Long memory and tail dependence in trading volume and volatility

DEFF Research Database (Denmark)

Rossi, Eduardo; Santucci de Magistris, Paolo

2013-01-01

We investigate the relationship between volatility, measured by realized volatility, and trading volume for 25 NYSE stocks. We show that volume and volatility are long memory but not fractionally cointegrated in most cases. We also find right tail dependence in the volatility and volume innovations...

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).

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

Science.gov (United States)

Tangmongkollert, K.; Suwanna, S.

2016-05-01

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

ABNORMAL RETURN TRADING VOLUME ACTIVITY PADA PERISTIWA AMBRUKNYA FANNIE MAE DAN FREDDIE MAC

Directory of Open Access Journals (Sweden)

Dyah Ani Pangastuti

2017-03-01

Full Text Available The global economic crisis was a disaster for all nations in the world due to itsimpact once seemed to hamper the economy of a nation. This research studied the eventsthat would see if there was an effect of global economic crisis preceded by the U.S. Financialcrisis was triggered by the collapse of Fannie Mae and Freddie Mac in the property business(subprime mortgages on September 7th, 2008. This study used samples that had been pub-licly traded company listed on the Indonesia Stock Exchange and entered into the sequenceof LQ-45 in the year of 2008. Hypothesis testing used was t-test on the average abnormalreturn and average trading volume of activity. Test results for the average abnormal returnshowed there were no significant differences before and after the Subprime Mortgage. Thetest results for the average trading volume of activity indicated the presence of a significantdifference before and after the Subprime Mortgage.

Feasibility study for biomass power plants in Thailand. Volume 2. appendix: Detailed financial analysis results. Export trade information

International Nuclear Information System (INIS)

1997-01-01

This study, conducted by Black and Veatch, was funded by the U.S. Trade and Development Agency. The report presents a technical and commercial analysis for the development of three nearly identical electricity generating facilities (biomass steam power plants) in the towns of Chachgoengsao, Suphan Buri, and Pichit in Thailand. Volume 2 of the study contains the following appendix: Detailed Financial Analysis Results

Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

DEFF Research Database (Denmark)

Christensen, Peter Ove; Qin, Zhenjiang

In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend...... information system. In an effectively complete market setting, in which investors do not need to trade dynamically in order to take full advantage of their differences in beliefs, the ex ante cost of capital and the investor welfare are both higher than in the incomplete market setting......, the Pareto efficient public information system is the system which enjoys the maximum ex ante cost of capital, and the maximum expected abnormal trading volume. The public information system facilitates improved dynamic trading opportunities based on heterogeneously updated posterior beliefs in order to take...

Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

DEFF Research Database (Denmark)

Christensen, Peter Ove; Qin, Zhenjiang

information system. In an effectively complete market setting, in which investors do not need to trade dynamically in order to take full advantage of their differences in beliefs, the ex ante cost of capital and the investor welfare are both higher than in the incomplete market setting......In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend......, the Pareto efficient public information system is the system which enjoys the maximum ex ante cost of capital, and the maximum expected abnormal trading volume. The public information system facilitates improved dynamic trading opportunities based on heterogeneously updated posterior beliefs in order to take...

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.

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

Directory of Open Access Journals (Sweden)

Wilson Yaputra Yakup

2016-05-01

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

Long memory of abnormal investor attention and the cross-correlations between abnormal investor attention and trading volume, volatility respectively

Science.gov (United States)

Fan, Xiaoqian; Yuan, Ying; Zhuang, Xintian; Jin, Xiu

2017-03-01

Taking Baidu Index as a proxy for abnormal investor attention (AIA), the long memory property in the AIA of Shanghai Stock Exchange (SSE) 50 Index component stocks was empirically investigated using detrended fluctuation analysis (DFA) method. The results show that abnormal investor attention is power-law correlated with Hurst exponents between 0.64 and 0.98. Furthermore, the cross-correlations between abnormal investor attention and trading volume, volatility respectively are studied using detrended cross-correlation analysis (DCCA) and the DCCA cross-correlation coefficient (ρDCCA). The results suggest that there are positive correlations between AIA and trading volume, volatility respectively. In addition, the correlations for trading volume are in general higher than the ones for volatility. By carrying on rescaled range analysis (R/S) and rolling windows analysis, we find that the results mentioned above are effective and significant.

Life-cycle cost trade studies for hardness assurance

International Nuclear Information System (INIS)

Millward, D.G.

1996-01-01

Based on hardness assurance (HA) cost trade studies conducted on a low-cost/high-volume tactical military system with moderate radiation environments, conventional strategies for design hardening and HA can result in higher life-cycle costs (LCC) than alternate approaches. The trade studies used variables designed to investigate LCC as a function of several critical parameters, including semiconductor procurement option, system quantity, HA testing option,a nd other variables. An LCC model and sample problem are included to illustrate the key results. Following the results of the trade studies, limitations of the simplified cost model are presented, the relationship of these results to current procurement practices are discussed, and the application of the results to modern military and commercial systems is discussed

Food Mass Reduction Trade Study

Science.gov (United States)

Perchonok, Michele H.; Stoklosa, Adam M.

2009-01-01

Future long duration manned space flights beyond low earth orbit will require the food system to remain safe, acceptable, and nutritious while efficiently balancing appropriate vehicle resources such as mass, volume, power, water, and crewtime. Often, this presents a challenge since maintaining the quality of the food system can result in a higher mass and volume. The Orion vehicle is significantly smaller than the Shuttle vehicle and the International Space Station and the mass and volume available for food is limited. Therefore, the food team has been challenged to reduce the mass of the packaged food from 1.82 kg per person per day to 1.14 kg per person per day. Past work has concentrated on how to reduce the mass of the packaging which contributes to about 15% of the total mass of the packaged food system. Designers have also focused on integrating and optimizing the Orion galley equipment as a system to reduce mass. To date, there has not been a significant effort to determine how to reduce the food itself. The objective of this project is to determine how the mass and volume of the packaged food can be reduced while maintaining caloric and hydration requirements. The following tasks are the key elements to this project: (1) Conduct further analysis of the ISS Standard Menu to determine moisture, protein, carbohydrate, and fat levels. (2) Conduct trade studies to determine how to bring the mass of the food system down. Trade studies may include removing the water of the total food system and/or increasing the fat content. (3) Determine the preferred method for delivery of the new food (e.g. bars, or beverages) and the degree of replacement. (4) Determine whether there are commercially available products that meet the requirements. By the end of this study, an estimate of the mass and volume savings will be provided to the Constellation Program. In addition, if new technologies need to be developed to achieve the mass savings, the technologies, timeline, and

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.

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

Science.gov (United States)

Caginalp, Gunduz; DeSantis, Mark

2017-02-01

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

Local fluctuations of the signed traded volumes and the dependencies of demands: a copula analysis

Science.gov (United States)

Wang, Shanshan; Guhr, Thomas

2018-03-01

We investigate how the local fluctuations of the signed traded volumes affect the dependence of demands between stocks. We analyze the empirical dependence of demands using copulas and show that they are well described by a bivariate K copula density function. We find that large local fluctuations strongly increase the positive dependence but lower slightly the negative one in the copula density. This interesting feature is due to cross-correlations of volume imbalances between stocks. Also, we explore the asymmetries of tail dependencies of the copula density, which are moderate for the negative dependencies but strong for the positive ones. For the latter, we reveal that large local fluctuations of the signed traded volumes trigger stronger dependencies of demands than of supplies, probably indicating a bull market with persistent raising of prices.

Reforming Agricultural Trade for Developing Countries : Volume 1. Key Issues for a Pro-Development Outcome of the Doha Round

OpenAIRE

McCalla, Alex F.; Nash, John

2007-01-01

Reforming agricultural trade for developing countries is a two-volume set. The first volume is subtitled Key issues for a pro- development outcome of the Doha Round, and it is focused on specific concerns that are being encountered in the agricultural negotiations, and on strategies for dealing with them to arrive at a final agreement that will significantly spur growth and reduce poverty in developing countries. The companion volume is subtitled Quantifying the impact of multilateral trade r...

Exploring Determinant Factors of Bond Trading with Inventory Management Theory (Case Study of Indonesian Capital Market, January – March 2009

Directory of Open Access Journals (Sweden)

Imam Wahyudi

2014-08-01

Full Text Available This  paper  studies  trading  volume  of  206  recorded  and  publicly  traded  bonds  in  Indonesian Capital Market on January 4th - March 9th 2009 observed period. The data covers almost all trading data in the market and all brokers that exist. The microstructure data used in this study is a complete understanding for almost every phenomenons in the market, and thus could explain more about bond liquidity. We ind that some bonds are actively traded and most are rare. We also construct some determinant facto tests of bond trading volume, included  descriptive  statistic,  GLS,  and  other  formal  test.  We  ind  that  bonds  with  larger par value and more seasoned tend to have smaller trading volume. We also ind that private bonds are actively traded more than public bonds (both government institution and private institution  bond.  Interest  rate  risk  and  bond  price  volatility  are  positively  inluence  bond trading volume, but opposite for bond rating. We ind that bond with higher probability to default  have  smaller  trading  volume.  While  comparing  the  bond  volume  data  with  stock price data, we ind that the relationship in two markets is not linier as the convenient theory in inance said. ";} // -->activate javascript

Revealing the appetite of the marine aquarium fish trade: the volume and biodiversity of fish imported into the United States

Science.gov (United States)

Rhyne, Andrew L.; Tlusty, Michael F.; Schofield, Pamela J.; Kaufman, Les; Morris, James A.; Bruckner, Andrew W.

2012-01-01

The aquarium trade and other wildlife consumers are at a crossroads forced by threats from global climate change and other anthropogenic stressors that have weakened coastal ecosystems. While the wildlife trade may put additional stress on coral reefs, it brings income into impoverished parts of the world and may stimulate interest in marine conservation. To better understand the influence of the trade, we must first be able to quantify coral reef fauna moving through it. Herein, we discuss the lack of a data system for monitoring the wildlife aquarium trade and analyze problems that arise when trying to monitor the trade using a system not specifically designed for this purpose. To do this, we examined an entire year of import records of marine tropical fish entering the United States in detail, and discuss the relationship between trade volume, biodiversity and introduction of non-native marine fishes. Our analyses showed that biodiversity levels are higher than previous estimates. Additionally, more than half of government importation forms have numerical or other reporting discrepancies resulting in the overestimation of trade volumes by 27%. While some commonly imported species have been introduced into the coastal waters of the USA (as expected), we also found that some uncommon species in the trade have also been introduced. This is the first study of aquarium trade imports to compare commercial invoices to government forms and provides a means to, routinely and in real time, examine the biodiversity of the trade in coral reef wildlife species.

Large Deployable Reflector (LDR) system concept and technology definition study. Volume 1: Executive summary, analyses and trades, and system concepts

Science.gov (United States)

Agnew, Donald L.; Jones, Peter A.

1989-01-01

A study was conducted to define reasonable and representative large deployable reflector (LDR) system concepts for the purpose of defining a technology development program aimed at providing the requisite technological capability necessary to start LDR development by the end of 1991. This volume includes the executive summary for the total study, a report of thirteen system analysis and trades tasks (optical configuration, aperture size, reflector material, segmented mirror, optical subsystem, thermal, pointing and control, transportation to orbit, structures, contamination control, orbital parameters, orbital environment, and spacecraft functions), and descriptions of three selected LDR system concepts. Supporting information is contained in appendices.

Network analysis of returns and volume trading in stock markets: The Euro Stoxx case

Science.gov (United States)

Brida, Juan Gabriel; Matesanz, David; Seijas, Maria Nela

2016-02-01

This study applies network analysis to analyze the structure of the Euro Stoxx market during the long period from 2002 up to 2014. The paper generalizes previous research on stock market networks by including asset returns and volume trading as the main variables to study the financial market. A multidimensional generalization of the minimal spanning tree (MST) concept is introduced, by adding the role of trading volume to the traditional approach which only includes price returns. Additionally, we use symbolization methods to the raw data to study the behavior of the market structure in different, normal and critical, situations. The hierarchical organization of the network is derived, and the MST for different sub-periods of 2002-2014 is created to illustrate how the structure of the market evolves over time. From the structural topologies of these trees, different clusters of companies are identified and analyzed according to their geographical and economic links. Two important results are achieved. Firstly, as other studies have highlighted, at the time of the financial crisis after 2008 the network becomes a more centralized one. Secondly and most important, during our second period of analysis, 2008-2014, we observe that hierarchy becomes more country-specific where different sub-clusters of stocks belonging to France, Germany, Spain or Italy are found apart from their business sector group. This result may suggest that during this period of time financial investors seem to be worried most about country specific economic circumstances.

Final report of Shield System Trade Study. Volume II. WANL support activities for shielding trade study

International Nuclear Information System (INIS)

1970-07-01

Based on the trades made within this study BATH (mixture of B 4 C, aluminum and TiH 1 . 8 ) was selected as the internal shield material. Borated titanium hydride can also meet the criteria with a competitive weight but was rejected because of schedular constraints. A baseline internal shield design was accomplished. This design resulted in a single internal shield weighing about 3300 lb for both manned and unmanned missions. WANL checks on ANSC calculations are generally in agreement, but with some difference in the prediction of the effectiveness of the Boral liner. All of the alternate NSS concepts in the system weight reduction program were rejected. While some did save shield weight, they complicated the NSS design to an unacceptable degree. Studies were made of the feasibility of manual maintenance of NSS components outside of the pressure vessel. The requirements of the NSS components located forward of the internal shield were considered from a thermal and radiation damage standpoint. (auth)

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 ...

Manned remote work station development article. Volume 1, book 2, appendix B: Trade and design definition studies

Science.gov (United States)

1979-01-01

System trades, evaluations, and selection were organized under the appropriate manned remote work station roles and subsystems. Those trades/evaluations that have an impact on simulator fidelity were given emphasis in terms of identifying alternate concepts, making a selection, and defining the system approach. Those trades that do not impact simulator fidelity have the issues delineated and future study requirements identified.

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

N+3 Aircraft Concept Designs and Trade Studies. Volume 1

Science.gov (United States)

Greitzer, E. M.; Bonnefoy, P. A.; DelaRosaBlanco, E.; Dorbian, C. S.; Drela, M.; Hall, D. K.; Hansman, R. J.; Hileman, J. I.; Liebeck, R. H.; Levegren, J.;

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

Exchange rate volatility and international trade: The option approach

OpenAIRE

Franke, Günter

1986-01-01

Usually it is argued that an increase in exchange rate volatility reduces the volume of international trade since trading firms are risk averse. This paper shows for risk neutral firms that the expected international trade volume in standardized commodities grows with exchange rate volatility. The firms adjust their trade volume to the exchange rate level. The more favorable the exchange rate is, the higher is the export volume. If the rate drops below some level, exports are stopped. Thus in...

Monitoring the impact of trade agreements on national food environments: trade imports and population nutrition risks in Fiji.

Science.gov (United States)

Ravuvu, Amerita; Friel, Sharon; Thow, Anne-Marie; Snowdon, Wendy; Wate, Jillian

2017-06-13

Trade agreements are increasingly recognised as playing an influential role in shaping national food environments and the availability and nutritional quality of the food supply. Global monitoring of food environments and trade policies can strengthen the evidence base for the impact of trade policy on nutrition, and support improved policy coherence. Using the INFORMAS trade monitoring protocol, we reviewed available food supply data to understand associations between Fiji's commitments under WTO trade agreements and food import volume trends. First, a desk review was conducted to map and record in one place Fiji's commitments to relevant existing trade agreements that have implications for Fiji's national food environment under the domains of the INFORMAS trade monitoring protocol. An excel database was developed to document the agreements and their provisions. The second aspect of the research focused on data extraction. We began with identifying food import volumes into Fiji by country of origin, with a particular focus on a select number of 'healthy and unhealthy' foods. We also developed a detailed listing of transnational food corporations currently operating in Fiji. The study suggests that Fiji's WTO membership, in conjunction with associated economic and agricultural policy changes have contributed to increased availability of both healthy and less healthy imported foods. In systematically monitoring the import volume trends of these two categories of food, the study highlights an increase in healthy foods such as fresh fruits and vegetables and whole-grain refined cereals. The study also shows that there has been an increase in less healthy foods including fats and oils; meat; processed dairy products; energy-dense beverages; and processed and packaged foods. By monitoring the trends of imported foods at country level from the perspective of trade agreements, we are able to develop appropriate and targeted interventions to improve diets and health. This

Behavior of Stock Price Variability over Trading and Nontrading Periods, and Daily Return Volatility

Directory of Open Access Journals (Sweden)

Sumiyana Sumiyana

2007-09-01

This study concludes that return variance over trading and nontrading periods, along with overnight and lunch break nontrading session, and the first and second trading session, has differed significantly. In addition, daily return volatility is also not identical significantly. Subsequently, this study used size, trading volume, bid-ask spreads and up-down market as control variables. This study contradicts to all prior studies. This study especially suggests contra evidence in comparisons with previous concepts and theories in regards to size, trading volume, bid-ask spreads, and up-down market as control variables.

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

Science.gov (United States)

Yuvan, Steven; Bier, Martin

2018-02-01

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

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.

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...

Trans-Caspian gas pipeline feasibility study. Volume 1

International Nuclear Information System (INIS)

1999-01-01

This study, conducted by Enron Engineering and Construction Company, was funded by the US Trade and Development Agency. The study provides detailed information concerning natural gas demand in Turkey and Southern Europe. The purpose of the study is to estimate the rate at which new gas can be absorbed in the Turkish market and be re-exported to the markets in Europe, as well as to forecast Turkish natural gas demand for the period up to 2020. The study also evaluates gas demand and pricing for the market in the 2002--2005 time frame. This is Volume 1 of a 3-volume report, and is divided into the following sections: (1) Task A: Gas Sales; (2) Task B: Initial Economic Screening; (3) Task D: Project Cost Analysis

Trading in Target Stocks Before Takeover Announcements: An Analysis of Stock and Option Markets

OpenAIRE

Marcus Clements; Harminder Singh; Antonie Van Eekelen

2007-01-01

In this study we examine both informed trading and contraire trading preceding takeover announcements on US target firms. Our findings suggest that both informed trading and contraire trading exists within the period preceding takeover announcements on both the stock and option markets as evident through abnormal returns and trading volumes. In regard to contraire trading, this study investigates possible explanations for its existence including liquidity clustering, falsely informed trading ...

Trans-Caspian gas pipeline feasibility study. Volume 3

International Nuclear Information System (INIS)

1999-01-01

This study, conducted by Enron Engineering and Construction Company, was funded by the US Trade and Development Agency. The study provides detailed information concerning natural gas demand in Turkey and Southern Europe. The purpose of the study is to estimate the rate at which new gas can be absorbed in the Turkish market and be re-exported to the markets in Europe, as well as to forecast Turkish natural gas demand for the period up to 2020. The study also evaluates gas demand and pricing for the market in the 2002--2005 time frame. This is Volume 3 of a 3-volume report, and it is divided into the following sections: (1) Executive Summary; (2) Task C: Technical Feasibility and Preliminary Design; (3) Task F: Project Implementation Strategy

Combined Waste Form Cost Trade Study

International Nuclear Information System (INIS)

Gombert, Dirk; Piet, Steve; Trickel, Timothy; Carter, Joe; Vienna, John; Ebert, Bill; Matthern, Gretchen

2008-01-01

A new generation of aqueous nuclear fuel reprocessing, now in development under the auspices of the DOE Office of Nuclear Energy (NE), separates fuel into several fractions, thereby partitioning the wastes into groups of common chemistry. This technology advance enables development of waste management strategies that were not conceivable with simple PUREX reprocessing. Conventional wisdom suggests minimizing high level waste (HLW) volume is desirable, but logical extrapolation of this concept suggests that at some point the cost of reducing volume further will reach a point of diminishing return and may cease to be cost-effective. This report summarizes an evaluation considering three groupings of wastes in terms of cost-benefit for the reprocessing system. Internationally, the typical waste form for HLW from the PUREX process is borosilicate glass containing waste elements as oxides. Unfortunately several fission products (primarily Mo and the noble metals Ru, Rh, Pd) have limited solubility in glass, yielding relatively low waste loading, producing more glass, and greater disposal costs. Advanced separations allow matching the waste form to waste stream chemistry, allowing the disposal system to achieve more optimum waste loading with improved performance. Metals can be segregated from oxides and each can be stabilized in forms to minimize the HLW volume for repository disposal. Thus, a more efficient waste management system making the most effective use of advanced waste forms and disposal design for each waste is enabled by advanced separations and how the waste streams are combined. This trade-study was designed to juxtapose a combined waste form baseline waste treatment scheme with two options and to evaluate the cost-benefit using available data from the conceptual design studies supported by DOE-NE

Effect of annual and quarterly financial statement announcements on trading volume and return variability in ISE

OpenAIRE

Çakmak, S. Serdar

1996-01-01

Ankara : Department of Management and Graduate School of Business Administration of Bilkent University, 1996. Thesis (Master's) -- Bilkent University, 1996. Includes bibliographical references leaves 22-24 Announcements of financial statement informations provide valuable signals for investors. There are evidences documenting the changes in trading volume and stock returns at the time of annual and interim financial statement announcements in comparison to those in non-announcement p...

Price-volume multifractal analysis and its application in Chinese stock markets

Science.gov (United States)

Yuan, Ying; Zhuang, Xin-tian; Liu, Zhi-ying

2012-06-01

An empirical research on Chinese stock markets is conducted using statistical tools. First, the multifractality of stock price return series, ri(ri=ln(Pt+1)-ln(Pt)) and trading volume variation series, vi(vi=ln(Vt+1)-ln(Vt)) is confirmed using multifractal detrended fluctuation analysis. Furthermore, a multifractal detrended cross-correlation analysis between stock price return and trading volume variation in Chinese stock markets is also conducted. It is shown that the cross relationship between them is also found to be multifractal. Second, the cross-correlation between stock price Pi and trading volume Vi is empirically studied using cross-correlation function and detrended cross-correlation analysis. It is found that both Shanghai stock market and Shenzhen stock market show pronounced long-range cross-correlations between stock price and trading volume. Third, a composite index R based on price and trading volume is introduced. Compared with stock price return series ri and trading volume variation series vi, R variation series not only remain the characteristics of original series but also demonstrate the relative correlation between stock price and trading volume. Finally, we analyze the multifractal characteristics of R variation series before and after three financial events in China (namely, Price Limits, Reform of Non-tradable Shares and financial crisis in 2008) in the whole period of sample to study the changes of stock market fluctuation and financial risk. It is found that the empirical results verified the validity of R.

Foreign Trade

Data.gov (United States)

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

TRADE instructional materials for SARA/OSHA training. Volume 2, Managers and supervisors training

Energy Technology Data Exchange (ETDEWEB)

1989-03-01

This document provides instructional materials for an eight-hour training course for managers and supervisors of hazardous waste sites. It is one of three volumes of course materials TRADE is preparing to help DOE contractor training staff comply with 29 CFR 1910.120, the Occupational Health and Safety Administration (OSHA) rule that implements Title I of the Superfund Amendments and Reauthorization Act (SARA) of 1986. OSHA`s final rule for hazardous waste operators was published in the Federal Register of March 6, 1989 (54 FR 9294). Combined with the materials in Volumes I and III and with appropriate site-specific information, these materials will help DOE contractors to meet the requirements of 1910.120 (e) that ``on-site management and supervisors directly responsible for, or who supervise employees engaged in, hazardous waste operations`` receive the same initial training as that of the employees they supervise and at least eight additional hours of specialized training in managing hazardous waste operations.

Evolution of international trade and investment networks

Science.gov (United States)

Zhang, Shuhong; Wang, Lin; Liu, Zhixin; Wang, Xiaofan

2016-11-01

In this paper, an evolving two-layer international economy network (IEN) consisting of international trade network (ITN) and international investment network (IIN) as layers, is constructed to investigate the world economy from 2001 to 2010. First, the structure analysis shows that the average partner numbers for both trade and investment are increasing year by year, and the average volume has a significant decrease in 2008 for investment and 2009 for trade. The IIN has longer average path length and dramatically lower edge density compared with the ITN, yet its clustering coefficient is larger in all years. Then, the regional relativity indicates that the longer the distance between two countries, the smaller trade and investment volumes they carry in are general, and the impact of the geographical distance gradually reduces as time goes on. Furthermore, the countries and regions are ranked by Pagerank in ITN, IIN and IEN to illustrate the roles they played. And finally, community structures are detected to visualize the global economic landscape, with countries and regions in the same community ranked according to the total volume of trade or investment.

