant trade. In the future, automated monitoring of e-commerce may help prevent the spread of invasive species, provide information on emerging trade connectivity across national borders, and be used in horizon scanning exercises for early detection of new species and their geographic source areas in international trade. © 2015 Society for

Emission reduction trading - a power marketer's perspective

Energy Technology Data Exchange (ETDEWEB)

Stewart, M. (Powerex Inc., Vancouver, BC (Canada))

1999-01-01

The current situation , and the short-term and long-term outlook in emission reduction trading are reviewed from the point of view of a power marketer. The author's view is that while the concept of emission reduction credit (ERC) is easy enough to understand, i.e. a series of measures to reduce carbon dioxide production and enhance carbon sequestration, there is no standard definition, although there are a number of models under consideration. What is being sought is clear ownership and title, a clear understanding of what qualifies as a credit, credit for early action, commodity specifications and the ability to hedge. The author predicts that in the short-tem, industry will experiment with different types of transactions to gain experience and seek partners who are willing to share risk and development cost. In the longer-term, emission reduction credits will be bought and sold as commodities and traded, swapped or exchanged as part of a portfolio in bilateral trade transactions, and used in hedging against future liabilities.

Emission Trading as a Basis for new Bioenergy Business Concepts in the Baltic Sea Region

International Nuclear Information System (INIS)

Vesterinen, Pirkko; Helynen, Satu

2006-01-01

The new EU Emission Trading system started in the beginning of 2005. This system will bring new challenges, but also new opportunities for the energy market in the Baltic Sea Region (BSR) countries. Typically in some EU countries the decreasing of greenhouse gas emissions tends to be more expensive to achieve than in the others. This brings about new trade schemes that could be implemented in the BSR. One important way of reducing emissions is to replace fossil fuels with biomass-based fuels in large scale power and steam production. As the availability of biomass, price level of biomass, electricity and steam, and national subsidies and taxation are different in different countries, it may be economically viable to create a framework for international trade. The product to be traded may be e.g. wood fuel (either as logs and chips or in refined form like pellets), energy (electricity), green certificates or emission allowances. It is also possible to implement so-called JI (Joint Implementation) projects to reach the emission reduction targets.All the above mentioned options may be realised in different ways. The purpose of the project is to find win-win opportunities, in which both the exporting and importing countries/regions will get profit from the system. These positive impacts may be quite impressive in regional level, as they directly boost several business areas like fuel production and transport, equipment manufacturing and maintenance, plant construction, as well as energy production and use. In addition, the impacts cover also forestry and agriculture, by bringing new value and utilisation options for their by-products.The paper presents the first results of an on-going project which is co-financed by the EU programme BSR INTERREG III B. The two-year project started in the beginning of 2005, and the main results will be available in autumn 2006

ON THE DETERMINANTS OF UNEMPLOYMENT IN NIGERIA: WHAT ARE THE ROLES OF TRADE OPENNESS AND CURRENT ACCOUNT BALANCE?

Directory of Open Access Journals (Sweden)

Isiaka Akande Raifu

2017-12-01

Full Text Available Attention of international trade and macroeconomic experts has focused on the effect of international trade, precisely trade openness, on economic growth and by extension on unemployment rate, albeit with mixed results. However, scanty attention has been drawn towards the effect of current account balance on unemployment rate despite the arguments from different quarters trailing such relationship. By employing Autoregressive Distribution Lag estimation technique, this study specifically focuses on the short-run dynamic and long-run effects of trade openness and current account balance on unemployment rate in Nigeria using the data that span 1981-2014. We found that trade openness worsens unemployment rate both in the short-run and long run. We also discovered that in the short run, current account balance increases unemployment rate but reduces it in the long run. Control variables used in the study such as inflation rate, exchange rate, and FDI followed a priori expectation while real GDP, wages and government consumption expenditure failed to follow a priori expectation. We, therefore, concluded that there is need for sound trade and macroeconomic policies to aid domestic firms’ production to ensure international competitiveness of these firms so as to guarantee employment generation.

Devaluation and trade balance in Latin American countries

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Kahraman Kalyoncu

2009-06-01

Full Text Available The aim of this paper is to examine effectiveness of devaluation on the trade balance in four countries: Argentina, Brazil, Mexico and Peru. We use the Johansen-Juselius cointegration test and impulse response function to estimate the long-run and shortrun effects of devaluation on the trade balance. The estimated results suggest that depreciation improve the trade balance in the long run for the case of Argentina and Peru, and in the short-run there has been J-curve in Argentina and Peru. In addition, the cointegration is found among the four variables (trade balance, domestic income, foreign incomes and real exchange rate in the case of Argentina and Peru. The results also indicate that there is no cointegration relationship between these variables for Brazil and Mexico. The conclusion of the paper is that the evidence of the J-curve pattern was found for Argentina and Peru only.

Modern trends of electronic trading by negotiable financial instruments

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I.Kravchuk

2018-03-01

Full Text Available International negotiable financial instrument markets have a high level of electronic trading. It is displayed using the consolidated limit order book, the widening the range of trading orders, smart order routing, high speed access to the market on the basis of latency minimizing. The result of electronic trading is the development of high-frequency trading, the positive features of which are the increase of trading activity and market liquidity, and the reducing of transaction costs. The main drawback of high-frequency trading is the potential negative impact on market stability (software failures, the manipulative incentives of algorithmic strategies, in particular, technical arbitrage, the use of homogeneous strategies, cyber risks. The current system of high-frequency trading requires particular actions from the regulators to overcome information gaps and enhanced monitoring to create a regulatory environment that could take into account both the aspects of supporting market development and its stability through appropriate macroprudential instruments, especially the implementation of the stress testing of the high-frequency algorithms in response to the shocks of various origin, taking into account the aggregate market effect of the mutual influence of different algorithmic strategies.

The economic implications of greater global trade in livestock and livestock products.

Science.gov (United States)

Leslie, J; Upton, M

1999-08-01

The Uruguay Round of the General Agreement on Tariffs and Trade (GATT) established the World Trade Organization to supervise the reduction of barriers to, and liberalisation of, world trade. The application of sanitary and phytosanitary measures will be standardised to avoid use for protectionist purposes by countries or regional trade blocks. Harmonisation of animal disease control measures within regional blocks is essential if benefits to freer trade are to occur, but this harmonisation must be balanced against potential disease risks and costs associated with disease outbreaks. World trade in livestock products is concentrated among developed countries, although developing countries are responsible for approximately a third of poultry meat imports and exports. Despite liberalisation, the share of global trade by developing countries is unlikely to increase greatly in the short term. The benefits of trade and of freer trade are emphasised. Examples are given of the impacts of trade barriers on developing countries and of the harmonisation of European Union animal health standards. Economic implications for the future of greater global trade are assessed.

Opportunities for Pellet Trade - Towards a Single European Pellet Market

International Nuclear Information System (INIS)

Pigaht, Maurice; Janssen, Rainer; Rutz, Dominik; Boehm, Thorsten; Vasen, Norbert; Vegas, Laura; Karapanagiotis, Nicolas

2006-01-01

The potential for Pellets trade in Europe was researched and assessed. Such trade is of key importance for the development of a European pellet market of sufficient supply, demand, price and quality standards. Three target markets were taken as case studies for the trade assessment: Greece, Spain and Italy. All three markets stand to profit greatly from international trade. For these markets, pellet imports could supply the basis for the development of a domestic boiler market. At the same time, pellet exports would allow the planning of larger pellet production plants. Whilst these additional costs amount to some 10-20% of the Pellets price, they are financially acceptable, especially for new markets and 'peaks' in the demand/supply of established markets

EU-Korea FTA and Its Impact on V4 Economies. A Comparative Analysis of Trade Sophistication and Intra-Industry Trade

Directory of Open Access Journals (Sweden)

Michalski Bartosz

2018-03-01

Full Text Available This paper investigates selected short- and mid-term effects in trade in goods between the Visegrad countries (V4: the Czech Republic, Hungary, Poland and the Slovak Republic and the Republic of Korea under the framework of the Free Trade Agreement between the European Union and the Republic of Korea. This Agreement is described in the “Trade for All” (2015: 9 strategy as the most ambitious trade deal ever implemented by the EU. The primary purpose of our analysis is to identify, compare, and evaluate the evolution of the technological sophistication of bilateral exports and imports. Another dimension of the paper concentrates on the developments within intra-industry trade. Moreover, these objectives are approached taking into account the context of the South Korean direct investment inflow to the V4. The evaluation of technological sophistication is based on UNCTAD’s methodology, while the intensity of intra-industry trade is measured by the GL-index and identification of its subcategories (horizontal and vertical trade. The analysis covers the timespan 2001–2015. The novelty of the paper lies in the fact that the study of South Korean-V4 trade relations has not so far been carried out from this perspective. Thus this paper investigates interesting phenomena identified in the trade between the Republic of Korea (ROK and V4 economies. The main findings imply an impact of South Korean direct investments on trade. This is represented by the trade deficit of the V4 with ROK and the structure of bilateral trade in terms of its technological sophistication. South Korean investments might also have had positive consequences for the evolution of IIT, particularly in the machinery sector. The political interpretation indicates that they may strengthen common threats associated with the middle-income trap, particularly the technological gap and the emphasis placed on lower costs of production.

International nuclear trade

International Nuclear Information System (INIS)

Biad, A.; Cormis, F. de; Kerever, A.

1998-01-01

This third part is relative to the international nuclear trade it includes: the 1996 EURATOM/Usa Agreement on the peaceful Uses of nuclear energy: EURATOM Strengthened, a case study on IVO Power engineering Oy as a supplier to Russia, lessons learned from the Us/EURATOM Agreement for Cooperation, negotiating the parameters of nuclear regulation: lessons from South Africa, Good and new business in Brazil's nuclear energy field, cooperation between Russia and european union in the nuclear field: the legal basis, present status and future prospects, the industrial implications of the non proliferation policy. (N.C.)

77 FR 74174 - North American Free Trade Agreement (NAFTA), Article 1904 Binational Panel Reviews

Science.gov (United States)

2012-12-13

... DEPARTMENT OF COMMERCE International Trade Administration North American Free Trade Agreement (NAFTA), Article 1904 Binational Panel Reviews AGENCY: NAFTA Secretariat, United States Section.... Therefore, on the basis of the Panel Order and Rule 80 of the Article 1904 Panel Rules, the Panel Review was...

Assessment of business activity of the organizations wholesale trade

Directory of Open Access Journals (Sweden)

Svetlana Alekseevna Soroka

2012-09-01

Full Text Available This paper is devoted to the issues related to the assessment of business activity of the enterprises in public service sphere. The importance of this problem is in the fact that an assessment of business activity is the basis for optimal management decisions to improve the efficiency of economic activities, sustainable development both of businesses in general and wholesale trade enterprises in particular. Wholesale trade enterprises fulfill a function of sales divisions and departments for the purchase of resources. An assessment of business activity of wholesale trade organizations, circumspected fulfillment of its functions by an organization, formation of complex long-term competitive advantages lead to increased production, restoration of economic connections and inter-regional integration of the consumer market, improve the efficiency of the trading process and sustainable development of the region as a whole

Income-environment relationship in Sub-Saharan African countries: Further evidence with trade openness.

Science.gov (United States)

Zerbo, Eléazar

2017-07-01

This paper examines the dynamic relationship between energy consumption, income growth, carbon emissions and trade openness in fourteen Sub-Saharan African (SSA) countries. The autoregressive distributed lag (ARDL) approach to cointegration and the Toda-Yamamoto causality test were used to investigate the long-run and short-run properties, respectively. The long-run estimations give evidence against the environmental Kuznets curve (EKC) hypothesis in SSA countries. In contrast, the results highlight the significant and monotonically contribution of income growth and energy consumption in explaining carbon emissions in the long-run and short-run in several countries. Furthermore, the results show that trade openness enhances economic growth and is not linked to causing carbon emissions in these countries. Hence, a trade incentive policy may be implemented without harmful effect on the quality of the environment.

Market impact costs of institutional equity trades

NARCIS (Netherlands)

Bikker, Jacob A.; Spierdijk, Laura; van der Sluis, Pieter Jelle

2007-01-01

This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

Market Impact Costs of Institutional Equity Trades

NARCIS (Netherlands)

Bikker, J.A.; Spierdijk, L.; van der Sluis, P.J.

2008-01-01

This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

Market Impact Costs of Institutional Equity Trades

NARCIS (Netherlands)

van der Sluis, P.J.; Bikker, J.A.; Spierdijk, L.

2007-01-01

This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

Neoliberalism and global capital mobility: a necessary reconsideration of textbook trade theory

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KUNIBERT RAFFER

2015-06-01

Full Text Available Textbook theory ignores capital flows: trade determines exchange rates and specialisation. Approaches taking the effects of capital movements adequately into account are needed, and a new theory of economic policy including measures to protect the real economy from external volatility. Equilibrating textbook mechanisms cannot work unless trade-caused surpluses and deficits set exchange rates. To allow orthodox trade theory to work one must hinder capital flows from destroying its very basis, which the IMF and wrong regulatory decisions have done, penalising production and trade. A new, real economy based theory is proposed, a Neoclassical agenda of controlling capital flows and speculation.

Growth and pattern of intra-industry trade between India and Bangladesh: 1975–2010

Directory of Open Access Journals (Sweden)

Kumar Sushil

2014-07-01

Full Text Available The present study investigates the intra-industry trade between India and Bangladesh over the period of 1975 to 2010. GL index is used to calculate intraindustry trade at the three-digit level of SITC. The study also calculated the trade complementarity index, and revealed comparative index. The extent of intra-industry trade is high in sectors like crude materials, inedible, except fuels, food and live animals. The study also reveals mismatch between Indian imports and Bangladesh exports. The present study indicates positive effect on consumer surplus and trade using SMART model. Finally, the paper suggests that Bangladesh should diversify his export structure to reduce the bilateral trade deficit on the basis of comparative advantage

Trade networks evolution under the conditions of stock market globalization

Directory of Open Access Journals (Sweden)

Kopylova Olga Volodymyrivna

2016-12-01

Full Text Available The modern perception of the stock market in terms of information technologies rapid development and under the institutionalists influence has been significantly modified and becomes multifaceted. It was detected that the main function of the market is activated, information asymmetry is minimized and more advanced financial architecture space is formed through trade networks. Formation of the modern trade networks has started on the basis of the old infrastructure, that had the highest tendency to self-organization and adaptation. The proposed architecture of trade networks of the stock market has a very clear vector of subordination – from top to bottom and has a number of positive points.

Perdagangan Bebas Asean-China Free Trade Areal (ACFTA) Terkait Industri Dan Iklim Investasi Di Indonesia

OpenAIRE

TRI ATIKA FEBRIANY, SH A.21211057, Jurnal Mahasiswa S2 UNTAN

2014-01-01

Countries (Indonesia, Thailand , Malaysia , Singapore , Philippines and Brunei Darussalam) with China , which is called the ASEAN -China Free Trade Agreement (ACFTA). These free trade is in the form of a tax rate reduction for goods on a regular basis up to 0% , the tariff reduction program framework of free trade between ASEAN and China, carried out in stages beginning on January 1, 2004 for EHP This thesis discusses about the implication problem of ASEAN - China Free Trade Area focusing on ...

Are the British electricity trading and transmission arrangements future-proof?

International Nuclear Information System (INIS)

Green, Richard

2010-01-01

In Great Britain, electricity is traded in an energy-only market that relies upon bilateral trading until shortly before real time. The GB System Operator also uses bilateral trading to respond to changes in demand and generation and resolve transmission constraints. Prices are not explicitly spatial, although well-placed generators can charge the system operator more for their output. This paper argues that these arrangements are not well-suited for the challenges of accommodating nearly thirty percent of intermittent wind generation, often located far from demand. The market design already implemented in the north-eastern United States is likely to be more efficient. (author)

Temporal causal relationship between stock market capitalization, trade openness and real GDP: evidence from Thailand

OpenAIRE

Jiranyakul, Komain

2014-01-01

This study examines both short-run and long-run causal relationship between stock market capitalization, trade openness and economic growth in Thailand. Quarterly data over the period from the first quarter of 1993 to the fourth quarter of 2013 are used in the analysis. The results from this study show that there exists a unidirectional long-run causality running from stock market capitalization and trade openness to real GDP. In the short run, stock market capitalization does not causes econ...

Exchange rate and trade balance: J-curve effect

Directory of Open Access Journals (Sweden)

Petrović Pavle

2010-01-01

Full Text Available This paper shows that exchange rate depreciation in Serbia improves trade balance in the long run, while giving rise to a J-curve effect in the short run. These results add to the already existent empirical evidence for a diverse set of other economies. Both Johansen's and autoregressive distributed lag approach are respectively used giving similar long-run estimates showing that real depreciation improves trade balance. Corresponding errorcorrection models as well as impulse response functions indicate that, following currency depreciation, trade balance first deteriorates before it later improves, i.e. exhibiting the J-curve pattern. These results are relevant for policy making both in Serbia and in a number of other emerging Europe countries as they face major current account adjustments after BoP crises of 2009.

Emission trading and Kyoto's protocol: discussions concerning rules and international coordination

International Nuclear Information System (INIS)

Baron, R.

2000-01-01

The Kyoto Protocol of the Climate Convention introduced the possibility to trade greenhouse gas emission reductions among industrialized countries, as a means to reduce the total cost of achieving the agreed emission goals. The rules for this international co-ordination regime are still debated, even if its principle is generally agreed. This article, written before the negotiation in the Hague, summarizes how the notion of emission trading made its way in the Framework Convention on Climate Change. The authors show what economic gains could realistically be expected from emission trading, based on macro-economic modelling results and a simulation of trading in the conditions of the Kyoto Protocol. They stress the critical contribution that emission trading could make, provided that the Protocol's environmental basis is not undermined. In the end, the negotiation collapsed over this issue. Beyond this near-term obstacle, the international emission trading system represents a significant progress towards an efficient resolution of man-made global climate change. (author)

Conceptual framework for the design and conception of an electronic trade platform in agribusiness

OpenAIRE

Hausen, Tobias; Helbig, Ralf; Schiefer, Gerhard

2002-01-01

This article gives an overview of a conceptual framework for the designing and implementation of an electronic trade platform. The trade platform prototype is the basis of a general conception for the design and implementation of internet-based trade platforms in agribusiness. The main platform focus related to the concept are to convert traditional business relationships and transactions into an electronic system. The conceptual framework provides clarification with regard to the benefit of ...

Anonymous electronic trading versus floor trading

OpenAIRE

Franke, Günter; Hess, Dieter

1995-01-01

This paper compares the attractiveness of floor trading and anonymous electronic trading systems. It is argued that in times of low information intensity the insight into the order book of the electronic trading system provides more valuable information than floor trading, but in times of high information intensity the reverse is true. Thus, the electronic system's market share in trading activity should decline in times of high information intensity. This hypothesis is tested by data on BUND...

Analisis Sektor Basis dalam Hubungannya dengan Penyerapan Tenaga Kerja di Kabupaten Batang Hari

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Syaiful Syaiful

2014-11-01

Full Text Available The purpose of the study is to (1 analyze the economy sector which become basis sector with its development rates in Batang Hari Regency, (2 the correlation between the developments of basis sector with employment and to (3 analyze the policy of local government on developing that basis sector through bibliography methods on secondary PDRB data according to constant price 2000 of Batang Hari Regency and Jambi Province from 2003 to 2012 and also employment data in the same periods and regency.  This analysis uses Location Quotient (LQ model and Dynamic Location Quotient (DLQ model.  Whereas the correlation between the developments of basis sector with employment uses Pearson’s Coefficient Of Correlation. The output of LQ analysis shows that there are four economy sectors as basis sector (LQ >1 in Batang Hari, which are agricultures, industry and manufactures, trades, hotels, restaurants, and another distinction service. While from the DLQ analysis, there are four sectors identified can be a basis sector in the future (DLQ >1, which are mining and excavation, electricity, gases and fresh water, transportation and communications, and distinction sectors.  Only distinction sector which is identified as basis sector nowadays as well as in the future.  From the study of the PDRB rate in Batang Hari from 2003 to 2013 shows that average growth rate of agriculture, industry and manufactures, trades, hotels and restaurants are relatively smaller than other sectors in Batang Hari, excluding distinction sectors which are higher. Pearson’s Coefficient Of Correlation analysis evinces there only two basis sectors which its growth has a strong and positive correlation with employment in Batang Hari, which are distinction and trades with hotels and restaurants. The PDRB growth of these sectors moving in the direction of the employment rates.  In the agriculture and manufacture industry sectors, the correlation with employment is low and very weak

Short-run and Current Analysis Model in Statistics

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Constantin Anghelache

2006-01-01

Full Text Available Using the short-run statistic indicators is a compulsory requirement implied in the current analysis. Therefore, there is a system of EUROSTAT indicators on short run which has been set up in this respect, being recommended for utilization by the member-countries. On the basis of these indicators, there are regular, usually monthly, analysis being achieved in respect of: the production dynamic determination; the evaluation of the short-run investment volume; the development of the turnover; the wage evolution: the employment; the price indexes and the consumer price index (inflation; the volume of exports and imports and the extent to which the imports are covered by the exports and the sold of trade balance. The EUROSTAT system of indicators of conjuncture is conceived as an open system, so that it can be, at any moment extended or restricted, allowing indicators to be amended or even removed, depending on the domestic users requirements as well as on the specific requirements of the harmonization and integration. For the short-run analysis, there is also the World Bank system of indicators of conjuncture, which is utilized, relying on the data sources offered by the World Bank, The World Institute for Resources or other international organizations statistics. The system comprises indicators of the social and economic development and focuses on the indicators for the following three fields: human resources, environment and economic performances. At the end of the paper, there is a case study on the situation of Romania, for which we used all these indicators.

Short-run and Current Analysis Model in Statistics

Directory of Open Access Journals (Sweden)

Constantin Mitrut

2006-03-01

Full Text Available Using the short-run statistic indicators is a compulsory requirement implied in the current analysis. Therefore, there is a system of EUROSTAT indicators on short run which has been set up in this respect, being recommended for utilization by the member-countries. On the basis of these indicators, there are regular, usually monthly, analysis being achieved in respect of: the production dynamic determination; the evaluation of the short-run investment volume; the development of the turnover; the wage evolution: the employment; the price indexes and the consumer price index (inflation; the volume of exports and imports and the extent to which the imports are covered by the exports and the sold of trade balance. The EUROSTAT system of indicators of conjuncture is conceived as an open system, so that it can be, at any moment extended or restricted, allowing indicators to be amended or even removed, depending on the domestic users requirements as well as on the specific requirements of the harmonization and integration. For the short-run analysis, there is also the World Bank system of indicators of conjuncture, which is utilized, relying on the data sources offered by the World Bank, The World Institute for Resources or other international organizations statistics. The system comprises indicators of the social and economic development and focuses on the indicators for the following three fields: human resources, environment and economic performances. At the end of the paper, there is a case study on the situation of Romania, for which we used all these indicators.

Macroeconomic context of the trade branch development and position in Czech Republic

Directory of Open Access Journals (Sweden)

Marek Záboj

2006-01-01

Full Text Available The paper deals with analysis of the macroeconomic associations of trade development and its position in Czech Republic as one of the national economy branch. The development of main macroeconomic indicators for period of 1998–2004 is completed and then it follows up with progress of the trade structures and trade chains. In that frame the given indicators (number of registered and active business units in trade, turnover and number of employees are monitoring according to Economic Subjects Register (provided by Czech Statistical Office and Classification of Economic Activities in the European Union. On the basis of research of consulting and research institutions the overview and turnover comparison for TOP 10 trade firms for period of 2000–2004 is carried out. Inseparable part of the paper is analysis of the Czech Republic foreign trade results. In this field the export, import and trade balance are discussing on the one hand in general and on the other hand in territorial and commodity structures.

A Novel Grey Wave Method for Predicting Total Chinese Trade Volume

Directory of Open Access Journals (Sweden)

Kedong Yin

2017-12-01

Full Text Available The total trade volume of a country is an important way of appraising its international trade situation. A prediction based on trade volume will help enterprises arrange production efficiently and promote the sustainability of the international trade. Because the total Chinese trade volume fluctuates over time, this paper proposes a Grey wave forecasting model with a Hodrick–Prescott filter (HP filter to forecast it. This novel model first parses time series into long-term trend and short-term cycle. Second, the model uses a general GM (1,1 to predict the trend term and the Grey wave forecasting model to predict the cycle term. Empirical analysis shows that the improved Grey wave prediction method provides a much more accurate forecast than the basic Grey wave prediction method, achieving better prediction results than autoregressive moving average model (ARMA.

Climate change policy and international trade. Policy considerations in the US

International Nuclear Information System (INIS)

Weber, Christopher L.; Peters, Glen P.

2009-01-01

Significant recent attention, in both research and policy realms, has been given to the intersection of international trade and global climate change. Trade presents challenges to climate policy through carbon leakage and competitiveness concerns, but also potential solutions through the use of cooperative trade agreements, technology transfer, or carbon tariffs against recalcitrant nations. This study examines how trade may affect climate policy in the US and specifically examines the use of carbon tariffs as suggested by recent bills before the US Congress. We argue that even if such actions are legal at the World Trade Organization, they are probably not necessary to protect industrial competitiveness in the traditional sense, could cover only a small proportion of total embodied emissions in trade, and may in fact be counterproductive at a moment when global cooperation is desperately needed. While political agreement may necessitate at least the threat of carbon tariffs, cooperative agreements such as global sectoral agreements, technology sharing, etc. could be more productive in the short term. (author)

Trade Liberalisation and Poverty in Bangladesh: A General Equilibrium Approach

OpenAIRE

Nahar, Bodrun; Siriwardana, Mahinda

2009-01-01

This paper uses a computable general equilibrium (CGE) model to investigate the impact on poverty of trade liberalisation in Bangladesh. The simulation results show that the complete removal of tariffs favours export oriented sectors in the economy. With trade liberalisation, rural and urban areas experience an overall reduction in poverty in the short run. However, a marginal increase in the poverty gap and poverty severity for urban areas is projected, implying that the poor become poorer i...

Trade in Services and Its Policy Implications: The Case of Cross-Border/Transnational Higher Education in Malaysia

Science.gov (United States)

Morshidi, Sirat; Razak, Ahmad Abdul; Koo, Yew Lie

2011-01-01

The geography of trade in services is becoming increasingly important for a developing country such as Malaysia. But, present discussion on trade in education services, in particular, higher education and the General Agreement on Trade in Services (GATS) in Malaysia is rather limited and takes a short-term perspective. This is especially so with…

"Entrepreneurship policy: Trade-offs and impact in the EU"

DEFF Research Database (Denmark)

Murdock, Karen

2012-01-01

Based on the notion that trade-offs in public policies form the basis of the separation of managed and entrepreneurial economies; this paper investigates the impact of policy on actual entrepreneurship activity in these two categories of economies. Using data from 19 European Union member countries......, the impact that policy trade-offs in the goal, target, location and system of finance have on entrepreneurship activity is measured using ordinary least squares regression. The results indicate that while business regulation negatively impact entrepreneurship activity, the location of policy does not show...

Benchmark-based emission allocation in a cap-and-trade system

International Nuclear Information System (INIS)

Groenenberg, H.; Blok, K.

2002-01-01

One of the important bottlenecks for the introduction of emission trading is how allowances should be distributed among the participants in a trading scheme. Both grandfathering on the basis of historic emissions and auctioning have important drawbacks. In this paper, we propose an allowance distribution rule based on bench-marking of production processes: each company's share in the total allowance is determined by its production level and a reference emission level per product. The scheme shows some important advantages compared to other schemes

The extension of the international trade

International Nuclear Information System (INIS)

Buch, Tomas

1998-01-01

INVAP, a company pertaining to the Rio Negro province and controlled by the National Atomic Energy Commission (CNEA), has been instrumental for the international expansion of the Argentine nuclear trade, including the provision of Argentine research reactors to Algeria and Egypt. The history of the negotiations carried out with about twenty countries is shortly summarized and the scope of the supply of the major contracts is described

The Impact of the Canada-Korea Free Trade Agreement as Negotiated

Directory of Open Access Journals (Sweden)

Dan Ciuriak

2014-12-01

Full Text Available This paper analyzes the impact of the Canada-Korea Free Trade Agreement on the basis of the published text and agreed schedule of commitments. We find that the Agreement reinforces existing patterns of comparative advantage between Canada (agriculture and resource-based sectors and Korea (autos and other industries. The sensitive sectors that held up the deal for years - autos into Canada and beef into Korea - witness major trade gains, but are not unduly disrupted. In both economies, the major output gains otherwise come in non-traded services sectors, driven by income effects. We find that trade diversion effects are quite significant; this lends support for the domino theory of major free trade agreements - since the Korea-EU agreement broke the ice, the pressure has intensified on third parties to re-level playing fields by striking their own deals. The study breaks new ground in modelling services trade by developing policy impacts based on the extent to which the text of the Agreement modifies Korea's and Canada's scores on the OECD's Services Trade Restrictiveness Index and by providing estimates of Mode 3 Services trade impacts. The analysis of the Agreement as negotiated, the present study, in our view, is a step forward in understanding the impact of modern free trade agreements.

The new electricity trading arrangements: prospects for market development

International Nuclear Information System (INIS)

Anon

1999-09-01

This Briefing Paper from OXERA argues that the OFGEM proposals will not solve the fundamental market problems and might even make things worse. They focus too narrowly on the technical design of one small part of the market (the Balancing Mechanism and associated imbalance settlement process), without considering the market context and dynamics. OXERA argues that the central emphasis of the White Paper was misplaced: reform of the electricity trading arrangements, the basis of the government's strategy, will not solve the upstream and downstream market problems. The Briefing Paper includes analysis of: the structure and operation of the proposed new electricity trading arrangements; risk in the electricity wholesale market, and the responses of market participants; the interaction between the new trading arrangements and other energy market developments - in particular, vertical integration between generators and suppliers; energy supply competition, and wider government policy; the prospects for market development under the new electricity trading arrangements. (author)

On the design of invoicing practices in international trade

NARCIS (Netherlands)

J.M.A. Viaene (Jean-Marie); C.G. de Vries (Casper)

1992-01-01

textabstractWe advance an explanation for the choice of the invoice currency of international trade contracts on the basis of strategic bargaining considerations. The choice of the invoice currency originates in a situation in which each trader takes into account the other party's bargaining power.

Poland's Services Trade with the European Union During the Preaccession Period

OpenAIRE

Dariusz Mongiało

2004-01-01

The fact that, since 1 May 2004, Poland has the status of European Union member involves certain consequences for Poland's competitiveness in the international services trade market. What competitive position will Poland finally occupy among the EU countries in the postaccession period will to a large extent depend on Poland's present position in the services trade with the EU countries. So, the paper tries to present, on the basis of the most recent available statistical data published by th...

“INTERNATIONAL TRADE – ENVIRONMENT” RELATIONSHIP IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT

Directory of Open Access Journals (Sweden)

Margareta Timbur

2013-07-01

Full Text Available The overall aim of this paper lies on presenting a short pragmatic image of the main aspects concerning the impact of international trade on the environment, on the one hand, and the impact of environmental policies and regulations on the international trade, on the other hand. Also, this article examines the multilateral environmental agreements (MEAs focused on the use of environmental trade measures. In the same context, we discuss about the most important international institution with the regulatory powers in international trade – environment relationship which is considered to be GATT/WTO.Although, the international trade-environment relationship is a very debated internationally, in Romania it is not sufficiently addressed either theoretical or practical. Taking into account the transition period and the consequences of the global economic crisis which still will affect Romania a period of time; our country promotes simultaneous strengthening and optimizing of trade and environmental policies in sustainable development framework.

Does trade openness affect CO2 emissions: evidence from ten newly industrialized countries?

Science.gov (United States)

Zhang, Shun; Liu, Xuyi; Bae, Junghan

2017-07-01

This paper examines whether the hypothetical environmental Kuznet curve (EKC) exists or not and investigates how trade openness affects CO 2 emissions, together with real GDP and total primary energy consumption. The study sample comprises ten newly industrialized countries (NICs-10) from 1971 to 2013. The results support the existence of hypothetical EKC and indicate that trade openness negatively and significantly affects emissions, while real GDP and energy do positive effects of emissions. Moreover, the empirical results of short-run causalities indicate feedback hypothetical linkage of real GDP and trade, unidirectional linkages from energy to emissions, and from trade to energy. The error correction terms (ECTs) reveal in the long run, feedback linkages of emissions, real GDP, and trade openness, while energy Granger causes emissions, real GDP, and trade, respectively. The study recommendations are that our policymakers should encourage and expand the trade openness in these countries, not only to restrain CO 2 emissions but also to boost their growth.