Methodological aspects on international biofuels trade: International streams and trade of solid and liquid biofuels in Finland

International Nuclear Information System (INIS)

Heinimoe, J.

2008-01-01

The use of biomass for fuel is increasing in industrialised countries. Rapidly developing biomass markets for energy purposes along with weak information on biofuels trade that statistics offer have been incentives for several recently published studies investigating the status of biofuels trade. The comparison of the studies is often challenging due particularly to the various approaches to the indirect trade of biofuels and the diverse data sources utilised. The purpose of this study was to provide an overview of the Finnish situation with respect to the status of the streams of international biofuels trade. Parallel to this, the study aimed to identify methodological and statistical challenges in observing international biofuels trade. The study analysed available statistical information and introduced a procedure to obtain a clear overview on import and export streams of biofuels. In Finland, the total direct import and export of biofuels, being mainly composed of wood pellets and tall oil, is tiny in comparison with the total consumption of biofuels. Instead, the indirect trade has remarkable importance. Large import volumes of industrial raw wood make Finland a net importer of biofuels. In 2004, approximately 22% (64 PJ) of wood-based energy in Finland originated from imported wood. The study showed that the indirect trade of biofuels may be a significant sector of global biofuels trade. In the case of Finland, a comprehensive compilation of statistics on energy and forestry enabled the determination of the trade status satisfactory. However, national and international statistics should be further developed to take better into consideration international trade and to support continuously developing biofuels markets. (author)

An Analysis of the Impact of Guangxi Agricultural Finance, Loan and Insurance on the Trade between Guangxi and CAFTA

Directory of Open Access Journals (Sweden)

Shukun Wang

2014-04-01

Full Text Available Financial support, agriculture loan and insurance are the main funding modes for the development of agriculture. This study firstly uses software eviews6.0 to make an analysis of the current state of the Trade between Guangxi and CAFTA, and then makes a study of the data of the funds and the trading volume of Guangxi-ASEAN, and comes to the conclusion that the funds involved has an effect on the trade volume. Generally, government fiscal support curbs the trade while the agricultural loan and the agricultural insurance promote it; however, the case in Guangxi seems the opposite. The trade volume is promoted by government financial support while curbed by loan and insurance.

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.

Social signals and algorithmic trading of Bitcoin.

Science.gov (United States)

Garcia, David; Schweitzer, Frank

2015-09-01

The availability of data on digital traces is growing to unprecedented sizes, but inferring actionable knowledge from large-scale data is far from being trivial. This is especially important for computational finance, where digital traces of human behaviour offer a great potential to drive trading strategies. We contribute to this by providing a consistent approach that integrates various datasources in the design of algorithmic traders. This allows us to derive insights into the principles behind the profitability of our trading strategies. We illustrate our approach through the analysis of Bitcoin, a cryptocurrency known for its large price fluctuations. In our analysis, we include economic signals of volume and price of exchange for USD, adoption of the Bitcoin technology and transaction volume of Bitcoin. We add social signals related to information search, word of mouth volume, emotional valence and opinion polarization as expressed in tweets related to Bitcoin for more than 3 years. Our analysis reveals that increases in opinion polarization and exchange volume precede rising Bitcoin prices, and that emotional valence precedes opinion polarization and rising exchange volumes. We apply these insights to design algorithmic trading strategies for Bitcoin, reaching very high profits in less than a year. We verify this high profitability with robust statistical methods that take into account risk and trading costs, confirming the long-standing hypothesis that trading-based social media sentiment has the potential to yield positive returns on investment.

PENGARUH BOOKS-TAX DIFFERENCES TERHADAP INVESTOR TRADING

Directory of Open Access Journals (Sweden)

M Khoiru Rusydi

2016-04-01

Full Text Available Abstrak: Pengaruh Books-Tax Differences Terhadap Investor Trading. Penelitian ini bertujuan menguji secara empiris pengaruh pengaruh Books-Tax Differences Terhadap Investor Trading di Indonesia. Penelitian ini merupakan model kuantitatif dengan metode analisa regresi berganda, metode regresi ini di tetapkan pada perusahaan manufaktur yang terdaftar di BEI selama kurun waktu 2010-2012.Hasil penelitian ini menunjukkan Books-Tax Differences berpengaruh negatif terhadap Investor Trading / Trading Volume Activity di Indonesia, yang artinya bahwa semakin besar kesenjangan antara laba akuntansi dan laba fiskal akan mendorong investor untuk tidak melakukan aktivitas perdagangan saham perusahaan tersebut. Abstract: The influence of Books-Tax Differences to Investor Trading. This research aims to examine empirically the influence of Books- Tax Differences to Investor Trading in Indonesia. This research is a quantitative model with multiple regression analysis method, regression method is in charge in companies listed on the Stock Exchange during the period 2010- 2012. The results of this research indicate Books-Tax Differences negatively affect the Investor Trading / Trading Volume Activity in Indonesia, which means that the greater the gap between accounting profit and taxable profit will encourage investors don’t activity the company's stock trading.

Detecting wash trade in the financial market

OpenAIRE

Cao, Yi; Li, Yuhua; Coleman, Sonya; Belatreche, Ammar; McGinnity, T. M.

2014-01-01

Wash trade refers to the activities of traders who utilise deliberately designed collusive transactions to increase the trading volumes for creating active market impression. Wash trade can be damaging to the proper functioning and integrity of capital markets. Existing work focuses on collusive clique detections based on certain assumptions of trading behaviours. Effective approaches for analysing and detecting wash trade in a real-life market have yet to be developed. T...

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

Examining the Performance of Indian Exchange Traded Funds (ETFs

Directory of Open Access Journals (Sweden)

Naman SETHI

2016-11-01

Full Text Available Exchange traded funds (ETFs are known to be a highly attractive mean of investment in today’s financial markets. The present study is an attempt to explain the risk and return features of Indian ETFs and their trading and expense characteristics. The performance of ETFs is measured and compared with their underlying indices. It is found that they underperformed the indices, the reasons being they load their investors with extra risk than their underlying indices. Further, it is found that tracking error is having a positive relationship with expenses and risk of ETFs. Interestingly, the average number of trades and the lagged return of previous day do not affect the volume of shares. The study uses daily closing prices, intraday high and low prices and the volume of the traded shares of 10 ETFs listed on the National Stock Exchang for the period 1st July, 2010 to 30th June, 2015. The non-included ETFs suffer from the restrictions of non-availability of historical prices for at least five years.

Statistical mechanics of the international trade network.

Science.gov (United States)

Fronczak, Agata; Fronczak, Piotr

2012-05-01

Analyzing real data on international trade covering the time interval 1950-2000, we show that in each year over the analyzed period the network is a typical representative of the ensemble of maximally random weighted networks, whose directed connections (bilateral trade volumes) are only characterized by the product of the trading countries' GDPs. It means that time evolution of this network may be considered as a continuous sequence of equilibrium states, i.e., a quasistatic process. This, in turn, allows one to apply the linear response theory to make (and also verify) simple predictions about the network. In particular, we show that bilateral trade fulfills a fluctuation-response theorem, which states that the average relative change in imports (exports) between two countries is a sum of the relative changes in their GDPs. Yearly changes in trade volumes prove that the theorem is valid.

International bioenergy trade in the Netherlands

OpenAIRE

Junginger, H.M.; de Wit, M.P.; Sikkema, R.; Faaij, A.P.C.

2008-01-01

The international biomass trade in the Netherlands has been growing strongly over the last few years, but information on the corresponding volumes, origins and prices is barely available. The objectives of this paper are to quantify imported and exported biomass volumes and origins, and identify drivers and barriers behind the trade flows. Data collection was based on existing statistics and information obtained from biomass traders and end-users. Net import of biomass for energy purposes has...

Assessing Measures of Order Flow Toxicity via Perfect Trade Classification

DEFF Research Database (Denmark)

Andersen, Torben G.; Bondarenko, Oleg

. The VPIN metric involves decomposing volume into active buys and sells. We use the best-bid-offer (BBO) files from the CME Group to construct (near) perfect trade classification measures for the E-mini S&P 500 futures contract. We investigate the accuracy of the ELO Bulk Volume Classification (BVC) scheme...... systematic classification errors that are correlated with trading volume and return volatility. When controlling for trading intensity and volatility, the BVC-VPIN measure has no incremental predictive power for future volatility. We conclude that VPIN is not suitable for measuring order flow imbalances....

Border carbon adjustments: Addressing emissions embodied in trade

International Nuclear Information System (INIS)

Sakai, Marco; Barrett, John

2016-01-01

Approximately one fourth of global emissions are embodied in international trade and a significant portion flows from non-carbon-priced to carbon-priced economies. Border carbon adjustments (BCAs) figure prominently as instruments to address concerns arising from unilateral climate policy. Estimating the volume of emissions that could be potentially taxed under a BCA scheme has received little attention until now. This paper examines how a number of issues involved in the implementation of BCAs can affect their ability to cover emissions embodied in trade and thus address carbon leakage. These issues range from ensuring compliance with trade provisions and assumptions on the carbon intensity of imports, to determining which countries are included and whether intermediate and final demand are considered. Here we show that the volume of CO_2 captured by a scheme that involved all Annex B countries could be significantly reduced due to these issues, particularly by trade provisions, such as the principle of ‘best available technology’ (BAT). As a consequence, the tariff burdens faced by non-Annex B parties could dwindle considerably. These findings have important policy implications, as they question the effectiveness and practicalities of BCAs to reduce carbon leakage and alleviate competitiveness concerns, adding further arguments against their implementation. - Highlights: •We estimate the volume of emissions that could be potentially taxed by BCAs. •We study the effects of trade provisions and country and sectoral coverage on BCAs. •Trade provisions can significantly reduce the scope and effectiveness of BCAs. •Best available technology and exclusion of electricity reduce tariffs considerably. •BCAs are not optimal policy tools to address carbon leakage concerns.

Protocol to monitor trade agreement food-related aspects: the Fiji case study.

Science.gov (United States)

Ravuvu, Amerita; Friel, Sharon; Thow, Anne Marie; Snowdon, Wendy; Wate, Jillian

2017-04-26

Despite the growing rates of obesity and diet-related non-communicable diseases, globally, public health attention has only relatively recently turned to the links between trade agreements and the nutritional risks associated with it. Specific trade agreements appear to have played an influential role in the volume and types of foods entering different countries, yet there is currently no systematic and objective monitoring of trade agreements for their impacts on food environments. Recently, INFORMAS was set up to monitor and benchmark food environments, government policies and private sector actions within countries and globally. One of its projects/modules focuses on trade policy and in particular the food-related aspects of trade agreements. This paper describes the INFORMAS trade protocol, an approach to collecting food-related information about four domains of trade: trade in goods; trade in services and foreign direct investment; domestic supports, and policy space. Specifically, the protocol is tested in Fiji. The development and testing of this protocol in Fiji represents the first effort to set out a framework and process for objectively monitoring trade agreements and their impacts on national food supply and the wider food environment. It has shown that entry into WTO trade agreements contributed to the nutrition transition in Fiji through the increased availability of imported foods with varying nutritional quality. We observed an increase in imports of both healthy and less healthy foods. The application of the monitoring protocol also highlights challenges for data collection associated with each trade domain that should be considered for future data collection and analysis in other low and middle income countries. © The Author 2017. Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oup.com.

Trans-Caspian gas pipeline feasibility study. Volume 2

International Nuclear Information System (INIS)

1999-01-01

This study, conducted by Enron Engineering and Construction Company, was funded by the US Trade and Development Agency. The study provides detailed information concerning natural gas demand in Turkey and Southern Europe. The purpose of the study is to estimate the rate at which new gas can be absorbed in the Turkish market and be re-exported to the markets in Europe, as well as to forecast Turkish natural gas demand for the period up to 2020. The study also evaluates gas demand and pricing for the market in the 2002--2005 time frame. This is Volume 2 of a 3-volume report, and it is divided into the following sections: (1) Executive Summary; (2) Policy, Legal and Administrative Framework; (3) Assessment of Alternatives; (4) Baseline Conditions in the Project Area; (5) Potential (Unmitigated) Environment, Health and Safety Impacts; (6) Proposed Environmental Prevention and Mitigation; (7) Projected Net Environmental Impacts; (8) Bibliography

TERMS OF TRADE EVOLUTION, CAUSES AND EFFECTS: CASE STUDY ROMANIA

Directory of Open Access Journals (Sweden)

Negrea Adrian

2014-12-01

Full Text Available Terms of trade are meant to show the ratio by which a country is different in the level and dynamics of revenues from the exchange made by different categories of products on the external markets. The level of recorded revenues from the commercialization of products and services varies from country to country, and there is rarely a mutually beneficial exchange situation from these operations. Trade efficiency analysis lies in the determination of the terms of trade. In the current paper, international developments are analyzed based on net terms of trade index used by UNCTAD. Statistical data are provided by the World Bank, where export and import price index and the volume of imports and exports by countries were considered. The classification of the countries has been done according to the geographical orientation and based on the purchasing power parity, thus creating two tables, the first table highlighting seven regions, and the second table with seven categories of states including OPEC and non-OPEC members. The terms of trade evolution are influenced by certain important factors in the production process of goods and services. Some of these factors are mentioned: labour productivity; changes in commodity prices; yet, only the last factor is examined in this paper. Based on World Bank commodity price data, the evolution of major energy inputs such as crude oil, gas, coal, and major industrial raw materials such as aluminium, copper, lead, nickel, tin, zinc, silver, gold, platinum and iron was analysed and interpreted. For Romania, the data on terms of trade evolution shows a dramatic situation. If terms of trade development presented a cyclical evolution, the economy as a whole would send an optimistic message. In contrast, the data presented in the following paper will show that our country has registered continuous depreciation of the terms of trade ratio, with a direct impact on external trade balance deficits, a rising external debt

Sustainable International Bioenergy Trade. Evaluating the impact of sustainability criteria and policy on past and future bioenergy supply and trade

NARCIS (Netherlands)

Lamers, Patrick

2014-01-01

Within a single decade, bioenergy has shifted from a largely local energy source with marginal trade volumes to a globally traded item. The primary objective of this thesis is to evaluate the links between national renewable energy support and trade policies and market forces on past global

International trade and climate change policies

International Nuclear Information System (INIS)

Brack, D.; Grubb, M.; Windram, C.

2000-01-01

Can the World Trade Organisation deal with climate change? Can a world of liberalised trade implement the Kyoto Protocol? As trade and environment head for a global collision, this book provides an essential guide to one of the key confrontations. It analyzes the conflicts now intensifying. How will climate change policies, including energy and carbon taxation and the removal of energy subsidies, affect overall trade structures and volumes? Will countries tackling climate change become less competitive? What of taxing international aviation and marine fuels? Will the 'flexibility mechanisms' of the Kyoto Protocol, such as emissions trading, fall under WTO disciplines? Can trade restrictions be applied to enforce the Kyoto Protocol? (Author)

Results of NASA/NOAA HES Trade Studies

Science.gov (United States)

Susskind, Joel

2011-01-01

This slide presentation reviews the trade studies that were done for the Hyperspectral Environmental Suite (HES). The goal of the trade studies was to minimize instrument cost and risk while producing scientifically useful products. Three vendors were selected to perform the trade study, and were to conduct 11 studies, with the first study a complete wish list of things that scientists would like from GEO orbit to the 11th study which was for a Reduced Accommodation Sounder (RAS) which would still result in useful scientific products, within constrains compatible with flight on GEOS-R. The RAS's from each vendor and one other HES sounders designs are reviewed.

Demand-side management project for Tenaga Nasional Berhad. Energy efficiency guidelines. Progress report No. 3. Volume 1. Final report. Export trade information

Energy Technology Data Exchange (ETDEWEB)

NONE

1993-05-01

This study, conducted by the California Energy Commission, was funded by the U.S. Trade and Development Agency. The report summarizes a demand-side management study performed for the Tenaga Nasional Berhad Headquarters Building. The purpose of the study was to identify and evaluate demand side management measures (DSMs) that would reduce energy costs of the facility. Volume 1 is divided into the following sections: (1.0) Executive Summary; (2.0) Facility Background; (3.0) Ventilating and Air Conditioning Systems Description; (4.0) Lightning System Description; Figures, Tables, and Appendices.

Life Support Filtration System Trade Study for Deep Space Missions

Science.gov (United States)

Agui, Juan H.; Perry, Jay L.

2017-01-01

The National Aeronautics and Space Administrations (NASA) technical developments for highly reliable life support systems aim to maximize the viability of long duration deep space missions. Among the life support system functions, airborne particulate matter filtration is a significant driver of launch mass because of the large geometry required to provide adequate filtration performance and because of the number of replacement filters needed to a sustain a mission. A trade analysis incorporating various launch, operational and maintenance parameters was conducted to investigate the trade-offs between the various particulate matter filtration configurations. In addition to typical launch parameters such as mass, volume and power, the amount of crew time dedicated to system maintenance becomes an increasingly crucial factor for long duration missions. The trade analysis evaluated these parameters for conventional particulate matter filtration technologies and a new multi-stage particulate matter filtration system under development by NASAs Glenn Research Center. The multi-stage filtration system features modular components that allow for physical configuration flexibility. Specifically, the filtration system components can be configured in distributed, centralized, and hybrid physical layouts that can result in considerable mass savings compared to conventional particulate matter filtration technologies. The trade analysis results are presented and implications for future transit and surface missions are discussed.

The Regulation of Nuclear Trade: Non-Proliferation-Supply-safety

International Nuclear Information System (INIS)

1988-01-01

Volume II of the study on the regulation of nuclear trade deals with the national legislation of OECD countries with significant nuclear programmes and regulations in that field and, in essence, covers two aspects. The first concerns political and administrative controls over imports and exports of sensitive products, namely fissile materials and large nuclear equipment as well as technology transfers. In most cases, this description of the provisions applicable is completed with the list of nuclear items whose export is restricted. The second aspect concerns the licensing system governing trade in as well as the import and export of nuclear material to protect users and the public against the hazards created by its radioactive properties. This volume also contains information on regulations concerning physical protection, industrial property and transport, as well as on multilateral and bilateral agreements involving nuclear trade. (NEA) [fr

Developments in the emissions trading market 2009; Utvecklingen paa utslaeppsraettsmarknaden 2009

Energy Technology Data Exchange (ETDEWEB)

Bohnstedt, Sophie; Karlberg, Marie; Myrman, Johanna

2010-07-01

The Energy Agency has analyzed the development of emissions trading within the EU and globally in 2009. The analysis relates to larger events which mainly affected the prices and traded volumes during the year. The analysis includes the market for European emissions, markets for the project-based mechanisms, development of trade with the assigned emission units (AAUs), the unregulated market and developments in other trading in the world. The report is based on existing studies and monitoring of markets development during January to November 2009

Modeling climate change impacts on water trading.

Science.gov (United States)

Luo, Bin; Maqsood, Imran; Gong, Yazhen

2010-04-01

This paper presents a new method of evaluating the impacts of climate change on the long-term performance of water trading programs, through designing an indicator to measure the mean of periodic water volume that can be released by trading through a water-use system. The indicator is computed with a stochastic optimization model which can reflect the random uncertainty of water availability. The developed method was demonstrated in the Swift Current Creek watershed of Prairie Canada under two future scenarios simulated by a Canadian Regional Climate Model, in which total water availabilities under future scenarios were estimated using a monthly water balance model. Frequency analysis was performed to obtain the best probability distributions for both observed and simulated water quantity data. Results from the case study indicate that the performance of a trading system is highly scenario-dependent in future climate, with trading effectiveness highly optimistic or undesirable under different future scenarios. Trading effectiveness also largely depends on trading costs, with high costs resulting in failure of the trading program. (c) 2010 Elsevier B.V. All rights reserved.

NOx trade. Case studies

International Nuclear Information System (INIS)

Jantzen, J.

2002-01-01

Some of the questions with respect to the trade of nitrogen oxides that businesses in the Netherlands have to deal with are dealt with: should a business buy or sell rights for NOx emission; which measures must be taken to reduce NOx emission; how much must be invested; and how to deal with uncertainties with regard to prices. Simulations were carried out with the MOSES model to find the answers to those questions. Results of some case studies are presented, focusing on the chemical sector in the Netherlands. Finally, the financial (dis)advantages of NOx trade and the related uncertainties for a single enterprise are discussed [nl

Examination of forest products trade between Turkey and European ...

African Journals Online (AJOL)

The success of getting in the foreign trade forms one of the basic stones of economic development for countries. The current and potential trading volume among countries and determining the main factors affecting trade are quite important. The trade currents of the European Union (EU) countries and Turkey in the forest ...

International biodiesel markets. Developments in production and trade

Energy Technology Data Exchange (ETDEWEB)

Lamers, P. [Ecofys Germany, Berlin (Germany)

2012-01-15

The global biodiesel market has shown an exponential growth in production and trade across the past decade. Nowadays, more biodiesel than ever before is sourced from abroad and procurement areas - especially of large scale producers and traders - span the globe. While this trend is bound to continue, markets and trade developments are still strongly linked to support and trade policies. Furthermore, the biodiesel industry is strongly linked to other sectors (agriculture and mineral oil industry in particular) and faces significant market disturbances some of which have led to various inefficiencies in the past. Due to the pace of this market development, a methodological assessment and understanding of the numerous influencing factors was needed to reduce uncertainties and risks for those involved. A recently published analysis by Ecofys and the Copernicus Institute, Utrecht University, provided such an analysis. It evaluates how the interaction of domestic policies steered global trade streams towards different markets, in particular in connection to underlying trade policies and additional market forces, over the past decade. It provides robust data on international production and trade volumes which have already served as input to the recently published Special Report on Renewable Energy (SRREN) by the Intergovernmental Panel on Climate Change (IPCC). This market brochure was commissioned by UFOP to build upon the methodologies and findings of Lamers et al. and to provide a picture of the global biodiesel market in 2010/2011. It is structured in six sections: an overview of global production volumes (Section 2); developments of EU (Section 3) and other world (Section 4) markets and (trade) policies; global net trade volumes (Section 5); vegetable oil trade patterns and their link to biodiesel trade (Section 6); Conclusions and Outlook (Section 7)

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 Policy Reform and the Missing Revenue

DEFF Research Database (Denmark)

Arndt, Thomas Channing; Tarp, Finn

2008-01-01

into a computable general equilibrium model of an African economy (Mozambique) to study the implications of trade policy reform. Model simulations indicate that lowering tariff rates and reducing duty-free importation in a manner that maintains official revenue benefit nearly everyone. The main exception is those......In many African countries, large discrepancies exist between revenues implied by published tariff rates multiplied by estimated import volumes and actual receipts. We develop a stylised trade model where average and marginal tariff rates diverge and incorporate insights from this model...

Google matrix analysis of the multiproduct world trade network

Science.gov (United States)

Ermann, Leonardo; Shepelyansky, Dima L.

2015-04-01

Using the United Nations COMTRADE database [United Nations Commodity Trade Statistics Database, available at: http://comtrade.un.org/db/. Accessed November (2014)] we construct the Google matrix G of multiproduct world trade between the UN countries and analyze the properties of trade flows on this network for years 1962-2010. This construction, based on Markov chains, treats all countries on equal democratic grounds independently of their richness and at the same time it considers the contributions of trade products proportionally to their trade volume. We consider the trade with 61 products for up to 227 countries. The obtained results show that the trade contribution of products is asymmetric: some of them are export oriented while others are import oriented even if the ranking by their trade volume is symmetric in respect to export and import after averaging over all world countries. The construction of the Google matrix allows to investigate the sensitivity of trade balance in respect to price variations of products, e.g. petroleum and gas, taking into account the world connectivity of trade links. The trade balance based on PageRank and CheiRank probabilities highlights the leading role of China and other BRICS countries in the world trade in recent years. We also show that the eigenstates of G with large eigenvalues select specific trade communities.

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.

Detecting noise trading using fuzzy exception learning

NARCIS (Netherlands)

Bergh, van den W.M.; Berg, van den J.; Kaymak, U.

2001-01-01

This paper analyses noise trading, a phenomenon observed in financial markets when technical traders forecast financial price movements based on recent prices and volumes. Due to noise trading, financial returns show (during a few and unknown periods in time), certain deterministic behavior besides

Propagation of crises in the virtual water trade network

Science.gov (United States)

Tamea, Stefania; Laio, Francesco; Ridolfi, Luca

2015-04-01

The international trade of agricultural goods is associated to the displacement of the water used to produce such goods and embedded in trade as a factor of production. Water virtually exchanged from producing to consuming countries, named virtual water, defines flows across an international network of 'virtual water trade' which enable the assessment of environmental forcings and implications of trade, such as global water savings or country dependencies on foreign water resources. Given the recent expansion of commodity (and virtual water) trade, in both displaced volumes and network structure, concerns have been raised about the exposure to crises of individuals and societies. In fact, if one country had to markedly decrease its export following a socio-economical or environmental crisis, such as a war or a drought, many -if not all- countries would be affected due to a cascade effect within the trade network. The present contribution proposes a mechanistic model describing the propagation of a local crisis into the virtual water trade network, accounting for the network structure and the virtual water balance of all countries. The model, built on data-based assumptions, is tested on the real case study of the Argentinean crisis in 2008-09, when the internal agricultural production (measured as virtual water volume) decreased by 26% and the virtual water export of Argentina dropped accordingly. Crisis propagation and effects on the virtual water trade are correctly captured, showing the way forward to investigations of crises impact and country vulnerability based on the results of the model proposed.

The Skill Bias of World Trade

OpenAIRE

Paolo Epifani; Gino Gancia

2004-01-01

We argue that, with an elasticity of substitution in consumption greater than one and higher scale economies in the skill-intensive sectors, the entire volume of world trade matters for wage inequality. This implies that trade intergration, even among identical countries, is likely to increase the skill premium. This result can also explain the increase in skill premia in developing countries that have experienced drastic trade liberalizations. Further, we argue that evidence of a falling rel...

Feasibility study for biomass power plants in Thailand. Volume 1. Main report. Export trade information

International Nuclear Information System (INIS)

1997-01-01

This study, conducted by Black and Veatch, was funded by the U.S. Trade and Development Agency. The report presents a technical and commercial analysis for the development of three nearly identical electricity generating facilities (biomass steam power plants) in the towns of Chachoengsao, Suphan Buri, and Pichit in Thailand. The Main Report is divided into the following sections: (1.0) Executive Study; (2.0) Project Objectives; (3.0) Review of Combustion Technology for Biomass Fueled Steam Generator Units; (4.0) Conceptual Design; (5.0) Plant Descriptions; (6.0) Plant Operations Staffing; (7.0) Project Schedule; (8.0) Project Cost Estimate; (9.0) Financial Analysis; Appendix - Financial Analysis

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.

International bioenergy trade in the Netherlands

NARCIS (Netherlands)

Junginger, H.M.; de Wit, M.P.; Sikkema, R.; Faaij, A.P.C.

2008-01-01

The international biomass trade in the Netherlands has been growing strongly over the last few years, but information on the corresponding volumes, origins and prices is barely available. The objectives of this paper are to quantify imported and exported biomass volumes and origins, and identify

Parameter Analysis of the VPIN (Volume synchronized Probability of Informed Trading) Metric

Energy Technology Data Exchange (ETDEWEB)

Song, Jung Heon; Wu, Kesheng; Simon, Horst D.

2014-03-01

VPIN (Volume synchronized Probability of Informed trading) is a leading indicator of liquidity-induced volatility. It is best known for having produced a signal more than hours before the Flash Crash of 2010. On that day, the market saw the biggest one-day point decline in the Dow Jones Industrial Average, which culminated to the market value of $1 trillion disappearing, but only to recover those losses twenty minutes later (Lauricella 2010). The computation of VPIN requires the user to set up a handful of free parameters. The values of these parameters significantly affect the effectiveness of VPIN as measured by the false positive rate (FPR). An earlier publication reported that a brute-force search of simple parameter combinations yielded a number of parameter combinations with FPR of 7%. This work is a systematic attempt to find an optimal parameter set using an optimization package, NOMAD (Nonlinear Optimization by Mesh Adaptive Direct Search) by Audet, le digabel, and tribes (2009) and le digabel (2011). We have implemented a number of techniques to reduce the computation time with NOMAD. Tests show that we can reduce the FPR to only 2%. To better understand the parameter choices, we have conducted a series of sensitivity analysis via uncertainty quantification on the parameter spaces using UQTK (Uncertainty Quantification Toolkit). Results have shown dominance of 2 parameters in the computation of FPR. Using the outputs from NOMAD optimization and sensitivity analysis, We recommend A range of values for each of the free parameters that perform well on a large set of futures trading records.

The External Trade of Romania: Evolution Trends

Directory of Open Access Journals (Sweden)

Botescu Ion

2017-01-01

On top of these, a series of negative impact events such as wars or crises have overlapped. Despite all the investment efforts made, the impact of Romania’s economic development on foreign trade was limited during the socialist era. As regards the volume of foreign trade, the trade balance, the structure of exports and imports, the value of exports per capita, Romania’s evolution was generally modest. Practically, with some exceptions, Romania’s involvement in international trade was below the economic potential of our country throughout the analyzed period.

Korea’s Trade Strategies for Mega Free Trade Agreements in Regional and Global Economic Integration

Directory of Open Access Journals (Sweden)

Sang-Chul Park

2016-12-01

Full Text Available Korea has developed rapidly since the 1960s. It is one of the four Asian tiger economies and a good model for developing countries. Korea shows the world how a developing country can develop its economy rapidly and become industrialized. Its development strategy has mainly been an export-oriented trade policy. As a result, its trade volume grew from $1 billion in 1966 to $1 trillion in 2011, which is a 1,000-fold increase within five decades. Since 2011, Korea has become one of seven countries with a trade volume over $1 trillion. However, the Korean economy has experienced turbulence as well as positive growth. It underwent severe economic crises such as the Asian financial crisis in 1997 and the global financial crisis in 2008. Its economy has been extremely vulnerable to the external economic environment, although it has improved and strengthened, particularly since the global financial crisis. During those two crises, the government carried out an appropriate trade policy with a strategic approach to upgrade its industrial structure and competitiveness in global markets. This article comprehensively discusses Korean trade policy and strategy over the last five decades, and how its national economy has developed rapidly. It also explores how the government sets its strategic targets in Asia and the Asia Pacific region. It considers two mega free trade agreements (FTAs — the Regional Comprehensive Economic Partnership and the Trans-Pacific Partnership — as new opportunities for further development. Therefore, it is wise to analyze these regional mega FTAs in order to maximize the national interest.

Electric power trading. The first study on stakes and consequences of power trading

International Nuclear Information System (INIS)

2000-06-01

Power trading (purchase/sale of electricity on a stock exchange) is an emerging activity in continental Europe while it already came to maturity in the US, in the UK and in Scandinavia. Several stock exchanges have opened since 1988, in particular in Germany, Spain and in The Netherlands. New projects of creation are under study, except in France where public authorities remain reticent with respect to this evolution. Power trade is deeply overturning the organization of power markets with offering an alternative to the direct supply from producers and distributors. This study presents the functioning modes of the main stock exchanges in operation today. It analyzes the stakes of power trade for all intervening parties of the market (historical actors, newcomers and consumers). The situation and the strategic behaviour of 12 key-actors of the power sector are also examined. (J.S.)

Satellite Power Systems (SPS) concept definition study, exhibit C. Volume 2, part 1: System engineering

Science.gov (United States)

Hanley, G. M.

1979-01-01

Volume 2, Part 1, of a seven volume report is presented. Part 1 encompasses Satellite Power Systems (SPS) systems engineering aspects and is divided into three sections. The first section presents descriptions of the various candidate concepts considered and conclusions and recommendations for a preferred concept. The second section presents a summary of results of the various trade studies and analysis conducted during the course of the study. The third section describes the Photovoltaic Satellite Based Satellite Power System (SPS) Point Design as it was defined through studies performed during the period January 1977 through March 1979.

The Trade-off between Liquidity and Precision of Position in Option Contracts

DEFF Research Database (Denmark)

Koch, Alexander; Lazarov, Zdravetz

2007-01-01

More liquid financial contracts are claimed to draw trading volume from contracts for which they are close substitutes. We provide the first analysis of how trading volume across existing financial contracts is affected by changes in the factors that govern the degree to which they are substitutes...

China Macroeconomic: Documentation Data Banks. Volume 3. Foreign Trade.

Science.gov (United States)

1984-11-15

1983 data from Chlnese "Cmtan, Statistics," Econmic Infomation and Agency, THoE ong Pr ious years from CIA "International Trade Statistics" Load fram...204,097 145,564 515,062 1984 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 6 Sources, see below 19F, 1983 data from Chinese "Customs Statistics," Econmic ...Statistics," EconmIc Information and Agency, F org Previous years fran CIA "Internationl Trade Statistics" Load from rw 12 to row 54 -.96 - A B C D E F G H

Production and trading of biomass for energy - An overview of the global status

International Nuclear Information System (INIS)

Heinimoe, J.; Junginger, M.

2009-01-01

The markets for industrially used biomass for energy purposes are developing rapidly toward being international commodity markets. Determining international traded biomass volumes for energy purposes is difficult, for several reasons, such as challenges regarding the compilation of statistics on the topic. While for some markets (pellets and ethanol) separate overviews exist, no comprehensive statistics and summaries aggregating separate biomass streams are available. The aim of this paper is to summarise trade volumes for various biomasses used for energy and to review the challenges related to measurement of internationally traded volumes of biofuels. International trade of solid and liquid biofuels was estimated to be about 0.9 EJ for 2006. Indirect trade of biofuels thorough trading of industrial roundwood and material byproducts comprises the largest proportion of trading, having a share of about 0.6 EJ. The remaining amount consisted of products that are traded directly for energy purposes, with ethanol, wood pellets, and palm oil being the most important commodities. In 2004-2006, the direct trade of biofuels increased 60%, whereas indirect trade has been almost constant. When compared to current global energy use of biomass (about 50 EJ yr -1 ) and to the long-term theoretical trading potential between the major regions of the world (80-150 EJ yr -1 ), the development of international trade of biomass for energy purposes is in its initial stage, but it is expected to continue to grow rapidly. (author)

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

Trade of Solid Biofuels, and Fuel Prices in Europe

International Nuclear Information System (INIS)

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

2002-01-01

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

Trade of Solid Biofuels, and Fuel Prices in Europe

Energy Technology Data Exchange (ETDEWEB)

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

2002-07-01

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

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.

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

On the volatility-volume relationship in energy futures markets using intra-day data

International Nuclear Information System (INIS)

Chevallier, Julien; Sevi, Benoit

2011-01-01

This paper investigates the relationship between trading volume and price volatility in the crude oil and natural gas futures markets when using high-frequency data. By regressing various realized volatility measures (with/without jumps) on trading volume and trading frequency, our results feature a contemporaneous and largely positive relationship. Furthermore, we test whether the volatility-volume relationship is symmetric for energy futures by considering positive and negative realized semi-variance. We show that (i) an asymmetric volatility-volume relationship indeed exists, (ii) trading volume and trading frequency significantly affect negative and positive realized semi-variance, and (iii) the information content of negative realized semi-variance is higher than for positive realized semi-variance. (authors)

Price duration versus trading volume in high-frequency data for selected DAX companies

Directory of Open Access Journals (Sweden)

Christoph Mitterer

2016-12-01

Full Text Available The properties of the time series of durations between consecutive trades of a particular stock have been studied by many contributors in the literature of financial econometrics. Among them are highly prominent scientists like Engle (2000 and Gourieroux and Jasiak (2001. The importance of this topic, accompanied by the growing availability of (ultra-high-frequency data, has prompted an increase of contributions in recent years. Intensive research based on high-frequency data has several financial motivations. First of all, it is linked with microstructure theory. Secondly, it contributes to the literature on stochastic time deformation. But the most important need for research on the dynamics of trade durations is the necessity to manage liquidity risk. The reason is that durations between the following trades are a widely accepted measures of market liquidity. In addition, their volatility reflects the liquidity risk.

Expanding our understanding of the trade in marine aquarium animals

Directory of Open Access Journals (Sweden)

Andrew L. Rhyne

2017-01-01

Full Text Available The trade of live marine animals for home and public aquaria has grown into a major global industry. Millions of marine fishes and invertebrates are removed from coral reefs and associated habitats each year. The majority are imported into the United States, with the remainder sent to Europe, Japan, and a handful of other countries. Despite the recent growth and diversification of the aquarium trade, to date, data collection is not mandatory, and hence comprehensive information on species volume and diversity is lacking. This lack of information makes it impossible to study trade pathways. Without species-specific volume and diversity data, it is unclear how importing and exporting governments can oversee this industry effectively or how sustainability should be encouraged. To expand our knowledge and understanding of the trade, and to effectively communicate this new understanding, we introduce the publically-available Marine Aquarium Biodiversity and Trade Flow online database (https://www.aquariumtradedata.org/. This tool was created to communicate the volume and diversity of marine fishes and/or invertebrates imported into the US over three complete years (2008, 2009, and 2011 and three partial years (2000, 2004, 2005. To create this tool, invoices pertaining to shipments of live marine fishes and invertebrates were scanned and analyzed for species name, species quantities, country of origin, port of entry, and city of import destination. Here we focus on the analysis of the later three years of data and also produce an estimate for the entirety of 2000, 2004, and 2005. The three-year aggregate totals (2008, 2009, 2011 indicate that just under 2,300 fish and 725 invertebrate species were imported into the US cumulatively, although just under 1,800 fish and 550 invertebrate species were traded annually. Overall, the total number of live marine animals decreased between 2008 and 2011. In 2008, 2009, and 2011, the total number of individual

Ricardian Productivity Differences and the Gains from Trade

OpenAIRE

Andrei A. Levchenko; Jing Zhang

2013-01-01

This paper evaluates the role of sectoral heterogeneity in determining the gains from trade. We first show analytically that in the presence of sectoral Ricardian comparative advantage, a one- sector sufficient statistic formula that uses total trade volumes as a share of total absorption systematically understates the true gains from trade. Greater relative sectoral productivity differences lead to larger disparities between the gains implied by the one-sector formula and the true gains. Usi...

What Goods Do Countries Trade? New Ricardian Predictions

OpenAIRE

Arnaud Costinot; Ivana Komunjer

2007-01-01

Though one of the pillars of the theory of international trade, the extreme predictions of the Ricardian model have made it unsuitable for empirical purposes. A seminal contribution of Eaton and Kortum (2002) is to demonstrate the stochastic productivity differences at the firm-level are sufficient to make the Ricardian model empirically relevant. While successful at explaining trade volumes, their model remains silent with regards to one important question: What goods do countries trade? ...

What Good Do Countries Trade? New Ricardian Predictions

OpenAIRE

Costinot, Arnaud; Komunjer, Ivana

2006-01-01

Though one of the pillars of the theory of international trade, the extreme predictions of the Ricardian model have made it unsuitable for empirical purposes. A seminal contribution of Eaton and Kortum (2002) is to demonstrate that random productivity shocks are sufficient to make the Ricardian model empirically relevant. While successful at explaining trade volumes, their model remains silent with regards to one important questions: What goods to countries trade? Our main contribution is...

TNS engineering trade study analysis

International Nuclear Information System (INIS)

Chapin, D.L.; Gibson, G.

1977-01-01

The computer code, ground rules, and plasma scalings used in the trade studies are briefly discussed. The results of these analyses are presented in detail. The results are summarized and pertinent conclusions and recommendations regarding the TNS design options are discussed

Illegal trade of tortoises (Testudinata) in Colombia: A network analysis approach

International Nuclear Information System (INIS)

Arroyave Bermudez, Felber Jair; Romero Goyeneche, Oscar Yandy; Bonilla Gomez, Maria Argenis; Hurtado Heredia, Rafael German

2014-01-01

The use of wildlife is important for supporting the economic and demographic growth in emerging countries. Nevertheless, the products of wildlife usually come from illegal trade to supply fur, wild meat and pet markets. Illegal trade puts great pressure over wild populations and threats some endangered species. In Colombia, the trade of wildlife is important because of the volumes traded and the cultural and economic connotation of some products. We describe the spatial structure of illegal trade of wildlife at departmental level for the five most traded genera of Colombian tortoises (Trachemys, Chelonoidis, Kinosternon, Podocnemis and Rhinoclemmys). This study is based on the reports of seizures between 2005 and 2009 compiled by the Ministerio de Medio Ambiente y Desarrollo of Colombia. We apply network analysis to study and evidence that the illegal trade network of tortoises includes international markets and supplies the Andean region. The Caribbean, Pacific and Orinoquia regions are the principal suppliers. Quindio, Santander, Antioquia and Putumayo are the biggest jobbers and consumers of wild tortoises. We propose sociocultural and cohercitive actions to fragment the trade network and their illegal market as well as promoting the conservation and sustainable use of tortoises.

Large-Scale Trade in Legally Protected Marine Mollusc Shells from Java and Bali, Indonesia.

Directory of Open Access Journals (Sweden)

Vincent Nijman

Full Text Available Tropical marine molluscs are traded globally. Larger species with slow life histories are under threat from over-exploitation. We report on the trade in protected marine mollusc shells in and from Java and Bali, Indonesia. Since 1987 twelve species of marine molluscs are protected under Indonesian law to shield them from overexploitation. Despite this protection they are traded openly in large volumes.We collected data on species composition, origins, volumes and prices at two large open markets (2013, collected data from wholesale traders (2013, and compiled seizure data by the Indonesian authorities (2008-2013. All twelve protected species were observed in trade. Smaller species were traded for 32,000 shells valued at USD500,000, chambered nautilus (Nautilus pompilius (>3,000 shells, USD60,000 and giant clams (Tridacna spp. (>2,000 shells, USD45,000 were traded in largest volumes. Two-thirds of this trade was destined for international markets, including in the USA and Asia-Pacific region.We demonstrated that the trade in protected marine mollusc shells in Indonesia is not controlled nor monitored, that it involves large volumes, and that networks of shell collectors, traders, middlemen and exporters span the globe. This impedes protection of these species on the ground and calls into question the effectiveness of protected species management in Indonesia; solutions are unlikely to be found only in Indonesia and must involve the cooperation of importing countries.

PERILAKU HARGA DAN VOLUME PERDAGANGAN (Studi Peristiwa Dampak Penundaan Pencairan Bantuan IMF pada Saham Dominasi Asing dengan Pendekatan Koreksi Beta

Directory of Open Access Journals (Sweden)

Rini - Mahgianti

2012-05-01

Full Text Available ABSTRACT   Theoritically has been stated that any relevant informations can create any market reactions indicated by price behaviour and trading volume. Research aimed  at analysing market reaction through any indicator of  cumulative abnormal return (CAR and cumulative abnormal trading volume (CATVA resulted by the delay of IMF grant.  Research was focused on the broad dominance stock and domestic dominance stock as a comparation. Market model approach was used in this analysis and the beta corection model to determine the expected return. Results show that delay of IMF grant contain any negative informations indicated by the significant reduce of CAR and CATVA, before and after annoucement.   Keywords: prive behaviour, CAR, CATVA, trading volume ABSTRAK   Secara teoritis dinyatakan bahwa informasi yang relevan dapat menimbulkan reaksi pasar yang dapat tercermin dari harga dan volume perdagangan. Penelitian ini bertujuan menguji reaksi pasar melalui indikator cumulative abnormal return (CAR dan cumulative abnormal trading volume (CATVA akibat pengumuman penundaan pencairan bantuan IMF. Obyek penelitian dilakukan pada saham dominasi asing dan sebagai pembanding dilakukan pula pengujian pada saham dominasi domestik. Pengujian dilakukan dengan pendekatan market model dan menambahkan model koreksi beta untuk penentuan expected return. Hasil penelitian yang diperoleh menunjukkan bahwa pengumuman penundaan bantuan IMF memiliki kandungan informasi negatif yang terlihat dari adanya penurunan CAR dan CATVA yang signifikan sebelum dan setelah pengumuman.   Kata kunci: Perilaku harga, CAR, CATVA, volume perdagangan

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.)

Applying systems thinking to inform studies of wildlife trade in primates.

Science.gov (United States)

Blair, Mary E; Le, Minh D; Thạch, Hoàng M; Panariello, Anna; Vũ, Ngọc B; Birchette, Mark G; Sethi, Gautam; Sterling, Eleanor J

2017-11-01

Wildlife trade presents a major threat to primate populations, which are in demand from local to international scales for a variety of uses from food and traditional medicine to the exotic pet trade. We argue that an interdisciplinary framework to facilitate integration of socioeconomic, anthropological, and biological data across multiple spatial and temporal scales is essential to guide the study of wildlife trade dynamics and its impacts on primate populations. Here, we present a new way to design research on wildlife trade in primates using a systems thinking framework. We discuss how we constructed our framework, which follows a social-ecological system framework, to design an ongoing study of local, regional, and international slow loris (Nycticebus spp.) trade in Vietnam. We outline the process of iterative variable exploration and selection via this framework to inform study design. Our framework, guided by systems thinking, enables recognition of complexity in study design, from which the results can inform more holistic, site-appropriate, and effective trade management practices. We place our framework in the context of other approaches to studying wildlife trade and discuss options to address foreseeable challenges to implementing this new framework. © 2017 Wiley Periodicals, Inc.

Trade, Foreign Direct Investment and R&D Spillovers

Directory of Open Access Journals (Sweden)

Jaehwa Lee

2004-06-01

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

Trading leads to scale-free self-organization

Science.gov (United States)

Ebert, M.; Paul, W.

2012-12-01

Financial markets display scale-free behavior in many different aspects. The power-law behavior of part of the distribution of individual wealth has been recognized by Pareto as early as the nineteenth century. Heavy-tailed and scale-free behavior of the distribution of returns of different financial assets have been confirmed in a series of works. The existence of a Pareto-like distribution of the wealth of market participants has been connected with the scale-free distribution of trading volumes and price-returns. The origin of the Pareto-like wealth distribution, however, remained obscure. Here we show that in a market where the imbalance of supply and demand determines the direction of prize changes, it is the process of trading itself that spontaneously leads to a self-organization of the market with a Pareto-like wealth distribution for the market participants and at the same time to a scale-free behavior of return fluctuations and trading volume distributions.

Application Actuation Trade Study

Science.gov (United States)

1982-01-01

32 RCA PRICE-L Podel Calculated 0 & S Values 138 33 RCA PRICE LCC Summery - Typical LRU 139 34 Airplane Actuation Trade Study LCC Summary 140 35...results achieved can be duplicated by a user. The RCA PRICE Podel calculates the RDTSE. Production cost, and creates the YiDF file for use in the PCA...PR ICE L). Some of the basic program ground rules for this study were as follows: RCA - PRICE Cost Podel RCA - PRICE L Model Prototype Hardware 10

Large-Scale Trade in Legally Protected Marine Mollusc Shells from Java and Bali, Indonesia.

Science.gov (United States)

Nijman, Vincent; Spaan, Denise; Nekaris, K Anne-Isola

2015-01-01

Tropical marine molluscs are traded globally. Larger species with slow life histories are under threat from over-exploitation. We report on the trade in protected marine mollusc shells in and from Java and Bali, Indonesia. Since 1987 twelve species of marine molluscs are protected under Indonesian law to shield them from overexploitation. Despite this protection they are traded openly in large volumes. We collected data on species composition, origins, volumes and prices at two large open markets (2013), collected data from wholesale traders (2013), and compiled seizure data by the Indonesian authorities (2008-2013). All twelve protected species were observed in trade. Smaller species were traded for Java and Bali, but the trade involves networks stretching hundreds of kilometres throughout Indonesia. Wholesale traders offer protected marine mollusc shells for the export market by the container or by the metric ton. Data from 20 confiscated shipments show an on-going trade in these molluscs. Over 42,000 shells were seized over a 5-year period, with a retail value of USD700,000 within Indonesia; horned helmet (Cassis cornuta) (>32,000 shells valued at USD500,000), chambered nautilus (Nautilus pompilius) (>3,000 shells, USD60,000) and giant clams (Tridacna spp.) (>2,000 shells, USD45,000) were traded in largest volumes. Two-thirds of this trade was destined for international markets, including in the USA and Asia-Pacific region. We demonstrated that the trade in protected marine mollusc shells in Indonesia is not controlled nor monitored, that it involves large volumes, and that networks of shell collectors, traders, middlemen and exporters span the globe. This impedes protection of these species on the ground and calls into question the effectiveness of protected species management in Indonesia; solutions are unlikely to be found only in Indonesia and must involve the cooperation of importing countries.