Trading volume and the number of trades

OpenAIRE

Marwan Izzeldin

2007-01-01

Trading volume and the number of trades are both used as proxies for market activity, with disagreement as to which is the better proxy for market activity. This paper investigates this issue using high frequency data for Cisco and Intel in 1997. A number of econometric methods are used, including GARCH augmented with lagged trading volume and number of trades, tests based on moment restrictions, regression analysis of volatility on volume and trades, normality of returns when standardized by...

ARDL Approach to Trade Libralisation and Economic Growth in the ...

African Journals Online (AJOL)

Nneka Umera-Okeke

the long and short run impact of trade liberalization to economic growth suggested that ..... To ensure the goodness of fit of the model, diagnostic and stability tests are conducted. .... The results indicate the absence of any instability of the.

Regional Trade Agreement and Agricultural Trade in East African ...

African Journals Online (AJOL)

Intra-EAC trade is very low, that is, at 9 per cent of the total regional trade, but it is on upward trend. Agricultural trade accounts for over 40 per cent of the intra-EAC trade. This study investigated the effect of EAC regional trade agreement on the regions agricultural trade by analyzing the degree of trade creation and ...

Trade creation and trade diversion in the Canada - United States Free Trade Agreement

OpenAIRE

Kimberly A. Clausing

2001-01-01

In this paper the changes in trade patterns introduced by the Canada-United States Free Trade Agreement are examined. Variation in the extent of tariff liberalization under the agreement is used to identify the impact of tariff liberalization on the growth of trade both with member countries and non-member countries. Data at the commodity level are used, and the results indicate that the Canada-United States Free Trade Agreement had substantial trade creation effects, with little evidence of ...

75 FR 23704 - Order Finding That the NWP Rockies Financial Basis Contract Traded on the...

Science.gov (United States)

2010-05-04

... Traded on the IntercontinentalExchange, Inc., Performs a Significant Price Discovery Function AGENCY... (``ECM'') under sections 2(h)(3)-(5) of the Commodity Exchange Act (``CEA'' or the ``Act''), performs a significant price discovery function pursuant to section 2(h)(7) of the CEA. The Commission undertook this...

75 FR 24648 - Order Finding That the Socal Border Financial Basis Contract Traded on the...

Science.gov (United States)

2010-05-05

... Traded on the IntercontinentalExchange, Inc., Performs a Significant Price Discovery Function AGENCY...'') under sections 2(h)(3)-(5) of the Commodity Exchange Act (``CEA'' or the ``Act''), performs a significant price discovery function pursuant to section 2(h)(7) of the CEA.\\2\\ The Commission undertook this...

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...

Trade Policy

OpenAIRE

Murray Gibbs

2007-01-01

In an otherwise insightful and thoughtful article, Sebastian Pfotenhauer (Trade Policy Is Science Policy,” Issues, Fall 2013) might better have entitled his contribution “Trade Policy Needs to Be Reconciled with Science Policy.” The North American Free Trade Agreement (NAFTA) and the agreements administered by the World Trade Organization, particularly the General Agreement on Tariffs and Trade (GATT) and the Technical Barriers to Trade (TBT), were adopted to promote international trade and i...

Analysts’ forecast error: A robust prediction model and its short term trading profitability

NARCIS (Netherlands)

Boudt, K.M.R.; de Goei, P.; Thewissen, J.; van Campenhout, G.

2015-01-01

This paper contributes to the empirical evidence on the investment horizon salient to trading based on predicting the error in analysts' earnings forecasts. An econometric framework is proposed that accommodates the stylized fact of extreme values in the forecast error series. We find that between

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...

Short-term flow induced crystallization in isotactic polypropylene : how short is short?

NARCIS (Netherlands)

Ma, Z.; Balzano, L.; Portale, G.; Peters, G.W.M.

2013-01-01

The so-called "short-term flow" protocol is widely applied in experimental flow-induced crystallization studies on polymers in order to separate the nucleation and subsequent growth processes [Liedauer et al. Int. Polym. Proc. 1993, 8, 236–244]. The basis of this protocol is the assumption that

Virtual water trade patterns in relation to environmental and socioeconomic factors : A case study for Tunisia

NARCIS (Netherlands)

Chouchane, Hatem; Krol, Martinus S.; Hoekstra, Arjen Y.

2018-01-01

Growing water demands put increasing pressure on local water resources, especially in water-short countries. Virtual water trade can play a key role in filling the gap between local demand and supply of water-intensive commodities. This study aims to analyse the dynamics in virtual water trade of

Pakistan's kidney trade: an overview of the 2007 'Transplantation of Human Organs and Human Tissue Ordinance.' To what extent will it curb the trade?

Science.gov (United States)

Raza, Mohsen; Skordis-Worrall, Jolene

2012-01-01

Pakistan has the unenviable reputation for being one of the world's leading 'transplant tourism' destinations, largely the buying and selling of kidneys from its impoverished population to rich international patients. After nearly two decades of pressure to formally prohibit the trade, the Government of Pakistan promulgated the 'Transplantation of Human Organs and Human Tissue Ordinance' (THOTO) in 2007. This was then passed by Senate and enshrined in law in March 2010. This paper gives a brief overview of the organ trade within Pakistan and analyses the criteria of THOTO in banning the widespread practise. It then goes on to answer: 'To what extent will THOTO succeed in curbing Pakistan's kidney trade?' This is aided by the use of a comparative case study looking at India's failed organ trade legislation. This paper concludes THOTO has set a strong basis for curbing Pakistan's kidney trade. However, for this to be successfully achieved, it needs to be implemented with strong and sustained political will, strict and efficient enforcement as well as effective monitoring and evaluation. Efforts are needed to tackle both 'supply' and 'demand' factors of Pakistan's kidney trade, with developed countries also having a responsibility to reduce the flow of citizens travelling to Pakistan to purchase a kidney.

THE WORLD TRADE ORGANIZATION (WTO FREE TRADE WITHIN FAIR TRADE CHALLENGES

Directory of Open Access Journals (Sweden)

M. Ya’kub Aiyub Kadir

2014-06-01

Full Text Available Free trade and fair trade are considered an ambiguous term with relative meanings of identification. Objectively, free and fair trade does not mean completely free and fair, but it means trade under binding rules obeyed by member countries as a consequence of their commitment after signing and ratification of the WTO agreements. Hence, this paper aims at exploring the issue and does an effort to harmonise between free trade and fair trade within the WTO system. Perdagangan bebas dan perdagangan yang adil adalah dua istilah yang ambigu maknanya. Secara obyektif, perdagangan bebas tidak bermakna bebas dan adil seluruhnya, tetapi bermakna sebuah perdagangan di bawah aturan-aturan mengikat setelah negara anggota menandatangani dan meratifikasi kesepakatan WTO. Tetapi dalam realitas kebanyakan Negara, terutama negara berkembang tidak mampu untuk membuka pasar dan menurunkan tarif secara keseluruhan. Persoalan tidak berimbangnya kekuatan, kurang demokrasi, krisis legitimasi dan dobel standar dalam WTO sistem merupakan sebuah tantangan yang masih berlanjut. Paper ini akan mengkaji persoalan ini dan berupaya mengharmonisasikan antara perdagangan bebas dan adil dalam sistem WTO.

THE WORLD TRADE ORGANIZATION (WTO FREE TRADE WITHIN FAIR TRADE CHALLENGES

Directory of Open Access Journals (Sweden)

M. Ya’kub Aiyub Kadir

2014-06-01

Full Text Available Free trade and fair trade are considered an ambiguous term with relative meanings of identification. Objectively, free and fair trade does not mean completely free and fair, but it means trade under binding rules obeyed by member countries as a consequence of their commitment after signing and ratification of the WTO agreements. Hence, this paper aims at exploring the issue and does an effort to harmonise between free trade and fair trade within the WTO system.   Perdagangan bebas dan perdagangan yang adil adalah dua istilah yang ambigu maknanya. Secara obyektif, perdagangan bebas tidak bermakna bebas dan adil seluruhnya, tetapi bermakna sebuah perdagangan di bawah aturan-aturan mengikat setelah negara anggota menandatangani dan meratifikasi kesepakatan WTO. Tetapi dalam realitas kebanyakan Negara, terutama negara berkembang tidak mampu untuk membuka pasar dan menurunkan tarif secara keseluruhan. Persoalan tidak berimbangnya kekuatan, kurang demokrasi, krisis legitimasi dan dobel standar dalam WTO sistem merupakan sebuah tantangan yang masih berlanjut. Paper ini akan mengkaji persoalan ini dan berupaya mengharmonisasikan antara perdagangan bebas dan adil dalam sistem WTO.

EU Trade Governance and Policy: A Critical Perspective

Directory of Open Access Journals (Sweden)

Lucy Ford

2013-10-01

Full Text Available This article offers a critical analysis of EU trade policy. It does so by highlighting the political and economic enclosures within which EU trade policy is embedded and that continue to hamper more holistic and interdisciplinary analyses that are argued to be necessary in order to comprehend the obstacles to and avenues towards a more sustainable and socially just world. The article critically analyses economic and political hegemony by drawing on two strands of critical international thought, namely neo-Gramscian analysis and global political ecology, employing a critical realist approach. The article identifies the perceived twin short-comings of conventional analyses: firstly, the neglect of understandings of power relations and social justice, and secondly the lack of attention to criteria of sustainability. Within critical debates about European governance, including the governance of trade and trade policy, neo-Gramscian perspectives highlight the power relations within EU governance, exposing the mechanisms of hegemony as well as identifying potential counter-hegemonic forces. While this offers important insights, the article argues that a critical perspective cannot be complete without attention to sustainability. Political ecology makes a vital contribution to critical perspectives by highlighting the natural limits within which by necessity all human activity takes place. Using illustrations from trade policy debates, the article argues that current EU trade policy and governance is not best placed to meet the challenges of sustainability and social justice and it points to the need for more holistic systems thinking to challenge orthodoxy.

Analysis of Intra-Industry Trade in Turkish Automotive Sector

Directory of Open Access Journals (Sweden)

Füsun YENİLMEZ

2018-01-01

Full Text Available The automotive sector is one of the important sectors affecting the economy of a country. Considering the export and import size of the sector, any kind of work to be done for the sector is important. The analysis of Turkey's situation in the sector will contribute to R&D studies to develop the sector, strategic planning and determination of short, medium and long term targets. The aim of the paper is to determine the location of the Turkish automotive industry in world trade. For this purpose, firstly products in the automotive sector foreign trade were reduced to three sub-digit and included in the evaluation. Grubel-Lloyd index is used in the analysis. As a result of the analyzes, Turkey has been determined separately according to the product groups of the countries that have the most intensive trade in industry.

Trade-offs across space, time, and ecosystem services

Science.gov (United States)

Rodriguez, J.P.; Beard, T.D.; Bennett, E.M.; Cumming, Graeme S.; Cork, S.J.; Agard, J.; Dobson, A.P.; Peterson, G.D.

2006-01-01

Ecosystem service (ES) trade-offs arise from management choices made by humans, which can change the type, magnitude, and relative mix of services provided by ecosystems. Trade-offs occur when the provision of one ES is reduced as a consequence of increased use of another ES. In some cases, a trade-off may be an explicit choice; but in others, trade-offs arise without premeditation or even awareness that they are taking place. Trade-offs in ES can be classified along three axes: spatial scale, temporal scale, and reversibility. Spatial scale refers to whether the effects of the trade-off are felt locally or at a distant location. Temporal scale refers to whether the effects take place relatively rapidly or slowly. Reversibility expresses the likelihood that the perturbed ES may return to its original state if the perturbation ceases. Across all four Millennium Ecosystem Assessment scenarios and selected case study examples, trade-off decisions show a preference for provisioning, regulating, or cultural services (in that order). Supporting services are more likely to be "taken for granted." Cultural ES are almost entirely unquantified in scenario modeling; therefore, the calculated model results do not fully capture losses of these services that occur in the scenarios. The quantitative scenario models primarily capture the services that are perceived by society as more important - provisioning and regulating ecosystem services - and thus do not fully capture trade-offs of cultural and supporting services. Successful management policies will be those that incorporate lessons learned from prior decisions into future management actions. Managers should complement their actions with monitoring programs that, in addition to monitoring the short-term provisions of services, also monitor the long-term evolution of slowly changing variables. Policies can then be developed to take into account ES trade-offs at multiple spatial and temporal scales. Successful strategies will

Trade-offs across Space, Time, and Ecosystem Services

Directory of Open Access Journals (Sweden)

Jon Paul. Rodríguez

2006-06-01

Full Text Available Ecosystem service (ES trade-offs arise from management choices made by humans, which can change the type, magnitude, and relative mix of services provided by ecosystems. Trade-offs occur when the provision of one ES is reduced as a consequence of increased use of another ES. In some cases, a trade-off may be an explicit choice; but in others, trade-offs arise without premeditation or even awareness that they are taking place. Trade-offs in ES can be classified along three axes: spatial scale, temporal scale, and reversibility. Spatial scale refers to whether the effects of the trade-off are felt locally or at a distant location. Temporal scale refers to whether the effects take place relatively rapidly or slowly. Reversibility expresses the likelihood that the perturbed ES may return to its original state if the perturbation ceases. Across all four Millennium Ecosystem Assessment scenarios and selected case study examples, trade-off decisions show a preference for provisioning, regulating, or cultural services (in that order. Supporting services are more likely to be "taken for granted." Cultural ES are almost entirely unquantified in scenario modeling; therefore, the calculated model results do not fully capture losses of these services that occur in the scenarios. The quantitative scenario models primarily capture the services that are perceived by society as more important - provisioning and regulating ecosystem services - and thus do not fully capture trade-offs of cultural and supporting services. Successful management policies will be those that incorporate lessons learned from prior decisions into future management actions. Managers should complement their actions with monitoring programs that, in addition to monitoring the short-term provisions of services, also monitor the long-term evolution of slowly changing variables. Policies can then be developed to take into account ES trade-offs at multiple spatial and temporal scales

Status of electricity trading in the United States

International Nuclear Information System (INIS)

McMillan, P.H.

1999-01-01

The evolution of the energy marketplace in the United States is presented in a series of overhead viewgraphs. The influencing factors of energy trading are described as being supply concentration, rate cross subsidization, price volatility, physics, stranded investment, market structure and value drivers. A map depicting trading hubs and market structures is included, along with an outline of the key characteristics of a successful market hub. Gas-electric interface issues are also discussed. It was stated that contrary to conventional wisdom that as gas and electricity markets converge, traders will routinely cross-hedge gas and power, the practical reality is that volatility of the gas to electricity basis spread actually limits hedging opportunities. A winning strategy should include thorough fundamental and technical analysis; every trade or position should have a well thought-out exit strategy; get closer to physical assets; and be careful across regional hubs and commodities. 2 tabs., 7 figs

The effect of short recovery period investment on least-cost generation system expansion

International Nuclear Information System (INIS)

Yiqun He; David, A.K.; Fernando, P.N.

1995-01-01

The effect of the short recovery period of private investment on least-cost generation system expansion is analysed, and a trade-off method for generation system expansion, which gives consideration to both the least-cost strategy and the short recovery period of private investment, is presented. First, the optimal mix of generation units under a standard recovery period for all units is established, and then the surcharge, due to the difference between the short recovery period and the standard recovery period, is calculated and shared between all units. The former is an optimization to make best use of natural resources, and the latter is a trade-off method to spread the surcharge throughout the system. (Author)

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.)

The EU Seal Products Ban – Why Ineffective Animal Welfare Protection Cannot Justify Trade Restrictions under European and International Trade Law

Directory of Open Access Journals (Sweden)

Martin Hennig

2015-03-01

Full Text Available In this article, the author questions the legitimacy of the general ban on trade in seal products adopted by the European Union. It is submitted that the EU Seal Regime, which permits the marketing of Greenlandic seal products derived from Inuit hunts, but excludes Canadian and Norwegian seal products from the European market, does not ensure a satisfactory degree of animal welfare protection in order to justify the comprehensive trade restriction in place. It is argued that the current ineffective EU ban on seal products, which according to the WTO Appellate Body cannot be reconciled with the objective of protecting animal welfare, has no legal basis in EU Treaties and should be annulled.

Impact of Zimbabwe - South Africa Trade Relations: A Bilateral, Regional, or Multilateral Approach?

National Research Council Canada - National Science Library

Mayihlome, Levi

1997-01-01

.... Whereas a functional bilateral trade agreement or a regional customs union culminating in a common market might improve Zimbabwe's regional competitiveness in the short run' due to South Africa's...

International trade law perspectives on paperless trade and inclusive digital trade

OpenAIRE

Mitchell, Andrew D.; Mishra, Neha

2017-01-01

Cross-border paperless trade is increasingly important to generate economic gains in a digitalised economy. Several developing and least developed countries will need to modernise their domestic laws and regulations to facilitate cross-border electronic transmissions, particularly to promote cloud computing and electronic payments. In recent trade agreements, trading partners have committed to deeper and more comprehensive provisions on electronic commerce, including adopting domestic laws on...

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.

ASEAN economic growth, trade openness and banking-sector depth: The nexus

Directory of Open Access Journals (Sweden)

Rudra P. Pradhan

2017-09-01

Full Text Available This paper investigated the linkages between banking sector depth, trade openness, and economic growth using a panel data set covering the ASEAN regional forum countries for the period 1961–2012. Using our multivariate framework, we first found that all the variables were integrated of order one and were cointegrated. Our panel-data estimation procedures offered more robust estimates than previous studies by utilizing variations between countries as well as variations over time. The results of this study indicated a general long-run equilibrium relationship among trade openness, banking sector depth and economic growth as well as a short-run relationship between these variables. Policy recommendations include those that will promote greater banking sector development as well as increased trade openness. JEL classification: O16, O43, E44, E31, Keywords: Trade openness, Banking sector depth, Economic growth, Granger causality, ASEAN regional forum countries

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.

A roaring trade? The legal trade in Panthera leo bones from Africa to East-Southeast Asia.

Science.gov (United States)

Williams, Vivienne L; Loveridge, Andrew J; Newton, David J; Macdonald, David W

2017-01-01

The African lion is the only big cat listed on CITES Appendix II, and the only one for which international commercial trade is legal under CITES. The trade in lion body parts, and especially the contentious trade in bones from South Africa to Asia, has raised concerns spanning continents and cultures. Debates were amplified at the 2016 CITES Conference of the Parties (CoP17) when a proposal to up-list lions to Appendix I was not supported and a compromise to keep them on Appendix II, with a bone trade quota for South Africa, was reached instead. CoP17 underscored a need for further information on the lion bone trade and the consequences for lions across the continent. Legal international trade in bones to Asia, allegedly to supply the substitute 'tiger bone' market, began in South Africa in February 2008 when the first CITES permits were issued. It was initially unclear the degree to which bones were sourced from captive-origin lions, and whether trade was a threat to wild lion populations. Our original assessment of the legal CITES-permitted lion bone trade from South Africa to East-Southeast Asia was for the period 2008-2011 (published 2015). In this paper, we consolidate new information that has become available for 2012-2016, including CITES reports from other African countries, and data on actual exports for three years to 2016 supplied by a freight forwarding company. Thus, we update the figures on the legal trade in lion bones from Africa to East-Southeast Asia in the period 2008-2016. We also contextualise the basis for global concerns by reviewing the history of the trade and its relation to tigers, poaching and wildlife trafficking. CITES permits issued to export bones escalated from ±314y-1 skeletons from 2008-2011, to ±1312y-1 skeletons from 2013-2015. South Africa was the only legal exporter of bones to Asia until 2013 when Namibia issued permits to export skeletons to Vietnam. While CITES permits to export ±5363 skeletons from Africa to Asia from

A roaring trade? The legal trade in Panthera leo bones from Africa to East-Southeast Asia.

Directory of Open Access Journals (Sweden)

Vivienne L Williams

Full Text Available The African lion is the only big cat listed on CITES Appendix II, and the only one for which international commercial trade is legal under CITES. The trade in lion body parts, and especially the contentious trade in bones from South Africa to Asia, has raised concerns spanning continents and cultures. Debates were amplified at the 2016 CITES Conference of the Parties (CoP17 when a proposal to up-list lions to Appendix I was not supported and a compromise to keep them on Appendix II, with a bone trade quota for South Africa, was reached instead. CoP17 underscored a need for further information on the lion bone trade and the consequences for lions across the continent. Legal international trade in bones to Asia, allegedly to supply the substitute 'tiger bone' market, began in South Africa in February 2008 when the first CITES permits were issued. It was initially unclear the degree to which bones were sourced from captive-origin lions, and whether trade was a threat to wild lion populations. Our original assessment of the legal CITES-permitted lion bone trade from South Africa to East-Southeast Asia was for the period 2008-2011 (published 2015. In this paper, we consolidate new information that has become available for 2012-2016, including CITES reports from other African countries, and data on actual exports for three years to 2016 supplied by a freight forwarding company. Thus, we update the figures on the legal trade in lion bones from Africa to East-Southeast Asia in the period 2008-2016. We also contextualise the basis for global concerns by reviewing the history of the trade and its relation to tigers, poaching and wildlife trafficking. CITES permits issued to export bones escalated from ±314y-1 skeletons from 2008-2011, to ±1312y-1 skeletons from 2013-2015. South Africa was the only legal exporter of bones to Asia until 2013 when Namibia issued permits to export skeletons to Vietnam. While CITES permits to export ±5363 skeletons from

A roaring trade? The legal trade in Panthera leo bones from Africa to East-Southeast Asia

Science.gov (United States)

Loveridge, Andrew J.; Newton, David J.; Macdonald, David W.

2017-01-01

The African lion is the only big cat listed on CITES Appendix II, and the only one for which international commercial trade is legal under CITES. The trade in lion body parts, and especially the contentious trade in bones from South Africa to Asia, has raised concerns spanning continents and cultures. Debates were amplified at the 2016 CITES Conference of the Parties (CoP17) when a proposal to up-list lions to Appendix I was not supported and a compromise to keep them on Appendix II, with a bone trade quota for South Africa, was reached instead. CoP17 underscored a need for further information on the lion bone trade and the consequences for lions across the continent. Legal international trade in bones to Asia, allegedly to supply the substitute ‘tiger bone’ market, began in South Africa in February 2008 when the first CITES permits were issued. It was initially unclear the degree to which bones were sourced from captive-origin lions, and whether trade was a threat to wild lion populations. Our original assessment of the legal CITES-permitted lion bone trade from South Africa to East-Southeast Asia was for the period 2008–2011 (published 2015). In this paper, we consolidate new information that has become available for 2012–2016, including CITES reports from other African countries, and data on actual exports for three years to 2016 supplied by a freight forwarding company. Thus, we update the figures on the legal trade in lion bones from Africa to East-Southeast Asia in the period 2008–2016. We also contextualise the basis for global concerns by reviewing the history of the trade and its relation to tigers, poaching and wildlife trafficking. CITES permits issued to export bones escalated from ±314y-1 skeletons from 2008–2011, to ±1312y-1 skeletons from 2013–2015. South Africa was the only legal exporter of bones to Asia until 2013 when Namibia issued permits to export skeletons to Vietnam. While CITES permits to export ±5363 skeletons from Africa

Environmental accounts and trade - a Swedish pilot study

International Nuclear Information System (INIS)

Wadeskog, A.

2001-01-01

Environmental accounts are supposed to register environmental impacts of economic activities performed by residents on a national basis. However, the international division of labour is not explicitly addressed. A small, open, economy like Sweden use resources, and thereby cause emissions, in other countries due to what is imported for intermediate or final use. On the other hand, the things we export to other countries cause emissions in Sweden. This means that there is an environmental balance of trade that is not explicitly addressed in the accounts. There are however possibilities to estimate these effects. Through input-output analysis it is possible to analyse the value added chain of the different goods and service that make up the final demand, i.e. a form of cradle-to-grave analysis. Environmental trade can be estimated in several ways. One method is to assume that emissions follow the pattern of the trade balance and equal out over time, i.e. ignore the problem. Another method is to calculate the effect of differences in volume and composition in exports and imports. In most cases this is done using the domestic input-output tables and emission coefficients, i.e. assuming that all trading partners have identical resource use, technology and economic structure. A pilot study of the environmental trade balance for Sweden, using different aggregated emissions data for our trading partners and the Swedish input-output table, show that the results calculated with these methods will underestimate external emissions considerably for carbon dioxides and sulphur dioxides. However, for nitrogen oxides emission these methods seem to suffice

The End of Trade and Investment Law as We Know it

DEFF Research Database (Denmark)

Kjær, Poul F.

Trade and investment law (TIL) does not operate in a vacuum. A rethinking of TIL can only be done on the basis of an understanding of the structural composition and direction world society is taking. Both orthodox and heterodox TIL relies on assumptions concerning the state of the world and the d......Trade and investment law (TIL) does not operate in a vacuum. A rethinking of TIL can only be done on the basis of an understanding of the structural composition and direction world society is taking. Both orthodox and heterodox TIL relies on assumptions concerning the state of the world...... the control of lawyers. The hegemony of the legal discipline has been broken and the economics discipline now rules the world. Without a fundamental change to the status and internal composition of the economics discipline the endeavor to rethink TIL is likely to be futile....

75 FR 23697 - Order Finding That the AECO Financial Basis Contract Traded on the IntercontinentalExchange, Inc...

Science.gov (United States)

2010-05-04

...'' and Cocoa contracts during this period. \\30\\ By way of comparison, open interest in the AEC contract... ensure fair competition among ECMs and DCMs trading similar products and competing for the same business...

The Role of Private Information in Short-term Fluctuations of Won/Dollar Exchange Rates

Directory of Open Access Journals (Sweden)

Haesik Park

1999-12-01

Full Text Available In this paper, we have examined the short-run movement of the won/dollar exchange rate using information obtained from the inter-bank market in Korea. First, we constructed the hourly measure of excess demand for dollar and used it as a proxy for the trading pattern of market participants. To construct this time series, we relied on the bid and ask won/dollar exchange rates collected on the two-minute interval. We then estimated the structural VAR model consisting of the actually observed won/dollar exchange rate and the proxied trading pattern of market participants to see if private information, as opposed to public information, is relevant for explaining the hourly movement of the won/dollar exchange rate. Private information is found to account for more 30% of hourly variations of the won/dollar exchange rate. Next, we constructed the trading pattern of market participants on a daily basis using the same data set employed to build the hourly measure. We then examined whether private information is useful for predicting the daily won/dollar exchange rate movement. We found that the forecast model using both private and public information reduces out-of-sample forecast errors of an alternative model relying only on public information by 20~25%. Also, the out-of-sample forecast of the model using both private and public information is found to be more accurate than the random walk model.

Modern treatment of short bowel syndrome

DEFF Research Database (Denmark)

Jeppesen, Palle B

2013-01-01

Recently, the US Food and Drug Administration and the European Medicines Agency approved the glucagon-like peptide 2 analogue, teduglutide, for the treatment of short bowel syndrome (SBS), and this review describes the physiological basis for its clinical use.......Recently, the US Food and Drug Administration and the European Medicines Agency approved the glucagon-like peptide 2 analogue, teduglutide, for the treatment of short bowel syndrome (SBS), and this review describes the physiological basis for its clinical use....

A water market simulator considering pair-wise trades between agents

Science.gov (United States)

Huskova, I.; Erfani, T.; Harou, J. J.

2012-04-01

In many basins in England no further water abstraction licences are available. Trading water between water rights holders has been recognized as a potentially effective and economically efficient strategy to mitigate increasing scarcity. A screening tool that could assess the potential for trade through realistic simulation of individual water rights holders would help assess the solution's potential contribution to local water management. We propose an optimisation-driven water market simulator that predicts pair-wise trade in a catchment and represents its interaction with natural hydrology and engineered infrastructure. A model is used to emulate licence-holders' willingness to engage in short-term trade transactions. In their simplest form agents are represented using an economic benefit function. The working hypothesis is that trading behaviour can be partially predicted based on differences in marginal values of water over space and time and estimates of transaction costs on pair-wise trades. We discuss the further possibility of embedding rules, norms and preferences of the different water user sectors to more realistically represent the behaviours, motives and constraints of individual licence holders. The potential benefits and limitations of such a social simulation (agent-based) approach is contrasted with our simulator where agents are driven by economic optimization. A case study based on the Dove River Basin (UK) demonstrates model inputs and outputs. The ability of the model to suggest impacts of water rights policy reforms on trading is discussed.

Scotian gas: breaking the free trade consensus

International Nuclear Information System (INIS)

Wilson, F.; Shrybman, S.

2002-08-01

In this document, the authors argued that the federal government failed to protect the interests of all Canadians with regard to the oil and gas industry. The authors indicated that oil and gas companies, as was the case in the challenge before the National Energy Board from New Brunswick, were allowed to circumvent the safeguards in place for the protection of Canada's long term energy needs. Ensuring that gas exports only take place after Canadian needs have been met is a key mandate of the National Energy Board. According to the authors, approximately 80 per cent of the increase in exports ( 90 per cent of the exports from Nova Scotia) took place pursuant to short term orders granted without public notice or hearing. The increase should have been made through an export license application to the National Energy Board and reviewed at hearings. The challenge presented by New Brunswick calls for an end to the granting of short term orders for Scotian offshore gas by the National Energy Board. The authors found that the request from New Brunswick does not violate the North American Free Trade Agreement. The debate concerning the guarantee to the United States of ongoing access to Canadian energy resources, an important cost of free trade, was renewed by this document. refs

Additive versus multiplicative trade costs and the gains from trade

DEFF Research Database (Denmark)

Sørensen, Allan

This paper addresses welfare effects from trade liberalization in a heterogeneous-fi…rms trade model including the empirically important per-unit (i.e. additive) trade costs in addition to the conventional iceberg (i.e. multiplicative) and fi…xed trade costs. The novel contribution of the paper...... is the result that the welfare gain for a given increase in trade openness is higher for reductions in per-unit (additive) trade costs than for reductions in iceberg (multiplicative) trade costs. The ranking derives from differences in intra-industry reallocations and in particular from dissimilar impacts...

Estimating the elasticity of trade: the trade share approach

OpenAIRE

Mauro Lanati

2013-01-01

Recent theoretical work on international trade emphasizes the importance of trade elasticity as the fundamental statistic needed to conduct welfare analysis. Eaton and Kortum (2002) proposed a two-step method to estimate this parameter, where exporter fixed effects are regressed on proxies for technology and wages. Within the same Ricardian model of trade, the trade share provides an alternative source of identication for the elasticity of trade. Following Santos Silva and Tenreyro (2006) bot...

Plurilateral Trade Deals: An Alternative for Multilateral Trade Agreements?

Directory of Open Access Journals (Sweden)

Agnes Ghibuțiu

2016-04-01

Full Text Available While multilateral trade negotiations under the World Trade Organization (WTO continue to be in impasse, plurilateral trade negotiations – i.e. among a group of WTO members – have intensified in recent years, and also recorded a series of concrete results in liberalizing specific sectors of international trade. Hence, there is a widely shared view that plurilateral trade negotiations could be an alternative for the multilateral ones. This paper aims to answer the following questions: What are plurilateral trade agreements? Which are the reasons behind the surge in plurilateral negotiations in recent years? What are the main achievements in liberalizing trade at the plurilateral level? What are the advantages of plurilateral negotiations relative to multilateral ones, and why are they considered an attractive alternative for negotiations at the multilateral level?

Effects of Trade Openness, Investment and Population on the Economic Growth: A Case Study of Syria

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Adel Shakeeb Mohsen

2015-06-01

Full Text Available This study attempts to investigate the role of trade openness, investment and population in the Syrian economy over the period 1980-2010. The cointegration test indicates that GDP is positively and significantly related to the trade openness, investment and population. The Granger causality test indicates bidirectional short-run causality relationships between trade openness, investment, population and GDP. There are also bidirectional long-run causality relationships between investment, population and GDP, and unidirectional long-run causality relationship running from trade openness to GDP. The study result indicates that population has the biggest effect on the GDP, thus we suggest improving the quality of the human capital in the country, as well as improving the investment and opening up the Syrian economy to foreign trade.

Policy space for health and trade and investment agreements.

Science.gov (United States)

Koivusalo, Meri

2014-06-01

New trade agreements affect how governments can regulate for health both within health systems and in addressing health protection, promotion and social determinants of health in other policies. It is essential that those responsible for health understand the impacts of these trade negotiations and agreements on policy space for health at a national and local level. While we know more about implications from negotiations concerning intellectual property rights and trade in goods, this paper provides a screening checklist for less-discussed areas of domestic regulation, services, investment and government procurement. As implications are likely to differ on the basis of the organization and structures of national health systems and policy priorities, the emphasis is on finding out key provisions as well as on how exemptions and exclusions can be used to ensure policy space for health. © The Author 2014. Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oup.com.