Large-Scale Trade in Legally Protected Marine Mollusc Shells from Java and Bali, Indonesia

Science.gov (United States)

Nijman, Vincent; Spaan, Denise; Nekaris, K. Anne-Isola

2015-01-01

Background Tropical marine molluscs are traded globally. Larger species with slow life histories are under threat from over-exploitation. We report on the trade in protected marine mollusc shells in and from Java and Bali, Indonesia. Since 1987 twelve species of marine molluscs are protected under Indonesian law to shield them from overexploitation. Despite this protection they are traded openly in large volumes. Methodology/Principal Findings We collected data on species composition, origins, volumes and prices at two large open markets (2013), collected data from wholesale traders (2013), and compiled seizure data by the Indonesian authorities (2008–2013). All twelve protected species were observed in trade. Smaller species were traded for trade involves networks stretching hundreds of kilometres throughout Indonesia. Wholesale traders offer protected marine mollusc shells for the export market by the container or by the metric ton. Data from 20 confiscated shipments show an on-going trade in these molluscs. Over 42,000 shells were seized over a 5-year period, with a retail value of USD700,000 within Indonesia; horned helmet (Cassis cornuta) (>32,000 shells valued at USD500,000), chambered nautilus (Nautilus pompilius) (>3,000 shells, USD60,000) and giant clams (Tridacna spp.) (>2,000 shells, USD45,000) were traded in largest volumes. Two-thirds of this trade was destined for international markets, including in the USA and Asia-Pacific region. Conclusions/Significance We demonstrated that the trade in protected marine mollusc shells in Indonesia is not controlled nor monitored, that it involves large volumes, and that networks of shell collectors, traders, middlemen and exporters span the globe. This impedes protection of these species on the ground and calls into question the effectiveness of protected species management in Indonesia; solutions are unlikely to be found only in Indonesia and must involve the cooperation of importing countries. PMID:26717021

Trade Credit Insurance and Asymmetric Information Problem

Directory of Open Access Journals (Sweden)

Sokolovska Olena

2017-03-01

Full Text Available The presence of different risk factors in international trade gives evidence of the necessity of support in gaps that may affect exporters’ activity. To maximize the trade volumes and in the same time to minimize the exporters’ risks the stakeholders use trade credit insurance. The paper provides analysis of conceptual background of the trade credit insurance in the world. We analyzed briefly the problems, arising in insurance markets due to asymmetric information, such as adverse selection and moral hazard. Also we discuss the main stages of development of trade credit insurance in countries worldwide. Using comparative and graphical analysis we provide a brief evaluation of the dynamics of claims and recoveries for different forms of trade credit insurance. We found that the claims related to the commercial risk for medium and long trade credits in recent years exceed the recoveries, while with the political risk the reverse trend holds. And we originally consider these findings in terms of information asymmetry in the trade credit insurance differentiated by type of risk.

Yellow fever, Asia and the East African slave trade.

Science.gov (United States)

Cathey, John T; Marr, John S

2014-05-01

Yellow fever is endemic in parts of sub-Saharan Africa and South America, yet its principal vectors--species of mosquito of the genus Aedes--are found throughout tropical and subtropical latitudes. Phylogenetic analyses indicate that yellow fever originated in Africa and that its spread to the New World coincided with the slave trade, but why yellow fever has never appeared in Asia remains a mystery. None of several previously proposed explanations for its absence there is considered satisfactory. We contrast the trans-Atlantic slave trade, and trade across the Sahara and to the Arabian Peninsula and Mesopotamia, with that to Far East and Southeast Asian ports before abolition of the African slave trade, and before the scientific community understood the transmission vector of yellow fever and the viral life cycle, and the need for shipboard mosquito control. We propose that these differences in slave trading had a primary role in the avoidance of yellow fever transmission into Asia in the centuries before the 20(th) century. The relatively small volume of the Black African slave trade between Africa and East and Southeast Asia has heretofore been largely ignored. Although focal epidemics may have occurred, the volume was insufficient to reach the threshold for endemicity.

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 ...

An Empirical Analysis of the Role of the Trading Intensity in Information Dissemination on the NYSE

NARCIS (Netherlands)

Spierdijk, L.

2002-01-01

Asymmetric information models predict comovements among trade characteristics such as returns, bid-ask spread, and trade volume on one hand and the trading intensity on the other hand.In this paper we investigate empirically the two-sided causality between trade characteristics and trading

Moore's Law versus Murphy's Law: Algorithmic Trading and Its Discontents

OpenAIRE

Andrei A. Kirilenko; Andrew W. Lo

2013-01-01

Financial markets have undergone a remarkable transformation over the past two decades due to advances in technology. These advances include faster and cheaper computers, greater connectivity among market participants, and perhaps most important of all, more sophisticated trading algorithms. The benefits of such financial technology are evident: lower transactions costs, faster executions, and greater volume of trades. However, like any technology, trading technology has unintended consequenc...

Recent Trends in World Trade and International Negotiations

OpenAIRE

Christophe Bellmann; Trineesh Biswas; Marie Chamay

2010-01-01

World trade in 2009 was dominated by the worst financial and economic crisis in decades. Global output shrank. So did the volume of international trade. Despite bearing no responsibility for the crisis, the poorer developing countries have fared the worst. China, Brazil and India saw exports drop by between a fifth and a third in the second half of 2008, but countries not belonging to the top 20 developing country exporters were hit even harder. Trade and GDP growth have started to pick up ag...

Trade and the Development of the Pacific Alliance

Directory of Open Access Journals (Sweden)

José Armando Hernández Bernal

2015-11-01

Full Text Available The Pacific Alliance is a process of deep integration among Colombia, Chile, Peru and Mexico, which aims to build a free trade area and to project into the Asia-Pacific region, in order to enhance existing trade agreements among the members. There is no deep trade relationships among these four countries, despite having regional agreements since the 1990s, as demonstrated by the low volume of reciprocal exports and imports, in addition to the low indicator of intra-industrial trade. In this paper, intra-regional trade index is calculated among the countries of the Pacific Alliance, evidencing low indicators, but with a growth, encouraged by reciprocal or unilateral policies of commercial opening, and by an environment favoring economic growth throughout the region.

Fuel Rod Consolidation Project: Phase 2, Final report: Volume 2, Appendices

International Nuclear Information System (INIS)

1987-01-01

This document, Volume 2, provides the appendices to Volume 1 of the Fuel Rod Consolidation Project. It provides information on the following: References; Trade-off Studies; Instrument List; RAM Data; Fabrication Specifications; Software Specifications; and Design Requirements

Characterizing copper flows in international trade of China, 1975-2015.

Science.gov (United States)

Zhang, Ling; Chen, Tianming; Yang, Jiameng; Cai, Zhijian; Sheng, Hu; Yuan, Zengwei; Wu, Huijun

2017-12-01

Since the economic reform, China has actively participated in the global market with rapid industrialization and gradually dominated the utilization and consumption of some critical materials, one of which is copper. China has reigned the global anthropogenic cycle of copper since 2004. We explore copper flows along with the international trade of China during 1975-2015, through life cycle lens, from ore to final products. Our main finding is that China has become more active in the copper-related trade, indicated by its great increase in trade volume and the number of trade partners. The physical volume of copper flows through trade increased over 119 times between 1975 and 2015, mainly because of more imported raw materials of copper and exported copper products. Generally, China is a net importer of copper, with increasing import dependence through the study period, whereas the degree of dependence slightly decreased from 2010 to 2015. The indicator of Export Support Rate took a decreasing percentage, which has fallen about 35% since 2010. It suggests China's changing position in the global resource and manufacturing market. In terms of trade price of different copper products, the price of imported copper concentrate was noticeably higher than that of exported one, revealing the poor copper resource endowment of China; while the different trend of copper semis in recent years signifies that China is in urgent need to improve its capability of producing high value-added semis. From international trade perspective, the copper resource of China presented stable supply as well as demand. The One Belt One Road strategy proposed by the state will further expand both the resource and market of copper. Copyright © 2017 Elsevier B.V. All rights reserved.

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.

Trade as an indicator of social and economic development

Directory of Open Access Journals (Sweden)

N. A. Serebryakova

2018-01-01

Full Text Available In modern conditions of trade in the Russian Federation became the most important type of entrepreneurship. It is, in a number of objective and subjective reasons, is the most rapidly developing sector of the national economy, affecting the interests of all subjects of market relations: population, manufacturers of commercial products, government and trade. Currently in the internal trade of the Russian Federation there have been significant changes occurring under the influence of growing tensions on the international market, in the economy of our country and within the trading industry. But despite the deteriorating economic situation in the world and strained relations between the Russian Federation and its European and American partners, the latest statistics indicate the translational dynamics of retail trade turnover in the whole country, and in the Voronezh region. Retail trade turnover is among the most important indicators of economic and social development of the Voronezh region and the country as a whole. Its structure and volume characterize the level of consumption of goods population, the increase or decrease of welfare of the people. Through retail sales is a constant influence on the development of the volume and structure of production of consumer goods. This article assessed the relationship between the economic development of the Voronezh region as one of average of region of our country, its trade and standard of living of Voronezh.

Bilateral Trade Flows and Income Distribution Similarity

Science.gov (United States)

2016-01-01

Current models of bilateral trade neglect the effects of income distribution. This paper addresses the issue by accounting for non-homothetic consumer preferences and hence investigating the role of income distribution in the context of the gravity model of trade. A theoretically justified gravity model is estimated for disaggregated trade data (Dollar volume is used as dependent variable) using a sample of 104 exporters and 108 importers for 1980–2003 to achieve two main goals. We define and calculate new measures of income distribution similarity and empirically confirm that greater similarity of income distribution between countries implies more trade. Using distribution-based measures as a proxy for demand similarities in gravity models, we find consistent and robust support for the hypothesis that countries with more similar income-distributions trade more with each other. The hypothesis is also confirmed at disaggregated level for differentiated product categories. PMID:27137462

Bi-lateral CO_2 emissions embodied in Australia–China trade

International Nuclear Information System (INIS)

Jayanthakumaran, Kankesu; Liu, Ying

2016-01-01

This paper quantifies the CO_2 emissions embodied in bi-lateral trade between Australia and China using a sectoral input–output model. The results revealed: (1) that China performs lower than Australia in clean technology in the primary, manufacturing, energy sectors due to their overuse of coal and inefficient sectoral production processes, and (2) that China had a 30.94 Mt surplus of bi-lateral CO_2 emissions in 2010–2011 and (3) overall global emissions were reduced by 20.19 Mt through Australia–China trade in 2010–2011. The result indicates that the greater the energy efficient a country among the trading partners the lower will be the overall global CO_2 emissions. Global emissions decreased mainly because China consumed Australian primary products rather than producing them. Australia is an energy efficient producer of primary products relative to China. The bilateral trade compositions and trade volume played an important role in lowering global emissions and therefore one can view proposed China Australia Free trade Agreement positively in reducing global emissions. However, for the sustainable development, China should strengthen clean energy use and both countries should adopt measures to create an emission trading scheme in order to avoid protectionism in the form of future border price adjustments. - Highlights: •Primary (Australia) and manufactured (China) exports are a unique combination. •Quantifies CO_2 emissions embodied in bi-lateral trade between Australia and China. •Global emissions reduce because China consume Australian primary. •Australia is energy efficient producer of primary products relative to China. •Results support more trade with appropriate trade composition and volume.

Impact of NAFTA on U.S. Corn Trade with Mexico

OpenAIRE

A. A. Farhad Chowdhury; Albert J. Allen

2005-01-01

The objective of this paper is to assess the impact of NAFTA vis-a-vis other domestic and environmental forces in corn trading between the U.S. and Mexico. Regression analysis could not provide conclusive evidence that the post-NAFTA increase in corn trade was solely due to NAFTA. Severe drought in Mexico and its domestic policy reforms may have contributed to the increased volume of corn trade in the post-NAFTA era.

Power-law correlations in finance-related Google searches, and their cross-correlations with volatility and traded volume: Evidence from the Dow Jones Industrial components

Czech Academy of Sciences Publication Activity Database

Krištoufek, Ladislav

2015-01-01

Roč. 428, č. 1 (2015), s. 194-205 ISSN 0378-4371 R&D Projects: GA ČR(CZ) GP14-11402P Institutional support: RVO:67985556 Keywords : Online searches * Google Trends * Long-term memory * Cross-correlations * Volatility * Traded volume Subject RIV: AH - Economics Impact factor: 1.785, year: 2015 http://library.utia.cas.cz/separaty/2015/E/kristoufek-0452317.pdf

Motivating the Study of International Trade: A Classroom Activity

Science.gov (United States)

Jensen, Sherry

2016-01-01

In this article, the author describes a classroom activity for use in introductory economics courses to motivate the study of international trade. The learning activity highlights the importance of international trade in students' everyday lives by having students inventory their on-hand belongings and identify where the items were manufactured.…

Fisheries issues: trade and access to resources

National Research Council Canada - National Science Library

1989-01-01

.... A sequel to the 1985 overview report on Problems of Trade in Fishery Products, this volume provides a country by country survey of measures, policies and practices affecting imports and exports of fishery products...

DEVELOPMENT STAGE OF RETAIL TRADE IN THE EUROPEAN UNION

Directory of Open Access Journals (Sweden)

Catana Adina

2012-07-01

Full Text Available According to Karel De Gucht, Trade Commissioner from the European Commission, trade is working for Europe's economic recovery by ensuring growth and jobs. The European renewed trade strategy will open markets and connect Europe to the main sources and regis of global growth. The aim is to ensure that European business gets a fair deal and that countries’ rights are respected so that all can enjoy the benefits of trade. Thanks to the ease of modern transport and communications, it is now easier to produce, buy and sell goods around the world which gives European companies of every size the potential to trade outside Europe. This paper’s objective is to analyse the development stage of the European Union’s retail, and its member countries. The study is based on the research taken in the project of PhD research with the theme: The impacts of Economic Integration on Romanian Retail. For my research I used data from Eurostat, National Statistical Institute, European Union official website In the past 10 years, the volume of retail trade in EU member states has increased, but the extent of the changes varies substantially from one country to another.

REGIONAL TRADE AGREEMENTS AND COMPETITION POLICY. CASE STUDY: EU, ASEAN AND NAFTA

Directory of Open Access Journals (Sweden)

Fora Andreea-Florina

2014-07-01

Full Text Available The large number of regional trade agreements notified to the World Trade Organization (WTO significantly influenced the flow of world trade. By April 2014 there had been notified 583 regional trade agreements to the WTO, of which only 379 are in force. The objective of this paper is to highlight the importance of regional trade agreements in world trade, especially the importance of establishing a regional competition policy in these agreements. The research methodology used is the analysis of legislation governing preferential trade agreements at the level of WTO, the collection and interpretation of statistical data provided by the WTO Secretariat, the case study, namely the study of literature. The paper is structured in three parts. The first part of the paper examines the basic laws based on which regional trade agreements are notified to the WTO and the evolution of these agreements in the period 1958-2013. The second part of the paper is devoted to the analysis of competition policy in regional trade agreements. In this part of the paper, to highlight the patterns of competition policy adopted under these agreements was analyzed by three case studies of competition policy in the EU, ASEAN and NAFTA. The three case studies have revealed that the three preferential trade agreements present regional competition policies with varying degrees of integration. The most complex form of competition policy is found in the European Union, because we are talking about a centralized model of competition policy. ASEAN presents a partially decentralized model, while NAFTA scrolls with a decentralized model of competition policy. The last part of the paper presents the characteristics of the four models of competition policy identified in the preferential trade agreements in force. It should be emphasized that if the initial preferential trade agreements have not put a great emphasis on the rules of competition policy, practice has shown the importance

How does trade-mediated technology transfer affect interregional and intersectoral competition? Exploring multi-sectoral effects in a global trade model

OpenAIRE

Das, Gouranga

2009-01-01

In this paper, all technology transfers are embodied in trade flows within a three-region, six-tradedcommodity version of the GTAP model. 4% Hicks-Neutral technical progress in heavy manufacturing in one region has uneven impacts on productivity elsewhere. Why? Destination regions’ ability to harness new technology depends on their absorptive capacity and on the structural congruence of the source and destination. Together with trade volume, these two factors determine the recipi...

AN ALTERNATIVE APPROACH TO THE TRADE DYNAMICS IN CROATIA

Directory of Open Access Journals (Sweden)

Daniel Tomic

2016-09-01

Full Text Available The point of understanding the international finance and trade perspective is closely related to comprehension of the terms of trade (exchange rate – trade balance nexus. How well can a country balance its international trade engagement over international price changes and/or applied exchange rate regime is of great importance, especially for a small, opened, indebted and import dependent country such as Croatia. By focusing on the relationship between the terms of trade, exchange rate, volume of trade, current account and output we are trying to provide some new insights into trade dynamics over a business cycle in Croatia. Furthermore, the analysis is done on aggregate level and evaluates only the market of goods, for it constitutes the larger part of the trade balance. Empirical assessment relies on the lead and lag cross-correlation functions between the variables comprising the period 2000 – 2014. Results suggest the existence of the S-curve pattern leading us to some indicative conclusions regarding the trade dynamics in Croatia.

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...

Volatility Informed Trading in the Options Market: Evidence from India

Directory of Open Access Journals (Sweden)

Rajesh Pathak

2015-12-01

Full Text Available The purpose of this paper is to investigate the trading activity in options market based on information about expected future volatility in spot market. We employ Common Implied Volatility as a measure of expected volatility and options volume and changes in Open Interests as measures of options trading activity. We first test for simultaneous information flow in the two markets using multiple regression technique. Next, we test for information based or hedge based use of options using Trivariate Vector-auto Regression framework. We further consider the classes of options moneyness and the market trends in our analysis to examine if the trader’s preference of options changes with change in description of options intrinsic value and market environment. We use daily closing data of S&P CNX Nifty Index options traded on National Stock Exchange, India. We, for the most part, find negative and significant relationship in contemporaneous regression suggesting active trading by arbitrageurs. A feedback relationship is observed in vector auto regression analysis suggesting that options are traded in India for both information based trading and hedging purposes. We also observe the relationship to be varying when market trends and classes of options moneyness are considered. This indicates that traders are not indifferent in their choice of trading venue when market conditions and factors change. The results of this study are helpful for traders in managing the risk and return of their portfolio based on volatility forecast. This study is distinctive as it examines the scarcely researched area of volatility informed trading in an emerging market set up.

Economic aspects of virtual water trade

Science.gov (United States)

Oki, Taikan; Yano, Shinjiro; Hanasaki, Naota

2017-04-01

Although water is rarely traded over long distances by itself, the total weight of the water consumed to produce traded commodities exceeds the weight of any other commodity traded in the world. This concept is known as virtual water trade. Although space-/time-/commodity-based quantification has been conducted extensively, the underlying causes of this peculiar feature have thus far received little exploration. Here, we use estimates of water consumption from a global hydrological model and statistical data related to food trade to elucidate three facts that explain the fundamental nature of virtual water trade with respect to alleviating water scarcity. First, we quantitatively illustrate the unique position of water among commodities based on its unit price and quantity of sales. Water has an extremely low unit price, and a tremendous volume of water is consumed per person each day. Second, we show that rich but water-scarce countries tend to reduce local water consumption by importing virtual water. Third, we demonstrate that nations characterized by net virtual water exports have higher water resources and income per capita and that no countries fall below a certain threshold with respect to both GDP and water resources. These points suggest that the virtual water trade is explained by economic characteristics of water and that sustainable development depends on promoting the co-development of poverty alleviation and water resource development.

Feeding humanity through global food trade

Science.gov (United States)

D'Odorico, Paolo; Carr, Joel A.; Laio, Francesco; Ridolfi, Luca; Vandoni, Stefano

2014-09-01

The recent intensification of international trade has led to a globalization of food commodities and to an increased disconnection between human populations and the land and water resources that support them through crop and livestock production. Several countries are not self-sufficient and depend on imports from other regions. Despite the recognized importance of the role of trade in global and regional food security, the societal reliance on domestic production and international trade remains poorly quantified. Here we investigate the global patterns of food trade and evaluate the dependency of food security on imports. We investigate the relationship existing between the trade of food calories and the virtual transfer of water used for their production. We show how the amount of food calories traded in the international market has more than doubled between 1986 and 2009, while the number of links in the trade network has increased by more than 50%. Likewise, global food production has increased by more than 50% in the same period, providing an amount of food that is overall sufficient to support the global population at a rate of 2700-3000 kcal per person per day. About 23% of the food produced for human consumption is traded internationally. The water use efficiency of food trade (i.e., food calories produced per unit volume of water used) has declined in the last few decades. The water use efficiency of food production overall increases with the countries' affluence; this trend is likely due to the use of more advanced technology.

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...

Capture, Movement, Trade, and Consumption of Mammals in Madagascar

Science.gov (United States)

Reuter, Kim E.; Randell, Haley; Wills, Abigail R.; Janvier, Totozafy Eric; Belalahy, Tertius Rodriguez; Sewall, Brent J.

2016-01-01

Wild meat trade constitutes a threat to many animal species. Understanding the commodity chain of wild animals (hunting, transportation, trade, consumption) can help target conservation initiatives. Wild meat commodity chain research has focused on the formal trade and less on informal enterprises, although informal enterprises contribute to a large portion of the wild meat trade in sub-Saharan Africa. We aimed to provide a more comprehensive understanding of the formal and informal components of these commodity chains by focusing on the mammalian wild meat trade in Madagascar. Our objectives were to: (1) identify hunting strategies used to capture different wild mammals; (2) analyze patterns of movement of wild meat from the capture location to the final consumer; (3) examine wild meat prices, volumes, and venues of sale; and (4) estimate the volume of wild meat consumption. Data were collected in May-August 2013 using semi-structured interviews with consumers (n = 1343 households, 21 towns), meat-sellers (n = 520 restaurants, open-air markets stalls, and supermarkets, 9 towns), and drivers of inter-city transit vehicles (n = 61, 5 towns). We found that: (1) a wide range of hunting methods were used, though prevalence of use differed by animal group; (2) wild meat was transported distances of up to 166 km to consumers, though some animal groups were hunted locally (Madagascar is also likely more formalized than previously thought. PMID:26926987

ACTIVITY-BASED COST ALLOCATION AND FUNCTION ANALYZES IN TRADE

Directory of Open Access Journals (Sweden)

TÜNDE VERES

2011-01-01

Full Text Available In this paper the author is thinking about the efficiency analyzes of trading. The most important evaluation factors of trade are the sales value, volume and the margin. Of course the easiest and fastest way is to follow the market situation by the turnover but for long term thinking the sales companies need to concentrate also for efficiency. Trading activity has some functions which can deeply effect for the final result and this is the reason to calculate their clear and reliable costs is an important condition of the decision making. The author reviews the cost categories and the basic functions in trading activity to find possible ways getting reliable information.

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)...

Articles from Volume 2, Issue 1, 2006, Journal of International Agricultural Trade and Development

OpenAIRE

Anonymous

2006-01-01

Content: Abler, David. "Introduction: Modeling Global Food and Agricultural Markets." (pp. v); (1) Sheldon, Ian. "Monopolistic Competition and Trade: Does the Theory Carry any Empirical Weight?" (pp. 1-32); (2) Abbott, Phillip. "Comment on: Monopolistic Competition and Trade: Does the Theory Carry any Empirical Weight?" (pp. 33-38); (3) Sarker, Rakhal and Yves Surry. "Product Differentiation and Trade in Agri-Food Products: Taking Stock and Looking Forward." (pp. 39-78); (4) Alston, Julian M....

Per capita emissions of greenhouse gases and international trade

International Nuclear Information System (INIS)

Karman, D.; Baptiste, S.