Act locally, trade globally. Emissions trading for climate policy

Energy Technology Data Exchange (ETDEWEB)

none

2005-07-01

Climate policy raises a number of challenges for the energy sector, the most significant being the transition from a high to a low-CO2 energy path in a few decades. Emissions trading has become the instrument of choice to help manage the cost of this transition, whether used at international or at domestic level. Act Locally, Trade Globally, offers an overview of existing trading systems, their mechanisms, and looks into the future of the instrument for limiting greenhouse gas emissions. Are current markets likely to be as efficient as the theory predicts? What is, if any, the role of governments in these markets? Can domestic emissions trading systems be broadened to activities other than large stationary energy uses? Can international emissions trading accommodate potentially diverse types of emissions targets and widely different energy realities across countries? Are there hurdles to linking emissions trading systems based on various design features? Can emissions trading carry the entire burden of climate policy, or will other policy instruments remain necessary? In answering these questions, Act Locally, Trade Globally seeks to provide a complete picture of the future role of emissions trading in climate policy and the energy sector.

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

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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

Optimal Charging of Electric Vehicles with Trading on the Intraday Electricity Market

Directory of Open Access Journals (Sweden)

Ilham Naharudinsyah

2018-06-01

Full Text Available Trading on the energy market is a possible way to reduce the electricity costs of charging electric vehicles at public charging stations. In many European countries, it is possible to trade electricity until shortly before the period of delivery on so called intraday electricity markets. In the present work, the potential for reducing the electricity costs by trading on the intraday market is investigated using the example of the German market. Based on simulations, the authors reveal that by optimizing the charging schedule together with the trading on the intraday electricity market, the costs can be reduced by around 8% compared to purchasing all the required energy from the energy supplier. By allowing the charging station operator to resell the energy to the intraday electricity market, an additional cost reduction of around 1% can be achieved. Besides the potential cost savings, the impacts of the trading unit and of the lead time of the intraday electricity market on the costs are investigated. The authors reveal that the achievable electricity costs can be strongly affected by the lead time, while the trading unit has only a minor effect on the costs.

Profitability of simple technical trading rules of Chinese stock exchange indexes

Science.gov (United States)

Zhu, Hong; Jiang, Zhi-Qiang; Li, Sai-Ping; Zhou, Wei-Xing

2015-12-01

Although technical trading rules have been widely used by practitioners in financial markets, their profitability still remains controversial. We here investigate the profitability of moving average (MA) and trading range break (TRB) rules by using the Shanghai Stock Exchange Composite Index (SHCI) from May 21, 1992 through December 31, 2013 and Shenzhen Stock Exchange Component Index (SZCI) from April 3, 1991 through December 31, 2013. The t-test is adopted to check whether the mean returns which are conditioned on the trading signals are significantly different from unconditioned returns and whether the mean returns conditioned on the buy signals are significantly different from the mean returns conditioned on the sell signals. We find that TRB rules outperform MA rules and short-term variable moving average (VMA) rules outperform long-term VMA rules. By applying White's Reality Check test and accounting for the data snooping effects, we find that the best trading rule outperforms the buy-and-hold strategy when transaction costs are not taken into consideration. Once transaction costs are included, trading profits will be eliminated completely. Our analysis suggests that simple trading rules like MA and TRB cannot beat the standard buy-and-hold strategy for the Chinese stock exchange indexes.

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.

Science for Trade-Offs Between Conflicting Interests in Future Forests

Directory of Open Access Journals (Sweden)

Sune Linder

2011-08-01

Full Text Available Forests deliver multiple ecosystem services to society. Management of forests must be able to deal with trade-offs when the delivery of different ecosystem services comes in conflict with each other. The research program Future Forests (http://www.futureforests.se attempts to form a scientific basis for managing such trade-offs between conflicting interests in northern boreal forests. Some key characteristics of the research program are interdisciplinary and participatory research and a clear communication agenda for stakeholders. This paper gives a brief overview of the underlying ideas behind the program, and an introduction to the papers published in this Special Issue.

S&P500 Forecasting and Trading using Convolution Analysis of Major Asset Classes

OpenAIRE

Papaioannou, Panagiotis; Dionysopoulos, Thomas; Janetzko, Dietmar; Siettos, Constantinos

2016-01-01

By monitoring the time evolution of the most liquid Futures contracts traded globally as acquired using the Bloomberg API from 03 January 2000 until 15 December 2014 we were able to forecast the S&P 500 index beating the Buy and Hold trading strategy. Our approach is based on convolution computations of 42 of the most liquid Futures contracts of four basic financial asset classes, namely, equities, bonds, commodities and foreign exchange. These key assets were selected on the basis of the glo...

The ASEAN Free Trade Agreement: impact on trade flows and external trade barriers

OpenAIRE

Hector Calvo-Pardo; Caroline Freund; Emanuel Ornelas

2009-01-01

Using detailed data on trade and tariffs from 1992-2007, the authors examine how the ASEAN Free Trade Agreement has affected trade with nonmembers and external tariffs facing nonmembers. First, the paper examines the effect of preferential and external tariff reduction on import growth from ASEAN insiders and outsiders across HS 6-digit industries. The analysis finds no evidence that prefe...

The Effect of Depreciation of the Exchange Rate on the Trade Balance of Albania

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Kurtović Safet

2017-06-01

Full Text Available Almost all countries face the problems of trade balance, although they are more inherent in developing countries and economies in transition. A majority of economists adheres to a common opinion real depreciation may lead to an improvement of the trade balance. That said, countries encountering trade balance issues use real exchange rate depreciation in order to improve the trade balance situation. Albania belongs to the group of transition countries that has been facing negative trade balance over last two decades. National currency devaluations of the lek (ALL have been used by Albania to improve its trade balance. Therefore, this paper intends to investigate the effect of the real effective exchange rate depreciation of the ALL on the trade balance of Albania using quarterly data from 1994 to 2015. Bounds testing cointegration approach, vector error correction model (VECM and impulse response were used for empirical analysis. The results of the study show that there exists a long-term cointegration between the real effective exchange rate depreciation and the trade balance. Specifically, real effective exchange rate depreciation positively affects the trade balance of Albania in both the long-run and short-run indicating the weak presence of the J-curve effect. Important recommendations were derived from the results.

Trade Facilitation Provisions in Regional Trade Agreements: Discriminatory or Non-discriminatory?

Directory of Open Access Journals (Sweden)

Innwon Park

2016-12-01

Full Text Available The RTAs with trade facilitation provisions have been expected to generate a larger net trade-creating effect and complement the discriminatory feature of RTAs but have yet to be empirically proven. Recognizing the limitations of existing studies, we conducted a quantitative analysis on the effects of RTAs with and without trade facilitation provisions on both intra- and extra-bloc trade by using a modified gravity equation. We applied the Poisson Pseudo-Maximum Likelihood (PPML estimation with time varying exporter and importer fixed effect method to panel data consisting of 45,770 country pairs covering 170 countries for 2000-2010. We found that the trade facilitation provisions in existing RTAs are non-discriminatory by generating more intra- and extra-bloc trade in general. In particular, we found that the trade effects of RTAs in the APEC region are much stronger than the general case covering all RTAs in the world. In addition, as we control the trade effect of a country's trade facilitation, which is ranked by the World Bank's logistic performance index, RTAs consisting of trade facilitation provisions are discriminatory for trade in final goods and non-discriminatory for trade in intermediate goods. Overall, we endeavor to "explain," instead of "hypothesizing," why most of the recent RTAs contain trade facilitation provisions, especially in light of the deepening regional interdependence through trade in parts and components under global value chains and support the necessity of multilateralizing RTAs by implementing non-discriminatory trade facilitation provisions.

The precautionary principle and/or risk assessment in World Trade Organization decisions: a possible role for risk perception.

Science.gov (United States)

Goldstein, Bernard; Carruth, Russellyn S

2004-04-01

Risk analysis has been recognized and validated in World Trade Organization (WTO) decision processes. In recent years the precautionary principle has been proposed as an additional or alternative approach to standard risk assessment. The precautionary principle has also been advocated by some who see it as part of postmodern democracy in which more power is given to the public on health and safety matters relative to the judgments of technocrats. A more cynical view is that the precautionary principle is particularly championed by the European Community as a means to erect trade barriers. The WTO ruling against the European Community's trade barrier against beef from hormone-treated cattle seemed to support the use of risk assessment and appeared to reject the argument that the precautionary principle was a legitimate basis for trade barriers. However, a more recent WTO decision on asbestos contains language suggesting that the precautionary principle, in the form of taking into account public perception, may be acceptable as a basis for a trade barrier. This decision, if followed in future WTO trade disputes, such as for genetically modified foods, raises many issues central to the field of risk analysis. It is too early to tell whether the precautionary principle will become accepted in WTO decisions, either as a supplement or a substitute for standard risk assessment. But it would undermine the value of the precautionary principle if this principle were misused to justify unwarranted trade barriers.

The Supply of Trade Credit by Brazilian Publicly Traded Firms

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Rafael Felipe Schiozer

2011-12-01

Full Text Available This paper investigates the determinants of trade credit supply by Brazilian publicly traded companies between the years of 2005 and 2008. International literature (both theoretical and empirical documents that the main determinants of trade credit supply are the size of the firm and the size of its debt. Both indicate that the availability of resources to the firm is an important factor for the supply of trade credit. In addition, the literature confirms strategic uses of trade credit such as those for price discrimination purposes. The results obtained using a sample of 157 Brazilian companies do not support that size and indebtedness are relevant determinants for trade credit supply, but they confirm the supply of trade credit as a strategic tool for the firms. Additionally we observed a significant decrease in trade credit supply in 2008, the year in which a severe international financial crisis took place.

Calculation of embodied energy in Sino-USA trade: 1997–2011

International Nuclear Information System (INIS)

Yang, Ranran; Long, Ruyin; Yue, Ting; Shi, Haihong

2014-01-01

In order to find efficient trade measures to reduce China's energy consumption and to provide theoretical support for the climate talks between China and America, we investigate the impact of Sino-USA trade on energy consumption from the perspective of embodied energy. An Environmental Input–Output Life Cycle Assessment (EIO-LCA) model was established to calculate the total energy consumption coefficient, the direct consumption coefficient and the complete consumption coefficient of the sectors of the national economies of China and America. After taking into consideration the data of every sector of the national economy in Sino-USA trade, energy embodied in the import and export trade between China and America was calculated to verify the real energy flows in Sino-USA trade. The research results suggest the following: China is the net exporter of embodied energy in Sino-USA trade, and coal, crude oil and natural gas are the major components. In 1997–2011, the net exports of China's embodied energy totaled 1523,082,200 t of standard coal, the amount of China's energy consumption increased by 895,527,900 t of standard coal, and America's energy consumption decreased by 11,871,200 t of standard coal as a result of Sino-USA trade. On this basis, corresponding policies and recommendations are proposed. - Highlights: • An EIO-LCA model is established to examine China's embodied energy in Sino-USA trade. • Embodied energy is calculated from the perspective of energy sources. • China is found to be the net exporter of embodied energy in Sino-USA trade. • Coal, crude oil and natural gas are the major components of China's net embodied energy exports. • China's energy consumption has increased and America's has shifted to China in Sino-USA trade

COMPANY SIZE, TRADING ACTIVITY AND LIQUIDITY AS A DETERMINANTS OF CROSS-SECTIONAL MOMENTUM TRADING STRATEGY ON RUSSIAN STOCK MARKET

Directory of Open Access Journals (Sweden)

Teplova T. V.

2014-06-01

Full Text Available Momentum-effect has many interpretations in the practice of investing and in understanding of anomalies in asset prices. We consider a Cross-Sectional momentum effects and the corresponding two medium-term (3 months or more trading strategies that are different from the trend following rules for individual assets. We tested four hypothesis deals with cross-sectional momentum effect on the Russian stock market and the possibility of building a self-financing (long-short trading strategy at three time horizon (stock market growth from 2004 until mid 2008, financial crisis and post-crisis periods. It is shown that for the Russian market cross-sectional momentum strategy with partly rebalanced portfolio maximizing portfolio return (134 stocks listed from 2004 to 2014 in the few Russian stock exchanges should be based on the three-month formation period and three-month holding period periods (3/1/3. We have identified elements of profit-maximizing momentum strategy: three time windows and determinants of assets. Monthly average return of arbitrage strategy is estimated at 1.5 % for 134 common shares. Implementation of the strategy for the post-crisis period does not allow to maximize profit. For 6-month and more investment windows it gets the advantage of reverse strategy (opening long positions in stocks with low investment results and short position for assets with high relative returns. Fundamental parameters of the issuer (size of companies like market capitalization and two measures of liquidity (trading activity and transaction costs like bid-ask spread are significant to maximize portfolio performance (we prove the growth of monthly average return ranging from 1.5 to 2.5 %. We find that size and liquidity control momentum strategy can earn positive profits in Russian stock market, larger than naïve momentum.

Klasifikasi Pertumbuhan, Sektor Basis dan Kompetitif Kota Jambi

Directory of Open Access Journals (Sweden)

Yusral

2015-04-01

Full Text Available This study aims to determine the classification of economic growth in the city of Jambi, base and non-base sectors in the economy of the city of Jambi, Competitive sectors in the economy of the city of Jambi and to determine the leading sectors in Jambi city.The results showed that based on the analysis tipology Klassen, there are three (3 sectors forward and grow exponentially (quadrant I, namely manufacturing industry, trade sector, hotel and restaurant as well as transport and communication sectors. During the period 2000-2012 the leading sectors in the city of Jambi based analysis of location Quetiont (LQ there are as many as seven sectors, namely Manufacturing (LQ = 1.37, sector Electricity, Gas and Water (LQ = 3.25, Construction sector (LQ = 1.61, the sector of Trade, Hotels and Restaurants (LQ = 1.38, transport and communications sector (LQ = 2.52, Financial sector, Leasing & Business Services (LQ = 1.76 Offices and Services sector (LQ = 1.44. Based Shift Share Analysis for the period 2000-2012, the sectors that possess proporsioal growth component value (P positive namely Mining and Quarrying sector, sectors Electricity Gas and Water, Building sector, the hotel and restaurant trade sector, as well as the financial sector, leasing and services company. Sectors which show the value of diffrential Shift (D is positive Manufacturing sector, trade sector, hotel and restaurant as well as transport and communications sectors. Based on a combined analysis of three tools of analysis shows that the sector is the dominant sector in the sector that belong criteria developed and grown by leaps and bounds, and competitive sector basis is the sector of Trade, Hotels and Restaurants.

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.

Insider trading

International Nuclear Information System (INIS)

Maslechko, W.S.

1998-01-01

The policy arguments for and against prohibiting insider trading within the petroleum industry are discussed. Legal definitions of all relevant terms (e.g. 'special relationship' 'tippees', 'material facts', material changes' 'generally disclosed' information', 'necessary course of business') are provided. Enforcement of insider trading/tipping prohibitions are also defined. The recommended practice is: do not trade; do not tell or advise; encourage timely disclosure; do not speculate; implement a corporate disclosure and trading policy

Equity Options During the Shorting Ban of 2008

Directory of Open Access Journals (Sweden)

Nusret Cakici

2018-03-01

Full Text Available The Securities and Exchange Commission’s 2008 emergency order introduced a shorting ban of some 800 financials traded in the US. This paper provides an empirical analysis of the options market around the ban period. Using transaction level data from OPRA (The Options Price Reporting Authority, we study the options volume, spreads, pricing measures and option trade volume informativeness during the ban. We also consider the put–call parity relationship. While mostly statistically significant, economic magnitudes of our results suggest that the impact of the ban on the equity options market was likely not as dramatic as initially thought.

Intra-Day Trading System Design Based on the Integrated Model of Wavelet De-Noise and Genetic Programming

Directory of Open Access Journals (Sweden)

Hongguang Liu

2016-12-01

Full Text Available Technical analysis has been proved to be capable of exploiting short-term fluctuations in financial markets. Recent results indicate that the market timing approach beats many traditional buy-and-hold approaches in most of the short-term trading periods. Genetic programming (GP was used to generate short-term trade rules on the stock markets during the last few decades. However, few of the related studies on the analysis of financial time series with genetic programming considered the non-stationary and noisy characteristics of the time series. In this paper, to de-noise the original financial time series and to search profitable trading rules, an integrated method is proposed based on the Wavelet Threshold (WT method and GP. Since relevant information that affects the movement of the time series is assumed to be fully digested during the market closed periods, to avoid the jumping points of the daily or monthly data, in this paper, intra-day high-frequency time series are used to fully exploit the short-term forecasting advantage of technical analysis. To validate the proposed integrated approach, an empirical study is conducted based on the China Securities Index (CSI 300 futures in the emerging China Financial Futures Exchange (CFFEX market. The analysis outcomes show that the wavelet de-noise approach outperforms many comparative models.

Integration of Stock Markets between Indonesia and Its Major Trading Partners

Directory of Open Access Journals (Sweden)

Bakri Abdul Karim

2009-05-01

Full Text Available Using Autoregressive Distributed Lag (ARDL and Vector Autoregressive (VAR frameworks, this study examines the integration between the emerging stock market of Indonesia and its major trading partners (i.e., Japan, the U.S., Singapore, and China. During the period of July 1998 to December 2007, the Indonesian stock market is found to be integrated with its major trading partners. Thus, this implies that there is a limited room available for investors to gain risk-reduction benefits through diversifying their portfolio in those markets. Meanwhile, in the short run, the Indonesian market responds more to shocks in the U.S. and Singapore than in Japan and China. In designing policies pertaining to its stock market, the Indonesian government should take into account any development in the stock markets of its major trading partners, particularly the U.S. and Singaporean markets.

Dynamics of energy use, technological innovation, economic growth and trade openness in Malaysia

International Nuclear Information System (INIS)

Sohag, Kazi; Begum, Rawshan Ara; Abdullah, Sharifah Mastura Syed; Jaafar, Mokhtar

2015-01-01

This study extends the Marshallian demand framework to investigate the effects of TI (technological innovation) on energy use in Malaysia. This extended theoretical frameworks predicts that TI, an exogenous element in the energy demand function, increases energy efficiency and, correspondingly, reduces energy consumption at a given level of economic output. Using an ARDL (autoregressive distributed lag) bounds testing approach for the sample period 1985–2012, this study confirms both short- and log-run theoretical predictions. However, controlling for the effect of TI, this study finds that increasing GDP per capita and trade openness produce a rebound effect of TI on energy use. - Highlights: • Technological innovation increases energy efficiency in the long run. • GDP per capita intensifies the energy use in the short run and long run. • Trade openness augments energy use in the long run.

Trade in industry

Energy Technology Data Exchange (ETDEWEB)

1984-01-01

In this report the Government has provided information on recent trends in Australia's energy trade and examined the implications of recent changes in those trends for the remainder of the 1980's. The opportunities for Australia as an energy exporter in the years ahead have been identified, along with related policy issues. The Committee has concluded that energy export projections made as recently as two years ago which foreshadowed massive increases in exports of coal, gas and uranium from Australia over the next couple of decades must now be considered excessively optimistic, given slack world economic conditions and the softer trend in world oil prices. The Committee has, however, cautioned against becoming too gloomy and of taking the immediate past period as a basis for projecting the longer term.

75 FR 23710 - Order Finding That the ICE PG&E Citygate Financial Basis Contract Traded on the...

Science.gov (United States)

2010-05-04

... ICE maintains exclusive rights over IPI's bidweek price indices. As a result, no other exchange can... this contract has the exclusive right to base its settlement on the IPI PG&E Citygate Index price... Contract Traded on the IntercontinentalExchange, Inc., Performs a Significant Price Discovery Function...

Additive versus Multiplicative Trade Costs and the Gains from Trade Liberalizations

DEFF Research Database (Denmark)

Sørensen, Allan

2014-01-01

This paper addresses welfare e¤ects from trade liberalization in a Melitz (2003) heterogeneous-…rms trade model including the empirically important per-unit (i.e. additive) trade costs in addition to the conventional iceberg (i.e. multiplicative) and …xed trade costs. The novel contribution...... of the pa- per is the result that the welfare gain for a given increase in trade openness is higher for reductions in per-unit (additive) trade costs than for reductions in iceberg (multiplicative) trade costs. The ranking derives from di¤erences in intra-industry reallocations and in particular from...

Mashreq Arab interconnected power system potential for economic energy trading

International Nuclear Information System (INIS)

Al-Shehri, A.M.; El-Amin, I.M.; Opoku, G.; Al-Baiyat, S.A.; Zedan, F.M.

1994-01-01

The Mashreq Arab countries covered in this study are Bahrain, Egypt, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syria, the United Arab Emirates, and Yemen. A feasibility study for the interconnection of the electrical networks of the Mashreq Arab countries, sponsored by the Arab Fund, was completed in June 1992. Each country is served by one utility except Saudi Arabia, which is served by four major utilities and some smaller utilities serving remote towns and small load centers. The major utilities are the Saudi consolidated electric Company in the Eastern Province (SCECO East), SCECO Center, SCECO West, and SCECO South. These are the ones considered in this study. The Mashreq Arab region has a considerable mix of energy resources. Egypt and Syria have some limited amounts of hydropower resources, and the Arabian Gulf region is abundant in fossil fuel reserves. Owing to the differences in energy production costs, a potential exists for substantial energy trading between electric utilities in the region. The major objective of this project is to study the feasibility of electric energy trading between the Mashreq Arab countries. The basis, assumptions, and methodologies on which this energy trading study is based relate to the results and conclusions arising out of the previous study, power plant characteristics and costs, assumptions on economic parameters, rules for economy energy exchange, etc. This paper presents the basis, methodology, and major findings of the study

Trade Policy Preferences and the Factor Content of Trade

DEFF Research Database (Denmark)

Jäkel, Ina Charlotte; Smolka, Marcel

demonstrate that the factor price changes induced by trade policy are negatively correlated with the factor content of free trade (and therefore factor abundance). Using large-scale international survey data, we test whether these predicted distributional effects are reflected in the trade policy preferences...... of workers with different labor market skills. In order to isolate the effects of factor abundance from other skill-related confounding factors, we employ a within-skill-group estimator that exploits the cross-country variation in the factor content of free trade. In line with theory, the data show......This paper provides a theoretical and empirical analysis of public opinion towards free trade, investigating cleavages both between and within countries. We study the distributional effects of trade policy in a neoclassical economy with not just two, but many input factors in production. We...

Free trade or just trade? The world trade organisation, human rights ...

African Journals Online (AJOL)

The author critically examines the role of the World Trade Organisation (WTO). In recent years, it is noted, the organisation's agenda of trade liberalisation, its perceived lack of accountability and insensitivity to human rights have attracted intense criticism. It has been asserted that provisions of WTO agreements concerning ...

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.

The environmental Kuznets curve, economic growth, renewable and non-renewable energy, and trade in Tunisia

OpenAIRE

Ben Jebli, Mehdi; Ben Youssef, Slim

2013-01-01

We use the autoregressive distributed lag (ARDL) bounds testing approach for cointegration with structural breaks and the vector error correction model (VECM) Granger causality approach in order to investigate relationships between per capita CO2 emissions, GDP, renewable and non-renewable energy consumption and international trade (exports or imports) for Tunisia during the period 1980-2009. We show the existence of a short-run unidirectional causality running from trade, GDP, CO2 emission a...

The hidden hyperbolic geometry of international trade: World Trade Atlas 1870-2013.

Science.gov (United States)

García-Pérez, Guillermo; Boguñá, Marián; Allard, Antoine; Serrano, M Ángeles

2016-09-16

Here, we present the World Trade Atlas 1870-2013, a collection of annual world trade maps in which distance combines economic size and the different dimensions that affect international trade beyond mere geography. Trade distances, based on a gravity model predicting the existence of significant trade channels, are such that the closer countries are in trade space, the greater their chance of becoming connected. The atlas provides us with information regarding the long-term evolution of the international trade system and demonstrates that, in terms of trade, the world is not flat but hyperbolic, as a reflection of its complex architecture. The departure from flatness has been increasing since World War I, meaning that differences in trade distances are growing and trade networks are becoming more hierarchical. Smaller-scale economies are moving away from other countries except for the largest economies; meanwhile those large economies are increasing their chances of becoming connected worldwide. At the same time, Preferential Trade Agreements do not fit in perfectly with natural communities within the trade space and have not necessarily reduced internal trade barriers. We discuss an interpretation in terms of globalization, hierarchization, and localization; three simultaneous forces that shape the international trade system.

Collecting Safeguards Relevant Trade Information: The IAEA Procurement Outreach Programme

International Nuclear Information System (INIS)

Schot, P.; El Gebaly, A.; Tarvainen, M.

2010-01-01

The increasing awareness of activities of transnational procurement networks to covertly acquire sensitive nuclear related dual use equipment prompted an evolution of safeguards methodologies. One of the responses to this challenge by the Department of Safeguards in the IAEA was to establish the Trade and Technology Unit (TTA) in November 2004 to analyse and report on these covert nuclear related trade activities. To obtain information relevant to this analysis, TTA is engaging States that might be willing to provide this information to the Secretariat on a voluntary basis. This paper will give an overview of current activities, sum up the results achieved and discuss suggestions to further improve this programme made by Member States. (author)

Insider trading under trading ban regulation in China’s A-share market

Directory of Open Access Journals (Sweden)

Chafen Zhu

2015-09-01

Full Text Available This study examines the effects of China’s 2008 trading ban regulation on the insider trading of large shareholders in China’s A-share market. It finds no evidence of insider trading during the ban period (one month before the announcement of a financial report, due to high regulation risk. However, the ban only constrains the profitability of insider trades during the ban period, while trades outside it remain highly profitable. Informed insider trading before the ban period is 2.83 times more profitable than uninformed trading. The regulation has changed insider trading patterns, but has been ineffective in preventing insider trading by large shareholders due to rigid administrative supervision and a lack of civil litigation and flexible market monitoring. This study enhances understanding of large shareholders’ trading behavior and has important implications for regulators.

Trading Agents

CERN Document Server

Wellman, Michael

2011-01-01

Automated trading in electronic markets is one of the most common and consequential applications of autonomous software agents. Design of effective trading strategies requires thorough understanding of how market mechanisms operate, and appreciation of strategic issues that commonly manifest in trading scenarios. Drawing on research in auction theory and artificial intelligence, this book presents core principles of strategic reasoning that apply to market situations. The author illustrates trading strategy choices through examples of concrete market environments, such as eBay, as well as abst

A primer for trading greenhouse gas reductions from landfills

International Nuclear Information System (INIS)

2000-06-01

This introductory level primer on domestic greenhouse gas emissions trading addresses the challenge of dealing with landfill gas emissions of carbon dioxide (CO 2 ) and methane (CH 4 ). It describes the first major emissions trading projects in Canada, the Pilot Emission Reduction Trading (PERT) and the Greenhouse Gas Emission Reduction Trading (GERT) pilot projects which calculate and document the GHG emission reductions that are available from landfill sites. PERT initially focused on nitrogen oxides, volatile organic compounds, carbon monoxide, sulphur dioxide and carbon dioxide. PERT uses the Clean Air Emission Reduction Registry for its emissions trading. Canada completed negotiations of the Kyoto Protocol in December 1997 along with 160 other countries. Upon ratification, Canada will commit to reducing 6 greenhouse gases by 6 per cent below 1990 levels in the period 2008 to 2012. Canada has recognized that it must reduce domestic greenhouse gas emissions to slow global warming which leads to climate change. It has been shown that the capture and destruction of landfill gas can profoundly contribute to meeting the target. One tool that can be used to help meet the objective of reducing GHG emissions is domestic GHG emission trading, or carbon trading, as a result of landfill gas capture and flaring. Landfill gas is generally composed of equal parts of carbon dioxide and methane with some other trace emissions. Accounting for quantities of greenhouse gas emissions is done in equivalent tonnes of carbon dioxide where one tonne of methane reduction is equivalent to 21 tonnes of carbon dioxide in terms of global warming potential. Organics in landfills which lead to the generation of methane are considered to be coming from renewable biomass, therefore, the collection and combustion of landfill gas is also considered to reduce GHG emissions from landfills by 100 per cent on a global basis. Destroying landfill gases can also reduce volatile organic compounds, which

TRADE EFFECTS: REGULATORY, ACCOUNTING PRACTICES AND REPORTING OF INFORMATION RELATED

Directory of Open Access Journals (Sweden)

ARISTIŢA ROTILĂ

2014-05-01

Full Text Available It is known that within trade relations providers often credit customers for the value of goods or services which are the subject of conducted commercial transactions, this aspect being materialized in the issuance and acceptance of a trade effect. From the time of acceptance until maturity / settlement, trade effects should be reflected separately in the accounts and, to the extent that were not settled until the end of exercise, their value must be presented in the financial statements. Based on analysis of the Romanian accounting regulations, also taking into consideration the opinions expressed in specific literature concerning accounting reflection of trade effects, in this article we try to point out some aspects which, in our opinion, require clarification. We also want to point out some contradictions / inconsistencies regarding the reporting of information on the trade effects, specifically between the text of accounting regulations concerning the definition of accounting structures „cash and bank accounts” and “short term investments” and their contents when presented as positions in the balance sheet structure. In relation to the issues raised we try to prove the effects on the indicators concerning financial position and to make some suggestions that would have effects on Romanian accounting regulations, namely the improvement of financial reporting performed by the economic operators.

The Spatial Dimension of Trade- and FDI-driven Productivity Growth in Chinese Provinces

DEFF Research Database (Denmark)

Mitze, T.; Ozyurt, S.

2014-01-01

This paper analyses the major determinants of long- and short-run labour productivity evolution for Chinese provinces between 1978 and 2010. The role played by openness to trade and foreign direct investment (FDI) constitutes the main focus of this analysis. From a methodological perspective, our...... main contribution is the inclusion of spatial effects into a dynamic error correction modelling framework. The results show that, in addition to domestic factors such as investment intensity and infrastructure use, trade openness and inward FDI also exert a direct impact on labour productivity...

Redirecting International Trade

DEFF Research Database (Denmark)

Kokko, Ari; Söderlund, Bengt; Tingvall, Patrik Gustavsson

2014-01-01

The global financial crisis has contributed to the redirection of trade towards new markets outside the OECD area, where both demand patterns and the institutional environment differ from those in the OECD. This study provides an empirical examination of the consequences of this shift, based......-specific investments are particularly difficult to redirect towards markets with weak institutions....... on Swedish firm-level trade data. Results suggest that weak institutions hamper trade and reduce the length of trade relations, especially for small firms. Trade in industries that are characterized by a high frequency of trade conflicts and where transactions require extensive relationship...

Redirecting International Trade

DEFF Research Database (Denmark)

Kokko, Ari; Söderlund, Bengt; Tingvall, Patrik Gustavsson

The global financial crisis has accelerated the redirection of trade towards new markets, outside the OECD area, where both demand patterns and the institutional environment differ from those in the OECD. This study provides an empirical examination of the consequences of this shift. Results...... difficult to redirect towards markets with weak institutions....... suggest that weak institutions hamper trade and reduces the length of trade relations, especially for small firms. Furthermore, trade in industries that are characterized by a high degree of trade conflicts and that requires extensive relationship specific investments for trade to occur are comparatively...

The effects of competing trade regimes on bilateral trade flows: case of Serbia

Directory of Open Access Journals (Sweden)

Predrag Bjelić

2012-12-01

Full Text Available The aim of this paper is to investigate the effects of competing trade regimes on Serbian trade with its most significant (traditional partners, like European Union and CEFTA 2006 signatories, and other untraditional trade partners with favourable trade regime, like the USA. To this end, gravity model with bilateral and time effects is estimated by Hausman-Taylor AR(1 instrumental variable estimator, using panel data on bilateral trade between Serbia and its main trade partners during the period 2001-2010. The results indicate that overall level of development and difference in factor endowments stimulate Serbia’s exports, which is in accordance with theoretical foundation that inter-industry trade is predominant in exports of less developed countries. Moreover, competing trade regimes appear as important determinant of Serbia’s trade relations, whereas additional liberalization of trade regime with the USA as untraditional trade partner, even asymmetrical to Serbia’s favour, cannot divert trade flows from traditional partners in the long-run. This could mean that distance plays more prominent role in bilateral trade than the degree of liberalization of trade regimes in case of Serbia. The result could be due to the contemporaneous effects of trade preferences granted to Serbia by the EU and other CEFTA 2006 signatories, main trading partners of Serbia.

Emissions Trading - An Internet site on the EU Emissions Trading Scheme (ETS); Utslappshandel - En Internetsida om handel med utslaeppsraetter inom EU

Energy Technology Data Exchange (ETDEWEB)

2009-07-01

Utslappshandel.se is a one-stop shop for overall information about the EU Emissions Trading Scheme (ETS) as applied in Sweden (the site is available in Swedish and English). It also offers a gateway to the Swedish Emissions Trading Registry (SUS), where companies report their transactions on an ongoing basis and surrender emission allowances once a year. The Swedish Energy Agency is in charge of the Swedish registry. The Swedish Environmental Protection Agency decides on the allocation of emission allowances and is responsible for following up companies' annual reporting on their CO{sub 2} emissions. The EU ETS is expected to cover installations equivalent to approximately 50 per cent of total CO{sub 2} emissions in the EU. In Sweden, it is expected to cover only 40 per cent of emissions, mainly owing to the very low level of fossil electricity production

International trade in services: A scoping study of services trade and estimates of benefits from services trade liberalisation

OpenAIRE

Ballingall, John; Stephenson, John

2005-01-01

This is a scoping study. It summarises the dynamics of services trade in the world economy and discusses some of the benefits of services trade liberalisation from a qualitative and quantitative view point. We place particular emphasis on the role and interests of developing and least developed countries in world services trade. The study also provides an overview of services trade in the New Zealand economy, and, in places, highlights aspects of services trade where New Zealand’s interests m...

Fundamentals of futures, options, basis and derivatives

Energy Technology Data Exchange (ETDEWEB)

Jones, D. [TD Securities Inc., Toronto, ON (Canada)

1997-08-01

Characteristic features of futures and options contracts, basis differentials and derivatives were defined and explained. A futures contract refers to an exchange-traded supply contract between a buyer and a seller where the buyer is obligated to take delivery and the seller is obligated to provide delivery of a fixed amount of a commodity at a predetermined price at a specified location. In contrast, an option contract gives the purchaser the right, but not the obligation, to buy or sell the underlying commodity at a certain price on or before an agreed date. Basis differential refers to the discount between two distinct delivery points to reflect the relative value of a commodity, such as natural gas, at those points. Advantages and disadvantages of futures and options contacts, the factors affecting options pricing, and basis differentials, and the methods of calculating basis differentials were described. The nature and intricacies of derivatives, their benefits, in particular their use as a tool for the effective management of the volatilities associated with the oil and gas industry were explained. Their shortcomings such as the high liquidity risk, were also described. Examples of derivative transactions were provided to illustrate the interrelationships of futures/options/derivatives, and their role in financial risk management.

Fundamentals of futures, options, basis and derivatives

International Nuclear Information System (INIS)

Jones, D.

1997-01-01

Characteristic features of futures and options contracts, basis differentials and derivatives were defined and explained. A futures contract refers to an exchange-traded supply contract between a buyer and a seller where the buyer is obligated to take delivery and the seller is obligated to provide delivery of a fixed amount of a commodity at a predetermined price at a specified location. In contrast, an option contract gives the purchaser the right, but not the obligation, to buy or sell the underlying commodity at a certain price on or before an agreed date. Basis differential refers to the discount between two distinct delivery points to reflect the relative value of a commodity, such as natural gas, at those points. Advantages and disadvantages of futures and options contacts, the factors affecting options pricing, and basis differentials, and the methods of calculating basis differentials were described. The nature and intricacies of derivatives, their benefits, in particular their use as a tool for the effective management of the volatilities associated with the oil and gas industry were explained. Their shortcomings such as the high liquidity risk, were also described. Examples of derivative transactions were provided to illustrate the interrelationships of futures/options/derivatives, and their role in financial risk management

Klasifikasi Pertumbuhan, Sektor Basis dan Kompetitif Kota Jambi

Directory of Open Access Journals (Sweden)

Yusral Yusral

2015-04-01

Full Text Available This study aims to determine the classification of economic growth in the city of Jambi, base and non-base sectors in the economy of the city of Jambi, Competitive sectors in the economy of the city of Jambi and to determine the leading sectors in Jambi city.The results showed that based on the analysis tipology Klassen, there are three (3 sectors forward and grow exponentially (quadrant I, namely manufacturing industry, trade sector, hotel and restaurant as well as transport and communication sectors.           During the period 2000-2012 the leading sectors in the city of Jambi based analysis of location Quetiont (LQ there are as many as seven sectors, namely Manufacturing (LQ = 1.37, sector Electricity, Gas and Water (LQ = 3.25, Construction sector (LQ = 1.61, the sector of Trade, Hotels and Restaurants (LQ = 1.38, transport and communications sector (LQ = 2.52, Financial sector, Leasing & Business Services (LQ = 1.76 Offices and Services sector (LQ = 1.44. Based Shift Share Analysis for the period 2000-2012, the sectors that possess proporsioal growth component value (P positive namely Mining and Quarrying sector, sectors Electricity Gas and Water, Building sector, the hotel and restaurant trade sector, as well as the financial sector, leasing and services company. Sectors which show the value of diffrential Shift (D is positive Manufacturing sector, trade sector, hotel and restaurant as well as transport and communications sectors. Based on a combined analysis of three tools of analysis shows that the sector is the dominant sector in the sector that belong criteria developed and grown by leaps and bounds, and competitive sector basis is the sector of Trade, Hotels and Restaurants.

The Phasing of the Process of Diagnosing the Personnel Potential at Trade Enterprise

Directory of Open Access Journals (Sweden)

Peniuk Valeriia O.

2017-03-01

Full Text Available The article is aimed at carrying out phasing of the process of diagnosing the personnel potential at trade enterprise, taking into consideration the possible restrictions of a structural nature. The article determines the main causes for unequal attitude by the directors of differently sized trade enterprises of Ukraine towards diagnosing the personnel potential and personnel evaluation. The author’s vision of the phasing of the process of diagnosing the personnel potential has been submitted. An economic-mathematical model of the optimal implementation of the stages of diagnostics of the personnel potential at trade enterprise has been built. A list of principles has been compiled, along with clarifying their contents, on the basis of which diagnosing the personnel potential at trade enterprise should be carried out. The author’s definition of the concept of «desired status of the personnel potential» for trade enterprise has been formulated. Examples of endogenous and exogenous factors that impact the desired status of the personnel potential of trading enterprise and cause its changing have been provided. Prospects for further research in this direction can be research on the diagnostics of other constituents of the strategic potential of trade enterprise, as well as improvement or development of a new methodological instrumentarium to carry out diagnostics of the personnel potential at enterprises.

Africa-Asia trade versus Africa's trade with the North: Trends and ...

African Journals Online (AJOL)

Abstract. This study shows that Europe continues to be Africa's major trading partner given the historical relations and long standing trading arrangements between the two. However, evidence also shows that despite maintaining strong trade linkages with Europe, Africa's trade with Asia has been growing at a much faster ...

Entropy of international trades

Science.gov (United States)

Oh, Chang-Young; Lee, D.-S.

2017-05-01

The organization of international trades is highly complex under the collective efforts towards economic profits of participating countries given inhomogeneous resources for production. Considering the trade flux as the probability of exporting a product from a country to another, we evaluate the entropy of the world trades in the period 1950-2000. The trade entropy has increased with time, and we show that it is mainly due to the extension of trade partnership. For a given number of trade partners, the mean trade entropy is about 60% of the maximum possible entropy, independent of time, which can be regarded as a characteristic of the trade fluxes' heterogeneity and is shown to be derived from the scaling and functional behaviors of the universal trade-flux distribution. The correlation and time evolution of the individual countries' gross-domestic products and the number of trade partners show that most countries achieved their economic growth partly by extending their trade relationship.

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.

INTERACTION OF TRADE AND FINANCIAL LINKAGES IN THE FREE TRADE ZONES

Directory of Open Access Journals (Sweden)

V. Shevchenko

2014-09-01

Full Text Available Different models of free trade agreements (FTA and free trade zones (FTZ are considered in the article, argued the complex approach to their structures and results under unstable global economic environment. The typology of the free trade zones models and financial linkages types between countries have been developed. Approaches to the results of the free trade zones have been argued. It has been discovered that for the free trade zones of transitional countries the prevailing are tarde flows concentration whereas financial and investment linkages are acting with developed countries. The main directions of increasing of the financial linkages results in the free trade zones have been discovered.

The hidden hyperbolic geometry of international trade: World Trade Atlas 1870–2013

Science.gov (United States)

García-Pérez, Guillermo; Boguñá, Marián; Allard, Antoine; Serrano, M. Ángeles

2016-01-01

Here, we present the World Trade Atlas 1870–2013, a collection of annual world trade maps in which distance combines economic size and the different dimensions that affect international trade beyond mere geography. Trade distances, based on a gravity model predicting the existence of significant trade channels, are such that the closer countries are in trade space, the greater their chance of becoming connected. The atlas provides us with information regarding the long-term evolution of the international trade system and demonstrates that, in terms of trade, the world is not flat but hyperbolic, as a reflection of its complex architecture. The departure from flatness has been increasing since World War I, meaning that differences in trade distances are growing and trade networks are becoming more hierarchical. Smaller-scale economies are moving away from other countries except for the largest economies; meanwhile those large economies are increasing their chances of becoming connected worldwide. At the same time, Preferential Trade Agreements do not fit in perfectly with natural communities within the trade space and have not necessarily reduced internal trade barriers. We discuss an interpretation in terms of globalization, hierarchization, and localization; three simultaneous forces that shape the international trade system. PMID:27633649

Two retailer-supplier supply chain models with default risk under trade credit policy.

Science.gov (United States)

Wu, Chengfeng; Zhao, Qiuhong

2016-01-01

The purpose of the paper is to formulate two uncooperative replenishment models with demand and default risk which are the functions of the trade credit period, i.e., a Nash equilibrium model and a supplier-Stackelberg model. Firstly, we present the optimal results of decentralized decision and centralized decision without trade credit. Secondly, we derive the existence and uniqueness conditions of the optimal solutions under the two games, respectively. Moreover, we present a set of theorems and corollary to determine the optimal solutions. Finally, we provide an example and sensitivity analysis to illustrate the proposed strategy and optimal solutions. Sensitivity analysis reveals that the total profits of supply chain under the two games both are better than the results under the centralized decision only if the optimal trade credit period isn't too short. It also reveals that the size of trade credit period, demand, retailer's profit and supplier's profit have strong relationship with the increasing demand coefficient, wholesale price, default risk coefficient and production cost. The major contribution of the paper is that we comprehensively compare between the results of decentralized decision and centralized decision without trade credit, Nash equilibrium and supplier-Stackelberg models with trade credit, and obtain some interesting managerial insights and practical implications.

COMPANY SIZE, TRADING ACTIVITY AND LIQUIDITY AS A DETERMINANTS OF CROSS-SECTIONAL MOMENTUM TRADING STRATEGY ON RUSSIAN STOCK MARKET. PART 2

Directory of Open Access Journals (Sweden)

Teplova T. V.

2014-09-01

Full Text Available Momentum-effect has many interpretations in the practice of investing and in understanding of anomalies in asset prices. We consider a Cross-Sectional momentum effects and the corresponding two medium-term (3 months or more trading strategies that are different from the trend following rules for individual assets. We tested four hypothesis deals with cross-sectional momentum effect on the Russian stock market and the possibility of building a self-financing (long-short trading strategy at three time horizon (stock market growth from 2004 until mid-2008, financial crisis and post-crisis periods. It is shown that for the Russian market cross-sectional momentum strategy with partly rebalanced portfolio maximizing portfolio return (134 stocks listed from 2004 to 2014 in the few Russian stock exchanges should be based on the three-month formation period and three-month holding period periods (3/1/3. We have identified elements of profit-maximizing momentum strategy: three time windows and determinants of assets. Monthly average return of arbitrage strategy is estimated at 1.5 % for 134 common shares. Implementation of the strategy for the post-crisis period does not allow to maximize profit. For 6 month and more investment windows it gets the advantage of reverse strategy (opening long positions in stocks with low investment results and short position for assets with high relative returns. Fundamental parameters of the issuer (size of companies like market capitalization and two measures of liquidity (trading activity and transaction costs like bid-ask spread are significant to maximize portfolio performance (we prove the growth of monthly average return ranging from 1.5 to 2.5 %. We find that size and liquidity control momentum strategy can earn positive profits in Russian stock market, larger than naïve momentum.

Comparative study on current trading system and online trading: the ...

African Journals Online (AJOL)

Comparative study on current trading system and online trading: the case of ... of online trading and factors affecting its feasibility of implementation in ECX. ... The study found that there is significant capacity problem with major skills gap with ...

76 FR 26787 - Short Sale Reporting Study Required by Dodd-Frank Act Section 417(a)(2)

Science.gov (United States)

2011-05-09

... likely effect of these possible future reporting regimes on the securities markets, including their... Division of Risk, Strategy, and Financial Innovation (``Division''), is requesting public comment with... companies would agree to have all trades of their shares marked ``long,'' ``short,'' ``market maker short...

Rational destabilizing speculation, positive feedback trading, and the oil bubble of 2008

International Nuclear Information System (INIS)

Tokic, Damir

2011-01-01

This article examines how the interaction of different participants in the crude oil futures markets affects the crude oil price efficiency. Normally, the commercial market participants, such as oil producers and oil consumers, act as arbitrageurs and ensure that the price of crude oil remains within the fundamental value range. However, institutional investors that invest in crude oil to diversify their portfolios and/or hedge inflation can destabilize the interaction among commercial participants and liquidity-providing speculators. We argue that institutional investors can impose limits to arbitrage, particularly during the financial crisis when the investment demand for commodities is particularly strong. In support, we show that commercials hedgers had significantly reduced their short positions leading to the 2008 oil bubble-they were potentially aggressively offsetting their short hedges. As a result, by essentially engaging in a positive feedback trading, commercial hedgers at least contributed to 'the 2008 oil bubble'. These findings have been mainly overlooked by the existing research. - Research Highlights: → This article finds that commercial hedgers at least contributed to the 2008 oil bubble. → Commercial hedgers were aggressively offsetting their short hedges leading to the oil bubble peak. → Commercial hedgers, thus, unwillingly engaged in positive feedback trading. → Institutional investors potentially destabilized the oil markets in 2008.

Rational destabilizing speculation, positive feedback trading, and the oil bubble of 2008

Energy Technology Data Exchange (ETDEWEB)

Tokic, Damir, E-mail: Damir.tokic@esc-rennes.f [ESC Rennes - International School of Business, 2 Rue Robert d' Arbissel, 35065 Rennes cedex (France)

2011-04-15

This article examines how the interaction of different participants in the crude oil futures markets affects the crude oil price efficiency. Normally, the commercial market participants, such as oil producers and oil consumers, act as arbitrageurs and ensure that the price of crude oil remains within the fundamental value range. However, institutional investors that invest in crude oil to diversify their portfolios and/or hedge inflation can destabilize the interaction among commercial participants and liquidity-providing speculators. We argue that institutional investors can impose limits to arbitrage, particularly during the financial crisis when the investment demand for commodities is particularly strong. In support, we show that commercials hedgers had significantly reduced their short positions leading to the 2008 oil bubble-they were potentially aggressively offsetting their short hedges. As a result, by essentially engaging in a positive feedback trading, commercial hedgers at least contributed to 'the 2008 oil bubble'. These findings have been mainly overlooked by the existing research. - Research Highlights: {yields} This article finds that commercial hedgers at least contributed to the 2008 oil bubble. {yields} Commercial hedgers were aggressively offsetting their short hedges leading to the oil bubble peak. {yields} Commercial hedgers, thus, unwillingly engaged in positive feedback trading. {yields} Institutional investors potentially destabilized the oil markets in 2008.

determinants of intra-industry trade between zambia and it's trading

African Journals Online (AJOL)

Eyerusalem

countries which are relatively similar and produce relatively similar products. IIT arises from the .... trade based on economies of scale, imperfect competition and product differentiation ... with liberalisation, such as the collapse of the manufacturing industries, the country's trade ... Zambia: Diagnostic Trade Integration. Study.

Trade, development and sustainability

DEFF Research Database (Denmark)

Røpke, Inge

1994-01-01

Mainstream economic theory argues that trade, and especially free trade, is beneficial to everyone involved. This fundamental idea ? which has the character of a dogma ? still plays an important role in international discussions on trade issues, notably in relation to development and environment...... be defended in all cases. Especially, the developing countries' benefits from trade have been very dubious. Furthermore, the trading system has contributed to environmental problems in several ways, e.g. generating undervaluation of natural resources, stimulating economic growth with environmental....... The purpose of this article is to critically assess the "free trade dogma" and to investigate the validity of widely used arguments concerning the relations between trade and development and between trade and environment. It is argued that the trading system is not something inherently good, which should...

17 CFR 240.10b5-1 - Trading “on the basis of” material nonpublic information in insider trading cases.

Science.gov (United States)

2010-04-01

... or sale is not “on the basis of” material nonpublic information if the person making the purchase or... nonpublic information if the person demonstrates that: (i) The individual making the investment decision on... person's business, to ensure that individuals making investment decisions would not violate the laws...

The Challenges Facing the Multilateral Trading System in Addressing Global Public Policy Objectives

Directory of Open Access Journals (Sweden)

Christophe Bellmann

2013-02-01

Full Text Available Despite a record-breaking 14.5 per cent increase in world merchandise exports, the effects of the financial crisis and global recession are still hampering faster economic recovery. Relatively high oil prices combined with persistent unemployment and measures designed to reduce budget deficits have undermined short-term growth prospects. While South–South trade continues to explode, trade imbalances – i.e. the gap between exports and imports – widened in 2010 compared to 2009 (though smaller than pre-crisis levels. Meanwhile, trade negotiations under the Doha Round have reached an impasse, generating uncertainties about the future of the World Trade Organization (WTO as a negotiating forum. Under these circumstances, should the system rethink its decision-making process founded upon the predominance of member states, the principle of consensus and the notion of single undertaking, as some critics have suggested? And, if so, how could such a reform agenda be initiated at the WTO? Moreover, beyond the negotiating function of the WTO, the paralysis of the system also raises urgent questions about the ability of the system to respond to pressing challenges of our times, such as trade and climate change, or food security and price volatility.

Panel estimation for CO2 emissions, energy consumption, economic growth, trade openness and urbanization of newly industrialized countries

International Nuclear Information System (INIS)

Sharif Hossain, Md.

2011-01-01

This paper empirically examines the dynamic causal relationships between carbon dioxide emissions, energy consumption, economic growth, trade openness and urbanization for the panel of newly industrialized countries (NIC) using the time series data for the period 1971-2007. Using four different panel unit root tests it is found that all panel variables are integrated of order 1. From the Johansen Fisher panel cointegration test it is found that there is a cointegration vector among the variables. The Granger causality test results support that there is no evidence of long-run causal relationship, but there is unidirectional short-run causal relationship from economic growth and trade openness to carbon dioxide emissions, from economic growth to energy consumption, from trade openness to economic growth, from urbanization to economic growth and from trade openness to urbanization. It is found that the long-run elasticity of carbon dioxide emissions with respect to energy consumption (1.2189) is higher than short run elasticity of 0.5984. This indicates that over time higher energy consumption in the newly industrialized countries gives rise to more carbon dioxide emissions as a result our environment will be polluted more. But in respect of economic growth, trade openness and urbanization the environmental quality is found to be normal good in the long-run. - Highlights: → Dynamic causal relationships are conducted for different panel variables of NIC. → Test results support only existence of unidirectional short-run causal relationships. → Environment will be polluted more due to energy consumption in the long-run. → But environmental quality is found to be normally good in respect of other variables. → NIC should use solar energy as the substitute of oil to control CO 2 emissions.

Trade Finance during the 2008–9 Trade Collapse : Key Takeaways

OpenAIRE

Chauffour, Jean-Pierre; Malouche, Mariem

2011-01-01

Trade finance matters for trade, and when financial markets and world trade collapsed three years ago, a shortage in trade finance was hailed as a possible culprit. Because of the potential for global repercussions, world leaders called on the international community to act swiftly to avoid a depression. Governments and international institutions intervened to mitigate the impacts of the c...

Intracellular recovery - basis of hyperfractionation

International Nuclear Information System (INIS)

Hagen, U.; Guttenberger, R.; Kummermehr, J.

1988-01-01

The radiobiological basis fo a hyperfractionated radiation therapy versus conventional fractionation with respect to therapeutic gain, i.e., improved normal tissue sparing for the same level of tumour cell inactivation, will be presented. Data on the recovery potential of various tissues as well as the kinetics of repair will be given. The problem of incomplete repair with short irradiation intervals will be discussed. (orig.) [de

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

Legal frameworks for emissions trading in the European Union

Energy Technology Data Exchange (ETDEWEB)

Maeaettae, K.; Anttonen, K. (Univ. of Joensuu (Finland)). Email: kalle.maatta@joensuu.fi; Upston-Hooper, K. (GreenStream Networks, Helsinki (Finland)); Mehling, M. (Univ. of Greifswald (Germany)); Perrels, A. (Government Institute for Economic Research VATT, Helsinki (Finland)), email: adriaan.perrels@vatt.fi

2009-07-01

The project is based on a comparative and pragmatic review of the legal frameworks for implementing the EU Emission Trading Scheme (ETS) in four EU jurisdictions (Finland, Sweden, United Kingdom and Germany). The project does not seek to examine the rationale of utilizing tradable mechanisms nor assess the costs and benefits of doing so. Its primary focus is to undertake a detailed study of the legal realities involved in implementing the EU ETS, particularly those issues of commercial importance such as taxation and accounting rules. The methodology adopted has been to formulate a comprehensive questionnaire (of approximately 70 questions) to be used as the basis of national reports together with a stand alone analysis by VATT, and in turn use the national reports and VATT study as the building blocks of a comparative overview report. The questionnaire seeks to highlight those significant legal and regulatory issues that impact on the establishment of emission allowance trading arrangements within the respective jurisdictions. The comparative analysis of these issues will focus on 'golden threads' of similarity and difference that impact on the establishment of an internal market within the European Union for the trading of emissions allowances. (orig.)

Legal frameworks for emissions trading in the European Union

International Nuclear Information System (INIS)

Upston-Hooper, K.; Perrells, A.; Anttonen, K.; Mehling, M.

2007-01-01

The Project is based on a comparative and pragmatic review of the legal frameworks for implementing the EU Emission Trading Scheme (ETS) in four EU jurisdictions (Finland, Sweden, United Kingdom and Germany). The Project does not seek to examine the rationale of utilizing tradable mechanisms nor assess the costs and benefits of doing so. Its primary focus is to undertake a detailed study of the legal realities involved in implementing the EU ETS, particularly those issues of commercial importance such as taxation and accounting rules. The methodology adopted has been to formulate a comprehensive questionnaire (of approximately 70 questions) to be used as the basis of national reports together with a stand alone analysis by VATT, and in turn use the national reports and VATT study as the building blocks of a comparative overview report. The questionnaire seeks to highlight those significant legal and regulatory issues that impact on the establishment of emission allowance trading arrangements within the respective jurisdictions. The comparative analysis of these issues will focus on 'golden threads' of similarity and difference that impact on the establishment of an internal market within the European Union for the trading of emissions allowances. (orig.)

Harmonization of interests as a methodological basis of logistics

Directory of Open Access Journals (Sweden)

V. V. Baginova

2015-01-01

Full Text Available The article is devoted to the methodology of logistics. The basis of this methodology is the harmonization of interests of all participants of process of distribution. The methodology consists of a refusal from a fragmented approach to the management of merchandise, the use of categories of economic trade-offs, the open exchange of information and joint determination of the final price of the goods, based on the convergence of cost and value pricing methods and tariff setting.

Implications of the New Regional Trade Agreements for the World Trading System

Directory of Open Access Journals (Sweden)

Agnes Ghibuțiu

2017-04-01

Full Text Available The year 2013 witnessed an outstanding rise in the pace and scale of negotiations on regional trade agreements (RTAs. While RTAs are not a new phenomenon, current negotiations involve multiple parties and/or major trading countries that have a significant combined economic weight, i.e. mega-RTAs. This paper looks at the recent surge in trade regionalism and addresses some of the key issues related to the potential impact of mega-RTAs upon the world trading system and global trade patterns. It examines the peculiarities of the new mega-RTAs and the factors underlying their proliferation, and discusses the main concerns raised by their foreseeable impact on excluded countries and the wider trading system. The paper finds that, if successfully concluded, mega-RTAs are likely to have far-reaching implications for the world trading regime, affecting its transparency and coherence. Nevertheless, the adverse effects could be cushioned through a revival of trading nations’ interest in the multilateral Doha Round talks.

Trade Integration and Trade Imbalances in the European Union: A Network Perspective

Science.gov (United States)

Krings, Gautier M.; Carpantier, Jean-François; Delvenne, Jean-Charles

2014-01-01

We study the ever more integrated and ever more unbalanced trade relationships between European countries. To better capture the complexity of economic networks, we propose two global measures that assess the trade integration and the trade imbalances of the European countries. These measures are the network (or indirect) counterparts to traditional (or direct) measures such as the trade-to-GDP (Gross Domestic Product) and trade deficit-to-GDP ratios. Our indirect tools account for the European inter-country trade structure and follow (i) a decomposition of the global trade flow into elementary flows that highlight the long-range dependencies between exporting and importing economies and (ii) the commute-time distance for trade integration, which measures the impact of a perturbation in the economy of a country on another country, possibly through intermediate partners by domino effect. Our application addresses the impact of the launch of the Euro. We find that the indirect imbalance measures better identify the countries ultimately bearing deficits and surpluses, by neutralizing the impact of trade transit countries, such as the Netherlands. Among others, we find that ultimate surpluses of Germany are quite concentrated in only three partners. We also show that for some countries, the direct and indirect measures of trade integration diverge, thereby revealing that these countries (e.g. Greece and Portugal) trade to a smaller extent with countries considered as central in the European Union network. PMID:24465381

Trade integration and trade imbalances in the European Union: a network perspective.

Science.gov (United States)

Krings, Gautier M; Carpantier, Jean-François; Delvenne, Jean-Charles

2014-01-01

We study the ever more integrated and ever more unbalanced trade relationships between European countries. To better capture the complexity of economic networks, we propose two global measures that assess the trade integration and the trade imbalances of the European countries. These measures are the network (or indirect) counterparts to traditional (or direct) measures such as the trade-to-GDP (Gross Domestic Product) and trade deficit-to-GDP ratios. Our indirect tools account for the European inter-country trade structure and follow (i) a decomposition of the global trade flow into elementary flows that highlight the long-range dependencies between exporting and importing economies and (ii) the commute-time distance for trade integration, which measures the impact of a perturbation in the economy of a country on another country, possibly through intermediate partners by domino effect. Our application addresses the impact of the launch of the Euro. We find that the indirect imbalance measures better identify the countries ultimately bearing deficits and surpluses, by neutralizing the impact of trade transit countries, such as the Netherlands. Among others, we find that ultimate surpluses of Germany are quite concentrated in only three partners. We also show that for some countries, the direct and indirect measures of trade integration diverge, thereby revealing that these countries (e.g. Greece and Portugal) trade to a smaller extent with countries considered as central in the European Union network.

Energy trading

International Nuclear Information System (INIS)

Beckmann, K.; Schroeter, S.

2009-01-01

Two brief articles and two interviews deal with the subject of energy trading. Power and gas exchanges in Europe multiply, but, experts say, we are nowhere near a mature, integrated European energy market as yet. Trading regulations need to be improved and harmonised and interconnections expanded. European Energy Review assesses the state of energy trading in Europe and interviews the ceo's of NordPool (the Nordic power exchange) and APX (Amsterdam Power Exchange)

Optimum regulation of grid monopoly in the power trade

International Nuclear Information System (INIS)

Hope, E.

1994-06-01

The report discusses the organization and behaviour of grid monopolies in the Norwegian power trade and relations to the socio-economic effectiveness. The main attention is laid on analyzing regulation mechanisms and measures leading to an efficient short-term operation and to the investment of optimum production capacity in a long run. Regarding the management, measures are discussed for increasing the efficiency of total power trade by evaluating the existing marketing function of Statnett. Some basic conditions are accounted concerning the regulation problem of grid monopolies with a particular attention to asymmetric information between the authority and the monopoly. In addition, forms of regulation and regulation mechanisms together with the incentive characteristics of these, are discussed. The existing profit regulation principles in relation to an alternative system design such as maximum price regulation combined with standard regulation, are evaluated. 16 refs., 7 figs

76 FR 71378 - Labor Advisory Committee for Trade Negotiations and Trade Policy

Science.gov (United States)

2011-11-17

... DEPARTMENT OF LABOR Office of the Secretary Labor Advisory Committee for Trade Negotiations and Trade Policy ACTION: Meeting notice. SUMMARY: Pursuant to the provisions of the Federal Advisory... Committee for Trade Negotiation and Trade Policy. Date, Time, Place: November 30, 2011; 2-4:30 p.m.; U.S...

77 FR 65581 - Labor Advisory Committee for Trade Negotiations and Trade Policy

Science.gov (United States)

2012-10-29

... DEPARTMENT OF LABOR Office of the Secretary Labor Advisory Committee for Trade Negotiations and Trade Policy ACTION: Meeting notice. SUMMARY: Pursuant to the provisions of the Federal Advisory... Committee for Trade Negotiation and Trade Policy. Date, Time, Place: November 13, 2012; 10:00 a.m.-12:00 p.m...

BENEFITS AND DRAWBACKS OF ONLINE TRADING VERSUS TRADITIONAL TRADING. EDUCATIONAL FACTORS IN ONLINE TRADING

Directory of Open Access Journals (Sweden)

Petric (Iancu Ioana Ancuta

2015-07-01

Full Text Available In terms of marketing, online trading is a new distribution channel and trading platforms are products of Investment and Financial Services Companies. Internet shortens the connection between the investor and the products they wish to purchase (shares, futures, CFDs, government securities, bonds, etc., and in some cases it no longer needs a security broker. Increasing use of the Internet and increasing competitiveness between Investment and Financial Services Companies do the latter, to seek new distribution channels to specific products. The purpose of this paper is to examine to what extent the investor education level affects the decision to move from traditional trading to online trading and the benefits and disadvantages of these types of transactions. To whom should the Investment and Financial Services Companies guide their marketing campaign to attract more investors for online platforms? The work presented is part of a larger project that will be part of author thesis, studying other factors that influence the decision to move from traditional to online trading: cost factor, time factor, psychological and social attributes of investors, yield portfolios and technological capacities of Investment and Financial Services Companies. Starting from the idea that with the increase of experience in stock investments the investors will want to make their own decisions, Investment and Financial Services Companies should provide new products. Compared to competitors, an Investment and Financial Services Company must innovate, and information technology currently offers the tools for innovation facilities. At the same time, the existence and development of the Internet has made the transaction without assistance or with minimal human intervention possible (Voss, 2000. The difference is in the knowledge about stock market, the speed the transaction orders arrive in the stock market, direct access to multiple markets, transaction costs and the level

A Scientific Basis for Climate Policy

International Nuclear Information System (INIS)

2007-08-01

The Scientific Council on Climate Issues has been commissioned by the Swedish Government to provide a scientific assessment as a basis for the work of the Climate Committee, the all-party committee for the review of climate policy. An important part of this task is to provide a basis and recommendations for Swedish climate policy targets at national, EU and international level. In the opening chapters, the Council looks at climate change, its reasons and its consequences for ecosystems and society. The Council then makes recommendations concerning Swedish climate policy targets at global, EU and national levels, aimed at averting dangerous impact on the climate. In the concluding chapters, the Council presents a number of possible measures and policy instruments, and outlines the likely costs involved if the goals are to be achieved. Taken as a whole, the document represents a comprehensive basis for policy decisions that consider what needs to be achieved to reduce the risks of climate impact and what is actually achievable, i.e. decisions involving trade-offs between economic benefits and costs. The Council considers: that the EU's GHG emissions compared to the 1990 level should be reduced by 30-40 % by 2020 and by 75-90 % by 2050 if the Union is to take its share of the global responsibility for achievement of the two-degree target; that Sweden's GHG emissions compared to the 1990 level should be reduced by 20-25 % by 2020 and by 70-85 % by 2050 if Sweden is to take its share of the global responsibility for achievement of the two-degree target; that a national emission target for Sweden should be formulated as a target with deductible emissions allowances, i.e., that assessment of target achievement is based on the amount of emission allowances allocated or auctioned by Sweden to activities covered by the EU emissions trading scheme rather than the actual volume of emissions from these activities. The Council has provided an overview of possible measures for

Europe's global responsibility to govern trade and investment sustainability: climate, capital, CAP and Cotonou

International Nuclear Information System (INIS)

Ruddy, T.F.

2005-01-01

This paper examines the progress made towards forging a Sustainable Development Strategy of the European Union on the basis of three structures of the global economy: Trade, Investment and Knowledge Generation. It identifies deficits in all three, and cites alternatives for improvement such as acknowledging ecological debt and setting up a Global Marshall Plan. It outlines how, over the medium term, compatibility with trade law could be maintained, and how Sustainability Impact Assessments (SIA) could cushion the effects of the current governance regimes. It then considers alternatives such as encouraging the EU's African, Caribbean and Pacific (ACP) partners to form Regional Trade Areas among themselves. Guidance is given regarding reform of the Common Agricultural Policy and the question as to whether the investment regime can be governed multilaterally and, if so, at which venue. (author)

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...