1994-01-01

The role played by international trade in Canada's emissions of greenhouse gases is investigated. Data used in the study include Environment Canada greenhouse gas emission estimates for 1990, a Statistics Canada input-output model linking greenhouse gas emissions to economic activity in different sectors, and monetary statistics on imports and exports. Subject to some simplifying assumptions, it is estimated that nearly 20% of Canada's greenhouse gas emissions can be attributed to the production of commodities destined for export to other countries. If the same greenhouse gas emission intensities are assumed for Canada's imports, the greenhouse gas emissions due to Canada's net trade is nearly 7% of the 660 megatonnes of CO 2 equivalent emissions for 1990. Commodities from natural resource exploitation head the list of greenhouse gas emissions attributed to international trade, as expected from their large export volumes and large greenhouse gas emission intensities. 4 refs., 1 fig

Study of atmospheric emission trading programs in the United States

International Nuclear Information System (INIS)

1991-01-01

A detailed review and evaluation was conducted of federal and state atmospheric emission trading programs in the USA to identify the factors critical to a successful program. A preliminary assessment was also made of the feasibility of such a program for NOx and volatile organic compounds (VOC) in the lower Fraser Valley in British Columbia. To date, experience in the USA with atmospheric emissions trading has primarily involved trades of emission reduction credits pursuant to the 1977 Clean Air Act amendments. Most trades occur under netting provisions which allow expansion of an existing plant without triggering the stringent new-source review process. Six case studies of emissions trading are described from jurisdictions in California, New Jersey, and Kentucky and from the national SO 2 allowance trading program. Estimates of cost savings achieved by emissions trading are provided, and factors critical to a successful program are summarized. These factors include clearly defined goals, participation proportional to problem contribution, an emissions inventory of satisfactory quality, a comprehensive permit system, a credible enforcement threat, efficient and predictable administration, location of the program in an economic growth area, and support by those affected by the program. In the Fraser Valley, it is concluded that either an emissions reduction credit or an allowance trading system is feasible for both NOx and VOC, and recommendations are given for implementation of such a program based on the factors determined above. 1 fig., 8 tabs

Pengaruh Right Issue Terhadap Volume Perdagangan Saham Dan Return Saham Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2010-2013

OpenAIRE

Kristy, Herico

2015-01-01

The purpose of this study is to find partially the empirical evidence about the difference of stock trading volume and stock return of listed companies before and after right issue in Indonesia Stock Exchange. This study is conducted by using even study. Data used in this study is stock trading volume and stock return data in five days before and after right issue that obtained from Indonesia Stock Exchange publication, reference books, internet, and scie...

Blood volume studies

International Nuclear Information System (INIS)

Lewis, S.M.; Yin, J.A.L.

1986-01-01

The use of dilution analysis with such radioisotopes as 51 Cr, 32 P, sup(99m)Tc and sup(113m)In for measuring red cell volume is reviewed briefly. The use of 125 I and 131 I for plasma volume studies is also considered and the subsequent determination of total blood volume discussed, together with the role of the splenic red cell volume. Substantial bibliography. (UK)

EU Energy Law. Volume 4. The EU Greenhouse Gas Emissions Trading Scheme

International Nuclear Information System (INIS)

Delbeke, J.; Hartridge, O.; Lefevere, J.; Meadows, D.; Runge-Metzger, A.; Slingenberg, Y.; Vainio, M.; Vis, P.; Zapfel, P.

2006-06-01

Gives valuable insights in the why's, how's, trade-offs, and critical design choices of the Emission Trading System of the European Union (EU ETS). The chapters deal with (1) The EU ETS: the result of a decade of policy action on the economic dimension of EU environmental policy; (2) The international climate policy developments of the 1990s: UNFCCC, the Kyoto Protocol, the Marrakech Agreements and the EU's Kyoto ratification decision; (3) Emissions trading: What is it? Design options and misconceptions; (4) The EU ETS Directive 2003/87/EEC explained; (5) The EU ETS Linking Directive explained; (6) The economic efficiency benefits of the EU ETS; (7) The NAP I experience; (8) The key importance of the Registry Regulation and of solid monitoring and verification; and (9) The potential role of the EU ETS for the elaboration of the post-2012 international climate regime. Conclusions are in chapter 10

Crossing the roof of the world: Trade in medicinal plants from Nepal to China.

Science.gov (United States)

He, Jun; Yang, Bin; Dong, Min; Wang, Yunshang

2018-04-26

infrastructure in Nepal and Tibet, including direct flight connections for the transport of high-value products. Official records on both sides of the border under-document both the value and the volume of the trade, implying that much of it is extra-legal. The value chain is thus governed by both legal and extra-legal mechanisms. This study provides the first structured overview of the current trade in commercial MAPs from Nepal to China. While the trade is thriving, growing in both volume and value to the benefit of producers in Nepal and consumers in China, there is little empirical data or research to support policy formulation on sustainable trading. This study provides informative insights into the value chain and makes public policy recommendations to increase the transparency and sustainability of trade by improving traditional border markets and removing market barriers. Copyright © 2018 Elsevier B.V. All rights reserved.

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.

Trade-Off Study for an STC 70 W Stirling Engine

Science.gov (United States)

Qiu, Songgang; Peterson, Allen A.; Augenblick, Jack E.

2005-02-01

A high-efficiency, low-weight free-piston Stirling generator, RG-70L, has been conceptually designed. This paper reports the detailed trade-off study of newly designed RG-70L. The trades of operating frequency and piston/displacer strokes on Stirling convertor mass and efficiency are discussed. This paper shows how the operating frequency and strokes were optimized based on the trades. Losses associated with increased frequency were fully investigated and the results are discussed in the paper. Various optional linear alternator configurations are also presented and the estimated masses are reported.

Framework for Architecture Trade Study Using MBSE and Performance Simulation

Science.gov (United States)

Ryan, Jessica; Sarkani, Shahram; Mazzuchim, Thomas

2012-01-01

Increasing complexity in modern systems as well as cost and schedule constraints require a new paradigm of system engineering to fulfill stakeholder needs. Challenges facing efficient trade studies include poor tool interoperability, lack of simulation coordination (design parameters) and requirements flowdown. A recent trend toward Model Based System Engineering (MBSE) includes flexible architecture definition, program documentation, requirements traceability and system engineering reuse. As a new domain MBSE still lacks governing standards and commonly accepted frameworks. This paper proposes a framework for efficient architecture definition using MBSE in conjunction with Domain Specific simulation to evaluate trade studies. A general framework is provided followed with a specific example including a method for designing a trade study, defining candidate architectures, planning simulations to fulfill requirements and finally a weighted decision analysis to optimize system objectives.

Evolution of the global virtual water trade network.

Science.gov (United States)

Dalin, Carole; Konar, Megan; Hanasaki, Naota; Rinaldo, Andrea; Rodriguez-Iturbe, Ignacio

2012-04-17

Global freshwater resources are under increasing pressure from economic development, population growth, and climate change. The international trade of water-intensive products (e.g., agricultural commodities) or virtual water trade has been suggested as a way to save water globally. We focus on the virtual water trade network associated with international food trade built with annual trade data and annual modeled virtual water content. The evolution of this network from 1986 to 2007 is analyzed and linked to trade policies, socioeconomic circumstances, and agricultural efficiency. We find that the number of trade connections and the volume of water associated with global food trade more than doubled in 22 years. Despite this growth, constant organizational features were observed in the network. However, both regional and national virtual water trade patterns significantly changed. Indeed, Asia increased its virtual water imports by more than 170%, switching from North America to South America as its main partner, whereas North America oriented to a growing intraregional trade. A dramatic rise in China's virtual water imports is associated with its increased soy imports after a domestic policy shift in 2000. Significantly, this shift has led the global soy market to save water on a global scale, but it also relies on expanding soy production in Brazil, which contributes to deforestation in the Amazon. We find that the international food trade has led to enhanced savings in global water resources over time, indicating its growing efficiency in terms of global water use.

System Losses and Assessment Trade Study

Energy Technology Data Exchange (ETDEWEB)

David Shropshire; Steve Piet; Nick Soelberg; Robert Cherry; Roger Henry; David Meikrantz; Greg Teske; Eric Shaber; Candido Pereira

2009-09-01

This Advanced Fuel Cycle Initiative (AFCI) study has developed new analysis methods to examine old and new technology options toward the goal of improving fuel cycle systems. We have integrated participants and information from AFCI Systems Analysis, Transmutation Fuels, Separations, and Waste Form Campaigns in the Systems Losses and Assessment Trade Study. The initial objectives of this study were to 1) increase understanding of system interdependencies and thereby identify system trade-offs that may yield important insights, 2) define impacts of separations product purity on fuel manufacture and transmutation reactivity, 3) define impacts from transuranic (TRU) losses to waste, 4) identify the interrelationships involved in fuels and separations technology performance, and 5) identify system configuration adjustments with the greatest potential for influencing system losses. While bounding and analyzing this initial problem, we also identified significantly higher-level programmatic drivers with broad implications to the current fuel cycle research charter and the general issue of a DOE complex wide need for a comprehensive and integrated nuclear material management as addressed by the new DOE Order 410.2 titled “Management of Nuclear Materials”. The initial modeling effort developed in this study for a much smaller subset of material (i.e., commercial fuel) and a selected transmutation scheme (i.e., fast reactor recycling) is a necessary first step towards examining a broader set of nuclear material management options, dispositioning strategies and integrated waste management options including potential areas of research leverage. The primary outcome from this initial study has been an enhanced integration among Campaigns and associated insights and analysis methods. Opportunities for improved understanding between the groups abound. The above lanthanide-actinide example highlights the importance of evaluating options via integration across the Campaigns

Targeted opportunities to address the climate-trade dilemma in China

Science.gov (United States)

Liu, Zhu; Davis, Steven J.; Feng, Kuishuang; Hubacek, Klaus; Liang, Sai; Anadon, Laura Diaz; Chen, Bin; Liu, Jingru; Yan, Jinyue; Guan, Dabo

2016-02-01

International trade has become the fastest growing driver of global carbon emissions, with large quantities of emissions embodied in exports from emerging economies. International trade with emerging economies poses a dilemma for climate and trade policy: to the extent emerging markets have comparative advantages in manufacturing, such trade is economically efficient and desirable. However, if carbon-intensive manufacturing in emerging countries such as China entails drastically more CO2 emissions than making the same product elsewhere, then trade increases global CO2 emissions. Here we show that the emissions embodied in Chinese exports, which are larger than the annual emissions of Japan or Germany, are primarily the result of China’s coal-based energy mix and the very high emissions intensity (emission per unit of economic value) in a few provinces and industry sectors. Exports from these provinces and sectors therefore represent targeted opportunities to address the climate-trade dilemma by either improving production technologies and decarbonizing the underlying energy systems or else reducing trade volumes.

Trade in the Atlantic Basin, 2000-2012: a panoramic view

Directory of Open Access Journals (Sweden)

Lorena Ruano

2013-09-01

Full Text Available This article offers a descriptive analysis of the goods trade in the Atlantic, and provides the following data: the largest trade volume can be found in the North Atlantic and the Americas, albeit with slower growth; Africa and South America trade mainly with the North, but with a tendency towards diversification; Europe depends less on Atlantic trade than other regions, South America being the most dependent of these; Africa mainly trades with extra-regional partners; the Atlantic’s role in world trade is diminishing owing to the rise of Asia (China; exports can be divided into those from the North (products with greater added value and the South (raw materials; imports are dominated by automobiles and oil; the main challenge is the economic crisis in Europe; with the Doha round havingstalled, the Atlantic free trade agreements under negotiation (Canada-EU; TTIP are gaining importance, with the aim of boosting the flow of goods, which represents one of the largest in the world.

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

Directory of Open Access Journals (Sweden)

J. K. Wang

2001-01-01

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

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

Directory of Open Access Journals (Sweden)

Sinem YAPAR SAÇIK

2013-12-01

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

EnviroTRADE information system

International Nuclear Information System (INIS)

Harlan, C.; Harrington, M.W.

1993-01-01

Environmental Technologies for Remedial Actions Data Exchange (EnviroTRADE) is a graphical/textual information management system being developed for the cleanup program of the U.S. Department of Energy's (DOE) Weapons Complex. Its principal purpose is to provide a single, powerful, interactive database that addresses environmental restoration and waste management (ER/WM) problems and the technologies currently under development or already available to resolve them. Because the volume and complexity of the information is so large, a sophisticated Relational Database Management System (RDBMS) is employed in EnviroTRADE. EnviroTRADE will be a multi-purpose, multi-user system capable of addressing a broad range of environmental assessment and cleanup issues. An early focus for the Beta version of EnviroTRADE has been to find matches between specific environmental problems at particular sites (e.g., in terms of waste composition and form) and available and new technologies suited to solve problems. The current prototype EnviroTRADE database includes both U.S. and foreign problems and technologies. A Beta version was developed and demonstrated during FY92 and was expanded in FY93. This system was delivered to EM-523 as a stand-alone resident system for demonstration and feedback purposes. The resident system demonstrates the feasibility of this kind of multi-purpose system and also provides a test bed for refining the system architecture. As the architecture and database grow, an increasing range of possible applications is envisioned. The ability to import very large quantities of graphical, textual, and numerical information into the database is of particular importance. Since a great deal of appropriate data already exists in various electronic formats, a rapid expansion into EnviroTRADE-accessible data is possible without relying on manual entry methods

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 ...

US and world coal trade

Energy Technology Data Exchange (ETDEWEB)

Stevens, B

1988-07-01

This paper reviews the US's coal trade with other countries in the world. Despite being pressed to support domestic coal producers, US utilities are looking towards Colombia for more of their supplies. Whilst the amount of Colombian coal imported into the US is small, it is a combination of this and coal imported from Australia, Canada and China which is causing concern. Studies indicate that the volume of coal imported into the US may rise to 3 Mt/year within three years. Coal exports may suffer if Brazil bans the import of significant quantities of US coking coal in retaliation against American trade sanctions against Brazilian computer import barriers. Also, Romania is expected to impose tariffs on US imports which will have an impact on US coal exported to Romania. US remains the top coal exporter to the European Communities but its lead was cut back due to a big rise of Australian export. A portion of EC market has also been lost to the USSR and Poland. Meanwhile, Japan is resisting buying US's steam coal because it is too expensive.

Task 28: Web Accessible APIs in the Cloud Trade Study

Science.gov (United States)

Gallagher, James; Habermann, Ted; Jelenak, Aleksandar; Lee, Joe; Potter, Nathan; Yang, Muqun

2017-01-01

This study explored three candidate architectures for serving NASA Earth Science Hierarchical Data Format Version 5 (HDF5) data via Hyrax running on Amazon Web Services (AWS). We studied the cost and performance for each architecture using several representative Use-Cases. The objectives of the project are: Conduct a trade study to identify one or more high performance integrated solutions for storing and retrieving NASA HDF5 and Network Common Data Format Version 4 (netCDF4) data in a cloud (web object store) environment. The target environment is Amazon Web Services (AWS) Simple Storage Service (S3).Conduct needed level of software development to properly evaluate solutions in the trade study and to obtain required benchmarking metrics for input into government decision of potential follow-on prototyping. Develop a cloud cost model for the preferred data storage solution (or solutions) that accounts for different granulation and aggregation schemes as well as cost and performance trades.

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...

To trade or not to trade: Link prediction in the virtual water network

Science.gov (United States)

Tuninetti, Marta; Tamea, Stefania; Laio, Francesco; Ridolfi, Luca

2017-12-01

In the international trade network, links express the (temporary) presence of a commercial exchange of goods between any two countries. Given the dynamical behaviour of the trade network, where links are created and dismissed every year, predicting the link activation/deactivation is an open research question. Through the international trade network of agricultural goods, water resources are 'virtually' transferred from the country of production to the country of consumption. We propose a novel methodology for link prediction applied to the network of virtual water trade. Starting from the assumption of having links between any two countries, we estimate the associated virtual water flows by means of a gravity-law model using country and link characteristics as drivers. We consider the links with estimated flows higher than 1000 m3/year as active links, while the others as non-active links. Flows traded along estimated active links are then re-estimated using a similar but differently-calibrated gravity-law model. We were able to correctly model 84% of the existing links and 93% of the non-existing links in year 2011. It is worth to note that the predicted active links carry 99% of the global virtual water flow; hence, missed links are mainly those where a minimum volume of virtual water is exchanged. Results indicate that, over the period from 1986 to 2011, population, geographical distances between countries, and agricultural efficiency (through fertilizers use) are the major factors driving the link activation and deactivation. As opposed to other (network-based) models for link prediction, the proposed method is able to reconstruct the network architecture without any prior knowledge of the network topology, using only the nodes and links attributes; it thus represents a general method that can be applied to other networks such as food or value trade networks.

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.

The Carbon Trading Game

International Nuclear Information System (INIS)

Fouquet, Roger

2003-12-01

In response to the Kyoto Protocol, an international market for carbon dioxide tradable permits is likely to be created. Two of the key issues involved are explaining the concepts of tradable permits to industrialists, policy-makers and the man on the street, and anticipating how the market will evolve. A simple game of the market for carbon dioxide tradable permits has been developed and used that can help deal with both issues. As a pedagogical tool, this game benefits from simplicity (just a few pieces of paper are needed) and enables students to grasp the concepts and remember them through the intensity and fun of a trading 'pit'. The experiences also provide substantial insights into the evolution of the carbon dioxide permit market, particularly related to the evolution of trade volume, permit prices and country strategies

Regional trade and border markets between Niger, Benin and Nigeria

DEFF Research Database (Denmark)

Walther, Olivier; Tenikué, Michel; Kuepié, Mathias

The objective of this methodological paper is to identify a number of products or sectors whose trade is relevant for border regions in West Africa. Focusing on Niger, Benin and Nigeria, we start with contextualising the importance of border markets by quantifying the changes in the relative values...... and volumes of imports and exports passing through border posts. In a second step, we determine which are the products most commonly found among the imports and exports of the border posts. The study shows that seven products are recognised as being heavily imported, subject to significant trade from large...... traders, and considered as re-export products: building materials, cereals and flour, textile, used clothing, used vehicles, cigarettes and oil....

Some risks related to the short-term trading of natural gas

International Nuclear Information System (INIS)

Ahmed El Hachemi Mazighi

2004-01-01

Traditionally guided by long-term contracts, the international natural gas trade is experiencing new methods of operating, based on the short term and more flexibility. Today, indeed, the existence of uncommitted quantities of natural gas, combined with gas price discrepancies among different regions of the world, gives room for the expansion of the spot-trading of gas. The main objective of this paper is to discuss three fundamental risks related to the short-term trading of natural gas: volume risk, price risk and infrastructure risk. The defenders Of globalisation argue that the transition from the long-term to the short-term trading of natural gas is mainly a question of access to gas reserves, decreasing costs of gas liquefaction, the building of liquefied natural gas (LNG) fleets and regasification facilities and third-party access to the infrastructure. This process needs to be as short as possible, so that the risks related to the transition process will disappear rapidly. On the other hand, the detractors of globalisation put the emphasis on the complexity of the gas value chain and on the fact that eliminating long- term contracts increases the risks inherent to the international natural gas business. In this paper, we try to untangle and assess the risks related to the short-term trading of natural gas. Our main conclusions are: the short-term trading of gas is far from riskless; volume risk requires stock-building in both consuming and producing countries. (author)

THE RECENT TREND OF ROMANIA’S INTERNATIONAL TRADE IN GOODS

Directory of Open Access Journals (Sweden)

Andrei – Cristian Balasan

2014-04-01

Full Text Available The article analyses the recent developments regarding the Romania trade in goods. We highlight how Romania’s trade in goods evolved after the EU accession. In this period Romania’s exports and imports were influenced by the economic crisis, which had a major impact especially on imports. The paper presents the primary trends that have set the volume, dynamics, structure and performance of trade in Romania in the crisis and post-crisis period. We have noticed what changes took place in the structure of exports and imports of goods and also who were the main external partners of Romania.

The Structure of Trade in Genetic Resources: Implications for the International ABS Regime Negotiation

Directory of Open Access Journals (Sweden)

Mikyung Yun

2010-06-01

Full Text Available The intensive exploitation of genetic resources at the international level has led to a negotiation of an international regime on Access and Benefit-Sharing (ABS of genetic resources. Due to lack of systematic data, little is known about the structure of trade in genetic resources to inform the negotiators. This study attempts to shed a greater insight into genetic resources trade in the pharmaceutical sector in Korea, mainly relying on interviews of industry practitioners and scientists in related fields. The study finds that Korea is mainly a genetic resource importer, but that pharmaceutical firms rarely carry out bioprospecting directly, relying on semi-processed biochemicals imports trough agents. Therefore, the impact of the to-be negotiated international ABS negotiation will be larger if derivatives are included in its scope. However, the general impact on the economy as a whole would be small, given the small share of genetic resources trade compared to total trade volumes.

An Assessment of the China-Korea Free Trade Agreement: Implementation Outcome and Influencing Factors

Directory of Open Access Journals (Sweden)

Meiling Wang

2017-04-01

Full Text Available China-Korea Free Trade Agreement tops the list of trade volume covered by 14 FTAs China has signed with its signatory counterparts. In principle, 100 days of China-Korea Free Trade Agreement (ChKFTA into effect as of December 20, 2015, through two stages of tariff reduction and/or elimination, can result in substantial benefits for Chinese imports and/or exports firms. The paper is a pilot questionnaire study assessing the enforcement outcome of ChKFTA, based on the responding firms’ perceived observations and views of the impact of ChKFTA on their trading activities in the first quarter of 2016, and the role of related rule of origin (RoO. Such an inquiry of the relationship between rule of origin and trade in goods aims at yielding evidence for decision-making on how to optimize the outcome of ChKFTA and China’s increasing number of FTAs as well.

Developments in international solid biofuel trade - an analysis of volumes, policies and market factors

NARCIS (Netherlands)

Lamers, P.; Junginger, H.M.; Hamelinck, C.N.; Faaij, A.P.C.

2012-01-01

This paper presents and analyses international solid biofuel trade and concludes upon interactions with bioenergy policies and market factors. It shows that trade has grown from about 56 to 300 PJ between 2000 and 2010. Wood pellets grew strongest, i.e. from 8.5 to 120 PJ. Other relevant streams by

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...

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...

To what extent does weather influence individuals’ financial decision-making behaviour? Evidence from the spread-trading market

OpenAIRE

Wang, Shaosong

2016-01-01

This thesis, which is divided into 3 papers, investigates the relationship between weather and individuals’ trading behaviour in the spread-trading market. The spread-trading market offers the opportunity of examining individuals’ trading records, and thus enables the exploration of the impact of weather on individuals’ financial decision-making behaviours. The first paper investigates the effect of a range of weather variables on individual spread traders’ hourly trading volumes and their pr...

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.

Waste Isolation Pilot Plant: Alcove Gas Barrier trade-off study

International Nuclear Information System (INIS)

Lin, M.S.; Van Sambeek, L.L.

1992-07-01

A modified Kepner-Tregoe method was used for a trade-off study of Alcove Gas Barrier (AGB) concepts for the Waste Isolation Pilot Plant. The AGB is a gas-constraining seal to be constructed in an alcove entrance drift. In this trade-off study, evaluation criteria were first selected. Then these criteria were classified as to their importance to the task, assigning a weighting value to each aspect. Eleven conceptual design alternatives were developed based on geometrical/geological considerations, construction materials, constructibility, and other relevant factors and evaluated

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.

The impacts of the global economic crisis on selected segments of the world trade in commodities

Directory of Open Access Journals (Sweden)

Elena Horská

2012-01-01

Full Text Available This paper deals with the impacts of the economic crisis on the world trade in order to highlight the mutual interdependence of the development of the world output and trade. The paper observes mutual correlation in development of the world trade and output. The results of the analysis indicate that changes in the value of world GDP and world trade are correlated by more than 90%. It is important to mention that in the years 2000–2009, the value of world trade and world output increased significantly (although in 2009, a significant decline in both value and volume of global production and trade was recorded due to the crisis. In relation to the world trade, it should be noted that its commodity structure is dominated by trade in manufactures. The crisis that occurred in the period 2008–2009 greatly affected the world economy and trade in particular. In this respect it should be pointed out that the crisis mainly affected trade in manufactures and then trade in fuels and mining outputs in terms of both absolute and relative indicators. Agrarian trade dealt with the crisis the best and the impact of the crisis on development of its values and volume was the least significant. This verifies the fact that agrarian and food products tend to be the most resistant to the crisis (on contrary, in times of global economic growth or reconstruction, the trade in agrarian and food products shows lower degree of elasticity in relation to the global GDP growth in comparison to other segments of commodities trade.