Development of renewable energy resources in Afghanistan for economically optimized cross-border electricity trading

Directory of Open Access Journals (Sweden)

Mohammad Masih Sediqi

2017-07-01

Full Text Available Afghanistan is a key country between energy surplus areas (Central Asian Republics andIran and energy deficit regions (Pakistan and India. It is in a position that can facilitate and launchregional electricity trade for the benefit of the region also derive significant gains for its own economyfrom energy imports and exports. On the other hand, Afghanistan is endowed with large renewableenergy resources (RERs, which it could exploit not only to satisfy its domestic power demand butalso to earn significant export revenue. This paper firstly explains the methodology and framework forthe power trade and then presents an optimization framework for profit maximization in the short-runtrading and cost minimization in the long-run trading. The proposed methodology is applied to a realcase between Afghanistan and Pakistan. The objective functions, parameters, variables and constraintsare described for both optimization models. System sizing, simulation and optimization are carriedout using genetic algorithm (GA technique. The results in the short-run model represent optimalityof about 2654 MW electricity export from Afghanistan to Pakistan during summer. Moreover, resultsderived from running long-run model depict that by utilizing its RERs such as solar, wind and hydro,Afghanistan can not only meet its power demand but also can export to Pakistan during its deficitperiods and gain remarkable energy profits.

Telomere Length and the Cancer-Atherosclerosis Trade-Off.

Directory of Open Access Journals (Sweden)

Rivka C Stone

2016-07-01

Full Text Available Modern humans, the longest-living terrestrial mammals, display short telomeres and repressed telomerase activity in somatic tissues compared with most short-living small mammals. The dual trait of short telomeres and repressed telomerase might render humans relatively resistant to cancer compared with short-living small mammals. However, the trade-off for cancer resistance is ostensibly increased age-related degenerative diseases, principally in the form of atherosclerosis. In this communication, we discuss (a the genetics of human telomere length, a highly heritable complex trait that is influenced by genetic ancestry, sex, and paternal age at conception, (b how cancer might have played a role in the evolution of telomere biology across mammals, (c evidence that in modern humans telomere length is a determinant (rather than only a biomarker of cancer and atherosclerosis, and (d the potential influence of relatively recent evolutionary forces in fashioning the variation in telomere length across and within populations, and their likely lasting impact on major diseases in humans. Finally, we propose venues for future research on human telomere genetics in the context of its potential role in shaping the modern human lifespan.

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.

A Comparative Analysis of Trade Facilitation in Selected Regional and Bilateral Trade Agreement

OpenAIRE

Institute for International Trade

2006-01-01

This study compared the treatment of trade facilitation in four selected regional trade agreements, AFTA, APEC, SAFRA and PACER, and in one bilateral free trade agreement being the Australia-Singapore Free Trade Agreement (ASFTA), with a view to determining model trade facilitation principles and measures which may be instructive for developing country negotiations and policy makers.

Strategic research on the sustainable development cost of manufacturing industry under the background of carbon allowance and trade policy

Science.gov (United States)

Ma, Zhongmin; Cheng, Mengting; Wang, Mei

2017-08-01

The important subjects of energy consumption and carbon emission are manufacturing enterprises, with the deepening of international cooperation, and the implementation of carbon limit and trade policy, costs of manufacturing industry will rise sharply. How can the manufacturing industry survive in this reform, and it has to be a problem that the managers of the manufacturing industry need to solve. This paper analyses sustainable development cost connotation and value basis on the basis of sustainable development concept, discusses the influence of carbon allowance and trade policy for cost strategy of manufacturing industry, thinks that manufacturing industry should highlight social responsibility and realize maximization of social value, implement cost strategy the sustainable development, and pointed out the implementation way.

REGIONALIZATION AND INTRA-INDUSTRY TRADE. AN ANALYSIS OF AUTOMOBILE INDUSTRY TRADE IN NAFTA

OpenAIRE

Sylvie MONTOUT; Jean-Louis MUCCHIELLI; Soledad ZIGNAGO

2002-01-01

As was shown in some previous studies, the creation of the North American Free Trade American (NAFTA) has significantly increased trade and investment flows between member countries. Consequently, it seems appropriate to analyze the incidences of the free trade agreement on the nature of trade. In this paper, we study the intra-industry trade in the automobile industry within the NAFTA area. Our results highlight an increase in intra-industry trade since the beginning of the 1990s. The import...

Optimal short-sighted rules

Directory of Open Access Journals (Sweden)

Sacha eBourgeois-Gironde

2012-09-01

Full Text Available The aim of this paper is to assess the relevance of methodological transfers from behavioral ecology to experimental economics with respect to the elicitation of intertemporal preferences. More precisely our discussion will stem from the analysis of Stephens and Anderson’s (2001 seminal article. In their study with blue jays they document that foraging behavior typically implements short sighted choice rules which are beneficial in the long-run. Such long term profitability of short-sighted behavior cannot be evidenced when using a self-control paradigm (one which contrasts in a binary way sooner smaller and later larger payoffs but becomes apparent when ecological patch-paradigms (replicating economic situations in which the main trade-off consists in staying on a food patch or leaving for another patch are implemented. We transfer this methodology in view of contrasting foraging strategies and self-control in human intertemporal choices.

Greenhouse gas trading

Energy Technology Data Exchange (ETDEWEB)

Drazilov, P. [Natsource-Tullett Emissions Brokerage, Toronto, ON (Canada)

2001-07-01

Natsource-Tullett Emissions Brokerage is a market leader in natural gas, electricity, coal, and weather, emissions with a total of more than $2 billion by volume in emissions transactions in the United States, Canada, Australia, Japan, and Europe. This power point presentation addressed issues dealing with global warming, the Kyoto Protocol, and explained where we are in terms of reaching commitments for the first compliance period between 2008-2012. The paper focused on international emissions trading (IET), joint implementation (JI) and the clean development mechanism (CDM) and explained how greenhouse gases are traded. Emissions trading refers to the trade of carbon dioxide, methane, nitrous oxides, perfluoro-carbons, hydrofluorocarbons, and sulphur hexafluorides. The motivational drivers for trading were outlined in terms of liability for buyers and assets for sellers. To date, trading activity is nearly 120 transactions with nearly 70 million tons of carbon dioxide equivalent. tabs., figs.

Reconfiguring trade mark law

DEFF Research Database (Denmark)

Elsmore, Matthew James

2013-01-01

-border setting, with a particular focus on small business and consumers. The article's overall message is to call for a rethink of received wisdom suggesting that trade marks are effective trade-enabling devices. The case is made for reassessing how we think about European trade mark law.......First, this article argues that trade mark law should be approached in a supplementary way, called reconfiguration. Second, the article investigates such a reconfiguration of trade mark law by exploring the interplay of trade marks and service transactions in the Single Market, in the cross...

INDONESIAN TRADE UNDER CHINA FREE TRADE AREA

Directory of Open Access Journals (Sweden)

Tavi Supriana

2011-09-01

Full Text Available This paper investigates the implementation of CAFTA (China-Asean Free Trade Area on the international trade flows across Indonesia, China and the rest of ASEAN using a gravitation model. It finds the evidence that the influence of diversion and creation effects on China are significant, while the influence of both effects on Indonesia are not significant. It also finds that the diversion effect, which leads to a decrease in society’s wealth, is greater than that of the creation effect. As a consequence, the gap across countries involved in the trade agreement is wider. Keywords: CAFTA, gravitation model, diversion effect, creation effectJEL classification numbers: F13, F14, F15

Short term scheduling of multiple grid-parallel PEM fuel cells for microgrid applications

Energy Technology Data Exchange (ETDEWEB)

El-Sharkh, M.Y.; Rahman, A.; Alam, M.S. [Dept. of Electrical and Computer Engineering, University of South Alabama, Mobile, AL 36688 (United States)

2010-10-15

This paper presents a short term scheduling scheme for multiple grid-parallel PEM fuel cell power plants (FCPPs) connected to supply electrical and thermal energy to a microgrid community. As in the case of regular power plants, short term scheduling of FCPP is also a cost-based optimization problem that includes the cost of operation, thermal power recovery, and the power trade with the local utility grid. Due to the ability of the microgrid community to trade power with the local grid, the power balance constraint is not applicable, other constraints like the real power operating limits of the FCPP, and minimum up and down time are therefore used. To solve the short term scheduling problem of the FCPPs, a hybrid technique based on evolutionary programming (EP) and hill climbing technique (HC) is used. The EP is used to estimate the optimal schedule and the output power from each FCPP. The HC technique is used to monitor the feasibility of the solution during the search process. The short term scheduling problem is used to estimate the schedule and the electrical and thermal power output of five FCPPs supplying a maximum power of 300 kW. (author)

Managing Behaviour of Retail Trade Consumers

Directory of Open Access Journals (Sweden)

Budnik Maryna M.

2014-03-01

Full Text Available The article is devoted to the problem of management of behaviour of retail trade consumers. It shows importance of this topic at the stage of market changes in economic and social spheres. Generalising theoretical provisions about models of consumer behaviour, the article marks out three main groups of factors that influence them: external, internal and situational. The authors offer to allocate sensor forms of communications into a separate group of factors due to a distinctive property of their impact – orientation at subconsciousness of consumers. The article analyses a psychological process of making a decision on purchase of a commodity and draws a conclusion about necessity of exerting subconsciousness influence upon consumer behaviour using the modern marketing instruments. It develops an improved model of consumer behaviour, which takes into account innovation means of impact on the buyer. The prospect of further development of this direction in science is creation of theoretical methods of managing consumer behaviour on the basis of co-operation of specialists in the field of economy, management, marketing, sociology and psychology, which would be applied in practice of management of trade enterprises.

Trade, Labor, Legitimacy

OpenAIRE

Guzman, Andrew

2003-01-01

The relationship between international trade and labor standards is one of several controversial issues facing the WTO. Proponents of a trade-labor link argue that labor is a human rights issue and that trade sanctions represent a critical tool in the effort to improve international working conditions. Opponents argue that a link between trade and labor would open the door to protectionist measures that would target low wage countries and harm the very workers the policy is intended to help. ...

Guilds as in medieval times. Trade associations turn against standardized advanced training for solar electricians; Zuenfte wie im Mittelalter. Handwerksverbaende bremsen eine bundesweit einheitliche Fortbildung fuer Solartechniker

Energy Technology Data Exchange (ETDEWEB)

Bernreuter, J.

2000-12-01

Solar engineering is an interdisciplinary activity. Electricians, fitters and heating technicians, roofers, metal workers and even carpenters may cooperate in the construction and installation of a solar system. So far, the German trade associations were unable to agree on a standardized training procedure for solar engineering. But time is getting short as this is not an age of medieval guilds. [German] Solartechnik durchbricht die traditionell eng gesteckten Grenzen der Fachhandwerker: Elektrotechniker, Installateure und Heizungsbauer, Dachdecker, Glaser, Metallbauer und sogar Tischler koennen am Bau einer Solaranlage beteiligt sein. Bislang einigten sich die zentralen Fachverbaende des Handwerks in Deutschland jedoch nicht auf eine gemeinsame Basis in Sachen Fortbildung. Viel Zeit bleibt ihnen allerdings nicht: Die Tage der alten Zuenfte sind eindeutig gezaehlt. (orig.)

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.

Greenhouse gas credits trade versus biomass trade – weighing (Workshop Summary)

NARCIS (Netherlands)

Junginger, H.M.; Faaij, A.P.C.; Robertson, K.; Woes-Gallasch, S.; Schlamadinger, B.

2006-01-01

A workshop entitled ‘Greenhouse gas credits trade versus biomass trade – weighing the benefits’, jointly organised by IEA Bioenergy Tasks 38 (GHG Balances of Biomass and Bioenergy Systems) and 40 (Sustainable International Bioenergy Trade: Securing Supply and Demand), and ENOVA, took place in

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....

Potential Economic Impacts of the Vietnam-Korea Free Trade Agreement on Vietnam

Directory of Open Access Journals (Sweden)

Thanh Hoan Phan

2016-03-01

Full Text Available This paper provides an assessment of the potential economic impacts of the Vietnam-Korea free trade agreement on Vietnam, by using general equilibrium modeling. The results show that Vietnam-Korea FTA will increase aggregate welfare for both countries in the long run. The most important gains accrue from better allocation of resources consequent to trade liberalization. All the sectoral differences and changes are consistent with the trade profiles of the two countries, and the long-run results are more pronounced than those of the short-run. In comparison with other ASEAN countries, the CGE analysis suggests that Vietnam's agriculture exports to Korea would especially rise in the long run. However, there will be strong competition in this sector among ASEAN members. Thus, an earlier conclusion of a comprehensive FTA with Korea is expected to be a good strategy for Vietnam, so as to avoid the direct competition with ASEAN members in the future.

OPPORTUNITIES TO INCREASE THE VALUE OF SLOVENIA’S TRADE IN GOODS WITH THE PACIFIC RIM COUNTRIES – THE CASE OF AUSTRALIA

Directory of Open Access Journals (Sweden)

DEJAN ROMIH

2014-10-01

Full Text Available Slovenia is, like many other countries, especially small ones, dependent on exports and imports of goods and services. European countries are Slovenia’s main trade partners, together accounting for almost 90 per cent of the value of Slovenia’s trade in goods. There are various reasons for this, such as the relatively short distance between Slovenia and other European countries. If Slovenia wants to increase the value of its trade with non-European countries, it should adopt a number of measures, such as increasing the effectiveness and efficiency of its trade promotion. In this paper the authors discuss opportunities to increase the value of Slovenia’s trade in goods with the Pacific Rim countries by focusing on the specific case of Australia.

Trade reform in Iran for accession to the World Trade Organization

NARCIS (Netherlands)

Farajzadeh, Zakariya; Zhu, Xueqin; Bakhshoodeh, Mohammad

2017-01-01

We developed a computable general equilibrium (CGE) model to study the potential welfare and environmental impacts of Iran's trade reform for accession to the World Trade Organization (WTO). Our results show that removing trade barriers not only results in higher welfare and GDP as well as lower

The adverse effect of real effective exchange rate change on trade balance in European transition countries

Directory of Open Access Journals (Sweden)

Selena Begović

2017-12-01

Full Text Available Most European transition countries have fixed or highly managed flexible exchange rate regimes. This exchange rate rigidity is sometimes argued to worsen the trade balance by keeping the currency overvalued. However, there is no unambiguous evidence that currency depreciation/devaluation positively affects trade balance and leads towards the adjustment, even in the short-run. Therefore, we examine the effect of real effective exchange rate (hereafter REER on trade balance in European transition economies over the period 2000-2015. By using fixed effect model for static and generalised method of moments for dynamic estimation, we find that there is an adverse effect of the REER on trade balance in European transition countries over the period 2000-2015. Namely, depreciation of REER deteriorates trade balance in European transition countries, which could be explained by high import dependence and low export capacity. This implies that policymakers in European transition countries should not use exchange rate policy to improve trade balance. This is important in the light of their accession towards European economic and monetary integration, implying that these countries should focus more on using fiscal, rather than monetary (and exchange rate, policy to adjust trade balance, which is one of the required real convergence towards the EU standards.

Benefits of trade facilitation as a simpler procedure for world trade growth

OpenAIRE

Miteva-Kacarski, Emilija; Gorgieva-Trajkovska, Olivera

2011-01-01

“The simplification and harmonisation of international trade procedures” where trade procedures are the “activities, practices and formalities involved in collecting, presenting, communicating and processing data required for the movement of goods in international trade” is trade facilitation according the WTO. Trade facilitation initiatives benefit both the business community and governments. The business community benefits by obtaining enhanced competitiveness in national and international ...

World Trade Organisation (WTO): Trade rules/agreements and ...

African Journals Online (AJOL)

The GATT (General Agreement on Trade and Tariffs) rules of 1947 were seen as prejudicial to the economic and development concerns of developing countries. With the coming into effect of World Trade Organization (WTO), it was expected that some of the concerns of the developing countries will be addressed.

48 CFR 52.225-3 - Buy American Act-Free Trade Agreements-Israeli Trade Act.

Science.gov (United States)

2010-10-01

... Trade Agreements-Israeli Trade Act. 52.225-3 Section 52.225-3 Federal Acquisition Regulations System... Text of Provisions and Clauses 52.225-3 Buy American Act—Free Trade Agreements—Israeli Trade Act. As prescribed in 25.1101(b)(1)(i), insert the following clause: Buy American Act—Free Trade Agreements—Israeli...

Livestock policy and trade issues in SADC.

Science.gov (United States)

Hulman, B

2009-03-01

As from 2001, the Southern African Development Community (SADC) has embarked on a course to deepen regional integration through restructuring. Under the new structure SADC has centralised the coordination of its activities to the Secretariat in Gaborone. The former Sector Coordinating Units have been merged into four directorates, one of which is the Food, Agriculture and Natural Resources (FANR) Directorate, which comprises, amongst others, the Livestock Development Unit (LDU). The LDU, under the aegis of the FANR, formulates policies for regional livestock development in order to respond to the objectives of the Regional Indicative Strategic Development Plan (RISDP), and which are mainly to: Contribute to improved food security, Promote wealth creation, Enhance rural livelihood, Enhance livestock as a tradable and consumable commodity. Following the launch of the SADC Economic Partnership Agreement (EPA) negotiations, the eight SADC EPA member states identified sanitary and phytosanitary and technical barriers to trade to be major trade barriers for access to international markets, especially the EU market where standards are normally set beyond international standards. SADC has already brought some of the issues related to beef exports to the OIE Regional Commission for Africa as SADC member states feel that a few of the present requirements do not have a scientific basis. The paper discusses the process that the LDU follows in the formulation of policies and strategies in regional livestock development with the objective of bolstering intra and extra regional trade in livestock and livestock products.

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...

Nutrition labelling is a trade policy issue: lessons from an analysis of specific trade concerns at the World Trade Organization.

Science.gov (United States)

Thow, Anne Marie; Jones, Alexandra; Hawkes, Corinna; Ali, Iqra; Labonté, Ronald

2017-01-12

Interpretive nutrition labels provide simplified nutrient-specific text and/or symbols on the front of pre-packaged foods, to encourage and enable consumers to make healthier choices. This type of labelling has been proposed as part of a comprehensive policy response to the global epidemic of non-communicable diseases. However, regulation of nutrition labelling falls under the remit of not just the health sector but also trade. Specific Trade Concerns have been raised at the World Trade Organization's Technical Barriers to Trade Committee regarding interpretive nutrition labelling initiatives in Thailand, Chile, Indonesia, Peru and Ecuador. This paper presents an analysis of the discussions of these concerns. Although nutrition labelling was identified as a legitimate policy objective, queries were raised regarding the justification of the specific labelling measures proposed, and the scientific evidence for effectiveness of such measures. Concerns were also raised regarding the consistency of the measures with international standards. Drawing on policy learning theory, we identified four lessons for public health policy makers, including: strategic framing of nutrition labelling policy objectives; pro-active policy engagement between trade and health to identify potential trade issues; identifying ways to minimize potential 'practical' trade concerns; and engagement with the Codex Alimentarius Commission to develop international guidance on interpretative labelling. This analysis indicates that while there is potential for trade sector concerns to stifle innovation in nutrition labelling policy, care in how interpretive nutrition labelling measures are crafted in light of trade commitments can minimize such a risk and help ensure that trade policy is coherent with nutrition action. © The Author 2017. Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oup.com.

Determinants of Supply and Demand for Trade Credit by Micro, Small and Medium-Sized Enterprises

Directory of Open Access Journals (Sweden)

Claudinê Jordão de Carvalho

2015-08-01

Full Text Available This article investigates the determinant factors of supply and demand for trade credit by micro, small and medium-sized enterprises (MSMEs, using data collected in a survey of managers from 481 firms in 32 cities in the states of São Paulo and Minas Gerais (Brazil between 2008 and 2010. The multivariate relationship model proposed here is grounded in trade credit, agency and transaction costs theories. This study is based on a technique known as path analysis that uses a system of simple regressions estimated by simultaneous equations. The main results show the following: (i trade credit and short-term bank loans are supplementary (and not substitute sources of funds for MSMEs, which demonstrates that trade credit can be used by financial institutions as an indicator of the creditworthiness of the company; (ii the proportion of credit sales, the days sales outstanding measure and sales growth are positively related to the amount of trade credit demanded, which suggests that trade credit is transferred along the supply chain; and (iii the supply of trade credit is positively related to the importance that management ascribes to both internal capital and bank credit, which illustrates the strategic use of the supply of trade credit to increase sales. These results have important implications for companies' managers, financial institutions and the government agencies responsible for formulating policies that support and promote the development of small and medium-sized enterprises.

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...

Are Preferential Trade Agreements with Non-trade Objectives a Stumbling Block for Multilateral Liberalization?

OpenAIRE

Nuno Limão

2007-01-01

In many preferential trade agreements (PTAs), countries exchange not only reductions in trade barriers but also cooperation in non-trade issues such as labour and environmental standards, intellectual property, etc. We provide a model of PTAs motivated by cooperation in non-trade issues and analyse its implications for global free trade and welfare. We find that such PTAs increase the cost of multilateral tariff reductions and thus cause a stumbling block to global free trade. This occurs bec...

Trade between China and the Netherlands: a case study of trade in tasks

NARCIS (Netherlands)

den Butter, F.A.G.; Hayat, R.

2013-01-01

Purpose - This paper argues that the recent rise in China Dutch trade is a typical example of two nations trading tasks rather than goods. Design/methodology/approach - China Dutch trade growth between 1996 and 2010 is compared with China’s trade growth with its main partners. In addition, the

INTERNATIONAL BIOMASS TRADE AND SUSTAINABLE DEVELOPMENT: AN OVERVIEW

Directory of Open Access Journals (Sweden)

Chiriac Catalin

2011-12-01

Full Text Available It is crystal clear that the neoclassical economical theory, despite being probably the best growth model ever invented by man, tickled a cost of environmental degradation which can threaten our wealth and even our existence. For this reason, the concept of sustainable development (SD is so empathic, being considered probably the best theoretical alternative invented by man to standard growth, because of its vision of a better world, where economics, society and environment are intimately linked. Thus, all human activities have to adapt to this new paradigm, in order to achieve its goals. From the economical perspective, production, consumption and trade must incorporate a kind of sustainable type of activity. In the recent years, growing demands in energy use and the increase of oil and coal prices, have led to the usage of new energy sources such as biomass, water, solar, wind and geothermal energy. This is why we propose in this paper to present an overview of international trade in biomass reported to the philosophy of SD. In short, we want to give an answer at two questions: how much is biomass trade sustainable and what risks may arise if the main source of energy used today, based on fossil fuels, will be totally substitute by biomass? To be sustainable, biomass, must meet certain criteria, such as: to possess a high capacity for regeneration, in a relatively short time; to offer a better efficiency compared with the traditional fossil fuel sources; to be less or non-polluting, to be used in solid, liquid and gaseous form; to have a broad applicability in production and consumption; to have a competitive level in terms of costs and prices for transport or storage, in both stages, as a raw material or as a finished product; to be a good substitute of traditional fuels (gasoline or diesel, without the necessity for structural changes of the of the engine. The article will conclude that the uprising trend of the EU biomass trade and

To Trade or Not to Trade: Firm-Level Analysis of Emissions Trading in Santiago, Chile

International Nuclear Information System (INIS)

Coria, Jessica; Loefgren, Aasa; Sterner, Thomas

2009-01-01

Whether tradable permits are appropriate for use in transition and developing economies - given special social and cultural circumstances, such as the lack of institutions and lack of expertise with market-based policies - is much debated. We conducted interviews and surveyed a sample of firms subject to emissions trading programs in Santiago, Chile, one of the first cities outside the OECD that has implemented such trading. The information gathered allow us to study what factors affect the performance of the trading programs in practice and the challenges and advantages of applying tradable permits in less developed countries

Legal Protection for Investor in Capital Market Stock Trading

OpenAIRE

Sofyan, Tito

2013-01-01

Protection for investor is the crucial issue because it has been found many evidence of the misuse of company's resources for extensive period. Moreover, there are also the case of stock lose, case in IPO, short selling, securities fraud, market manipulation, and insider trading. Stock market is abouttrust, if it lose, the market will collpase and it will affect the other sector, mainly economic sector. Undang-UndangNomor 8 Tahun 1995 tentangPasar Modal (UUPM) is one of the legal order to s...

Evolutionary trade-offs in kidney injury and repair.

Science.gov (United States)

Lei, Yutian; Anders, Hans-Joachim

2017-11-01

Evolutionary medicine has proven helpful to understand the origin of human disease, e.g. in identifying causal roles of recent environmental changes impacting on human physiology (environment-phenotype mismatch). In contrast, diseases affecting only a limited number of members of a species often originate from evolutionary trade-offs for usually physiologic adaptations assuring reproductive success in the context of extrinsic threats. For example, the G1 and G2 variants of the APOL1 gene supporting control of Trypanosoma infection come with the trade-off that they promote the progression of kidney disease. In this review we extend the concept of evolutionary nephrology by discussing how the physiologic adaptations (danger responses) to tissue injury create evolutionary trade-offs that drive histopathological changes underlying acute and chronic kidney diseases. The evolution of multicellular organisms positively selected a number of danger response programs for their overwhelming benefits in assuring survival such as clotting, inflammation, epithelial healing and mesenchymal healing, i.e. fibrosis and sclerosis. Upon kidney injury these danger programs often present as pathomechanisms driving persistent nephron loss and renal failure. We explore how classic kidney disease entities involve insufficient or overshooting activation of these danger response programs for which the underlying genetic basis remains largely to be defined. Dissecting the causative and hierarchical relationships between danger programs should help to identify molecular targets to control kidney injury and to improve disease outcomes.

Emissions trading and competitive positions. The European Proposal for a Directive establishing a Framework for Greenhouse Gas Emissions Trading and Methods for the initial Allocation of Pollution Rights

International Nuclear Information System (INIS)

Grimeaud, D.; Peeters, M.

2002-10-01

The study on the intention to introduce emissions trading on a European Union level was conducted on the basis of the following three questions: Which methods can be used (by the Member States) to distribute the tradable emissions rights en which legal preconditions should be observed considering the EU-Treaty and the relevant directive proposal? Whenever necessary and possible international agreements on climate change and international trade law will be mentioned. Which safeguards are available for fair competition and which system of emissions trading is advisable in this perspective? How should the PSR (performance standard rate) system, which is preferred by industry, be valued? The structure of this study is as follows: in chapter 2 insight is given into the various methods that can be used to start an emissions trading system, i.e. the way tradable pollution rights are distributed (initial allocation). Chapter 3 will further examine the system of the initial allocation of pollution rights as it has been chosen in the proposal for the European directive. The aim is to give an exact qualification of the method of emissions trading, especially the method of initial allocation, that is used in the directive proposal. Chapter 4 examines whether safeguards are available to prevent competition distortions between firms that fall under the scope of the emissions trading scheme. Special attention will be given to conditions that result from the EU-Treaty in this context, such as the prohibition of state aid. In this chapter the international trade law will be dealt with as well. Chapter 5 will present an executive summary and the specific question whether the PSR-system is legally acceptable or maybe even recommendable, will be answered

International Trade and Protectionism.

Science.gov (United States)

Stanford Univ., CA. Stanford Program on International and Cross Cultural Education.

This unit is designed to investigate the reasons for international trade and the issue of trade protectionism by focusing on the case study of the U.S. trade relationship with Taiwan. The unit begins with a simulation that highlights the concepts of global interdependence, the need for international trade, and the distribution of the world's…

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...

Short-Term Market Risks Implied by Weekly Options

DEFF Research Database (Denmark)

Andersen, Torben Gustav; Fusari, Nicola; Todorov, Viktor

a direct way to study volatility and jump risks. Unlike longer-dated options, they are largely insensitive to the risk of intertemporal shifts in the economic environment. Adopting a novel semi-nonparametric approach, we uncover variation in the negative jump tail risk which is not spanned by market......We study short-term market risks implied by weekly S&P 500 index options. The introduction of weekly options has dramatically shifted the maturity profile of traded options over the last five years, with a substantial proportion now having expiry within one week. Such short-dated options provide......" by the level of market volatility and elude standard asset pricing models....

Emissions Trading

NARCIS (Netherlands)

Woerdman, Edwin; Backhaus, Juergen

2014-01-01

Emissions trading is a market-based instrument to achieve environmental targets in a cost-effective way by allowing legal entities to buy and sell emission rights. The current international dissemination and intended linking of emissions trading schemes underlines the growing relevance of this

Greenhouse gas emissions trading: Cogen case studies in the early trading market

International Nuclear Information System (INIS)

Buerer, Mary Jean

2001-01-01

An increasing number of companies are interested in opportunities to trade their reduction in greenhouse gas emissions from cogeneration on the emerging greenhouse gas emissions market. Only the UK and Denmark currently have emissions trading schemes, but they are under development in other European countries. Two frameworks currently exist for trading. Baseline-and-credit trading is used in Canada where companies can take part in two voluntary schemes (Greenhouse Gas Emission Reduction Trading Pilot or Clean Air Canada Inc). An example project from the CHP unit at DuPont's Maitland chemical production facility is given, with details of the baselines and calculations used. The other option is company-wide emissions trading. The example given here features the CHP units at BP's refinery and chemicals operations in Texas. The potential revenue from emission reduction projects could help to boost the economics of cogeneration projects

COMPETITIVE POSITION OF THE MAIN PRODUCERS AND EXPORTERS OF OILSEEDS AND VEGETABLE OILS IN THE INTRA-EU TRADE

Directory of Open Access Journals (Sweden)

Karolina Pawlak

2014-09-01

Full Text Available The aim of the paper was to assess the competitive position of the main producers and exporters of oilseeds and vegetable oils in the intra-EU trade in 2004 and 2012. The competitiveness was assessed with the use of a selected set of quantitative measures of international competitive position. Moreover, some shares of the analysed countries in the intra-EU trade, as well as relative export intensity of oilseeds and vegetable oils in these countries were estimated. On the basis of the conducted analyses it is possible to conclude that apart from Germany in trade in rapeseed and soya beans, as well as the Netherlands in trade in rapeseed and sunflower-seed, the main producers and exporters of oilseeds were competitive on the Single European Market. Excluding soya-bean oil produced in the EU mainly from imported raw material, competitive advantage of most of the countries decreased together with the level of processing and was lower in trade in vegetable oils.

Is Nigerian Growth Trade-Led?

Directory of Open Access Journals (Sweden)

Ismail Adigun Olayemi

2017-09-01

Full Text Available Purpose: Nigeria is currently in recession, a situation described as induced by decreases in oil output and export, caused by the bombings of oil pipelines in its Niger Delta region, and the unanticipated decline in its value of exports and currency, resulting from the decline in oil prices. With the export value decline, somersaulting to growth, could it then be that Nigerian economic growth is trade constrained? How important is export to growth?. This study investigates these, its invention balances in its methodology. Design/methodology/approach: To achieve the above, this paper employs the Autoregressive Distributed Lag Model (ARDL and the Thirlwall's Law of balance of payment led growth, using a combination of annual (1981–2016 and quarterly (2000Q1–2016Q4 data to ensure robustness. This combination not only allows for comparison but also ensures the reflection of the current government's trade decisions and trade activities; these are missing in other studies. Findings: Using the Wald F-Statistic, Economic growth is found to be equal to export growth rate divided by income elasticity of import, the estimated income elasticity of import which is greater than 100% or elastic reflects over dependence on import both in the short and long run, implying that Nigeria imports more than it earns. Exchange rate and terms of trade are insignificant especially in the long run. The study calls for monitoring of import contents; the government needs to enforce its recent directives to stop importation of some products that are already being produced within with higher quality and adequate export promotion strategies should be formulated and enforced. Research limitations/implications: The data span is restricted by data availability, the study could as well confirm its results with monthly data for robustness and better confidence, but most of the variables are reported annually and quarterly only. Originality/value: Many studies have confirmed the

How fair is fair trade?

NARCIS (Netherlands)

Maseland, Robbert; Vaal, Albert de

2001-01-01

This paper investigates to what extent fair trade programmes, are indeed ‘fair’. This is accomplished by comparing fair trade with free trade and protectionist trade regimes on their compliance of the criteria set by the fair trade movement itself. This comparison is made using comparative cost

An enhanced radial basis function network for short-term electricity price forecasting

International Nuclear Information System (INIS)

Lin, Whei-Min; Gow, Hong-Jey; Tsai, Ming-Tang

2010-01-01

This paper proposed a price forecasting system for electric market participants to reduce the risk of price volatility. Combining the Radial Basis Function Network (RBFN) and Orthogonal Experimental Design (OED), an Enhanced Radial Basis Function Network (ERBFN) has been proposed for the solving process. The Locational Marginal Price (LMP), system load, transmission flow and temperature of the PJM system were collected and the data clusters were embedded in the Excel Database according to the year, season, workday and weekend. With the OED applied to learning rates in the ERBFN, the forecasting error can be reduced during the training process to improve both accuracy and reliability. This would mean that even the ''spikes'' could be tracked closely. The Back-propagation Neural Network (BPN), Probability Neural Network (PNN), other algorithms, and the proposed ERBFN were all developed and compared to check the performance. Simulation results demonstrated the effectiveness of the proposed ERBFN to provide quality information in a price volatile environment. (author)

Wild Vervet Monkeys Trade Tolerance and Specific Coalitionary Support for Grooming in Experimentally Induced Conflicts.

Science.gov (United States)

Borgeaud, Christèle; Bshary, Redouan

2015-11-16

Grooming is a key social behavior in many primate species. Research has focused on three important aspects: the short- and long-term trading patterns of grooming for itself and/or for other commodities like tolerance or coalitionary support, the issue of whether exchanges are a convincing example for reciprocity, and what decision rules underlie trading. These issues remain largely unresolved due to the correlative nature of observational studies and the rarity of experimental studies. Here, we present a new experimental paradigm to address these questions in wild vervet monkeys (Chlorocebus pygerythrus). Adult females were first trained to approach a personal box, identifiable by unique color patterns, to access high-quality food. During the experiments, two boxes were placed next to each other to induce conflict through forced proximity. We found that while dominants were generally more tolerant toward bonded individuals, recent grooming increased tolerance independently of relationship quality. The latter result shows that vervet monkeys traded grooming for short-term tolerance, where dominants used a direct-reciprocity decision rule. In contrast, females invariably supported the higher-ranking opponent in a conflict, independently of who was the recent grooming partner. Nevertheless, recent grooming increased the probability that a female supported the partner during conflicts with a low-ranking third party. Thus, females' decisions about coalitionary support seem to integrate information about the current social hierarchy with recent grooming events. In conclusion, decision rules underlying trading of grooming for other commodities involve a variety of timescales and factors. Copyright © 2015 Elsevier Ltd. All rights reserved.

Agricultural Trade Barriers 10 years later Uruguay Round Trade Agreement Signature

OpenAIRE

Mahia, R.; Arce, Rafael de; Escribano, Gonzalo

2005-01-01

In this paper, an analysis of current state of agricultural trade barriers is carried out alter ten years of Uruguay Round Agricultural Trade Agreement Signature The descriptive analysis showed that small advances in trade barriers removing have been taken out. About the heterogeneity in tariff applications, tariff progresivity and peak tariffs, the same situation is pointed out.

Does AFTA Create More Trade for Thailand? An Investigation of Some Key Trade Indicators

Directory of Open Access Journals (Sweden)

Piriya Pholphirul

2010-04-01

Full Text Available This paper examines whether the ASEAN Free Trade Agreement (AFTA creates trade for Thailand or actually diverts it away from the country. It does this by analyzing various trade indicators: the Export Similarity Index, the Intra-Industry Trade Index, and Revealed Comparative Advantage (RCA rank correlation. By examining the patterns of trade between Thailand and other members of ASEAN, it reveals a high degree of similarity regarding the trade structure between Thailand and AFTA, which indicates that there will be fewer trade-creation benefits from AFTA and a greater likelihood of trade diversion once the AFTA scheme has been fully implemented. This similarity pattern explains the reasons for future collaboration among member countries and supportive arguments for the future extension of ASEAN ("ASEAN+". Market-penetration and development strategies should be employed by Thai exporters when accessing the ASEAN market.

Solar Power Tower Design Basis Document, Revision 0

Energy Technology Data Exchange (ETDEWEB)

ZAVOICO,ALEXIS B.

2001-07-01

This report contains the design basis for a generic molten-salt solar power tower. A solar power tower uses a field of tracking mirrors (heliostats) that redirect sunlight on to a centrally located receiver mounted on top a tower, which absorbs the concentrated sunlight. Molten nitrate salt, pumped from a tank at ground level, absorbs the sunlight, heating it up to 565 C. The heated salt flows back to ground level into another tank where it is stored, then pumped through a steam generator to produce steam and make electricity. This report establishes a set of criteria upon which the next generation of solar power towers will be designed. The report contains detailed criteria for each of the major systems: Collector System, Receiver System, Thermal Storage System, Steam Generator System, Master Control System, and Electric Heat Tracing System. The Electric Power Generation System and Balance of Plant discussions are limited to interface requirements. This design basis builds on the extensive experience gained from the Solar Two project and includes potential design innovations that will improve reliability and lower technical risk. This design basis document is a living document and contains several areas that require trade-studies and design analysis to fully complete the design basis. Project- and site-specific conditions and requirements will also resolve open To Be Determined issues.

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.

Protectionism, free trade and preferential trade: the Mexican experience 1970-2005

Directory of Open Access Journals (Sweden)

2007-03-01

Full Text Available This paper is a theoretical and applied analysis of free trade policies and protectionism. First, the evolution of free trade theories, vis-à-vis protectionist ideas, is described, starting from the classical economists, their assumptions and implications for attaining welfare Pareto optimality, full employment and growth. Secondly, a structural analysis of the Mexican economy’s performance in three successive but different periods, regarding trade policies for the last thirty-five years is presented. I conclude that extreme free-trade policies have not been good for economic stability, growth and employment creation in Mexico.

International trade and employment: trade partner country effects on jobs and wages

NARCIS (Netherlands)

Fortanier, F.N.; Jaarsma, M.; Korvorst, M.

2011-01-01

Recent academic research has consistently identified trading firms - both exporters and importers - to be larger, and to pay higher wages than their non-trading counterparts. However, not all trade is equal: imports from low-wage countries may destroy employment, particularly among low-skilled

40 CFR 90.206 - Trading.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 20 2010-07-01 2010-07-01 false Trading. 90.206 Section 90.206... Trading Provisions § 90.206 Trading. (a) An engine manufacturer may exchange emission credits with other engine manufacturers in trading, subject to the trading restriction specified in § 90.207(c)(2). (b...

International trade. Multinational aspects.

Science.gov (United States)

Ozawa, Y

2000-01-01

Of numerous regional economic agreements, the European Union (EU), the North American Free Trade Agreement (NAFTA), South American Common Market (MERCOSUR), the Association of Southeast Asian Nations (ASEAN), the South Asian Association for Regional Cooperation (SAARC) and the Australia-New Zealand Closer Economic Relations Agreement are examples that are actively pursuing regional integration for freer trade of animals and animal products. The World Trade Organization (WTO) believes that regional and multinational integration initiatives are complements rather than alternatives in the pursuit of more open trade. In the efforts to harmonize SPS standards among multilateral trading nations, it is recommended that national requirements meet the standards developed by the OIE and the FAO/WHO Codex Alimentarius Commission as the minimum requirements rather than adopting the standards of the lowest common denominator. Regional grouping may hinder multilateral or bilateral trade between the countries of a group and those of the other groups. How to eliminate such non-tariff barriers as traditional trade custom remains to be examined. Ongoing activities of VICH (Harmonisation of Technical Requirements for Registration of Veterinary Medical Products) may pave the way for more open trade in pharmaceutical products between multilateral regional groups.

Trade in health services.

Science.gov (United States)

Chanda, Rupa

2002-01-01

In light of the increasing globalization of the health sector, this article examines ways in which health services can be traded, using the mode-wise characterization of trade defined in the General Agreement on Trade in Services. The trade modes include cross- border delivery of health services via physical and electronic means, and cross-border movement of consumers, professionals, and capital. An examination of the positive and negative implications of trade in health services for equity, efficiency, quality, and access to health care indicates that health services trade has brought mixed benefits and that there is a clear role for policy measures to mitigate the adverse consequences and facilitate the gains. Some policy measures and priority areas for action are outlined, including steps to address the "brain drain"; increasing investment in the health sector and prioritizing this investment better; and promoting linkages between private and public health care services to ensure equity. Data collection, measures, and studies on health services trade all need to be improved, to assess better the magnitude and potential implications of this trade. In this context, the potential costs and benefits of trade in health services are shaped by the underlying structural conditions and existing regulatory, policy, and infrastructure in the health sector. Thus, appropriate policies and safeguard measures are required to take advantage of globalization in health services. PMID:11953795

Organ Trade

NARCIS (Netherlands)

J.A.E. Ambagtsheer (Frederike)

2017-01-01

markdownabstractOrgan trade constitutes the sale and purchase of organs for financial or material gain. Although prohibited since the 1980s, an increasing number of reports indicate its proliferation across the globe. Yet, many knowledge gaps exist on organ trade, in particular on the demand -and

Revenue, welfare and trade effects of European Union Free Trade Agreement on South Africa

Directory of Open Access Journals (Sweden)

Kore M.A. Guei

2017-10-01

Full Text Available Background: Using the partial equilibrium WITS-SMART Simulation model to assess the impact of liberalisation under the Trade Development and Cooperation Agreement (TDCA of a free trade area between the European Union and South Africa. The identification of the impact of such agreement allows for trade policy negotiation adjustment that can be beneficial for South Africa. Aim: The aim of the study is to estimate and discuss the impact of a Free Trade Agreement (FTA with the European Union and South Africa. More specifically, the study intends to estimate the impact of revenue, welfare, imports, exports, trade creation and to come up with policies options for South Africa that can be used in negotiations and policy formulations. Setting: The study used international trade data (2012 available in the WITS-SMART model to assess bilateral trade agreement between the European Union and South Africa. Methods: To identify the impact on revenue, welfare, imports, exports and trade creation, the study simulated an FTA (0% tariff rate for all goods exchanged between the European Union and South Africa. Also, the elasticity of substitution used for the simulation model was 99%. Results: The findings of the study reveal that total trade effects in South Africa are likely to surge by US$ 1.036 billion with a total welfare valued at US$ 134 million. Dismantling tariffs on all European Union (EU goods would be beneficial to consumers through net trade creation. Total trade creation would be US$ 782 million. However, South African producers are likely to contribute a trade diversion of US$ 254 million which has a negative impact on consumer welfare. The country might also experience a revenue loss amounting to US$ 562 million because of the removal of tariffs. In trade, the country’s exports and imports to the EU are expected to increase by US$ 12.419 million and US$ 1.266 million, respectively. Conclusion: The European Union–South Africa FTA would

Preferential Trade Arrangements and the Pattern of Production and Trade when Inputs are Differentiated

NARCIS (Netherlands)

J.F. François (Joseph)

2005-01-01

textabstractThis paper is concerned with rules of origin when intermediate goods are differentiated. An analytical model emphasizes trade patterns and the relative importance of trade in intermediates given trade preferences. Econometric evidence based on intra-OECD trade in motor vehicles and motor

Biological trade and markets.

Science.gov (United States)

Hammerstein, Peter; Noë, Ronald

2016-02-05

Cooperation between organisms can often be understood, like trade between merchants, as a mutually beneficial exchange of services, resources or other 'commodities'. Mutual benefits alone, however, are not sufficient to explain the evolution of trade-based cooperation. First, organisms may reject a particular trade if another partner offers a better deal. Second, while human trade often entails binding contracts, non-human trade requires unwritten 'terms of contract' that 'self-stabilize' trade and prevent cheating even if all traders strive to maximize fitness. Whenever trading partners can be chosen, market-like situations arise in nature that biologists studying cooperation need to account for. The mere possibility of exerting partner choice stabilizes many forms of otherwise cheatable trade, induces competition, facilitates the evolution of specialization and often leads to intricate forms of cooperation. We discuss selected examples to illustrate these general points and review basic conceptual approaches that are important in the theory of biological trade and markets. Comparing these approaches with theory in economics, it turns out that conventional models-often called 'Walrasian' markets-are of limited relevance to biology. In contrast, early approaches to trade and markets, as found in the works of Ricardo and Cournot, contain elements of thought that have inspired useful models in biology. For example, the concept of comparative advantage has biological applications in trade, signalling and ecological competition. We also see convergence between post-Walrasian economics and biological markets. For example, both economists and biologists are studying 'principal-agent' problems with principals offering jobs to agents without being sure that the agents will do a proper job. Finally, we show that mating markets have many peculiarities not shared with conventional economic markets. Ideas from economics are useful for biologists studying cooperation but need

Managing the trade-public health linkage in defence of trade ...

African Journals Online (AJOL)

Managing the trade-public health linkage in defence of trade liberalisation and ... of United States-measures affecting the production and sale of clove cigarettes. ... Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad.

Investigation of the environmental Kuznets curve for carbon emissions in Malaysia: Do foreign direct investment and trade matter?

International Nuclear Information System (INIS)

Lau, Lin-Sea; Choong, Chee-Keong; Eng, Yoke-Kee

2014-01-01

Environmental degradation has become a central issue of discussion among the economists and environmentalists. In view of Malaysia's position as one of the main contributors to CO 2 emissions in Asia and its status as a fast growing economy, it is vital, therefore, to conduct a study to identify the relationship between economic growth and CO 2 emissions for Malaysia. This study attempts to examine empirically the environmental Kuznets curve hypothesis for Malaysia in the presence of foreign direct investment and trade openness both in the short- and long-run for the period 1970 to 2008.The bounds testing approach and Granger causality methodology are applied to test the interrelationships of the variables. The results of our study indicate that the inverted-U shaped relationship does exist between economic growth and CO 2 emission in both the short- and long-run for Malaysia after controlling for two additional explanatory variables, namely FDI and trade. Importantly, the results of the study also provide some crucial policy recommendations to the policy makers. - Highlights: • Examining environmental Kuznets curve hypothesis by incorporating FDI and trade. • FDI promotes higher economic growth and leads to higher environmental degradation. • Both FDI and trade directly influence CO 2 emission and economic growth. • Attraction of technology-oriented FDI is crucial for the quality of environment

The future of coal trading. Part 1: obstacles to coal trading

International Nuclear Information System (INIS)

Schafer, W.; Vaninetti, J.

1998-01-01

'Trading' as used in this article means routine buying and selling of futures contracts or options and other derivatives of future contracts. The variable nature of coal, lack of liquidity, and the coal industry's understanding and acceptance of commodity trading concepts are identified as three major barriers to successful trading of a coal futures contract. The article discusses these obstacles

Vulnerability of countries to food-production crises propagating in the virtual water trade network

Science.gov (United States)

Tamea, S.; Laio, F.; Ridolfi, L.

2015-12-01

In recent years, the international trade of food and agricultural commodities has undergone a marked increase of exchanged volumes and an expansion of the trade network. This globalization of trade has both positive and negative effects, but the interconnectedness and external dependency of countries generate complex dynamics which are often difficult to understand and model. In this study we consider the volume of water used for the production of agricultural commodities, virtually exchanged among countries through commodity trade, i.e. the virtual water trade. Then, we set up a parsimonious mechanistic model describing the propagation, into the global trade network, of food-production crises generated locally by a social, economic or environmental event (such as war, economic crisis, drought, pest). The model, accounting for the network structure and the virtual water balance of all countries, bases on rules derived from observed virtual water flows and on data-based and statistically verified assumption. It is also tested on real case studies that prove its capability to capture the main features of crises propagation. The model is then employed as the basis for the development of an index of country vulnerability, measuring the exposure of countries to crises propagating in the virtual water trade network. Results of the analysis are discussed within the context of socio-economic and environmental conditions of countries, showing that not only water-scarce, but also wealthy and globalized countries, are among the most vulnerable to external crises. The temporal analysis for the period 1986-2011 reveals that the global average vulnerability has strongly increased over time, confirming the increased exposure of countries to external crises which may occur in the virtual water trade network.

International greenhouse gas trading programs: a discussion of measurement and accounting issues

International Nuclear Information System (INIS)

Vine, Edward; Kats, Gregory; Sathaye, Jayant; Joshi, Hemant

2003-01-01

There is general scientific consensus that global warming is occurring and that this results from human activities, primarily burning fossil fuels. There is also a growing international consensus that the most cost-effective way to slow global warming is to establish international climate change trading programs that let institutions sell greenhouse gas (GHG) reductions in an international trading program. A well designed international GHG trading program could save billions or tens of billions of dollars and could result in a more rapid transfer of cleaner, more modern energy generating, transmitting and using technologies to developing nations. Establishing an international GHG trading program will require the development of international consensus rules on how to value and credit investments, for example in energy efficiency, that result in reduced emissions of greenhouse gases. Such a program would require the development of an international technical agreement on how to value emissions reductions attributed to energy-efficiency investments that reflect realistic estimates of future energy savings--and emissions reductions--that come from those investments. This paper examines five possible approaches for valuing energy savings which might serve as the basis for an international agreement, discusses the strengths and weaknesses of each approach, and discusses lessons learned from conducting this evaluation process

48 CFR 52.225-4 - Buy American Act-Free Trade Agreement-Israeli Trade Act Certificate.

Science.gov (United States)

2010-10-01

... Trade Agreement-Israeli Trade Act Certificate. 52.225-4 Section 52.225-4 Federal Acquisition Regulations... CLAUSES Text of Provisions and Clauses 52.225-4 Buy American Act—Free Trade Agreement—Israeli Trade Act... Agreement—Israeli Trade Act Certificate (JUN 2009) (a) The offeror certifies that each end product, except...

THE EFFECT OF EXCHANGE RATE VOLATILITY ON WHEAT TRADE WORLDWIDE

OpenAIRE

Sun, Changyou; Kim, Mina; Koo, Won W.; Cho, Guedae; Jin, Hyun Joung

2002-01-01

A modified gravity-type model was employed to evaluate the effect of exchange rate volatility on wheat exports worldwide. Special attention was given to the econometric properties of the gravity model within panel framework. Short and long-term measures of exchange rate volatility were constructed and compared. Both measures of exchange rate volatility have exhibited a negative effect on world wheat trade and the long-term effect was even larger. This result implies that exchange rate volatil...

A social-ecological analysis of ecosystem services supply and trade-offs in European wood-pastures

Science.gov (United States)

Hartel, Tibor

2018-01-01

Wood-pastures are complex social-ecological systems (SES), which are the product of long-term interaction between society and its surrounding landscape. Traditionally characterized by multifunctional low-intensity management that enhanced a wide range of ecosystem services (ES), current farm management has shifted toward more intensive farm models. This study assesses the supply of ES in four study areas dominated by managed wood-pastures in Spain, Sweden, and Romania. On the basis of 144 farm surveys and the use of multivariate techniques, we characterize farm management and structure in the study areas and identify the trade-offs in ES supply associated with this management. We link these trade-offs to multiple factors that characterize the landholding: economic, social, environmental, technological, and governance. Finally, we analyze how landholders’ values and perspectives have an effect on management decisions. Results show a differentiated pattern of ES supply in the four study areas. We identified four types of trade-offs in ES supply that appear depending on what is being promoted by the farm management and that are associated with different dimensions of wood-pasture management: productivity-related trade-offs, crop production–related trade-offs, multifunctionality-related trade-offs, and farm accessibility–related trade-offs. These trade-offs are influenced by complex interactions between the properties of the SES, which have a direct influence on landholders’ perspectives and motivations. The findings of this paper advance the understanding of the dynamics between agroecosystems and society and can inform system-based agricultural and conservation policies. PMID:29732404

Short-range correlations with pseudopotentials

International Nuclear Information System (INIS)

Osman, A.

1976-01-01

Short-range correlations in nuclei are considered on an unitary-model operator approach. Short-range pseudopotentials have been added to achieve healing in the correlated wave functions. With the introduction of the pseudopotentials, correlated basis wave functions are constructed. The matrix element for effective interaction in nuclei is developed. The required pseudopotentials have been calculated for the Hamda-Johnston, Yale and Reid potentials and for the nuclear nucleon-nucleon potential A calculated by us according to meson exchange between nucleons. (Osman, A.)

Why taxes don't distort emissions trading

International Nuclear Information System (INIS)

Thomas, M.T.

1994-01-01

Observers of the emission allowance market, noting the relatively few trades to date, fear that utilities have been deterred by the tax consequences. Their thinking runs like this: Because allocated allowances carry a zero-cost tax basis, the proceeds from sale are fully taxable and the utility receives only the after-tax value. On the other hand, if the utility banks allowances and uses them for compliance on its own plant, it realizes its entire investment. Thus, market price comparisons for emissions allowances should be adjusted to reflect this tax penalty. This argument may sounds plausible, but as a general rule it's not true

Cap-and-Trade Modeling and Analysis: Congested Electricity Market Equilibrium

Science.gov (United States)

Limpaitoon, Tanachai

This dissertation presents an equilibrium framework for analyzing the impact of cap-and-trade regulation on transmission-constrained electricity market. The cap-and-trade regulation of greenhouse gas emissions has gained momentum in the past decade. The impact of the regulation and its efficacy in the electric power industry depend on interactions of demand elasticity, transmission network, market structure, and strategic behavior of firms. I develop an equilibrium model of an oligopoly electricity market in conjunction with a market for tradable emissions permits to study the implications of such interactions. My goal is to identify inefficiencies that may arise from policy design elements and to avoid any unintended adverse consequences on the electric power sector. I demonstrate this modeling framework with three case studies examining the impact of carbon cap-and-trade regulation. In the first case study, I study equilibrium results under various scenarios of resource ownership and emission targets using a 24-bus IEEE electric transmission system. The second and third case studies apply the equilibrium model to a realistic electricity market, Western Electricity Coordinating Council (WECC) 225-bus system with a detailed representation of the California market. In the first and second case studies, I examine oligopoly in electricity with perfect competition in the permit market. I find that under a stringent emission cap and a high degree of concentration of non-polluting firms, the electricity market is subject to potential abuses of market power. Also, market power can occur in the procurement of non-polluting energy through the permit market when non-polluting resources are geographically concentrated in a transmission-constrained market. In the third case study, I relax the competitive market structure assumption of the permit market by allowing oligopolistic competition in the market through a conjectural variation approach. A short-term equilibrium

77 FR 31393 - Labor Advisory Committee for Trade Negotiations and Trade Policy

Science.gov (United States)

2012-05-25

... DEPARTMENT OF LABOR Office of the Secretary Labor Advisory Committee for Trade Negotiations and Trade Policy ACTION: Notice of renewal. SUMMARY: Pursuant to the Federal Advisory Committee Act (FACA), as amended (5 U.S.C. App. 2), the Secretary of Labor and the United States Trade Representative have...

Papers of the Canadian Institute conference: Reduction, management and trading of greenhouse gas emissions

International Nuclear Information System (INIS)

2003-01-01

This conference provided an opportunity for experts from various fields to discuss and exchange views and the latest information on a wide range of topics related to the reduction, management and trading of greenhouse gas emissions. The papers dealt with pertinent issues such as: (1) short and long term impacts of the Kyoto Protocol ratification for industries operating in Quebec, necessary changes and required investment, (2) calculation mechanisms for the allocation of permits, audit systems for the reduction and registration of emissions, (3) Canadian and international emission trading market, opportunities and associated risks, (4) preparation of an emission trading contract, (5) the establishment of a greenhouse gas (GHG) emission reduction and management system within companies, and (6) measures implemented by governments to assist industry in meeting emission reduction targets. Of the sixteen papers presented at the conference, 4 have been processed separately for inclusion in this database. refs., tabs., figs

Multiresolution forecasting for futures trading using wavelet decompositions.

Science.gov (United States)

Zhang, B L; Coggins, R; Jabri, M A; Dersch, D; Flower, B

2001-01-01

We investigate the effectiveness of a financial time-series forecasting strategy which exploits the multiresolution property of the wavelet transform. A financial series is decomposed into an over complete, shift invariant scale-related representation. In transform space, each individual wavelet series is modeled by a separate multilayer perceptron (MLP). We apply the Bayesian method of automatic relevance determination to choose short past windows (short-term history) for the inputs to the MLPs at lower scales and long past windows (long-term history) at higher scales. To form the overall forecast, the individual forecasts are then recombined by the linear reconstruction property of the inverse transform with the chosen autocorrelation shell representation, or by another perceptron which learns the weight of each scale in the prediction of the original time series. The forecast results are then passed to a money management system to generate trades.

Trading volume and the number of trades : a comparative study using high frequency data

OpenAIRE

Izzeldin, Marwan

2007-01-01

Trading volume and the number of trades are both used as proxies for market activity, with disagreement as to which is the better proxy for market activity. This paper investigates this issue using high frequency data for Cisco and Intel in 1997. A number of econometric methods are used, including GARCH augmented with lagged trading volume and number of trades, tests based on moment restrictions, regression analysis of volatility on volume and trades, normality of returns when standardized by...

Opportunities and Prospects of Trade Development between Romania and the Russian Federation in the European Context

Directory of Open Access Journals (Sweden)

Virginia Câmpeanu

2010-10-01

Full Text Available The present paper has as main objective the analysis of the opportunities and development perspectives of the trade relationship between Romania and the Russian Federation, linked to the latest evolutions of the European and global economic context. Keeping in mind this objective, our paper is structured around three main sections, as follows. The first part, “Economic Context of Romania-Russian Federation Trade Development” is centered upon the global crisis and its effects on the EU, Romania and Russia as well as the EU-Russia increasing bilateral merchandise trade flows. We examine how the global economic crisis interrupted increasing merchandise trade between EU-27 and the Russian Federation and present the main exporter countries from the EU-27 to Russia and the major EU importers from Russia and analyze in a comparative manner the very concentrated trade pattern between EU-27 and Russia. In the next section, “Romania-Russia Trade Development”, we underline that the Russian Federation is the second extra-EU trading partner of our country. We explore Romania’s trade relationship with Russia during pre and post accession to the European Union and also the actual trends of the bilateral trade, which pattern is extremely concentrated. In the last section, “Opportunities and Prospects for the Trade Development between Romania and Russian Federation”, we conclude, on the basis of the comparative and prospective analysis, that: Romania could be well positioned on Russian markets; there are many similarities in competitiveness characteristics of our countries; Romania and Russia have some problematic factors in doing business; strong points of the Romanian manufacturing industry could lead to the diversification of trade pattern and, finally, Romania has the possibility to develop a strong economic partnership with the Russian Federation under the framework of the EU-Russia relationship.

Trade Remedies: A Primer

National Research Council Canada - National Science Library

Jones, Vivian C

2006-01-01

The United States and many of its trading partners use laws known as trade remedies to mitigate the adverse impact of various trade practices on domestic industries and workers. U.S. antidumping laws (19 U.S.C. 1673 et seq...

Trade Remedies: A Primer

National Research Council Canada - National Science Library

Jones, Vivian C

2007-01-01

The United States and many of its trading partners use laws known as trade remedies to mitigate the adverse impact of various trade practices on domestic industries and workers. U.S. antidumping (AD) laws (19 U.S.C. 1673 et seq...

Trade Remedies: A Primer

National Research Council Canada - National Science Library

Jones, Vivian C

2008-01-01

The United States and many of its trading partners use laws known as trade remedies to mitigate the adverse impact of various trade practices on domestic industries and workers. U.S. antidumping (AD) laws (19 U.S.C. 1673 et seq...

INCREASE OF QUEUING SYSTEM EFFECTIVENESS OF TRADING ENTERPRISE BY MEANS OF NUMERICAL STATISTICAL SIMULATION

Directory of Open Access Journals (Sweden)

Knyazheva Yu. V.

2014-06-01

Full Text Available The market economy causes need of development of the economic analysis first of all at microlevel, that is at the level of the separate enterprises as the enterprises are basis for market economy. Therefore improvement of the queuing system trading enterprise is an important economic problem. Analytical solutions of problems of the mass servicing are in described the theory, don’t correspond to real operating conditions of the queuing systems. Therefore in this article optimization of customer service process and improvement of settlement and cash service system trading enterprise are made by means of numerical statistical simulation of the queuing system trading enterprise. The article describe integrated statistical numerical simulation model of queuing systems trading enterprise working in nonstationary conditions with reference to different distribution laws of customers input stream. This model takes account of various behavior customers output stream, includes checkout service model which takes account of cashier rate of working, also this model includes staff motivation model, profit earning and profit optimization models that take into account possible revenue and costs. The created statistical numerical simulation model of queuing systems trading enterprise, at its realization in the suitable software environment, allows to perform optimization of the most important parameters of system. And when developing the convenient user interface, this model can be a component of support decision-making system for rationalization of organizational structure and for management optimization by trading enterprise.

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.

The Challenges for the Multilateral Trading System Raised by the Ongoing Structural Transformations in the Global Economy

Directory of Open Access Journals (Sweden)

Agnes Ghibuțiu

2012-04-01

Full Text Available Over the last decade, international trade has been growing faster than global production, steadily increasing interdependence among nations. Sustained trade growth has been accompanied by profound changes in the patterns of trade flows, reflecting new production structures emerging under the impact of rapid progress in the development of transport, communications and information technologies, major shifts in the patterns of demand, rapid expansion of global production networks, and increasing integration of developing countries into the world economy. While global trade relations experienced a dramatic transformation during the last decade, the multilateral trading system and the WTO – the venue for international trade cooperation – failed to keep pace with the rapidly changing trade environment. Consequently, the world trade rule-book that is currently guiding international trade relations as a result of the Uruguay Round (1986-1994 and the creation of the WTO (in 1995 is stuck in the requirements of 20st century trade. Improving and adjusting multilateral trade rules and disciplines ranked among the main objectives of the Doha Round launched in 2001. However, trade negotiations have been stalled since 2008. And with this impasse, the legislative function of the WTO responsible for the elaboration of new rules has been also blocked, hindering thus the process of adjustment. This paper addresses the main challenges confrunting the multilateral trading system both in the long and short-term in its endeavour to adjust to the new realities of 21st century trade. More specifically, it takes a look at the key problems arising for international cooperation in trade from: (1 the continually shifting weight of economic power and influence within the world economy; (2 the dynamic spread of global production networks operated by TNCs; and (3 the explosion of regionalism and preferential trade agreements. Finally, the paper highlights the vital

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.

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...

Environmentally damaging electricity trade

International Nuclear Information System (INIS)

Billette de Villemeur, Etienne; Pineau, Pierre-Olivier

2010-01-01

Electricity trade across regions is often considered welfare enhancing. We show in this paper that this should be reconsidered if environmental externalities are taken into account. We consider two cases where trade is beneficial, before accounting for environmental damages: first, when two regions with the same technology display some demand heterogeneity; second when one region endowed with hydropower arbitrages with its 'thermal' neighbor. Our results show that under reasonable demand and supply elasticities, trade comes with an additional environmental cost. This calls for integrating environmental externalities into market reforms when redesigning the electricity sector. Two North American applications illustrate our results: trade between Pennsylvania and New York, and trade between hydro-rich Quebec and New York.

Online stock trading platform

Directory of Open Access Journals (Sweden)

Ion LUNGU

2006-01-01

Full Text Available The Internet is the perfect tool that can assure the market’s transparency for any user who wants to trade on the stock market. The investor can have access to the market news, financial calendar or the press releases of the issuers. A good online trading platform also provides real-time intraday quotes, trading history and technical analysis giving the investor a clearer view of the supply and demand in the market. All this information provides the investor a good image of the market and encourages him to trade. This paper wishes to draft the pieces of an online trading platform and to analyze the impact of developing and implementing one in a brokerage firm.

Gravity with Intermediate Goods Trade

Directory of Open Access Journals (Sweden)

Sujin Jang

2017-12-01

Full Text Available This paper derives the gravity equation with intermediate goods trade. We extend a standard monopolistic competition model to incorporate intermediate goods trade, and show that the gravity equation with intermediates trade is identical to the one without it except in that gross output should be used as the output measure instead of value added. We also show that the output elasticity of trade is significantly underestimated when value added is used as the output measure. This implies that with the conventional gravity equation, the contribution of output growth can be substantially underestimated and the role of trade costs reduction can be exaggerated in explaining trade expansion, as we demonstrate for the case of Korea's trade growth between 1995 and 2007.

Development of basis methodology for short term planning at an environment of financial constraints; Desenvolvimento de infra-estrutura metodologica para planejamento a curto prazo em ambiente de restricoes financeiras

Energy Technology Data Exchange (ETDEWEB)

Ramos, Dorel S. [Centrais Eletricas de Sao Paulo, SP (Brazil); Morozowski Filho, Marciano [Santa Catarina Univ., Florianopolis, SC (Brazil); Schilling, Marcus T. [ELETROBRAS, Rio de Janeiro, RJ (Brazil)

1992-12-31

This work focuses a new methodological proposal that aims to fit the planning process to the dynamic of juncture changes. The suggested approach starts with the definition of a new criteria set, that could be interpreted as a relaxed version of the traditional deterministic criteria set. When establishing a concrete proposal for short term planning, at an environment of financial constraints, one can distinguish three main subsets: criteria for analyse system performance, including voltage levels, use of remedial actions and to set up system reliability targets; criteria for system design; (3) criteria for lines and transformers loading. In this paper the criteria relaxation concepts are thoroughly used in combination with the `priority evaluation` tool, in order to make feasible to find out the trade-off between service quality and investment reduction. 9 refs.