THE IMPACT OF COMPETITIVENESS ON TRADE EFFICIENCY: THE ASIAN EXPERIENCE BY USING THE STOCHASTIC FRONTIER GRAVITY MODEL

Directory of Open Access Journals (Sweden)

Memduh Alper Demir

2017-12-01

Full Text Available The purpose of this study is to examine the bilateral machinery and transport equipment trade efficiency of selected fourteen Asian countries by applying stochastic frontier gravity model. These selected countries have the top machinery and transport equipment trade (both export and import volumes in Asia. The model we use includes variables such as income, market size of trading partners, distance, common culture, common border, common language and global economic crisis similar to earlier studies using the stochastic frontier gravity models. Our work, however, includes an extra variable called normalized revealed comparative advantage (NRCA index additionally. The NRCA index is comparable across commodity, country and time. Thus, the NRCA index is calculated and then included in our stochastic frontier gravity model to see the impact of competitiveness (here measured by the NRCA index on the efficiency of trade.

Previsão Não-linear de Retornos na BOVESPA: Volume Negociado em um Modelo Auto-Regressivo de Transição Suave

Directory of Open Access Journals (Sweden)

Robert Aldo Iquiapaza

2010-01-01

Full Text Available In this study, the predictive power of a logistic smooth transition auto regression model (LSTAR in generating statistically significant returns is evaluated when the transition variable is trading volume and the lagged return itself, for the São Paulo Stock Exchange’s Ibovespa Index, with the analysis based on daily data between 1996 and 2006. The reason for the inclusion of trading volume is found in some market characteristics and behavioral finance results, which indicate the existence of a negative relationship between trading volume and future returns. The model shows a good adjustment to the data, although it does not have the ability to generate additional profits if the transaction costs are of 0.5% per trade. For lower costs there is some predictive power, though lower than an AR(1 model and a buy and hold strategy. Considering the risk, for transaction costs of 0.035% per trade, the autoregressive model permitted a Sharpe index 20% larger than the buy and hold strategy.

Intraday Trading Patterns in the Equity Warrants and Equity Options Markets: Australian Evidence

Directory of Open Access Journals (Sweden)

Lydia Segara

2007-06-01

Full Text Available This paper extends the microstructure literature, by examining the previouslyundocumented intraday trading patterns in trading volume, price volatility, order depthand relative spreads for both the warrant and option market in Australia. Comparisons ofintraday variations across these derivative securities allows for insight to be drawn intocompeting market microstructure theories and provides the opportunity to examinewhether market design differences explain variations in observed intraday patterns. Wefind that intraday trading patterns documented in the warrant and option markets can beexplained by their market designs, along with theories relating to time-varying informationasymmetry and time-varying hedging trades around nontrading periods.

Ada (Trade Name) Bibliography. Volume 1.

Science.gov (United States)

1983-05-01

GLENN DOCUMENT NUMBER: 3268 TYPE: JOURNAL ARTICLE .5-., SCIENCE VOL 215 ISSUE 34 PP. 775-779S In this article, two principal themes are observed in...AINST LANAN RD NAY 83 ND9S-8-C-936 UNCLASSIFIED F/6 12/5 ML -4.4 ’-4-4----" ’°p..l i . d N N L. 131 t ’ll /II~ Ada Bibliography Volume I 95 𔃾- This...BUDAPEST,HUNGARY 4102 -01 ON THE TYPE CONCEPT OF ADA 6224 -03 UNORTHOGONALITIES IN THE IDENTIFICATION RULES IN ADA BACON, GLENN , IBM SANTA TERESA LABS

Carbon emission, energy consumption and intermediate goods trade: A regional study of East Asia

International Nuclear Information System (INIS)

Zhang, Jingjing

2015-01-01

Using country level panel data from East Asia over the period 1998–2011, this paper examines the implications of international production fragmentation-induced intermediate goods trade on the link between energy consumption and carbon pollution. The paper focuses on the interaction effect between energy consumption and trade in intermediate goods on carbon emission. The empirical results presented suggest that international trade in intermediate goods decreases the positive impact on carbon emission of energy consumption. When compared with the trade in final goods, intermediate goods trade contributes to a greater decrease in carbon pollution resulting from energy consumption. These results confirm that the link between energy consumption and carbon pollution in East Asia is significantly affected by international production fragmentation-induced trade in intermediate goods. The results presented in this paper have some important policy implications. - Highlights: • This paper tests the role of intermediates trade in energy-development nexus. • Empirical study is based on data of East Asia. • International trade can reduce the carbon pollution caused by energy use. • Intermediates trade has higher moderating effect than non-intermediate trade.

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.

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

Insider Trading Activities and Returns of German Blue Chips

Directory of Open Access Journals (Sweden)

Dagmar Linnertová

2015-01-01

Full Text Available The aim of this paper is to investigate the causality between stock returns and insider open market transactions. The Dumitrescu-Hurlin (2012 heterogeneous approach to panel Granger causality is chosen to examine the relationship. The investigation is conducted on the 30 most traded German blue chips during the period of 2006–2014. The strong causality is revealed in the one-month period. Thus, stock returns may be used to predict future insider trading activity. The strong causality between stock returns and future insider buying and selling transactions is further confirmed with three out of four employed insider trading indices. The fact of the legal insider trade (either buy or sell is more important than its volume. The reverse relationship is weak and valid only for longer time horizon of twelve months. Our results indicate that insider traders do not degrade the market efficiency in the long run.

Banking and Trading

NARCIS (Netherlands)

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

2016-01-01

We study the interaction between relationship banking and short-term arm’s length activities of banks, called trading. We show that a bank can use the franchise value of its relationships to expand the scale of trading, but may allocate too much capital to trading ex post , compromising its ability

Spatial structure, inequality and trading community of renewable energy networks: A comparative study of solar and hydro energy product trades

International Nuclear Information System (INIS)

Fu, Xin; Yang, Yu; Dong, Wen; Wang, Changjian; Liu, Yi

2017-01-01

Renewable energy trade is booming and has formed complicated networks worldwide. However, our knowledge of the spatial structures and evolution of these networks is limited. In this paper, network analyses are used to examine the geographic characteristics of selected renewable energy trades and their evolution based on the United Nations COMTRADE Database from 1988 to 2013. The results show that the networks are expanding to include more and more countries and relationships, and scale of the networks is larger than ever. A tripartite confrontational renewable energy trading system has been forming and is strengthening. Europe, the USA, China and other Asian countries are the main players, and China has overtaken the USA and Europe as the leading player. Inequality and ‘small-world’ characteristics appear in renewable energy trade. Solar energy trade presents a triadic community structure with Europe, the USA and China as the dominant players, while hydro energy trade presents a smaller and more dispersed structure. The core–periphery structure strongly suggests a trade dependency between hubs and peripheral elements in renewable energy trade. Developing countries should design appropriate incentives and contribute to particular segments in renewable energy value chain to accelerate and benefit from the South–South renewable energy trade. - Highlights: • Renewable energy trade networks are identified and analyzed. • Tripartite confrontational renewable energy trade systems have been formed and are strengthening. • Unequal and ‘small world’ characteristics have appeared in the renewable energy trade. • China has overtaken the USA and Europe as the leading player in the renewable energy trade. • Developing countries should make efforts to benefit from the South–South energy trade.

Assessment of Trade Policy in Terms of Export Diversification in Azerbaijan

Directory of Open Access Journals (Sweden)

Sevda Shakir Imamverdiyeva

2015-09-01

Full Text Available We analyze current status of of Azerbaijan export diversification and foreign trade policy in independent years (up from1991. The main focuse is on the tariffs and non-tariff measures of the Republic of Azerbaijan. We analyze foreign trade policy instruments of Azerbaijan one by one and compeare them with similar mechanisms of other countries. Our results show that that the foreign trade policy is very favorable for increasing foreign trade volume, and diversification of non-oil export in Azerbaijan. We find that Azerbaijan’s the maximum import tariffs level is 15%, and simple average is 9.4%. At the same time, until now Azerbaijani Government does not use most non-tariff barriers, including import quantity quotas, export subsidy, damping, anti-dumping etc.

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

Some risks related to the short-term trading of natural gas

International Nuclear Information System (INIS)

Mazighi, Ahmed El Hachemi

2004-01-01

Traditionally guided by long-term contracts, the international natural gas trade is experiencing new methods of operating, based on the short term and more flexibility. Today, indeed, the existence of uncommitted quantities of natural gas, combined with gas price discrepancies among different regions of the world, gives room for the expansion of the spot-trading of gas. The main objective of this paper is to discuss three fundamental risks related to the short-term trading of natural gas: volume risk, price risk and infrastructure risk. The defenders of globalisation argue that the transition from the long-term to the short-term trading of natural gas is mainly a question of access to gas reserves, decreasing costs of gas liquefaction, the building of liquefied natural gas (LNG) fleets and regasification facilities and third-party access to the infrastructure. This process needs to be as short as possible, so that the risks related to the transition process will disappear rapidly. On the other hand, the detractors of globalisation put the emphasis on the complexity of the gas value chain and on the fact that eliminating long-term contracts increases the risks inherent to the international natural gas business. In this paper, we try to untangle and assess the risks related to the short-term trading of natural gas. Our main conclusions are: the short-term trading of gas is far from riskless; volume risk requires stock-building in both consuming and producing countries; price risk, through the high volatility for gas, induces an increase in options prices; there is no evidence to suggest that money-lenders' appetite for financing gas infrastructure projects will continue in a short-term trading system. This would be a threat to consumers' security of supply. (Author)

Trade Secrets in the Legal Studies Curriculum--A Case Study

Science.gov (United States)

Evans, Michelle

2012-01-01

Trade secrets can be a valuable company asset because of their potential to last forever. Unfortunately, along with such a significant benefit, there is also a significant risk--the risk that the trade secret can be lost in an instant if it is not sufficiently protected. Companies must be vigilant in protecting these secrets. However, the law is…

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...

Asteroid Redirect Crewed Mission Space Suit and EVA System Architecture Trade Study

Science.gov (United States)

Bowie, Jonathan T.; Blanco, Raul A.; Watson, Richard D.; Kelly, Cody; Buffington, Jesse; Sipila, Stephanie A.

2014-01-01

This paper discusses the Asteroid Redirect Crewed Mission (ARCM) space suit and Extravehicular Activity (EVA) architecture trade study and the current state of the work to mature the requirements and products to the mission concept review level. The mission requirements and the resulting concept of operations will be discussed. A historical context will be presented as to present the similarities and differences from previous NASA missions. That will set the stage for the trade study where all options for both pressure garment and life support were considered. The rationale for the architecture decisions will then be presented. Since the trade study did identity risks, the subsequent tests and analyses that mitigated the risks will be discussed. Lastly, the current state of the effort will be provided.

Statistical properties of trading activity in Chinese stock market

Science.gov (United States)

Sun, Xiaoqian; Cheng, Xueqi; Shen, Huawei; Wang, Zhaoyang

2010-08-01

We investigate the statistical properties of traders' trading behavior using cumulative distribution function(CDF). We analyze exchange data of 52 stocks for one-year period which contains non-manipulated stocks and manipulated stocks published by China Securities Regulatory Commission(CSRC). By analyzing the total number of transactions and the trading volume of each trader over a year, we find the cumulative distributions have power-law tails and the distributions between non-manipulated stocks and manipulated stocks are different. These findings can help us to detect the manipulated stocks.

Classic nuclear fuel trading and new ways of doing business

International Nuclear Information System (INIS)

Lohrey, K.; Max, A.

2001-01-01

Nuclear fuel trading is a complex, dynamic, and innovative business segment. After the end of the East-West conflict in the early nineties it began to assume global dimensions. Yet, the volume of the nuclear fuel market is relatively small: In 2000, natural uranium worth approx. euro 1.2 billion was produced, and the value of the fuel freshly loaded in nuclear power plants amounted to approx. euro 8.0 billion. For comparison: The crude oil produced worldwide in that same year had a market value of approx. euro 715 billion. As a consequence of the strategic importance of uranium in the military sector, processing and using it as a nuclear fuel as well as trading it are subject to political influences. This also applies to the recycling of weapon-grade nuclear material into the civilian nuclear fuel cycle, which is already being practiced on an industrial scale. The deregulation of the electricity markets and the resultant cost pressure on electricity producers have initiated major changes in the nuclear fuel market. On the supply side, there is more and more concentration on a few large producers and trading companies. On the demand side, especially in the United States of America, more and more nuclear power plant operators merge into bigger enterprises with a considerable demand potential. Electronic trading over the Internet is going to supplement conventional trading in nuclear fuels, but is not going to replace it. The relatively small volume of the nuclear fuel market, the small number both of transactions and of active market participants, as well as individual wishes of customers, make it likely that electronic trading will remain restricted to a few market segments with standardized products. (orig.)

A NEW LOOK AT THE TRADE VOLUME EFFECTS OF REAL EXCHANGE RATE RISK

OpenAIRE

Wang, Kai-Li; Barrett, Christopher B.

2002-01-01

This paper takes a new empirical look at the longstanding question of the effect of exchange rate volatility on international trade flows by studying the case of Taiwan's exports to the United States from 1989-1998. In particular, we employ sectoral level, monthly data and a multivariate GARCH-M estimator with corrections for leptokurtic errors that is consistent with the core hypothesis that traders' forward contracting behavior might be affected by exchange rate risk. We find that real exch...

Study of atmospheric emission trading programs in the United States. Final report

International Nuclear Information System (INIS)

1991-01-01

A detailed review and evaluation was conducted of federal and state atmospheric emission trading programs in the USA to identify the factors critical to a successful program. A preliminary assessment was also made of the feasibility of such a program for NOx and volatile organic compounds (VOC) in the lower Fraser Valley in British Columbia. To date, experience in the USA with atmospheric emissions trading has primarily involved trades of emission reduction credits pursuant to the 1977 Clean Air Act amendments. Most trades occur under netting provisions which allow expansion of an existing plant without triggering the stringent new-source review process. Six case studies of emissions trading are described from jurisdictions in California, New Jersey, and Kentucky and from the national SO 2 allowance trading program. Estimates of cost savings achieved by emissions trading are provided, and factors critical to a successful program are summarized. These factors include clearly defined goals, participation proportional to problem contribution, an emissions inventory of satisfactory quality, a comprehensive permit system, a credible enforcement threat, efficient and predictable administration, location of the program in an economic growth area, and support by those affected by the program. In the Fraser Valley, it is concluded that either an emissions reduction credit or an allowance trading system is feasible for both NOx and VOC, and recommendations are given for implementation of such a program based on the factors determined above. 1 fig., 8 tabs

Exchange Rate Volatility and Trade among the Asia Pacific Countries

Directory of Open Access Journals (Sweden)

Saang Joon Baak

2004-06-01

Full Text Available The purpose of this paper is to investigate the impact of exchange rate volatility on exports among 14 Asia Pacific countries, where various measures to raise the intra-region trade are being implemented. Specifically, this paper estimates a gravity model, in which the dependent variable is the product of the exports of two trading countries. In addition, it also estimates a unilateral exports model, in which the dependent variable is not the product of the exports of two trading countries but the exports from one country to another. By doing this, the depreciation rate of the exporting country's currency value can be included as one of the explanatory variables affecting the volume of exports. As the explanatory variables of the export volume, the gravity model adopts the product of the GDPs of two trading counties, their bilateral exchange rate volatility, their distance, a time trend and dummies for the share of the border line, the use of the same language, and the APEC membership. In the case of the unilateral exports model, the product of the GDPs is replaced by the GDP of the importing country, and the depreciation rate of the exporting country's currency value is dded. In addition, considering that the export volume will also depend on various onditions of the exporting country, dummies for exporting countries are also included as an explanatory variable. The empirical tests, using annual data for the period from 1980 to 2002, detect a significant negative impact of exchange rate volatility on the volume of exports. In addition, various tests using the data for sub-sample periods indicate that the negative impact had been weakened since 1989, when APEC had launched, and surged again from 1997, when the Asian financial crisis broke out. This finding implies that the impact of exchange rate volatility is time-dependent and that it is significantlynegative at least in the present time. This phenomenon is noticed regardless which estimation

Intraday Analysis of Market Integration: Dutch Blue Chips traded in Amsterdam and New York

NARCIS (Netherlands)

A.J. Menkveld (Bert)

2000-01-01

textabstractMarket integration is studied for Dutch stocks cross-listed at the NYSE. Trading starts in Amsterdam and ends in New York with a one-hour overlap. Both markets are not perfectly integrated in that they can be viewed as one market with the well-documented U-shape in volatility, volume and

The physical dimension of international trade. Part 1. Direct global flows between 1962 and 2005

International Nuclear Information System (INIS)

Dittrich, Monika; Bringezu, Stefan

2010-01-01

The physical dimension of international trade is attaining increased importance. This article describes a method to calculate complete physical trade flows for all countries which report their trade to the UN. The method is based on the UN Comtrade database and it was used to calculate world-wide physical trade flows for all reporting countries in nine selected years between 1962 and 2005. The results show increasing global trade with global direct material trade flows reaching about 10 billion tonnes in 2005, corresponding to a physical trade volume of about 20 billion tonnes (adding both total imports and total exports). The share from European countries is declining, mainly in favour of Asian countries. The dominant traded commodity in physical units was fossil fuels, mainly oil. Physical trade balances were used to identify the dominant resource suppliers and demanders. Australia was the principal resource supplier over the period with a diverse material export structure. It was followed by mainly oil-exporting countries with varying volumes. As regards to regions, Latin America, south-east Asian islands and central Asia were big resource exporters, mostly with increasing absolute amounts of net exports. The largest net importers were Japan, the United States and single European countries. Emerging countries like the 'Asian Tigers' with major industrial productive sectors are growing net importers, some of them to an even higher degree than European countries. Altogether, with the major exception of Australia and Canada, industrialized countries are net importers and developing countries and transition countries are net exporters, but there are important differences within these groups. (author)

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…

Foreign trade legislation, war weapons control legislation

International Nuclear Information System (INIS)

Hucko, E.M.

1993-01-01

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

The effect of trade between China and the UK on national and global carbon dioxide emissions

International Nuclear Information System (INIS)

Li, You; Hewitt, C.N.

2008-01-01

We estimate the amount of carbon dioxide embodied in bi-lateral trade between the UK and China in 2004. Developing and applying the method of Shui and Harriss [2006. The role of CO 2 embodiment in US-China trade. Energy Policy 34, 4063-4068], the most recently available data on trade and CO 2 emissions have been updated and adjusted to calculate the CO 2 emissions embodied in the commodities traded between China and the UK. It was found that through trade with China, the UK reduced its CO 2 emissions by approximately 11% in 2004, compared with a non-trade scenario in which the same type and volume of goods are produced in the UK. In addition, due to the greater carbon-intensity and relatively less efficient production processes of Chinese industry, China-UK trade resulted in an additional 117 Mt of CO 2 to global CO 2 emissions in the same one year period, compared with a non-trade scenario in which the same type and volume of goods are produced in the UK. This represents an additional 19% to the reported national CO 2 emissions of the UK (555 Mt/y in 2004) and 0.4% of global emissions. These findings suggest that, through international trade, very significant environmental impacts can be shifted from one country to another, and that international trade can (but does not necessarily) result in globally increased greenhouse gas emissions. These results are additional to the environmental consequences of transporting goods, which are not robustly quantified here. (author)

Developments in international bioenergy trade

International Nuclear Information System (INIS)

Junginger, Martin; Faaij, Andre; Wit, Marc de; Bolkesjoe, Torjus; Bradley, Douglas; Dolzan, Paulo; Piacente, Erik; Walter, Arnaldo da Silva; Heinimoe, Jussi; Hektor, Bo; Leistad, Oeyvind; Ling, Erik; Perry, Miles; Rosillo-Calle, Frank; Ryckmans, Yves; Schouwenberg, Peter-Paul; Solberg, Birger; Troemborg, Erik

2008-01-01

The aim of this paper is to present a synthesis of the main developments and drivers of international bioenergy trade in IEA Bioenergy Task 40 member countries, based on various country reports written by Task 40 members. Special attention is given to pellet and ethanol trade. In many European countries such as Belgium, Finland, the Netherlands, Sweden and the UK, imported biomass contributes already significantly (between 21% and 43%) to total biomass use. Wood pellets are currently exported by Canada, Finland and (to a small extent) Brazil and Norway, and imported by Sweden, Belgium, the Netherlands, and the UK. In the Netherlands and Belgium, pellet imports nowadays contribute to a major share to total renewable electricity production. Trade in bio-ethanol is another example of a rapidly growing international market. With the EU-wide target of 5.75% biofuels for transportation in 2010 (and 10% in 2020), exports from Brazil and other countries to Europe are likely to rise as well. Major drivers for international bioenergy trade in general are the large resource potentials and relatively low production costs in producing countries such as Canada and Brazil, and high fossil fuel prices and various policy incentives to stimulate biomass use in importing countries. However, the logistic infrastructure both in exporting and importing countries needs to be developed to access larger physical biomass volumes and to reach other (i.e. smaller) end-consumers. It is concluded that international bioenergy trade is growing rapidly, far beyond what was deemed possible only a few years ago, and may in the future in some Task 40 countries surpass domestic biomass use, especially for specific applications (e.g. transport fuels). (author)

CO{sub 2} emissions trading. A study on the conditions and necessities for starting national emissions trading; CO{sub 2} -paeaestoekauppa. Selvitys kansallisen paeaestoekaupan kaeyttoeoenoton edellytyksistae sekae siinae huomioitavista seikoista

Energy Technology Data Exchange (ETDEWEB)

Maeaettae, K.

2000-02-01

This study analyses the applicability of emissions trading as a means of steering climate policy. Attention is paid to limiting carbon dioxide emissions in particular at national level. The model used in the implementation of national CO{sub 2} emissions trading are the emissions trading schemes applied in the United States, especially the trading in sulphur dioxide allowances, included in their Acid Rain Programme. All schemes applied until now are studied in order to specify what kinds of hindrances there could be to the well-functioning of emissions trading and also to map out what kinds of institutional innovations have been developed in practice to improve emissions trading. This study excludes the joint implementation procedure and the clean development mechanism. In fact, international control related to climate policy has been left to minor attention in other respects, too. In addition to the subjects mentioned above, this study also describes the terminological and legal framework within which emissions trading is to be practised. In this connection, it has been considered necessary to deal with technical legislative details, since, as it has been stated in relation to emissions trading, 'the devil is likely to be in details'. Thus this study discusses, among others, issues pertaining to the construing of. the criterion for an emission quota, i.e. what is actually traded in emissions trading, how the emission quotas and rights can be used (e.g. the emission deposit and emission derivatives), what kinds of provisions should be laid down on eligibility to emissions trading or on who can participate in emissions trading, what should be the validity period of an emission right, what would be the most appropriate way to organise the administrative control of emissions trading, and what kinds of sanctions should be laid down for infringements related to emissions trading. This study has been carried out by examining mainly U.S. literature on this

Wildlife Trade and Human Health in Lao PDR: An Assessment of the Zoonotic Disease Risk in Markets.

Directory of Open Access Journals (Sweden)

Zoe F Greatorex

Full Text Available Although the majority of emerging infectious diseases can be linked to wildlife sources, most pathogen spillover events to people could likely be avoided if transmission was better understood and practices adjusted to mitigate risk. Wildlife trade can facilitate zoonotic disease transmission and represents a threat to human health and economies in Asia, highlighted by the 2003 SARS coronavirus outbreak, where a Chinese wildlife market facilitated pathogen transmission. Additionally, wildlife trade poses a serious threat to biodiversity. Therefore, the combined impacts of Asian wildlife trade, sometimes termed bush meat trade, on public health and biodiversity need assessing. From 2010 to 2013, observational data were collected in Lao PDR from markets selling wildlife, including information on volume, form, species and price of wildlife; market biosafety and visitor origin. The potential for traded wildlife to host zoonotic diseases that pose a serious threat to human health was then evaluated at seven markets identified as having high volumes of trade. At the seven markets, during 21 observational surveys, 1,937 alive or fresh dead mammals (approximately 1,009 kg were observed for sale, including mammals from 12 taxonomic families previously documented to be capable of hosting 36 zoonotic pathogens. In these seven markets, the combination of high wildlife volumes, high risk taxa for zoonoses and poor biosafety increases the potential for pathogen presence and transmission. To examine the potential conservation impact of trade in markets, we assessed the status of 33,752 animals observed during 375 visits to 93 markets, under the Lao PDR Wildlife and Aquatic Law. We observed 6,452 animals listed by Lao PDR as near extinct or threatened with extinction. The combined risks of wildlife trade in Lao PDR to human health and biodiversity highlight the need for a multi-sector approach to effectively protect public health, economic interests and

Wildlife Trade and Human Health in Lao PDR: An Assessment of the Zoonotic Disease Risk in Markets

Science.gov (United States)

Singhalath, Sinpakone; Silithammavong, Soubanh; Khammavong, Kongsy; Fine, Amanda E.; Weisman, Wendy; Douangngeun, Bounlom; Theppangna, Watthana; Keatts, Lucy; Gilbert, Martin; Karesh, William B.; Hansel, Troy; Zimicki, Susan; O’Rourke, Kathleen; Joly, Damien O.; Mazet, Jonna A. K.