Trade Agreements PTI

Data.gov (United States)

Department of Homeland Security — The objective of the Trade Agreements PTI is to advance CBP’s mission by working with internal and external stakeholders to facilitate legitimate trade and address...

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...

Potential of poplar short rotation coppice cultivation for bioenergy in Southern Portugal

International Nuclear Information System (INIS)

Pereira, Sandrina; Costa, Mário; Graça Carvalho, Maria da; Rodrigues, Abel

2016-01-01

Highlights: • Evaluation of the potential of poplar coppice cultivation for bioenergy. • Biomass costs from 76.9 to 120.5 Euro/ton and net energy from 34.7 to 75.4 PJ. • Biomass co-firing in power plants reduces CO_2 emissions between 8.2% and 16.5%. • A scenario of CO_2 allowances trading can turn the project financially viable. - Abstract: This manuscript examines the potential of poplar short rotation coppice cultivation for bioenergy in the Alentejo region, Southern Portugal. The biomass is intended to fulfil, at least, 10% (energy basis) of the fuel needs of two Portuguese coal-fired power plants (Sines and Pego), using co-firing technology. The study considers the overall production chain from cradle to power plant gate, cultivated in scrubland areas with duration of 12 years, harvested every three years and with 6667 plants per ha, covering a land area of about 52,250 ha. Three different biomass annual yields are assumed. The results show that the biomass selling prices range from 76.9 to 120.5 Euro ton"−"1, to match the production costs. The net energy of the overall project ranges from 34.7 to 75.4 PJ and the project cost from 619 to 823.9 MEuro. The main environmental impact of the project is the reduction of the CO_2 emissions due to the biomass co-firing, instead of burning coal alone. The power plants can reduce CO_2 emissions over the project lifetime between 8.2% and 16.5% of the current values. The financial analysis demonstrates that the project is not financially feasible without external grants, but a policy scenario of carbon allowances trading may be instrumental on turning it financially feasible, depending on allowances and coal market prices. Finally, with a reduction of 50% in the main costs, the project becomes financially feasible under a CO_2 emissions trading scenario for a biomass yield of 20 dry ton ha"−"1 per year.

Protectionism, free trade and preferential trade: the Mexican experience 1970-2005

OpenAIRE

Pablo Ruiz Napoles

2007-01-01

This paper is an analysis of trade policies in Mexico. A structural analysis of theMexican economy's performance in three successive but different periods, regardingtrade policies for the last thirty-five years is presented. Results are confronted with expectations from various trade policies. There are two main conclusions: first those extreme free-trade policies have not been good for economic stability, growth and employment creation in Mexico, and second, that specialization in production...

Predicting short-term stock fluctuations by using processing fluency

Science.gov (United States)

Alter, Adam L.; Oppenheimer, Daniel M.

2006-01-01

Three studies investigated the impact of the psychological principle of fluency (that people tend to prefer easily processed information) on short-term share price movements. In both a laboratory study and two analyses of naturalistic real-world stock market data, fluently named stocks robustly outperformed stocks with disfluent names in the short term. For example, in one study, an initial investment of $1,000 yielded a profit of $112 more after 1 day of trading for a basket of fluently named shares than for a basket of disfluently named shares. These results imply that simple, cognitive approaches to modeling human behavior sometimes outperform more typical, complex alternatives. PMID:16754871

Heterogeneous trade agreements, WTO membership and international trade : an analysis using matching econometrics

NARCIS (Netherlands)

Kohl, Tristan; Trojanowska, Sofia

2015-01-01

This article explores the heterogeneous effects of trade agreements (TAs) and World Trade Organization (WTO) membership on the volume of international trade. We extend Baier and Bergstrand’s (2009a) application of matching econometrics by distinguishing between different types of TAs and WTO

Trading strategies modeling in Colombian power market using artificial intelligence techniques

International Nuclear Information System (INIS)

Moreno, Julian

2009-01-01

The aim of this paper is to present a model based on fuzzy logic and machine learning in order to maximize the profits of Colombian energy trade agents according to their risk profile. The model has two parts, the first one is a fuzzy expert system that gives a recommendation about the trade strategy these agents should follow, and whose definition depends mainly on market conditions. The second one is a reinforced learning mechanism with which the agents 'learn' when they perceive the consequences of their actions, so they modify such actions looking for a reward not just in short but also in long-term. The whole model is validated using actual data as well as a simulation approach using synthetic time series for some relevant variables as hydraulic availability, energy pool price and bilateral contracts price. (author)

Trading strategies modeling in Colombian power market using artificial intelligence techniques

Energy Technology Data Exchange (ETDEWEB)

Moreno, Julian [Escuela de Sistemas, Universidad Nacional de Colombia, Carrera 80 No. 65-223 Bloque M8A Medellin (Colombia)

2009-03-15

The aim of this paper is to present a model based on fuzzy logic and machine learning in order to maximize the profits of Colombian energy trade agents according to their risk profile. The model has two parts, the first one is a fuzzy expert system that gives a recommendation about the trade strategy these agents should follow, and whose definition depends mainly on market conditions. The second one is a reinforced learning mechanism with which the agents 'learn' when they perceive the consequences of their actions, so they modify such actions looking for a reward not just in short but also in long-term. The whole model is validated using actual data as well as a simulation approach using synthetic time series for some relevant variables as hydraulic availability, energy pool price and bilateral contracts price. (author)

Life History Trade-offs

NARCIS (Netherlands)

Smallegange, I.M.; Kliman, R.M.

2016-01-01

Trade-offs play a central role in life history theory. This article explains why they exist, how they arise, how they can be measured, and briefly discusses their evolution. Three important trade-offs are discussed in detail: the trade-off between current reproduction and survival, between current

Why are Trade Agreements Regional?

OpenAIRE

Zissimos, Ben

2007-01-01

This paper shows how distance may be used to coordinate on a unique equilibrium in which trade agreements are regional. Trade agreement formation is modeled as coalition formation. In a standard trade model with no distance between countries, a familiar problem of coordination failure arises giving rise to multiple equilibria; any one of many possible trade agreements can form. With distance between countries, and through strategic interaction in tariff setting, regional trade agreements gene...

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

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

BP's emissions trading system

International Nuclear Information System (INIS)

Victor, David G.; House, Joshua C.

2006-01-01

Between 1998 and 2001, BP reduced its emissions of greenhouse gases by more than 10%. BP's success in cutting emissions is often equated with its use of an apparently market-based emissions trading program. However no independent study has ever examined the rules and operation of BP's system and the incentives acting on managers to reduce emissions. We use interviews with key managers and with traders in several critical business units to explore the bound of BP's success with emissions trading. No money actually changed hands when permits were traded, and the main effect of the program was to create awareness of money-saving emission controls rather than strong price incentives. We show that the trading system did not operate like a 'textbook' cap and trade scheme. Rather, the BP system operated much like a 'safety valve' trading system, where managers let the market function until the cost of doing so surpassed what the company was willing to tolerate

Relative intensity of bilateral trade flows, regional integration, and trade performance: the case of Brazil, 1984-1998

Directory of Open Access Journals (Sweden)

Silva Valquiria da

2003-01-01

Full Text Available The objective of this research is to identify the component of trade that results specifically from bilateral relations and evaluate how the creation of trading blocs affects trade relations between countries. The trirapport coefficient of the relative intensity of bilateral agricultural sector trade flows between Brazil and other countries from 1984 and 1998 is used in the evaluation. In general, the results show that relative trade intensity between Brazil and its non-MERCOSUL trade partners fell after their entry into regional trade agreements (extra-bloc effect. The intra-bloc effect (trade expansion is reflected by changes in trade intensity between Brazil and the other MERCOSUL members and changes in trade intensity between NAFTA members Mexico, Canada, and the United States.

Emissions Trading Resources

Science.gov (United States)

Learn about emissions trading programs, also known as cap and trade programs, which are market-based policy tools for protecting human health and the environment by controlling emissions from a group of sources.

76 FR 10082 - Office of International Trade; State Trade and Export Promotion (STEP) Grant Program

Science.gov (United States)

2011-02-23

... translation fees, The design of international marketing products or campaigns, An export trade show exhibit... SMALL BUSINESS ADMINISTRATION Office of International Trade; State Trade and Export Promotion... Administrator of the Office of International Trade (OIT) that does not duplicate the services of other SBA...

A review of the political situation in Eastern Galicia at the time appearance and operation of trade unions

Directory of Open Access Journals (Sweden)

I. R. Berest

2014-05-01

Full Text Available Discusses the political situation in the society of Eastern Galicia last quarter of XVIII­XIX centuries, which gave the economic push and social background and working organizations for the purpose of its existence, put the problem of social protection of workers, which became a basis of formation of the first trade unions in the Ukrainian lands. On the basis of the documents given to the assessment of the reform of the Austrian Imperial house, contributing to the emergence and development of new trade unions, and the emergence of the Galician elite that his actions contributed to the formation of the intellectuals in the middle of the XIX century. Ukrainian national movement grows from cultural to political. Awareness of own goals and self­sufficiency dictated Ukrainian leaders the need to develop self, separate from the Polish influence the course. At the same time, the limited capacity of the Ukrainian elite and its social base has not yet been possible to establish a permanent representative body, who defended the interests of Ukrainians in Galicia. In General, the existing system of international relations found its clear expression in many areas of public and political life, including in the working environment, which had a crucial influence on the formation of trade unions, at the same time, defined the strategy and tactics of political forces in the political life, the integral part of which, undoubtedly, there were trade unions.

Environmentally damaging electricity trade

Energy Technology Data Exchange (ETDEWEB)

Billette de Villemeur, Etienne [Toulouse School of Economics (IDEI and GREMAQ) (France); Pineau, Pierre-Olivier [HEC Montreal (Canada)

2010-03-15

Electricity trade across regions is often considered welfare enhancing. We show in this paper that this should be reconsidered if environmental externalities are taken into account. We consider two cases where trade is beneficial, before accounting for environmental damages: first, when two regions with the same technology display some demand heterogeneity; second when one region endowed with hydropower arbitrages with its ''thermal'' neighbor. Our results show that under reasonable demand and supply elasticities, trade comes with an additional environmental cost. This calls for integrating environmental externalities into market reforms when redesigning the electricity sector. Two North American applications illustrate our results: trade between Pennsylvania and New York, and trade between hydro-rich Quebec and New York. (author)

Biclustering Learning of Trading Rules.

Science.gov (United States)

Huang, Qinghua; Wang, Ting; Tao, Dacheng; Li, Xuelong

2015-10-01

Technical analysis with numerous indicators and patterns has been regarded as important evidence for making trading decisions in financial markets. However, it is extremely difficult for investors to find useful trading rules based on numerous technical indicators. This paper innovatively proposes the use of biclustering mining to discover effective technical trading patterns that contain a combination of indicators from historical financial data series. This is the first attempt to use biclustering algorithm on trading data. The mined patterns are regarded as trading rules and can be classified as three trading actions (i.e., the buy, the sell, and no-action signals) with respect to the maximum support. A modified K nearest neighborhood ( K -NN) method is applied to classification of trading days in the testing period. The proposed method [called biclustering algorithm and the K nearest neighbor (BIC- K -NN)] was implemented on four historical datasets and the average performance was compared with the conventional buy-and-hold strategy and three previously reported intelligent trading systems. Experimental results demonstrate that the proposed trading system outperforms its counterparts and will be useful for investment in various financial markets.

Trading away what kind of jobs? Globalization, trade and tasks in the US economy.

Science.gov (United States)

Kemeny, Thomas; Rigby, David

2012-04-01

Economists and other social scientists are calling for a reassessment of the impact of international trade on labor markets in developed and developing countries. Classical models of globalization and trade, based upon the international exchange of finished goods, fail to capture the fragmentation of much commodity production and the geographical separation of individual production tasks. This fragmentation, captured in the growing volume of intra-industry trade, prompts investigation of the effects of trade within, rather than between, sectors of the economy. In this paper we examine the relationship between international trade and the task structure of US employment. We link disaggregate US trade data from 1972 to 2006, the NBER manufacturing database, the Decennial Census, and occupational and task data from the Dictionary of Occupational Titles. Within-industry shifts in task characteristics are linked to import competition and technological change. Our results suggest that trade has played a major role in the growth in relative demand for nonroutine tasks, particularly those requiring high levels of interpersonal interaction.

Trade Integration Effects in ASEAN Countries

Directory of Open Access Journals (Sweden)

Yana Valeryevna Dyomina

2015-09-01

Full Text Available The paper examines evolution of trade integration process in ASEAN. The author employs three methods in order to evaluate the degree of ASEAN‘s trade integration that has been achieved over two decades since the signing of the Association of South-East Asian Nations Free Trade Area Agreement (AFTA in 1992. The high degree of trade integration among member states allows moving to the next stage of international economic integration (ASEAN countries are going to form ASEAN Community (the Common Market by the 1st of January 2016. So the study assesses the ASEAN’s preparedness to the Common Market by determining the share of mutual (intraregional trade, regional trade intensity index (RTII and trade integration effects (trade creation and trade diversion effects for each member state, 2 groups of ASEAN countries (ASEAN-6 and ASEAN-4 and the Association as a whole. The paper shows that despite the increase in the share of intraregional trade during the years of the AFTA functioning, the member states of ASEAN still demonstrate low levels of trade integration: a 75% of the Association’s external trade focuses on extra regional partners; b ASEAN as a whole has the low volume of RTII and among its member states only Singapore has the high one; c trade diversion effect prevails over trade creation one

Public summaries of feasibility studies conducted for the trinidad LNG project. Export trade information

Energy Technology Data Exchange (ETDEWEB)

NONE

1995-04-01

The study, conducted by The M. W. Kellog Company, was funded by the U.S. Trade and Development Agency on behalf of the National Gas Company of Trinidad and Tobago. It shows the results of Project Definition Phase which was implemented as a follow-up to two previous feasibility studies which were conducted for a LNG plant in Trinidad. The objective of this report is to develop a project design basis and implementation plan plus a cost estimate. The study is divided into the following sections: (1) Introduction; (2) Project Design Basis; (3) Seismic Hazard Assessment; (4) Geotechnical; and (5) Environmental Assessment.

31 CFR 515.322 - Authorized trade territory; member of the authorized trade territory.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Authorized trade territory; member of the authorized trade territory. 515.322 Section 515.322 Money and Finance: Treasury Regulations... CUBAN ASSETS CONTROL REGULATIONS General Definitions § 515.322 Authorized trade territory; member of the...

ASEAN - China Free Trade Area : A quantitative study of Trade diversion and Trade creation effects on ASEAN - China trade flows

OpenAIRE

Duong Xuan, Vinh

2011-01-01

The Association of South-East Asian Nations (ASEAN) and China have a long history of trading with each other. They are economic partners as well as competitors for many years. In order to push their economic relationship to a higher level, in November 2002, ASEAN and China signed the initial framework agreement, determined on establishing the ASEAN - China Free Trade Area (ACFTA) among the eleven countries by 2010 for the ASEAN-6 (Brunei, Indonesia, Malaysia, Philippines, Singapore, Thailand)...

The relationship between international trade and non-nutritional health outcomes: A systematic review of quantitative studies.

Science.gov (United States)

Burns, Darren K; Jones, Andrew P; Suhrcke, Marc

2016-03-01

Markets throughout the world have been reducing barriers to international trade and investment in recent years. The resulting increases in levels of international trade and investment have subsequently generated research interest into the potential population health impact. We present a systematic review of quantitative studies investigating the relationship between international trade, foreign direct investment and non-nutritional health outcomes. Articles were systematically collected from the SCOPUS, PubMed, EconLit and Web of Science databases. Due to the heterogeneous nature of the evidence considered, the 16 included articles were subdivided into individual level data analyses, selected country analyses and international panel analyses. Articles were then quality assessed using a tool developed as part of the project. Nine of the studies were assessed to be high quality, six as medium quality, and one as low quality. The evidence from the quantitative literature suggests that overall, there appears to be a beneficial association between international trade and population health. There was also evidence of the importance of foreign direct investment, yet a lack of research considering the direction of causality. Taken together, quantitative research into the relationship between trade and non-nutritional health indicates trade to be beneficial, yet this body of research is still in its infancy. Future quantitative studies based on this foundation will provide a stronger basis on which to inform relevant national and international institutions about the health consequences of trade policies. Copyright © 2016 Elsevier Ltd. All rights reserved.

Individual Attitudes Towards Trade

DEFF Research Database (Denmark)

Jäkel, Ina Charlotte; Smolka, Marcel

2013-01-01

Using the 2007 wave of the Pew Global Attitudes Project, this paper finds statistically significant and economically large Stolper-Samuelson effects in individuals’ preference formation towards trade policy. High-skilled individuals are substantially more pro-trade than low-skilled individuals......-Ohlin model in shaping free trade attitudes, relative to existing literature....

Impact of Carbon Quota Allocation Mechanism on Emissions Trading: An Agent-Based Simulation

Directory of Open Access Journals (Sweden)

Wei Jiang

2016-08-01

Full Text Available This paper establishes an agent-based simulation system of the carbon emissions trading in accordance with the complex feature of the trading process. This system analyzes the impact of the carbon quota allocation mechanism on emissions trading for three different aspects including the amount of emissions reduction, the economic effect on the emitters, and the emissions reduction cost. Based on the data of the carbon emissions of different industries in China, several simulations were made. The results indicate that the emissions trading policy can effectively reduce carbon emissions in a perfectly competitive market. Moreover, by comparing separate quota allocation mechanisms, we obtain the result that the scheme with a small extent quota decrease in a comprehensive allocation mechanism can minimize the unit carbon emission cost. Implementing this scheme can also achieve minimal effects of carbon emissions limitation on the economy on the basis that the environment is not destroyed. However, excessive quota decrease cannot promote the emitters to reduce emission. Taking into account that several developing countries have the dual task of limiting carbon emissions and developing the economy, it is necessary to adopt a comprehensive allocation mechanism of the carbon quota and increase the initial proportion of free allocation.

40 CFR 91.206 - Trading.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 20 2010-07-01 2010-07-01 false Trading. 91.206 Section 91.206... EMISSIONS FROM MARINE SPARK-IGNITION ENGINES Averaging, Banking, and Trading Provisions § 91.206 Trading. (a... manufacturers in trading. These credits must be used in the same averaging set as generated. (b) Credits for...

40 CFR 91.1306 - Trading.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 20 2010-07-01 2010-07-01 false Trading. 91.1306 Section 91.1306... EMISSIONS FROM MARINE SPARK-IGNITION ENGINES In-Use Credit Program for New Marine Engines § 91.1306 Trading... engine manufacturers through trading. (b) In-use credits for trading can be obtained from credits banked...

Trends in Trade and Investment Flows between the EU and the BRIC Countries

Directory of Open Access Journals (Sweden)

Iulia Monica OEHLER-ŞINCAI

2011-06-01

Full Text Available In this paper, we intend to present an in-depth comparative analysis of the trade and investment flows between the EU member states and the four strongest emerging countries: Brazil, Russia, India and China (BRIC, during 2004-2009(1 and beyond. In the EU-BRIC equation, we include for comparison countries like the USA and Japan, and their respective relations with BRIC.The purpose of the paper is to contribute to the discussion of the integrated issues related to trade and investments, since the EU-BRIC relations represent one of the most important „pieces” in this „global puzzle”.First, relying on the statistics published by Eurostat, the WTO, the UNCTAD and the national authorities, our study highlights the main trends of the trade and investment flows between the EU and BRIC, in comparison with those of the USA and BRIC or Japan and BRIC.Second, we emphasize the principal factors that contributed to these developments and their economical consequences. For example, the global economical situation, the political decisions, the resource scarcity or the (still existing fiscal paradises play a major role in the celerity and magnitude of the trade and investment flows.Third, on the basis of the actual data and information, our analysis outlines the perspectives of the EU-BRIC trade and investment relations in the long run.Following this rationale, the paper is structured around three main sections, followed by a summary of the conclusions of the author.

Trade in goods

DEFF Research Database (Denmark)

Sørensen, Karsten Engsig

2006-01-01

An analysis of the rules governing trade in goods under the GATT agreement and the Agreement on Safeguards......An analysis of the rules governing trade in goods under the GATT agreement and the Agreement on Safeguards...

Intraday Seasonalities and Nonstationarity of Trading Volume in Financial Markets: Individual and Cross-Sectional Features.

Science.gov (United States)

Graczyk, Michelle B; Duarte Queirós, Sílvio M

2016-01-01

We study the intraday behaviour of the statistical moments of the trading volume of the blue chip equities that composed the Dow Jones Industrial Average index between 2003 and 2014. By splitting that time interval into semesters, we provide a quantitative account of the nonstationary nature of the intraday statistical properties as well. Explicitly, we prove the well-known ∪-shape exhibited by the average trading volume-as well as the volatility of the price fluctuations-experienced a significant change from 2008 (the year of the "subprime" financial crisis) onwards. That has resulted in a faster relaxation after the market opening and relates to a consistent decrease in the convexity of the average trading volume intraday profile. Simultaneously, the last part of the session has become steeper as well, a modification that is likely to have been triggered by the new short-selling rules that were introduced in 2007 by the Securities and Exchange Commission. The combination of both results reveals that the ∪ has been turning into a ⊔. Additionally, the analysis of higher-order cumulants-namely the skewness and the kurtosis-shows that the morning and the afternoon parts of the trading session are each clearly associated with different statistical features and hence dynamical rules. Concretely, we claim that the large initial trading volume is due to wayward stocks whereas the large volume during the last part of the session hinges on a cohesive increase of the trading volume. That dissimilarity between the two parts of the trading session is stressed in periods of higher uproar in the market.

Basis of measurement of assets and liabilities: correlation analysis of years 2006 and 2010

Directory of Open Access Journals (Sweden)

Joyce Menezes da Fonseca Tonin

2013-05-01

Full Text Available The study aims to identify the measurement bases of accounts Assets and Liabilities evidenced in the Explanatory Notes in 2006 and 2010 of the largest publicly traded Brazilian companies listed in the Revista Exame - Melhores e Maiores de 2011. The descriptive study in a purposive sample of 30 companies used the application of content analysis to categorize the data needed for the inferences and Correspondence Analysis (ANACOR to involve the disclosure of the measurement bases of assets, and liability from 2006 to 2010. The results shown with the χ2 test showed that the items accounting Financial Investments, Stocks and Investment showed no significant difference, having no changes in their measurement bases. The Current Cost prevailed for Financial Applications, Cost History and realizable value for inventories and the Equity Method for Investments, even though this is a method of accounting and not based on measurement of assets. Other accounts differ significantly between the bases of measurement, and the concept of the fair value as a vector of the changes from one period to another. It is concluded that the companies have significantly changed the basis of measurement of the accounts of active and passive from 2006 to 2010, despite the short time of revision of the law nº 6.404/1976.

19 CFR 351.404 - Selection of the market to be used as the basis for normal value.

Science.gov (United States)

2010-04-01

... Price, Fair Value, and Normal Value § 351.404 Selection of the market to be used as the basis for normal value. (a) Introduction. Although in most circumstances sales of the foreign like product in the home... for normal value. 351.404 Section 351.404 Customs Duties INTERNATIONAL TRADE ADMINISTRATION...

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...

THE LEGAL CAPACITY TO TRADE

OpenAIRE

ADELIN UNGUREANU

2014-01-01

Trading is a part of our society. The man has been trading from ancient times so the amount of trades and transactions around the world is huge. In order for us to initiate, organize and deploy such trades we have to have certain rules which can help regulate the social and professional or legal aspect of trades. Therefore the sole trader capacity must be obtained and used in order for the contracts to be valid. The right and obligations that come with this capacity constitute activities t...

Emission trading: A discussion paper

International Nuclear Information System (INIS)

1992-05-01

Emission trading is a market-based incentive program designed to control air emissions in which a cap is placed on the total quantity of pollutants allowed to be emitted in an airshed. Appropriate shares of this amount are allocated among participating emission sources, and participants can buy or sell their shares. Advantages of emission trading include its potential to achieve air emission targets at a lower cost than the traditional command and control approach, and its ability to accommodate economic growth without compromising environmental quality. A study was conducted to evaluate the potential use of emission trading programs to achieve emission reduction goals set for nitrogen oxides, volatile organic compounds (VOC), and sulfur oxides. Emission trading programs in the USA are reviewed and a set of factors important for the success of emission trading are identified. Key policy and design issues related to an emission trading program are identified, explained, and discussed. Administrative issues are then analyzed, such as legislative authority, monitoring and enforcement requirements, and trading between jurisdictions. A preliminary assessment of emission trading for control of NOx and VOC in the Lower Fraser Valley indicates that emission trading would be feasible, but legislative authority to implement such a program would have to be introduced

Expatriates and trade

Czech Academy of Sciences Publication Activity Database

Konečný, Tomáš

2012-01-01

Roč. 13, č. 1 (2012), s. 83-98 ISSN 1488-3473 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : migration * trade * informal trade barriers Subject RIV: AH - Economics

Trade Finance and Trade Collapse during the Global Financial Crisis: Evidence from the Republic of Korea

OpenAIRE

E. Young Song

2014-01-01

This study examines the role of trade finance in the trade collapse of 2008-09 from the perspective of the Korean economy. We use two approaches. Firstly, as background to a more formal analysis, we make a casual observation on the behavior of aggregate data on trade finance, on which Korea has relatively abundant data. Aggregate data do not convincingly support the view that trade finance played an active role in causing the trade collapse. The measures of trade finance and the value of trad...

Investigation of cone-beam CT image quality trade-off for image-guided radiation therapy

Science.gov (United States)

Bian, Junguo; Sharp, Gregory C.; Park, Yang-Kyun; Ouyang, Jinsong; Bortfeld, Thomas; El Fakhri, Georges

2016-05-01

It is well-known that projections acquired over an angular range slightly over 180° (so-called short scan) are sufficient for fan-beam reconstruction. However, due to practical imaging conditions (projection data and reconstruction image discretization, physical factors, and data noise), the short-scan reconstructions may have different appearances and properties from the full-scan (scans over 360°) reconstructions. Nevertheless, short-scan configurations have been used in applications such as cone-beam CT (CBCT) for head-neck-cancer image-guided radiation therapy (IGRT) that only requires a small field of view due to the potential reduced imaging time and dose. In this work, we studied the image quality trade-off for full, short, and full/short scan configurations with both conventional filtered-backprojection (FBP) reconstruction and iterative reconstruction algorithms based on total-variation (TV) minimization for head-neck-cancer IGRT. Anthropomorphic and Catphan phantoms were scanned at different exposure levels with a clinical scanner used in IGRT. Both visualization- and numerical-metric-based evaluation studies were performed. The results indicate that the optimal exposure level and number of views are in the middle range for both FBP and TV-based iterative algorithms and the optimization is object-dependent and task-dependent. The optimal view numbers decrease with the total exposure levels for both FBP and TV-based algorithms. The results also indicate there are slight differences between FBP and TV-based iterative algorithms for the image quality trade-off: FBP seems to be more in favor of larger number of views while the TV-based algorithm is more robust to different data conditions (number of views and exposure levels) than the FBP algorithm. The studies can provide a general guideline for image-quality optimization for CBCT used in IGRT and other applications.

International Trade of Biofuels (Brochure)

Energy Technology Data Exchange (ETDEWEB)

2013-05-01

In recent years, the production and trade of biofuels has increased to meet global demand for renewable fuels. Ethanol and biodiesel contribute much of this trade because they are the most established biofuels. Their growth has been aided through a variety of policies, especially in the European Union, Brazil, and the United States, but ethanol trade and production have faced more targeted policies and tariffs than biodiesel. This fact sheet contains a summary of the trade of biofuels among nations, including historical data on production, consumption, and trade.

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.

The Impacts of U.S. Agricultural and Trade Policy on Trade Liberalization and Integation via a U.S.-Central American Free Trade Agreement

OpenAIRE

Dale E. Hathaway

2003-01-01

This study looks at several major legislative actions in 2002 that will substantially affect trade negotiations with the United States, and examines the US import protection for agricultural products that will be critical in trade negotiations with Central American countries. The two important legislative actions were the passage of the 2002 Farm Bill and the passage of Trade Promotion Authority, which provides for "fast track" treatment of trade agreements. The 2002 farm bill was widely deno...

Trade and Development

DEFF Research Database (Denmark)

Abbott, Philip; Bentzen, Jeanet; Tarp, Finn

2009-01-01

History, not predictions of CGE models or cross-country growth studies, shows a strong relationship between trade and development. Vietnam's experience with bilateral trade agreements, comparing actual outcomes with predictions from existing models, demonstrates this and the limitations of research...

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...

Trade, Technology Diffusion and Misallocation : Trade Partner Matters (Replaces CentER DP 2011-125)

NARCIS (Netherlands)

Curuk, M.

2012-01-01

Abstract: This paper suggests that contingent on the productivity level of the trade partner; international trade may create resource misallocation in less productive countries. It theoretically shows how the interaction between technology diffusion induced by trade and cross sectoral heterogeneity

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...

Buying on margin, selling short in an agent-based market model

Science.gov (United States)

Zhang, Ting; Li, Honggang

2013-09-01

Credit trading, or leverage trading, which includes buying on margin and selling short, plays an important role in financial markets, where agents tend to increase their leverages for increased profits. This paper presents an agent-based asset market model to study the effect of the permissive leverage level on traders’ wealth and overall market indicators. In this model, heterogeneous agents can assume fundamental value-converging expectations or trend-persistence expectations, and their effective demands of assets depend both on demand willingness and wealth constraints, where leverage can relieve the wealth constraints to some extent. The asset market price is determined by a market maker, who watches the market excess demand, and is influenced by noise factors. By simulations, we examine market results for different leverage ratios. At the individual level, we focus on how the leverage ratio influences agents’ wealth accumulation. At the market level, we focus on how the leverage ratio influences changes in the asset price, volatility, and trading volume. Qualitatively, our model provides some meaningful results supported by empirical facts. More importantly, we find a continuous phase transition as we increase the leverage threshold, which may provide a further prospective of credit trading.

European wood-fuel trade

International Nuclear Information System (INIS)

Hillring, B.; Vinterbaeck, J.

2001-01-01

This paper discusses research carried out during the l990s on European wood fuel trade at the Department of Forest Management and Products, SLU, in Sweden. Utilisation of wood-fuels and other biofuels increased very rapidly in some regions during that period. Biofuels are replacing fossil fuels which is an effective way to reduce the future influence of green house gases on the climate. The results indicate a rapid increase in wood-fuel trade in Europe from low levels and with a limited number of countries involved. The chief products traded are wood pellets, wood chips and recycled wood. The main trading countries are, for export, Germany and the Baltic states and, for import, Sweden, Denmark and to some extent the Netherlands. In the future, the increased use of biofuel in European countries is expected to intensify activity in this trade. (orig.)

FairTrade's theory of change: an evaluation based on the cooperative life cycle framework and mixed methods

NARCIS (Netherlands)

Francesconi, G.N.; Ruben, R.

2014-01-01

This study presents a quasi-experimental analysis of the impact of FairTrade certification on the commercial performance of coffee farmers in Tanzania. In doing so the study emphasises the importance of a well-contextualised theory of change as a basis for evaluation design. It also stresses the

Public perceptions of short rotation coppice

International Nuclear Information System (INIS)

Sadler, R.

1993-01-01

The ''Wood as a Fuel'' programme - which funded the research covered in this report - is one of the renewable energy development programmes managed by ETSU (the Energy Technology Support Unit) for the Department of Trade and Industry. This national programme is developing the production and use of fuel wood from two main sources - forestry residues and short rotation coppice. Wood fuel from short rotation coppice offers the greater potential - energy equivalent to 10 mtce (million tonnes of coal equivalent) could be produced annually from 1 million hectares of land. This programme is now well established, with ten trial coppice sites in operation, plus some 40 others. A number of successfully willow and poplar clones have been selected for different soil conditions, and machinery for planting and harvesting has been developed. Local consortia of farmers and users are being established to provide long-term markets for the wood fuel produced. (author)

Non-conventional provisions in regional trade agreements : do they enhance international trade?

OpenAIRE

Hayakawa, Kazunobu; Kimura, Fukunari; Nabeshima, Kaoru

2011-01-01

The scope of recent regional trade agreements (RTAs) is becoming much wider in terms of including several provisions such as competition policy or intellectual property. This paper empirically examines how far advanced, non-conventional provisions in RTAs increase trade values among RTA member countries, by estimating the gravity equation with more disaggregated indicators for RTAs. As a result, we find that the provision on competition policy has the largest impacts on trade values, followin...