2016-01-01

Although the majority of emerging infectious diseases can be linked to wildlife sources, most pathogen spillover events to people could likely be avoided if transmission was better understood and practices adjusted to mitigate risk. Wildlife trade can facilitate zoonotic disease transmission and represents a threat to human health and economies in Asia, highlighted by the 2003 SARS coronavirus outbreak, where a Chinese wildlife market facilitated pathogen transmission. Additionally, wildlife trade poses a serious threat to biodiversity. Therefore, the combined impacts of Asian wildlife trade, sometimes termed bush meat trade, on public health and biodiversity need assessing. From 2010 to 2013, observational data were collected in Lao PDR from markets selling wildlife, including information on volume, form, species and price of wildlife; market biosafety and visitor origin. The potential for traded wildlife to host zoonotic diseases that pose a serious threat to human health was then evaluated at seven markets identified as having high volumes of trade. At the seven markets, during 21 observational surveys, 1,937 alive or fresh dead mammals (approximately 1,009 kg) were observed for sale, including mammals from 12 taxonomic families previously documented to be capable of hosting 36 zoonotic pathogens. In these seven markets, the combination of high wildlife volumes, high risk taxa for zoonoses and poor biosafety increases the potential for pathogen presence and transmission. To examine the potential conservation impact of trade in markets, we assessed the status of 33,752 animals observed during 375 visits to 93 markets, under the Lao PDR Wildlife and Aquatic Law. We observed 6,452 animals listed by Lao PDR as near extinct or threatened with extinction. The combined risks of wildlife trade in Lao PDR to human health and biodiversity highlight the need for a multi-sector approach to effectively protect public health, economic interests and biodiversity. PMID:27008628

LAVA Pressure Transducer Trade Study

Science.gov (United States)

Oltman, Samuel B.

2016-01-01

The Regolith and Environment Science and Oxygen and Lunar Volatile Extraction (RESOLVE) payload will transport the (LAVA) subsystem to hydrogen-rich locations on the moon supporting NASA's in-situ resource utilization (ISRU) programs. There, the LAVA subsystem will analyze volatiles that evolve from heated regolith samples in order to quantify how much water is present. To do this, the system needs resilient pressure transducers (PTs) to calculate the moles in the gas samples. The PT trade study includes a comparison of newly-procured models to a baseline unit with prior flight history in order to determine the PT model with the best survivability in flight-forward conditions.

Chinese bilateral intra-industry trade : A panel data study for 50 countries in the 1992-2001 period

NARCIS (Netherlands)

Zhang, J.; van Witteloostuijn, A.; Zhou, C.

2005-01-01

This study examines the features and determinants of Chinese intra-industry trade during the 1992-2001 transition period for 50 of China's trade partners. We disentangle total intra-industry trade (TIIT) into vertical intra-industry trade (VIIT) vis-a-vis horizontal intra-industry trade (HIIT),

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

Does EU emissions trading bite? An event study

International Nuclear Information System (INIS)

Jong, Thijs; Couwenberg, Oscar; Woerdman, Edwin

2014-01-01

The aim of this paper is to examine whether shareholders consider the EU Emissions Trading Scheme (EU ETS) as value-relevant for the participating firms. An analysis is conducted of the share prices changes as caused by the first publication of compliance data in April, 2006, which disclosed an over-allocation of emission allowances. Through an event study, it is shown that share prices actually increased as a result of the allowance price drop when firms have a lower carbon-intensity of production and larger allowance holdings. There was no significant value impact from firms' allowance trade activity or from the pass-through of carbon-related production costs (carbon leakage). The conclusion is that the EU ETS does ‘bite’. The main impact on the share prices of firms arises from their carbon-intensity of production. The EU ETS is thus valued as a restriction on pollution. - Highlights: • Firms are more positively valued with lower carbon-intensities of production. • Firms are more negatively valued with smaller holdings of allowances. • The stock market does not value the firms' allowance trade activity. • The stock market does not seem to value the pass-through of carbon costs in product prices

The stability of the international oil trade network from short-term and long-term perspectives

Science.gov (United States)

Sun, Qingru; Gao, Xiangyun; Zhong, Weiqiong; Liu, Nairong

2017-09-01

To examine the stability of the international oil trade network and explore the influence of countries and trade relationships on the trade stability, we construct weighted and unweighted international oil trade networks based on complex network theory using oil trading data between countries from 1996 to 2014. We analyze the stability of international oil trade network (IOTN) from short-term and long-term aspects. From the short-term perspective, we find that the trade volumes play an important role on the stability. Moreover, the weighted IOTN is stable; however, the unweighted networks can better reflect the actual evolution of IOTN. From the long-term perspective, we identify trade relationships that are maintained during the whole sample period to reveal the situation of the whole international oil trade. We provide a way to quantitatively measure the stability of complex network from short-term and long-term perspectives, which can be applied to measure and analyze trade stability of other goods or services.

Thermal Management Tools for Propulsion System Trade Studies and Analysis

Science.gov (United States)

McCarthy, Kevin; Hodge, Ernie

2011-01-01

Energy-related subsystems in modern aircraft are more tightly coupled with less design margin. These subsystems include thermal management subsystems, vehicle electric power generation and distribution, aircraft engines, and flight control. Tighter coupling, lower design margins, and higher system complexity all make preliminary trade studies difficult. A suite of thermal management analysis tools has been developed to facilitate trade studies during preliminary design of air-vehicle propulsion systems. Simulink blocksets (from MathWorks) for developing quasi-steady-state and transient system models of aircraft thermal management systems and related energy systems have been developed. These blocksets extend the Simulink modeling environment in the thermal sciences and aircraft systems disciplines. The blocksets include blocks for modeling aircraft system heat loads, heat exchangers, pumps, reservoirs, fuel tanks, and other components at varying levels of model fidelity. The blocksets have been applied in a first-principles, physics-based modeling and simulation architecture for rapid prototyping of aircraft thermal management and related systems. They have been applied in representative modern aircraft thermal management system studies. The modeling and simulation architecture has also been used to conduct trade studies in a vehicle level model that incorporates coupling effects among the aircraft mission, engine cycle, fuel, and multi-phase heat-transfer materials.

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

Reusable Reentry Satellite (RRS): Propulsion system trade study

Science.gov (United States)

1990-01-01

The purpose of the Reusable Reentry Satellite (RRS) Propulsion System Trade Study described in this summary report was to investigate various propulsion options available for incorporation on the RRS and to select the option best suited for RRS application. The design requirements for the RRS propulsion system were driven by the total impulse requirements necessary to operate within the performance envelope specified in the RRS System Requirements Documents. These requirements were incorporated within the Design Reference Missions (DRM's) identified for use in this and other subsystem trade studies. This study investigated the following propulsion systems: solid rocket, monopropellant, bipropellant (monomethyl hydrazine and nitrogen tetroxide or MMH/NTO), dual-mode bipropellant (hydrazine and nitrogen tetroxide or N2H4/NTO), liquid oxygen and liquid hydrogen (LO2/LH2), and an advanced design propulsion system using SDI-developed components. A liquid monopropellant blowdown propulsion system was found to be best suited for meeting the RRS requirements and is recommended as the baseline system. This system was chosen because it is the simplest of all investigated, has the fewest components, and is the most cost effective. The monopropellant system meets all RRS performance requirements and has the capability to provide a very accurate deorbit burn which minimizes reentry dispersions. In addition, no new hardware qualification is required for a monopropellant system. Although the bipropellant systems offered some weight savings capability for missions requiring large deorbit velocities, the advantage of a lower mass system only applies if the total vehicle design can be reduced to allow a cheaper launch vehicle to be used. At the time of this trade study, the overall RRS weight budget and launch vehicle selection were not being driven by the propulsion system selection. Thus, the added cost and complexity of more advanced systems did not warrant application.

Introducing nonpoint source transferable quotas in nitrogen trading: The effects of transaction costs and uncertainty.

Science.gov (United States)

Zhou, Xiuru; Ye, Weili; Zhang, Bing

2016-03-01

Transaction costs and uncertainty are considered to be significant obstacles in the emissions trading market, especially for including nonpoint source in water quality trading. This study develops a nonlinear programming model to simulate how uncertainty and transaction costs affect the performance of point/nonpoint source (PS/NPS) water quality trading in the Lake Tai watershed, China. The results demonstrate that PS/NPS water quality trading is a highly cost-effective instrument for emissions abatement in the Lake Tai watershed, which can save 89.33% on pollution abatement costs compared to trading only between nonpoint sources. However, uncertainty can significantly reduce the cost-effectiveness by reducing trading volume. In addition, transaction costs from bargaining and decision making raise total pollution abatement costs directly and cause the offset system to deviate from the optimal state. While proper investment in monitoring and measuring of nonpoint emissions can decrease uncertainty and save on the total abatement costs. Finally, we show that the dispersed ownership of China's farmland will bring high uncertainty and transaction costs into the PS/NPS offset system, even if the pollution abatement cost is lower than for point sources. Copyright © 2015 Elsevier Ltd. All rights reserved.

CETA Without Blinders : How Cutting ‘Trade Costs and More’ Will Cause Unemployment, Inequality and Welfare Losses

NARCIS (Netherlands)

Storm, S.T.H.; Kohler, P

2016-01-01

Proponents of the Comprehensive Economic and Trade Agreement (CETA) emphasize its prospective economic benefits, with economic growth increasing due to rising trade volumes and investment. Widely cited official projections suggest modest GDP gains after about a decade, varying from between 0.003% to

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

Prehospital tidal volume influences hospital tidal volume: A cohort study.

Science.gov (United States)

Stoltze, Andrew J; Wong, Terrence S; Harland, Karisa K; Ahmed, Azeemuddin; Fuller, Brian M; Mohr, Nicholas M

2015-06-01

The purposes of the study are to describe current practice of ventilation in a modern air medical system and to measure the association of ventilation strategy with subsequent ventilator care and acute respiratory distress syndrome (ARDS). Retrospective observational cohort study of intubated adult patients (n = 235) transported by a university-affiliated air medical transport service to a 711-bed tertiary academic center between July 2011 and May 2013. Low tidal volume ventilation was defined as tidal volumes less than or equal to 8 mL/kg predicted body weight. Multivariable regression was used to measure the association between prehospital tidal volume, hospital ventilation strategy, and ARDS. Most patients (57%) were ventilated solely with bag valve ventilation during transport. Mean tidal volume of mechanically ventilated patients was 8.6 mL/kg predicted body weight (SD, 0.2 mL/kg). Low tidal volume ventilation was used in 13% of patients. Patients receiving low tidal volume ventilation during air medical transport were more likely to receive low tidal volume ventilation in the emergency department (P tidal volume (P = .840). Low tidal volume ventilation was rare during air medical transport. Air transport ventilation strategy influenced subsequent ventilation but was not associated with ARDS. Copyright © 2015 Elsevier Inc. All rights reserved.

International bioenergy trade in the Netherlands

International Nuclear Information System (INIS)

Junginger, Martin; Wit, Marc de; Sikkema, Richard; Faaij, Andre

2008-01-01

The international biomass trade in the Netherlands has been growing strongly over the last few years, but information on the corresponding volumes, origins and prices is barely available. The objectives of this paper are to quantify imported and exported biomass volumes and origins, and identify drivers and barriers behind the trade flows. Data collection was based on existing statistics and information obtained from biomass traders and end-users. Net import of biomass for energy purposes has been increasing from 2.5 PJ in 2003 to above 20 PJ in 2005-2006, consisting mainly of vegetable oils, agricultural residues and wood and wood-derived fuels, used to almost 100% in Dutch coal- and gas-fired power plants. Biomass exports (mainly of waste wood and construction wood) were high in 2004 (an estimated 13.2 PJ) but have probably strongly declined by the end of 2006, while (re)-export of wood pellets has been increasing in recent years, estimated at 5-7 PJ in 2005-2006. The main driver for biomass imports were the Dutch MEP feed-in tariff for electricity from biomass, while difficulties to obtain permits to co-fire (contaminated) waste wood were a main driver for the export of biomass. Rapidly changing feed-in tariff levels and support systems were seen as one of the largest barriers for the development of a stable biomass trade. Other major issues include concerns regarding the sustainability of biomass production, competition with biomass applications for food and fodder and import restrictions. Major additional imports of liquid transportation fuels are expected until 2010, which could possibly increase the import of biomass to over 50 PJ. (author)

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.

THE INTERNATIONAL TRADE IN GOODS OF THE EUROPEAN UNION MEMBER STATES AFTER TWO YEARS OF CRISIS

Directory of Open Access Journals (Sweden)

Babucea Ana-Gabriela

2011-12-01

Full Text Available In the context of globalization, more countries, rich and poor alike, enter global markets and are forced to face fierce competition. The European Union is the largest trading power in the world, accounting for 20% of total imports and exports worldwide. In recent years EU trade in goods has evolved very positively both in absolute terms and relative. As was expected, the global economic crisis dramatically affected trade flows globally and regionally and inevitably affected the trade of the EU through a tumultuous period. Time analysis will show that reducing the volume of EU trade is in line with the decreases in global trade and regional registered and that exports were affected differently.

Information needs for problem holders/solution providers: EnviroTRADE

International Nuclear Information System (INIS)

Robson, W.M.; Harrington, M.W.; Harlan, C.P.

1994-01-01

EnviroTRADE (or Environmental Technologies for Remedial Actions Data Exchange) is a domestic and international information system that matches environmental problems with potential technologies solutions by combining state of the art information management techniques, graphical interfaces and a Geographic Information System (GIS). Its search and match algorithms locate technologies relevant to specific environmental problems and identify sites where technology may be applicable. EnviroTRADE also provides many other kinds of database searches and reports. EnviroTRADE is a graphical/textural information management system being developed for the cleanup program of US Department of energy's nuclear weapons complex. Its principal purpose is to provide a single, powerful, interactive data source on the many environmental restoration and waste management (ER/WM) problems and on the technologies currently under development and available to resolve them. Because the volume and complexity of the information is so large, a sophisticated Relational database Management System (RDBMS) is employed for EnviroTRADE which accommodates graphical images, technical data, structured textural descriptions, and a variety of advanced multi-media data types. EnviroTRADE is a multi-purpose, multi-user system capable of addressing a broad range of environmental assessment and cleanup issues

Information needs for problem holders/solution providers: EnviroTRADE

Energy Technology Data Exchange (ETDEWEB)

Robson, W.M. [Lawrence Livermore National Lab., CA (United States); Harrington, M.W.; Harlan, C.P. [Sandia National Labs., Livermore, CA (United States)

1994-12-31

EnviroTRADE (or Environmental Technologies for Remedial Actions Data Exchange) is a domestic and international information system that matches environmental problems with potential technologies solutions by combining state of the art information management techniques, graphical interfaces and a Geographic Information System (GIS). Its search and match algorithms locate technologies relevant to specific environmental problems and identify sites where technology may be applicable. EnviroTRADE also provides many other kinds of database searches and reports. EnviroTRADE is a graphical/textural information management system being developed for the cleanup program of US Department of energy`s nuclear weapons complex. Its principal purpose is to provide a single, powerful, interactive data source on the many environmental restoration and waste management (ER/WM) problems and on the technologies currently under development and available to resolve them. Because the volume and complexity of the information is so large, a sophisticated Relational database Management System (RDBMS) is employed for EnviroTRADE which accommodates graphical images, technical data, structured textural descriptions, and a variety of advanced multi-media data types. EnviroTRADE is a multi-purpose, multi-user system capable of addressing a broad range of environmental assessment and cleanup issues.

Evaluation of the European Union-United States oil and petroleum-based fuels trade potential in the context of the negotiated TTIP agreement

Directory of Open Access Journals (Sweden)

Olkuski Tadeusz

2017-01-01

Full Text Available The article evaluates the European Union-United States oil and petroleum-based fuels trade potential. The planned trade structure and balance according to IEA (International Energy Agency and IHS (IHS CERA www.ihs.com scenarios, the projected volume of imports and exports, and differences in price levels and costs are presented. The projected potential of the trade volume, taking into account the possible impact of the Transatlantic Trade and Investment Partnership (TTIP, is also presented. The analysis has shown that the elimination of trade barriers between the European Union and the United States would be more beneficial to US refineries. Due to the higher import tariffs to the EU, the potential benefits of US exporters are higher than those of the EU exporters to the US. This confirms the fears of European negotiators that some aspects of the agreement will have a negative impact on European businesses. However, in the case of petroleum products the TTIP agreement will have a negligible impact on increasing the export volume.

Cycle O(CY1991) NLS trade studies and analyses report. Book 2, part 2: Propulsion

Science.gov (United States)

Cronin, R.; Werner, M.; Bonson, S.; Spring, R.; Houston, R.

1992-01-01

This report documents the propulsion system tasks performed in support of the National Launch System (NLS) Cycle O preliminary design activities. The report includes trades and analyses covering the following subjects: (1) Maximum Tank Stretch Study; (2) No LOX Bleed Performance Analysis; (3) LOX Bleed Trade Study; (4) LO2 Tank Pressure Limits; (5) LOX Tank Pressurization System Using Helium; (6) Space Transportation Main Engine (STME) Heat Exchanger Performance; (7) LH2 Passive Recirculation Performance Analysis; (8) LH2 Bleed/Recirculation Study; (9) LH2 Tank Pressure Limits; and (10) LH2 Pressurization System. For each trade study an executive summary and a detailed trade study are provided. For the convenience of the reader, a separate section containing a compilation of only the executive summaries is also provided.

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 ...

SP-100 radiator design trade study

International Nuclear Information System (INIS)

Ewell, R.

1992-01-01

This paper reports on a design trade study of the SP-100 heat rejection subsystem (HRSS) which was made. A system code was used to evaluate the sensitivity of the HRSS mass and performance to changes. Variations in heat pipe diameter and cross-section, fin length and thickness, armor thickness, and overall configuration and materials were evaluated. The analysis indicates that the minimum system mass occurs for the case with many small diameter heat pipes, with ducting that maximizes the fraction of the heat pipe evaporator perimeter in contract with it

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...

Environmental regulation and competitiveness. A meta-analysis of international trade studies

International Nuclear Information System (INIS)

Mulatu, A.; Florax, R.J.G.M.; Withagen, C.A.A.M.

2001-01-01

The potential relationship between domestic environmental regulation and international competitiveness has evoked various speculations. The common neoclassical train of thought is that strict environmental regulation is detrimental to the competitiveness of industry, and that it induces phenomena such as ecological dumping, ecological capital flight, and regulatory 'chill' in environmental standards. A different view is that strict environmental regulation triggers industry's innovation potential, and subsequently increases its competitiveness. The impact of environmental regulation on competitiveness has been analyzed in terms of international capital movements, new firm formation, and international trade. This paper focuses on a statistically rigorous analysis of international trade studies, using a technique that is known as meta-analysis. The paper presents a statistically supported evaluation of the literature, in order to assess what the main conclusions regarding the relationship between environmental regulation and competitiveness are when it comes to studies on international trade flows. The synthesis of the literature is subsequently used to present guidelines for future primary research in this area

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...

Cross-border trading and transmission networks. The natural gas experience

International Nuclear Information System (INIS)

Zavattoni, G.

1992-01-01

The volume and sources of gas imports to Europe and cross-border trading regulations for gas imports into and within Europe are outlined. The import of gas from Algeria to Italy is presented as a case study. It deals with the purchase contract, transmission through Tunisia, the crossing of the Strait of Sicily and transportation within Italy. The EC Transit Directive, the Draft Directive(s) on third party access and the impact of the directives on the gas market are then discussed. (UK)

Multidisciplinary studies of wildlife trade in primates: Challenges and priorities.

Science.gov (United States)

Blair, Mary E; Le, Minh D; Sterling, Eleanor J

2017-11-01

Wildlife trade is increasingly recognized as an unsustainable threat to primate populations and informing its management is a growing focus and application of primatological research. However, management policies based on ecological research alone cannot address complex socioeconomic or cultural contexts as drivers of wildlife trade. Multidisciplinary research is required to understand trade complexity and identify sustainable management strategies. Here, we define multidisciplinary research as research that combines more than one academic discipline, and highlight how the articles in this issue combine methods and approaches to fill key gaps and offer a more comprehensive understanding of underlying drivers of wildlife trade including consumer demand, enforcement patterns, source population status, and accessibility of targeted species. These articles also focus on how these drivers interact at different scales, how trade patterns relate to ethics, and the potential effectiveness of different policy interventions in reducing wildlife trade. We propose priorities for future research on primate trade including expanding from multidisciplinary to interdisciplinary research questions and approaches co-created by research teams that integrate across different disciplines such as cultural anthropology, ecology, economics, and public policy. We also discuss challenges that limit the integration of information across disciplines to meet these priorities. © 2017 Wiley Periodicals, Inc.

Lunar lander and return propulsion system trade study

Science.gov (United States)

Hurlbert, Eric A.; Moreland, Robert; Sanders, Gerald B.; Robertson, Edward A.; Amidei, David; Mulholland, John

1993-01-01

This trade study was initiated at NASA/JSC in May 1992 to develop and evaluate main propulsion system alternatives to the reference First Lunar Outpost (FLO) lander and return-stage transportation system concept. Thirteen alternative configurations were developed to explore the impacts of various combinations of return stage propellants, using either pressure or pump-fed propulsion systems and various staging options. Besides two-stage vehicle concepts, the merits of single-stage and stage-and-a-half options were also assessed in combination with high-performance liquid oxygen and liquid hydrogen propellants. Configurations using an integrated modular cryogenic engine were developed to assess potential improvements in packaging efficiency, mass performance, and system reliability compared to non-modular cryogenic designs. The selection process to evaluate the various designs was the analytic hierarchy process. The trade study showed that a pressure-fed MMH/N2O4 return stage and RL10-based lander stage is the best option for a 1999 launch. While results of this study are tailored to FLO needs, the design date, criteria, and selection methodology are applicable to the design of other crewed lunar landing and return vehicles.

The impact of later trading hours for Australian public houses (hotels) on levels of violence.

Science.gov (United States)

Chikritzhs, Tanya; Stockwell, Tim

2002-09-01

To examine the impact of later trading hours for licensed hotels (Australian public houses are usually known as "hotels") in Perth, Western Australia, on levels of violent assault on or near these premises. Data on assault offenses reported to police between July 1, 1991, and June 30, 1997, were examined to identify those offenses that occurred on or close to hotels. During this period, 45 (24%) of the 188 hotels meeting study criteria were granted an extended trading permit for 1AM closing ("ETP hotels"), whereas the rest continued to close at midnight ("non-ETP hotels"). A time-series analysis employing linear regression was used to test whether there was a relationship between the introduction of extended trading and monthly rates of assaults associated with ETP hotels, while controlling for the general trend in assault rates among normally trading hotels. Possible confounders and other variables of interest (e.g., levels of alcohol purchases) were also examined. After controlling for the general trend in assaults occurring throughout Perth hotels, there was a significant increase in monthly assault rates for hotels with late trading following the introduction of extended trading permits. This relationship was largely accounted for by higher volumes of high alcohol content beer, wine and distilled spirits purchased by late trading hotels. Late trading was associated with both increased violence in and around Perth hotels and increased levels of alcohol consumption during the study period. It is suggested that greater numbers of patrons and increased levels of intoxication contributed to the observed increase in violence and that systematic planning and evaluation of late trading licenses is required.