77 FR 20054 - Bureau of International Labor Affairs; Labor Advisory Committee for Trade Negotiations and Trade...

Science.gov (United States)

2012-04-03

... DEPARTMENT OF LABOR Office of the Secretary Bureau of International Labor Affairs; Labor Advisory Committee for Trade Negotiations and Trade Policy ACTION: Meeting Notice. SUMMARY: Pursuant to the... meeting of the Labor Advisory Committee for Trade Negotiation and Trade Policy. Date, Time, Place: May 14...

76 FR 31641 - Bureau of International Labor Affairs; Labor Advisory Committee for Trade Negotiations and Trade...

Science.gov (United States)

2011-06-01

... DEPARTMENT OF LABOR Office of the Secretary Bureau of International Labor Affairs; Labor Advisory Committee for Trade Negotiations and Trade Policy ACTION: Meeting notice. SUMMARY: Pursuant to the... meeting of the Labor Advisory Committee for Trade Negotiation and Trade Policy. Date, Time, Place: June 28...

75 FR 78758 - Bureau of International Labor Affairs; Labor Advisory Committee for Trade Negotiations and Trade...

Science.gov (United States)

2010-12-16

... DEPARTMENT OF LABOR Office of the Secretary Bureau of International Labor Affairs; Labor Advisory Committee for Trade Negotiations and Trade Policy ACTION: Meeting notice. SUMMARY: Pursuant to the... meeting of the Labor Advisory Committee for Trade Negotiation and Trade Policy. Date, Time, Place: January...

A Duopoly Manufacturers’ Game Model Considering Green Technology Investment under a Cap-and-Trade System

Directory of Open Access Journals (Sweden)

Yi Zheng

2018-03-01

Full Text Available This research studied the duopoly manufacturers’ decision-making considering green technology investment and under a cap-and-trade system. It was assumed there were two manufacturers producing products which were substitutable for one another. On the basis of this assumption, the optimal production capacity, price, and green technology investment of the duopoly manufacturers under a cap-and-trade system were obtained. The increase or decrease of the optimal production quantity of the duopoly manufacturers under a cap-and-trade system was decided by their green technology level. The increase of the optimal price as well as the increase or decrease of the maximum expected profits were decided by the initial carbon emission quota granted by the government. Our research indicates that the carbon emission of unit product is inversely proportional to the market share of an enterprise and becomes an important index to measure the core competitiveness of an enterprise.

Trade networks in West Africa

DEFF Research Database (Denmark)

Walther, Olivier

2014-01-01

To date, most of the literature on trade networks in West Africa has considered networks in a metaphorical way. The aim of this paper is to go one step further by showing how social network analysis may be applied to the study of regional trade in West Africa. After a brief review of the literature......, this exploratory paper investigates two main issues related to regional trade. We start by discussing how recent developments in regional trade in West Africa have contributed to challenging the social structure of traders. We then discuss the changes that have affected the spatiality of regional trade by looking...

THE LEGAL CAPACITY TO TRADE

Directory of Open Access Journals (Sweden)

ADELIN UNGUREANU

2014-12-01

Full Text Available Trading is a part of our society. The man has been trading from ancient times so the amount of trades and transactions around the world is huge. In order for us to initiate, organize and deploy such trades we have to have certain rules which can help regulate the social and professional or legal aspect of trades. Therefore the sole trader capacity must be obtained and used in order for the contracts to be valid. The right and obligations that come with this capacity constitute activities that can be reflected and analysed by obtaining and maintain the sole trader status.

Trade Finance and Trade Collapse during the Global Financial Crisis: Evidence from the Republic of Korea

Directory of Open Access Journals (Sweden)

E. Young Song

2014-12-01

Full Text Available This study examines the role of trade finance in the trade collapse of 2008-09 from the perspective of the Korean economy. We use two approaches. Firstly, as background to a more formal analysis, we make a casual observation on the behavior of aggregate data on trade finance, on which Korea has relatively abundant data. Aggregate data do not convincingly support the view that trade finance played an active role in causing the trade collapse. The measures of trade finance and the value of trade both dropped sharply, but the ratio of trade finance over trade was stable and in some cases increased during the crisis period. Secondly, using quarterly data on listed firms in Korea, we conduct panel estimations to test whether firms that are more dependent on external finance experienced greater export contraction during the crisis. Our regression analysis suggests that the financial vulnerability of firms, measured by various financial ratios, did not contribute to export contraction during the financial crisis. This observation largely applies even to smaller firms, who are usually thought of as being more vulnerable financially. However, we find that small exporters that relied heavily on cross-border trade payables or receivables suffered larger drops in export growth during the crisis.

Past, Present and Future: GATT, Free Trade Areas and... the World Trade Organization?

Directory of Open Access Journals (Sweden)

Gonzalo Bernardos

1995-07-01

Full Text Available The aims of this article are, on the one hand, to carry out a reconsideration of the workings of the commercial system since the Bretton Woods agreements and, on the other hand, to make some reflections regarding the function that the World Trade Organizationmust carry out in the future in a world divided, probably just like now, in regional areas of free trade. In order to achieve these aims the following are specified: the bases on which the liberalization of trade has been founded after the Second World War, the causes whichprovoked the wave of protectionism in the Eighties, the reasons which have brought about the division of the world into trading blocks as well as the need for an organization which encourages inter-regional trade and reduces the commercial wars between these blocks.

48 CFR 25.403 - World Trade Organization Government Procurement Agreement and Free Trade Agreements.

Science.gov (United States)

2010-10-01

... Government Procurement Agreement and Free Trade Agreements. 25.403 Section 25.403 Federal Acquisition... 25.403 World Trade Organization Government Procurement Agreement and Free Trade Agreements. (a... in 25.402(a)(1). The WTO GPA and FTAs specify procurement procedures designed to ensure fairness (see...

Physicians and Insider Trading.

Science.gov (United States)

Kesselheim, Aaron S; Sinha, Michael S; Joffe, Steven

2015-12-01

Although insider trading is illegal, recent high-profile cases have involved physicians and scientists who are part of corporate governance or who have access to information about clinical trials of investigational products. Insider trading occurs when a person in possession of information that might affect the share price of a company's stock uses that information to buy or sell securities--or supplies that information to others who buy or sell--when the person is expected to keep such information confidential. The input that physicians and scientists provide to business leaders can serve legitimate social functions, but insider trading threatens to undermine any positive outcomes of these relationships. We review insider-trading rules and consider approaches to securities fraud in the health care field. Given the magnitude of the potential financial rewards, the ease of concealing illegal conduct, and the absence of identifiable victims, the temptation for physicians and scientists to engage in insider trading will always be present. Minimizing the occurrence of insider trading will require robust education, strictly enforced contractual provisions, and selective prohibitions against high-risk conduct, such as participation in expert consulting networks and online physician forums, by those individuals with access to valuable inside information.

A trade balance

DEFF Research Database (Denmark)

Daugbjerg, Carsten; Kay, Adrian

2014-01-01

The establishment of the World Trade Organization (WTO) has been widely accepted as representing the legalisation of world trading rules. However, it is important to reflect on the limits of this legalisation thesis in terms of the interface between international and domestic policy processes. By...

Seasonal and within-canopy variation in shoot-scale resource-use efficiency trade-offs in a Norway spruce stand.

Science.gov (United States)

Tarvainen, Lasse; Räntfors, Mats; Wallin, Göran

2015-11-01

Previous leaf-scale studies of carbon assimilation describe short-term resource-use efficiency (RUE) trade-offs where high use efficiency of one resource requires low RUE of another. However, varying resource availabilities may cause long-term RUE trade-offs to differ from the short-term patterns. This may have important implications for understanding canopy-scale resource use and allocation. We used continuous gas exchange measurements collected at five levels within a Norway spruce, Picea abies (L.) karst., canopy over 3 years to assess seasonal differences in the interactions between shoot-scale resource availability (light, water and nitrogen), net photosynthesis (An ) and the use efficiencies of light (LUE), water (WUE) and nitrogen (NUE) for carbon assimilation. The continuous data set was used to develop and evaluate multiple regression models for predicting monthly shoot-scale An . These models showed that shoot-scale An was strongly dependent on light availability and was generally well described with simple one- or two-parameter models. WUE peaked in spring, NUE in summer and LUE in autumn. However, the relative importance of LUE for carbon assimilation increased with canopy depth at all times. Our results suggest that accounting for seasonal and within-canopy trade-offs may be important for RUE-based modelling of canopy carbon uptake. © 2015 John Wiley & Sons Ltd.

Energy efficiency and carbon trading potential in Malaysia

International Nuclear Information System (INIS)

Oh, Tick Hui; Chua, Shing Chyi

2010-01-01

The damage inflicted by global warming is happening far faster than any experts have predicted or anticipated. Since the Kyoto Protocol was signed in 1997 to fight global warming through reducing global greenhouse gases (GHGs) emission, the world climate pattern has worsened at an accelerated rate beyond expectation. While developed countries sanctioned by the protocol are committed to achieve their GHG emission targets, developing nations play similar roles on a voluntary basis. Since almost all of the GHGs emissions come from energy sector, it is obvious that energy policy and related regulatory frameworks play imperative roles in realizing the Kyoto Protocol objectives. With carbon dioxide (CO 2 ) touted as the main remedy in the GHGs emissions, it is only reasonable that carbon trading becomes the essential element in the Protocol. Recently a milestone is marked in the Kyoto Protocol with the 2009 Climate Summit in Copenhagen, Denmark, with all participating countries further committed themselves in fulfilling the protocol's obligations before the commitment period due in 2012. It is worthwhile to review the various energy efficiency efforts and carbon trading potential in Malaysia, a country which although does not bear any obligation, has ratified and lauded the cause of the protocol. Malaysia as a developing nation is seen as a direct beneficiary from carbon trading and in this paper, how the country energy policies have evolved over the years with concerted efforts from the government to minimize its carbon footprint through numerous energy efficiency implementations are discussed in length. The impact from the 2009 Climate Summit on Malaysia is also briefed. (author)

Trade Analysis and Safeguards

International Nuclear Information System (INIS)

Chatelus, R.; Schot, P.M.

2010-01-01

In order to verify compliance with safeguards and draw conclusions on the absence of undeclared nuclear material and activities, the International Atomic Energy Agency (IAEA) collects and analyses trade information that it receives from open sources as well as from Member States. Although the IAEA does not intervene in national export controls, it has to monitor the trade of dual use items. Trade analysis helps the IAEA to evaluate global proliferation threats, to understand States' ability to report exports according to additional protocols but also to compare against State declarations. Consequently, the IAEA has explored sources of trade-related information and has developed analysis methodologies beyond its traditional safeguards approaches. (author)

Subtask 1.18 - A Decision Tool for Watershed-Based Effluent Trading

Energy Technology Data Exchange (ETDEWEB)

Xixi Wang; Bethany A. Kurz; Marc D. Kurz

2006-11-30

Handling produced water in an economical and environmentally sound manner is vital to coalbed methane (CBM) development, which is expected to increase up to 60% in the next 10-15 years as the demand for natural gas increases. Current produced water-handling methods (e.g., shallow reinjection and infiltration impoundments) are too costly when implemented on a well-by-well basis. A watershed-based effluent credit trading approach may be a means of managing produced water at reduced cost while meeting or surpassing water quality regulations. This market-based approach allows for improved water quality management by enabling industrial, agricultural, and municipal discharge facilities to meet water quality permit requirements by purchasing pollutant reduction credits from other entities within the same watershed. An evaluation of this concept was conducted for the Powder River Basin (PRB) of Montana and Wyoming by the Energy & Environmental Research Center (EERC). To conduct this assessment, the EERC collected and evaluated existing water quality information and developed the appropriate tools needed to assess the environmental and economic feasibility of specific trading scenarios. The accomplishments of this study include (1) an exploration of the available PRB water quantity and quality data using advanced statistical techniques, (2) development of an integrated water quality model that predicts the impacts of CBM produced water on stream salinity and sodicity, (3) development of an economic model that estimates costs and benefits from implementing potential trading options, (4) evaluation of hypothetical trading scenarios between select watersheds of the PRB, and (5) communication of the project concept and results to key state and federal agencies, industry representatives, and stakeholders of the PRB. The preliminary results of a basinwide assessment indicate that up to $684 million could be saved basinwide without compromising water quality as a result of

Clean air, clear market. Making emissions trading work: The role of a computer-assisted auction

International Nuclear Information System (INIS)

Bartels, C.W.; Marron, D.B.; Lipsky, M.I.

1993-01-01

Creating a new commodity presents the chance to develop new markets in which to trade it. In many cases, existing markets can be adapted easily; in other cases it proves worthwhile to develop new forms that reflect special characteristics of the commodity and those who trade it. In the case of the sulfur dioxide (SO 2 ) emission allowances created by the Clean Air Act Amendments of 1990, a number of standard market forms already have been adopted. While these will prove useful for handling some transactions, a new Market Clearing Auction (MCA) offers buyers and sellers a centralized marketplace for trading SO 2 emission allowances. The MCA, which was developed by the brokerage firm Cantor Fitzgerald, is a computer-assisted open-quotes smartclose quotes auction designed to replicate the outcome of an efficient market in emission allowances, and accepts bids and offers for any possible combination of allowances. Orders can be submitted for streams of allowances. Orders can be submitted for streams of allowances covering more than one year. The auction then determines the combination of bids and offers that maximizes the gains from trades in the market, and establishes uniform market clearing prices for each allowance issue (1995, 1996, and so on). Once executed, trades are settled on a cash-forward basis; that is, allowances are delivered and payments are made at future dates

The continental free trade area

DEFF Research Database (Denmark)

Sandrey, Ron; Jensen, Hans Grinsted

The Trade Law Centre (tralac) has recently capitalised upon the prerelease Version 9.2 of the Global Trade Analysis Project (GTAP) database and the recent excellent data sets from the World Bank and other publishing quality data on trade barriers across the African continent. It undertook a series...... of simulations examining regional integration and intra-African trade barrier reductions. The results for tariff elimination on intra-African trade are promising. But the real news is in confirming that these barriers are not as significant as the various trade-related barriers except for tariffs. Especially...... impressive results were forecast by simulating a modest 20% reduction in the costs associated with the particular African problem of transit time delays at customs, terminals and internal land transportation. These gains are significantly above both just intraAfrican tariff elimination and what may...

Intraday Seasonalities and Nonstationarity of Trading Volume in Financial Markets: Individual and Cross-Sectional Features.

Directory of Open Access Journals (Sweden)

Michelle B Graczyk

Full Text Available We study the intraday behaviour of the statistical moments of the trading volume of the blue chip equities that composed the Dow Jones Industrial Average index between 2003 and 2014. By splitting that time interval into semesters, we provide a quantitative account of the nonstationary nature of the intraday statistical properties as well. Explicitly, we prove the well-known ∪-shape exhibited by the average trading volume-as well as the volatility of the price fluctuations-experienced a significant change from 2008 (the year of the "subprime" financial crisis onwards. That has resulted in a faster relaxation after the market opening and relates to a consistent decrease in the convexity of the average trading volume intraday profile. Simultaneously, the last part of the session has become steeper as well, a modification that is likely to have been triggered by the new short-selling rules that were introduced in 2007 by the Securities and Exchange Commission. The combination of both results reveals that the ∪ has been turning into a ⊔. Additionally, the analysis of higher-order cumulants-namely the skewness and the kurtosis-shows that the morning and the afternoon parts of the trading session are each clearly associated with different statistical features and hence dynamical rules. Concretely, we claim that the large initial trading volume is due to wayward stocks whereas the large volume during the last part of the session hinges on a cohesive increase of the trading volume. That dissimilarity between the two parts of the trading session is stressed in periods of higher uproar in the market.

Unsupervised learning of a steerable basis for invariant image representations

Science.gov (United States)

Bethge, Matthias; Gerwinn, Sebastian; Macke, Jakob H.

2007-02-01

There are two aspects to unsupervised learning of invariant representations of images: First, we can reduce the dimensionality of the representation by finding an optimal trade-off between temporal stability and informativeness. We show that the answer to this optimization problem is generally not unique so that there is still considerable freedom in choosing a suitable basis. Which of the many optimal representations should be selected? Here, we focus on this second aspect, and seek to find representations that are invariant under geometrical transformations occuring in sequences of natural images. We utilize ideas of 'steerability' and Lie groups, which have been developed in the context of filter design. In particular, we show how an anti-symmetric version of canonical correlation analysis can be used to learn a full-rank image basis which is steerable with respect to rotations. We provide a geometric interpretation of this algorithm by showing that it finds the two-dimensional eigensubspaces of the average bivector. For data which exhibits a variety of transformations, we develop a bivector clustering algorithm, which we use to learn a basis of generalized quadrature pairs (i.e. 'complex cells') from sequences of natural images.

Remembering over the short-term: the case against the standard model.

Science.gov (United States)

Nairne, James S

2002-01-01

Psychologists often assume that short-term storage is synonymous with activation, a mnemonic property that keeps information in an immediately accessible form. Permanent knowledge is activated, as a result of on-line cognitive processing, and an activity trace is established "in" short-term (or working) memory. Activation is assumed to decay spontaneously with the passage of time, so a refreshing process-rehearsal-is needed to maintain availability. Most of the phenomena of immediate retention, such as capacity limitations and word length effects, are assumed to arise from trade-offs between rehearsal and decay. This "standard model" of how we remember over the short-term still enjoys considerable popularity, although recent research questions most of its main assumptions. In this chapter I review the recent research and identify the empirical and conceptual problems that plague traditional conceptions of short-term memory. Increasingly, researchers are recognizing that short-term retention is cue driven, much like long-term memory, and that neither rehearsal nor decay is likely to explain the particulars of short-term forgetting.

International trade and inequality

OpenAIRE

Urata, Sh¯ujir¯o; Narjoko, Dionisius A.

2017-01-01

The impact of globalization on equality has become a serious concern for many countries. More evidence that challenges the theoretical prediction of positive impact of international trade on income distribution has increasingly become available recently. This paper addresses this subject, surveying the empirical findings on the impact of international trade on inequalities from various perspectives. The survey reveals that an increase in trade openness by developing countries appears to have ...

International Organizations and Trade

OpenAIRE

Antras, Pol

2010-01-01

The three central primitives of international trade theory are consumer preferences, factor endowments, and the production technologies that allow firms to transform factors of production into consumer goods. A limitation of traditional trade theory, however, is that the specification of technology treats the mapping between factors of production and final goods as a black box. In practice, the decisions of agents in organizations determine this mapping. Recently, international trade economis...

Trade and climate change

Energy Technology Data Exchange (ETDEWEB)

Tamiotti, L.; Teh, R.; Kulacoglu, V. (World Trade Organization (WTO), Geneva (Switzerland)); Olhoff, A.; Simmons, B.; Abaza, H. (United Nations Environment Programme (UNEP) (Denmark))

2009-06-15

The Report aims to improve understanding about the linkages between trade and climate change. It shows that trade intersects with climate change in a multitude of ways. For example, governments may introduce a variety of policies, such as regulatory measures and economic incentives, to address climate change. This complex web of measures may have an impact on international trade and the multilateral trading system. The Report begins with a summary of the current state of scientific knowledge on climate change and on the options available for responding to the challenge of climate change. The scientific review is followed by a part on the economic aspects of the link between trade and climate change, and these two parts set the context for the subsequent parts of the Report, which looks at the policies introduced at both the international and national level to address climate change. The part on international policy responses to climate change describes multilateral efforts to reduce greenhouse gas emissions and to adapt to the effects of climate change, and also discusses the role of the current trade and environment negotiations in promoting trade in technologies that aim to mitigate climate change. The final part of the Report gives an overview of a range of national policies and measures that have been used in a number of countries to reduce greenhouse gas emissions and to increase energy efficiency. It presents key features in the design and implementation of these policies, in order to draw a clearer picture of their overall effect and potential impact on environmental protection, sustainable development and trade. It also gives, where appropriate, an overview of the WTO rules that may be relevant to such measures. (author)

Trading strategies in the overnight money market: Correlations and clustering on the e-MID trading platform

Science.gov (United States)

Fricke, Daniel

2012-12-01

We analyze the correlations in patterns of trading for members of the Italian interbank trading platform e-MID. The trading strategy of a particular member institution is defined as the sequence of (intra-) daily net trading volumes within a certain semester. Based on this definition, we show that there are significant and persistent bilateral correlations between institutions’ trading strategies. In most semesters we find two clusters, with positively (negatively) correlated trading strategies within (between) clusters. We show that the two clusters mostly contain continuous net buyers and net sellers of money, respectively, and that cluster memberships of individual banks are highly persistent. Additionally, we highlight some problems related to our definition of trading strategies. Our findings add further evidence on the fact that preferential lending relationships on the micro-level lead to community structure on the macro-level.

Scaffold architecture and pharmacophoric properties of natural products and trade drugs: application in the design of natural product-based combinatorial libraries.

Science.gov (United States)

Lee, M L; Schneider, G

2001-01-01

Natural products were analyzed to determine whether they contain appealing novel scaffold architectures for potential use in combinatorial chemistry. Ring systems were extracted and clustered on the basis of structural similarity. Several such potential scaffolds for combinatorial chemistry were identified that are not present in current trade drugs. For one of these scaffolds a virtual combinatorial library was generated. Pharmacophoric properties of natural products, trade drugs, and the virtual combinatorial library were assessed using a self-organizing map. Obviously, current trade drugs and natural products have several topological pharmacophore patterns in common. These features can be systematically explored with selected combinatorial libraries based on a combination of natural product-derived and synthetic molecular building blocks.

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...

Trading Cost Management of Mutual Funds

NARCIS (Netherlands)

R. Xing (Rang)

2016-01-01

textabstractThis paper documents the trading behaviour of actively managed equity mutual funds from the perspective of their trading cost management. Consistent with the predictions in the literature of portfolio choice with trading costs, I present three main findings. Firstly, mutual funds trade

Assessing international trade in healthcare services

OpenAIRE

Herman, Lior

2009-01-01

Growing evidence indicates that international trade in healthcare services is growing. Nevertheless, a major literature gap exists with regard to the nature of international healthcare trade and its extent. Taking a comprehensive approach, this research examines the magnitude, directions, patterns of specialisation, growth and other aspects related to international trade in healthcare services. Within this framework, trade is analysed with regard to cross border trade, consumption of healthca...

Challenges to the Multilateral Trading System

OpenAIRE

Peter Sutherland

2007-01-01

Ever since the GATT was established in 1948, the growth in international trade and economic growth has been remarkable. The traditional mercantilism of trade relations is less and less appropriate for the global economy. Bilateral trade deals make the business environment more complex and unpredictable. Preferential trading agreements erode the principle of non-discrimination. They distort trade away from the underlying comparative advantage; create rents which are appropriated by special pro...

Underdeveloped spot markets and futures trading: The Soya Oil exchange in India

OpenAIRE

Bharat Ramaswami; Jatinder Bir Singh

2006-01-01

Abstract The limited presence of futures exchanges in developing countries where commodity markets fall short of the ideal underscore the importance of understanding the relation between spot and futures markets. The paper examines the exceptional success of the soya oil contract at the National Board of Trade (NBOT) in India. The paper asks whether the NBOT contract exhibits the fundamental features of mature futures markets in terms of its use by hedgers. If the market offers arbitrage oppo...

Trade policy and public health.

Science.gov (United States)

Friel, Sharon; Hattersley, Libby; Townsend, Ruth

2015-03-18

Twenty-first-century trade policy is complex and affects society and population health in direct and indirect ways. Without doubt, trade policy influences the distribution of power, money, and resources between and within countries, which in turn affects the natural environment; people's daily living conditions; and the local availability, quality, affordability, and desirability of products (e.g., food, tobacco, alcohol, and health care); it also affects individuals' enjoyment of the highest attainable standard of health. In this article, we provide an overview of the modern global trade environment, illustrate the pathways between trade and health, and explore the emerging twenty-first-century trade policy landscape and its implications for health and health equity. We conclude with a call for more interdisciplinary research that embraces complexity theory and systems science as well as the political economy of health and that includes monitoring and evaluation of the impact of trade agreements on health.

Expatriates and trade

Czech Academy of Sciences Publication Activity Database

Konečný, Tomáš

-, č. 387 (2009), s. 1-29 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Grant - others:GA UK(CZ) 118909 Institutional research plan: CEZ:MSM0021620846 Keywords : international trade * migration * informal trade barriers Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp387.pdf

The Spatial Dimension of Trade- and FDI-driven Productivity Growth in Chinese Provinces – A Global Cointegration Approach

DEFF Research Database (Denmark)

Özyurt, Selin; Mitze, Timo

Since the introduction of its “open door” policy in the late 1970s, China has been attracting a growing share of FDI inflows and its international trade integration has advanced considerably. In this study, we take a closer look at the regional growth impact of the Chinese internationalization......-run relationship, regional labour productivity is indeed driven by direct and indirect spatial effects of FDI and trade activity next to further supply side factors such as the regional infrastructure equipment and human capital endowment. Similarly, in the short-run, changes in FDI activity and especially human...

Financial factor influence on scaling and memory of trading volume in stock market.

Science.gov (United States)

Li, Wei; Wang, Fengzhong; Havlin, Shlomo; Stanley, H Eugene

2011-10-01

We study the daily trading volume volatility of 17,197 stocks in the US stock markets during the period 1989-2008 and analyze the time return intervals τ between volume volatilities above a given threshold q. For different thresholds q, the probability density function P(q)(τ) scales with mean interval 〈τ〉 as P(q)(τ)=〈τ〉(-1)f(τ/〈τ〉), and the tails of the scaling function can be well approximated by a power law f(x)∼x(-γ). We also study the relation between the form of the distribution function P(q)(τ) and several financial factors: stock lifetime, market capitalization, volume, and trading value. We find a systematic tendency of P(q)(τ) associated with these factors, suggesting a multiscaling feature in the volume return intervals. We analyze the conditional probability P(q)(τ|τ(0)) for τ following a certain interval τ(0), and find that P(q)(τ|τ(0)) depends on τ(0) such that immediately following a short (long) return interval a second short (long) return interval tends to occur. We also find indications that there is a long-term correlation in the daily volume volatility. We compare our results to those found earlier for price volatility.

Impact of China in Latin America: The inter-industry trade and its challenges

Directory of Open Access Journals (Sweden)

Sung Hyong Rhee

2010-05-01

Full Text Available This article analyses the implications of the rapid economic rise of China for the development prospects of Latin America. Since 1990s we have witnessed the growing exchanges between Latin America and Asian economies. China has led the Latin-Pacific exchanges. Based on an analysis of the changing trade relations between China and major Latin American countries since 2000, it argues as follows. First, China imports energy, food and other resources for domestic and export needs, and looks more like a “trade angel” and a “helping hand” as well as being an outlet for huge amounts of commodities from the region. China’s trade impact on Latin America is positive with higher gdp per capita, both directly, through a boom of export and indirectly, through better terms of trade. But it is also a challenge for development for the future. Second, the trade relations are now structured into a kind of inter-industry trade. China imports natural resources and primary products but exports manufacturing products from low-wage products (such as textiles and apparel to high-wage products (mainly electronics and telecommunications. Lack of inter-industry relation with China shows the weaker side of Latin America’s integrations in the value chain of global production.In this sense, the China boom presents a challenge to Latin American countries. For the region’s raw-materials producers, there is good news in the short-term but they run the risk of losing enthusiasm for diversification beyond extraction-based industries. Economic forces tend to reduce incentives for engaging in activities outside the resource sector: the “Dutch disease.” In order to ameliorate somewhat the effects of Dutch disease and move up the value chain, they need more proactive development strategy which has focused on developing domestic technological capabilities and diversifying the productive structure.

Trade Facilitation Indicators and their Potential Impact on Trade Between the Countries of South-Eastern Europe

Directory of Open Access Journals (Sweden)

Toševska-Trpčevska Katerina

2016-11-01

Full Text Available In this paper we base our analysis on previous OECD findings and analysis of trade facilitation indicators for assessing relative economic and trade impact of specific trade facilitation measures for the countries of South-Eastern Europe. In the analysis we plan to include all CEFTA-2006 members, except Moldova, and other countries which are part of this region: Bulgaria, Romania and Greece. We plan to construct twelve trade facilitation indicators (TFIs that correspond to the main policy areas under negotiations at the WTO. The indicators are composed from seventy-eight variables, whose values are drawn from publicly available data. We plan to use these indicators in gravity model in order to estimate the impact of those policy areas on trade volumes between the countries of the region. The use of individual trade facilitation indicators should also enable countries to better assess which trade facilitation measures deserve priority.

Inferring Trade Direction from Intraday Data.

OpenAIRE

Lee, Charles M C; Ready, Mark J

1991-01-01

This paper evaluates alternative methods for classifying individual trades as market buy or market sell orders using intraday trade and quote data. The authors document two potential problems with quote-based methods of trade classification: quotes may be recorded ahead of trades that triggered them, and trades inside the spread are not readily classifiable. These problems are analyzed in the context of the interaction between exchange floor agents. The authors then propose and test relativel...

75 FR 77681 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing Relating to Listing and Trading...

Science.gov (United States)

2010-12-13

... market price and trading volume of the Shares is and will be continually available on a real-time basis... quality of earnings; reserve reversals or an increase in ``soft'' assets which could indicate the... with respect to the broad market. The Fund, from time to time, in the ordinary course of business, may...

Networks that optimize a trade-off between efficiency and dynamical resilience

International Nuclear Information System (INIS)

Brede, Markus; Vries, Bert J.M. de

2009-01-01

In this Letter we study networks that have been optimized to realize a trade-off between communication efficiency and dynamical resilience. While the first is related to the average shortest pathlength, we argue that the second can be measured by the largest eigenvalue of the adjacency matrix of the network. Best efficiency is realized in star-like configurations, while enhanced resilience is related to the avoidance of short loops and degree homogeneity. Thus crucially, very efficient networks are not resilient while very resilient networks lack in efficiency. Networks that realize a trade-off between both limiting cases exhibit core-periphery structures, where the average degree of core nodes decreases but core size increases as the weight is gradually shifted from a strong requirement for efficiency and limited resilience towards a smaller requirement for efficiency and a strong demand for resilience. We argue that both, efficiency and resilience are important requirements for network design and highlight how networks can be constructed that allow for both.

Firm Based Trade Models and Turkish Economy

Directory of Open Access Journals (Sweden)

Nilüfer ARGIN

2015-12-01

Full Text Available Among all international trade models, only The Firm Based Trade Models explains firm’s action and behavior in the world trade. The Firm Based Trade Models focuses on the trade behavior of individual firms that actually make intra industry trade. Firm Based Trade Models can explain globalization process truly. These approaches include multinational cooperation, supply chain and outsourcing also. Our paper aims to explain and analyze Turkish export with Firm Based Trade Models’ context. We use UNCTAD data on exports by SITC Rev 3 categorization to explain total export and 255 products and calculate intensive-extensive margins of Turkish firms.

Justification of the Trade Enterprises Development Strategy in the Process of Strategic Management of the Marketing Potential

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Grosul Viktoriya A.

2013-11-01

Full Text Available The article justifies a necessity of strategic management of marketing potential of retail trade enterprises. The article develops a general structural and logic scheme of the process of strategic management of the marketing potential of a trade enterprise taking into account specific features of the trade industry. It establishes that the main key issue in the theory of strategic management is argumentation of selection of the basic strategy of development of a subject of economy. It justifies a scientific and methodical approach to selection of the basic strategy of development of a trade enterprise in the process of management of the marketing potential, main stages of which are: assessment of the level of loyalty of external marketing environment; identification of marketing stratagems; and selection of the enterprise development strategy. The article offers to use the model of marketing stratagem, the components of which are policy of management of the marketing potential, strategic market position of the enterprise and level of loyalty of external marketing environment. The article develops an interactive strategic cube of formation of the complex of marketing stratagems on the basis of use of which marketing stratagems for various trade networks of the Kharkiv region are identified and strategies of their further development are justified.

Leading Trade Networks in the Context of Globalisation of the World Retail Trade

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Kavun Olha O.

2013-12-01

Full Text Available The article considers main tendencies of development of trade networks during 2002 – 2012 and determines that the overwhelming majority of them increased their presence in foreign markets. It analyses specific features of manifestation of the expansion policy by trade structures depending on the region of their origin. It studies motives that make leading retailers go out of boundaries of the national markets. Main of them are sharpening of competition in domestic, more mature markets, due to increase of concentration of network structures and also application of the state policy of restrictions in the trading activity. It considers methods that were selected by major trade networks in 2011 – 2012 for entering foreign markets. It establishes that the most popular was franchising. It determines directions of manifestation of regulation barriers, faced by major trade networks of the world when entering markets of developing countries. It establishes that major national structures, which are the main competitors for international trade networks and which make them develop a more weighted approach to making decisions that are connected with entering a new market and adjustment of existing strategies of development, are represented in markets of individual countries, in particular, in Asia and South Africa.

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

Directory of Open Access Journals (Sweden)