Trade in the telecoupling framework: evidence from the metals industry

Directory of Open Access Journals (Sweden)

Hang Xiong

2018-03-01

Full Text Available As a conceptual framework for understanding contemporary sustainability challenges, telecoupling emphasizes the importance of socioeconomic and environmental interactions over long distances. These long-distance interactions can occur through multiple human activities. We focus on international trade, a major channel of telecoupling flows, and in particular on the international trade of metals. We use the data of physical products and embedded greenhouse gas (GHG emissions trade in the World Input-Output Database (WIOD to quantitatively examine how countries contribute to both economic and environmental flows through the trade of metals, but also how that contribution varies depending on their position in the global value chain (GVC of contemporary international trade. This analysis is built on previously developed techniques for decomposing gross exports of products, which we apply to examine embedded GHG emissions. We make comparisons between countries' contributions to flows of economic value versus embedded GHG emissions, but also examine contributions beyond total volumes of trade and bilateral trade. Specifically, we quantify the economic and environmental spillover effects that occur in contemporary international trade because of the GVC in which flows of intermediate goods form components in other subsequently traded goods. We interpret differences between countries' contributions to the flows of economic value versus embedded GHG emissions as being related to the intensity and efficiency of resource use during production. In turn, differences in contributions to direct trade flows versus spillover flows are related to their positions in the GVC. Subsequently, we discuss other elements of the telecoupling framework in trade, i.e., agents, causes, and effects. Quantitatively incorporating these telecoupling framework elements alongside spillover flows will enable investigation of dynamics and relationships that traditional trade theories

Global maize trade and food security: implications from a social network model.

Science.gov (United States)

Wu, Felicia; Guclu, Hasan

2013-12-01

In this study, we developed a social network model of the global trade of maize: one of the most important food, feed, and industrial crops worldwide, and critical to food security. We used this model to analyze patterns of maize trade among nations, and to determine where vulnerabilities in food security might arise if maize availability was decreased due to factors such as diversion to nonfood uses, climatic factors, or plant diseases. Using data on imports and exports from the U.N. Commodity Trade Statistics Database for each year from 2000 to 2009 inclusive, we summarized statistics on volumes of maize trade between pairs of nations for 217 nations. There is evidence of market segregation among clusters of nations; with three prominent clusters representing Europe, Brazil and Argentina, and the United States. The United States is by far the largest exporter of maize worldwide, whereas Japan and the Republic of Korea are the largest maize importers. In particular, the star-shaped cluster of the network that represents U.S. maize trade to other nations indicates the potential for food security risks because of the lack of trade these other nations conduct with other maize exporters. If a scenario arose in which U.S. maize could not be exported in as large quantities, maize supplies in many nations could be jeopardized. We discuss this in the context of recent maize ethanol production and its attendant impacts on food prices elsewhere worldwide. © 2013 Society for Risk Analysis.

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.

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.

A Study of Comparative Advantage and Intra-Industry Trade in the Pharmaceutical Industry of Iran.

Science.gov (United States)

Yusefzadeh, Hassan; Rezapour, Aziz; Lotfi, Farhad; Ebadifard Azar, Farbod; Nabilo, Bahram; Abolghasem Gorji, Hassan; Hadian, Mohammad; Shahidisadeghi, Niusha; Karami, Atiyeh

2015-04-23

Drug costs in Iran accounts for about 30% of the total health care expenditure. Moreover, pharmaceutical business lies among the world's greatest businesses. The aim of this study was to analyze Iran's comparative advantage and intra-industry trade in pharmaceuticals so that suitable policies can be developed and implemented in order to boost Iran's trade in this field. To identify Iran's comparative advantage in pharmaceuticals, trade specialization, export propensity, import penetration and Balassa and Vollrath indexes were calculated and the results were compared with other pharmaceutical exporting countries. The extent and growth of Iran's intra-industry trade in pharmaceuticals were measured and evaluated using the Grubel-Lloyd and Menon-Dixon indexes. The required data was obtained from Iran's Customs Administration, Iran's pharmaceutical Statistics, World Bank and International Trade Center. The results showed that among pharmaceutical exporting countries, Iran has a high level of comparative disadvantage in pharmaceutical products because it holds a small share in world's total pharmaceutical exports. Also, the low extent of bilateral intra-industry trade between Iran and its trading partners in pharmaceuticals shows the trading model of Iran's pharmaceutical industry is mostly inter-industry trade rather than intra-industry trade. In addition, the growth of Iran's intra-industry trade in pharmaceuticals is due to its shares of imports from pharmaceutical exporting countries to Iran and exports from Iran to its neighboring countries. The results of the analysis can play a valuable role in helping pharmaceutical companies and policy makers to boost pharmaceutical trade.

Airframe Integration Trade Studies for a Reusable Launch Vehicle

Science.gov (United States)

Dorsey, John T.; Wu, Chauncey; Rivers, Kevin; Martin, Carl; Smith, Russell

1999-01-01

Future launch vehicles must be lightweight, fully reusable and easily maintained if low-cost access to space is to be achieved. The goal of achieving an economically viable Single-Stage-to-Orbit (SSTO) Reusable Launch Vehicle (RLV) is not easily achieved and success will depend to a large extent on having an integrated and optimized total system. A series of trade studies were performed to meet three objectives. First, to provide structural weights and parametric weight equations as inputs to configuration-level trade studies. Second, to identify, assess and quantify major weight drivers for the RLV airframe. Third, using information on major weight drivers, and considering the RLV as an integrated thermal structure (composed of thrust structures, tanks, thermal protection system, insulation and control surfaces), identify and assess new and innovative approaches or concepts that have the potential for either reducing airframe weight, improving operability, and/or reducing cost.

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...

Initial trade and design studies for the fusion engineering device

International Nuclear Information System (INIS)

Flanagan, C.A.; Steiner, D.; Smith, G.E.

1981-06-01

The Magnetic Fusion Energy Engineering Act of 1980 calls for the operation of a Fusion Engineering Device (FED) by 1990. It is the intent of the Act that the FED, in combination with other testing facilities, will establish the engineering feasibility of magnetic fusion energy. The Fusion Engineering Design Center (FEDC), under the guidance of a Technical Management Board (TMB), initiated a program of trade and design studies in October 1980 to support the selection of the FED concept. This document presents the results of these initial trade and design studies. Based on these results, a baseline configuration has been identified and the Design Center effort for the remainder of the fiscal year will be devoted to the development of a self-consistent FED design description

The implications of trade liberalization for diet and health: a case study from Central America.

Science.gov (United States)

Thow, Anne Marie; Hawkes, Corinna

2009-07-28

Central America has undergone extensive trade liberalization over the past two decades, and has recently signed a Free Trade Agreement with the United States. The region is also experiencing a dual burden of malnutrition with the growth of dietary patterns associated with the global 'nutrition transition'. This study describes the relationship between trade liberalization policies and food imports and availability, and draws implications for diet and health, using Central America as a case study region. Changes in tariff and non-tariff barriers for each country were documented, and compared with time-series graphs of import, production and availability data to show the outcome of changes in trade policy in relation to food imports and food availability. Changes in trade policy in Central America have directly affected food imports and availability via three avenues. First, the lowering of trade barriers has promoted availability by facilitating higher imports of a wide range of foods. Second, trade liberalization has affected food availability through promoting domestic meat production. Third, reductions in barriers to investment appear to be critical in expansion of processed food markets. This suggests that changes in trade policies have facilitated rising availability and consumption of meat, dairy products, processed foods and temperate (imported fruits) in Central America. This study indicates that the policies of trade liberalization in Central American countries over the past two decades, particularly in relation to the United States, have implications for health in the region. Specifically, they have been a factor in facilitating the "nutrition transition", which is associated with rising rates of obesity and chronic diseases such as cardiovascular disease and cancer. Given the significant cost of chronic disease for the health care system, individuals and the wider community, it is critical that preventive health measures address such upstream determinants

The implications of trade liberalization for diet and health: a case study from Central America

Directory of Open Access Journals (Sweden)

Hawkes Corinna

2009-07-01

Full Text Available Abstract Background Central America has undergone extensive trade liberalization over the past two decades, and has recently signed a Free Trade Agreement with the United States. The region is also experiencing a dual burden of malnutrition with the growth of dietary patterns associated with the global 'nutrition transition'. This study describes the relationship between trade liberalization policies and food imports and availability, and draws implications for diet and health, using Central America as a case study region. Methods Changes in tariff and non-tariff barriers for each country were documented, and compared with time-series graphs of import, production and availability data to show the outcome of changes in trade policy in relation to food imports and food availability. Results Changes in trade policy in Central America have directly affected food imports and availability via three avenues. First, the lowering of trade barriers has promoted availability by facilitating higher imports of a wide range of foods. Second, trade liberalization has affected food availability through promoting domestic meat production. Third, reductions in barriers to investment appear to be critical in expansion of processed food markets. This suggests that changes in trade policies have facilitated rising availability and consumption of meat, dairy products, processed foods and temperate (imported fruits in Central America. Conclusion This study indicates that the policies of trade liberalization in Central American countries over the past two decades, particularly in relation to the United States, have implications for health in the region. Specifically, they have been a factor in facilitating the "nutrition transition", which is associated with rising rates of obesity and chronic diseases such as cardiovascular disease and cancer. Given the significant cost of chronic disease for the health care system, individuals and the wider community, it is critical

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

Directory of Open Access Journals (Sweden)

GIURGIU Adriana

2010-07-01

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

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

Directory of Open Access Journals (Sweden)

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.

Integrating drivers influencing the detection of plant pests carried in the international cut flower trade.

Science.gov (United States)

Areal, F J; Touza, J; MacLeod, A; Dehnen-Schmutz, K; Perrings, C; Palmieri, M G; Spence, N J

2008-12-01

This paper analyses the cut flower market as an example of an invasion pathway along which species of non-indigenous plant pests can travel to reach new areas. The paper examines the probability of pest detection by assessing information on pest detection and detection effort associated with the import of cut flowers. We test the link between the probability of plant pest arrivals, as a precursor to potential invasion, and volume of traded flowers using count data regression models. The analysis is applied to the UK import of specific genera of cut flowers from Kenya between 1996 and 2004. There is a link between pest detection and the Genus of cut flower imported. Hence, pest detection efforts should focus on identifying and targeting those imported plants with a high risk of carrying pest species. For most of the plants studied, efforts allocated to inspection have a significant influence on the probability of pest detection. However, by better targeting inspection efforts, it is shown that plant inspection effort could be reduced without increasing the risk of pest entry. Similarly, for most of the plants analysed, an increase in volume traded will not necessarily lead to an increase in the number of pests entering the UK. For some species, such as Carthamus and Veronica, the volume of flowers traded has a significant and positive impact on the likelihood of pest detection. We conclude that analysis at the rank of plant Genus is important both to understand the effectiveness of plant pest detection efforts and consequently to manage the risk of introduction of non-indigenous species.

A Study of Comparative Advantage and Intra-Industry Trade in the Pharmaceutical Industry of Iran

Science.gov (United States)

Yusefzadeh, Hassan; Rezapour, Aziz; Lotfi, Farhad; Azar, Farbod Ebadifard; Nabilo, Bahram; Gorji, Hassan Abolghasem; Hadian, Mohammad; Shahidisadeghi, Niusha; Karami, Atiyeh

2015-01-01

Background: Drug costs in Iran accounts for about 30% of the total health care expenditure. Moreover, pharmaceutical business lies among the world’s greatest businesses. The aim of this study was to analyze Iran’s comparative advantage and intra-industry trade in pharmaceuticals so that suitable policies can be developed and implemented in order to boost Iran’s trade in this field. Methods: To identify Iran’s comparative advantage in pharmaceuticals, trade specialization, export propensity, import penetration and Balassa and Vollrath indexes were calculated and the results were compared with other pharmaceutical exporting countries. The extent and growth of Iran’s intra-industry trade in pharmaceuticals were measured and evaluated using the Grubel-Lloyd and Menon-Dixon indexes. The required data was obtained from Iran’s Customs Administration, Iran’s pharmaceutical Statistics, World Bank and International Trade Center. Results: The results showed that among pharmaceutical exporting countries, Iran has a high level of comparative disadvantage in pharmaceutical products because it holds a small share in world’s total pharmaceutical exports. Also, the low extent of bilateral intra-industry trade between Iran and its trading partners in pharmaceuticals shows the trading model of Iran’s pharmaceutical industry is mostly inter-industry trade rather than intra-industry trade. In addition, the growth of Iran’s intra-industry trade in pharmaceuticals is due to its shares of imports from pharmaceutical exporting countries to Iran and exports from Iran to its neighboring countries. Conclusions: The results of the analysis can play a valuable role in helping pharmaceutical companies and policy makers to boost pharmaceutical trade. PMID:26153184

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

Science.gov (United States)

Xiaoping Zhou

2013-01-01

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

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

Science.gov (United States)

Xiaoping Zhou

2015-01-01

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

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

Science.gov (United States)

Xiaoping Zhou; Debra D Warren

2012-01-01

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

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

Science.gov (United States)

Xiaoping Zhou; Jean M. Daniels

2018-01-01

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

Environmental regulation and competitiveness. A meta-analysis of international trade studies

Energy Technology Data Exchange (ETDEWEB)

Mulatu, A.; Florax, R.J.G.M. [Department of Spatial Economics, Master-point and Tinbergen Institute, Vrije Universiteit, Amsterdam (Netherlands); Withagen, C.A.A.M. [Department of Economics and CentER, Tilburg University, Tilburg (Netherlands)

2001-07-01

The potential relationship between domestic environmental regulation and international competitiveness has evoked various speculations. The common neoclassical train of thought is that strict environmental regulation is detrimental to the competitiveness of industry, and that it induces phenomena such as ecological dumping, ecological capital flight, and regulatory 'chill' in environmental standards. A different view is that strict environmental regulation triggers industry's innovation potential, and subsequently increases its competitiveness. The impact of environmental regulation on competitiveness has been analyzed in terms of international capital movements, new firm formation, and international trade. This paper focuses on a statistically rigorous analysis of international trade studies, using a technique that is known as meta-analysis. The paper presents a statistically supported evaluation of the literature, in order to assess what the main conclusions regarding the relationship between environmental regulation and competitiveness are when it comes to studies on international trade flows. The synthesis of the literature is subsequently used to present guidelines for future primary research in this area.

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

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...

A trade-off study revealing nested timescales of constraint

NARCIS (Netherlands)

Wijnants, M.L.; Cox, R.F.A; Hasselman, F.; Bosman, A. M. T.; Van Orden, G.

2012-01-01

This study investigates human performance in a cyclic Fitts task at three different scales of observation, either in the presence (difficult condition) or in the absence (easy condition) of a speed–accuracy trade-off. At the fastest scale, the harmonicity of the back and forth movements, which

Evaluation of the trading development in the Iberian Energy Derivatives Market

International Nuclear Information System (INIS)

Capitán Herráiz, Álvaro; Rodríguez Monroy, Carlos

2012-01-01

The efficiency of the Iberian Energy Derivatives Market in its first five and a half years is assessed in terms of volume, open interest and price. The continuous market shows steady liquidity growth. Its volume is strongly correlated to that of the Over The Counter (OTC) market, the amount of market makers, the enrolment of financial agents and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume in its clearing house. The hedging efficiency, measured through the ratio between the final open interest and the cleared volume, shows the lowest values for the Spanish base load futures as they are the most liquid contracts. The ex-post forward risk premium has diminished due to the learning curve and the effect of the fixed price retributing the indigenous coal fired generation. This market is quite less developed than the European leaders headquartered in Norway and Germany. Enrolment of more traders, mainly international energy companies, financial agents, energy intensive industries and renewable generation companies is desired. Market monitoring reports by the market operator providing post-trade transparency, OTC data access by the energy regulator, and assessment of the regulatory risk can contribute to efficiency gains. - Highlights: ► The continuous traded volumes in the Iberian power futures market grow steadily. ► Those volumes are correlated to OTC volumes and the enrolment of key players. ► Most liquid contracts show the smallest hedging ratio. ► Regulation fixing the coal fired generation price affects spot and forward prices. ► The overall efficiency can grow via market monitoring reports and OTC data access.

Selection bias in studies of human reproduction-longevity trade-offs.

Science.gov (United States)

Helle, Samuli

2017-12-13

A shorter lifespan as a potential cost of high reproductive effort in humans has intrigued researchers for more than a century. However, the results have been inconclusive so far and despite strong theoretical expectations we do not currently have compelling evidence for the longevity costs of reproduction. Using Monte Carlo simulation, it is shown here that a common practice in human reproduction-longevity studies using historical data (the most relevant data sources for this question), the omission of women who died prior to menopausal age from the analysis, results in severe underestimation of the potential underlying trade-off between reproduction and lifespan. In other words, assuming that such a trade-off is expressed also during reproductive years, the strength of the trade-off between reproduction and lifespan is progressively weakened when women dying during reproductive ages are sequentially and non-randomly excluded from the analysis. In cases of small sample sizes (e.g. few hundreds of observations), this selection bias by reducing statistical power may even partly explain the null results commonly found in this field. Future studies in this field should thus apply statistical approaches that account for or avoid selection bias in order to recover reliable effect size estimates between reproduction and longevity. © 2017 The Author(s).

Section I: Basic Electricity. Syllabus in Trade Electricity-Electronics.

Science.gov (United States)

New York State Education Dept., Albany. Bureau of Occupational and Career Curriculum Development.

This section describes the first of a three part curriculum in trade electricity-electronics (each part is described in a separate volume). It presents a unit of 6 to 10 weeks duration which develops only those competencies necessary to all electricity or electronics employment. A flow chart indicates how an individual student's program can be…

The Integration of Trade Books into the Social Studies Curriculum.

Science.gov (United States)

Fuhler, Carol J.

1992-01-01

Safe, noncontroversial social studies textbooks are neither meaningful nor necessary according to many students. As an alternative, teachers can integrate well-written trade books into the social studies curriculum. Well-researched diaries, journals, biographies, and autobiographies should become an integral part of the curriculum. (28 references)…

Intra-EU agricultural trade, virtual water flows and policy implications.

Science.gov (United States)

Antonelli, M; Tamea, S; Yang, H

2017-06-01

The development of approaches to tackle the European Union (EU) water-related challenges and shift towards sustainable water management and use is one of the main objectives of Horizon 2020, the EU strategy to lead a smart, sustainable and inclusive growth. The EU is an increasingly water challenged area and is a major agricultural trader. As agricultural trade entails an exchange of water embodied in goods as a factor of production, this study investigates the region's water-food-trade nexus by analysing intra-regional virtual water trade (VWT) in agricultural products. The analysed period (1993-2011) comprises the enactment of the Water Framework Directive (WFD) in the year 2000. Aspects of the VWT that are relevant for the WFD are explored. The EU is a net importer of virtual water (VW) from the rest of the world, but intra-regional VWT represents 46% of total imports and 75% of total exports. Five countries account for 60% of total VW imports (Germany, France, Italy, The Netherlands, Belgium) and 65% of total VW exports (The Netherlands, France, Germany, Belgium and Spain). Intra-EU VWT more than doubled over the period considered, while trade with extra-EU countries did not show such a marked trend. In the same period, blue VWT increased significantly within the region and net import from the rest of the world slightly decreased. Water scarce countries, such as Spain and Italy, are major exporters of blue water in the region. The traded volumes of VW have been increasing almost monotonically over the years, and with a substantial increase after 2000. The overall trend in changes in VWT does not seem to be in accordance with the WFD goals. This study demonstrated that VWT analyses can help evaluate intertwining effects of water, agriculture and trade policies which are often made separately in respective sectors. Copyright © 2017 Elsevier B.V. All rights reserved.

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 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...

The gravity model specification for modeling international trade flows and free trade agreement effects: a 10-year review of empirical studies

OpenAIRE

Kepaptsoglou, Konstantinos; Karlaftis, Matthew G.; Tsamboulas, Dimitrios

2010-01-01

The gravity model has been extensively used in international trade research for the last 40 years because of its considerable empirical robustness and explanatory power. Since their introduction in the 1960's, gravity models have been used for assessing trade policy implications and, particularly recently, for analyzing the effects of Free Trade Agreements on international trade. The objective of this paper is to review the recent empirical literature on gravity models, highlight best practic...

Development and trade competitiveness of the European wine sector: A gravity analysis of intra-EU flows

Directory of Open Access Journals (Sweden)

Pasquale Lombardi

2016-06-01

Full Text Available This study analyses the intra-EU trade of the world׳s chief wine exporters, namely Italy, France and Spain. Using an augmented version of the gravity model we empirically assess which of the three countries have experienced growth in intra-EU market trade. Effects of transportation costs, as well as demand and supply gaps between origin and destination countries, on the size of bilateral trade flows were specifically taken into account. Estimation results highlight the differences between bulk and bottled wine, providing useful information for European producers and policy-makers involved on regulation of wine sector. As concern bulk wine, Italy and Spain show no element of growth in competitiveness, while France shows a statistically significant annual decrease. In contrast, estimates for bottled wine all show a growth tendency, albeit with a different magnitude of coefficients. Italy is the country with the highest trend, followed by Spain and France which instead has a decidedly modest growth in export values. However, analysis of pricing policies shows that France does not appear to target an increase in export volumes so much as an increase in average unit price, while Italy, and especially Spain, have a tendency to increase export volumes, also to the detriment of prices.

Trading green electricity

International Nuclear Information System (INIS)

Davies, M.

1997-01-01

A study has been carried out into the feasibility of developing an electricity trading mechanism which would allow consumers to purchase electricity which has been derived from renewable energy resources. This study was part funded by the European Commission (ALTENER), the Department of Trade and Industry and a number of private sector companies. The trading mechanism is known as the Green Pool. As a result of the findings of this study discussions are being held with potential generators and suppliers to establish a Green Pool plc. The aim is to encourage the development of new renewable energy projects outside the NFFO and SRO schemes. The Green Pool plc will be owned by the generators and its main objective will be to market the electricity produced by its members. (Author)

Ethnobotany and trade of medicinal plants in the Qaysari Market, Kurdish Autonomous Region, Iraq.

Science.gov (United States)

Mati, Evan; de Boer, Hugo

2011-01-27

Marketplaces epitomize a region's culture and trade, and can give a rapid insight into traditions and salience of commercialized medicinal products. The Qaysari bazaar, bordering the citadel in Erbil city in the Kurdistan Autonomous Region, Iraq, has 21 herbalist shops trading natural medicinal products, wild-crafted and cultivated from all over the Middle East and Asia Minor. Freelist surveys were conducted with 18 of these herbalists to determine diversity and salience of traded traditional medicinal plants. Interviews were conducted to document use, trade volume, origin, stock and value of the reported species. Plant species were identified using a combination of morphological identification and molecular barcoding using the ITS region. Vouchers were collected for a total of 158 samples, corresponding to 82 species of plants, 5 animal products, 8 types of stones, minerals or chemicals, as well as 16 mixtures of plant products. Consensus Analysis of the herbalist interviews shows strong support for a single culture of herbalist plant use. Most reported plant species are known to have been used since antiquity, and uses are identical or similar to previously documented uses. Herbalists report a steady year-on-year increase in trade due to the economic stability in recent times. A majority (64%) of medicinal plants is imported from outside Iraq, and the data shows that imported plants trade at a higher price than locally-sourced species, and that these species are stocked in higher volumes by the herbalists to ensure a steady supply to consumers. A strong tradition of herbal medicine exists in Kurdistan today exemplified by the diverse and vigorous trade in medicinal plants commercialized from the provinces around Erbil to countries as far away as India, Spain and Libya. Copyright © 2010 Elsevier Ireland Ltd. All rights reserved.

Volume up, prices down: An industry dilemma

International Nuclear Information System (INIS)

Anon.

1994-01-01

This article is an overview of the spot market prices and trading volume in U3O8 and Separative Work Units. The time frame covered is March/April 1994, and during this period, 7.1M pounds of U3O8 equivalent were traded in the spot concentrate sector, approximately 10M pounds of long-term contracts were signed, conversion services for approximately 5M kilograms of Uranium were dealt, and enrichment services for approximately 2M SWU were agreed upon

The bilateral trade agreements and export performance of South Asian nations with special reference to India Sri Lanka Free Trade Agreement

Directory of Open Access Journals (Sweden)

Suhail P

2011-12-01

Full Text Available The regional trade agreements (RTA have been one of the important developments in the world trading system in 1990s. There are number of studies on the effects trade agreements in different contexts. This study is an attempt to analyse the effects of bilateral trade agreements in the intraregional trade in the SAARC region with special reference to the Free Trade Agreements (FTA between India Sri Lanka. The study uses a panel regression analysis by using balance panel data. The study concludes that the FTA between India and Sri Lanka has brought positive results in the trade between these two nations by improving the bilateral trade in goods. The results of the study are important in the context of looking for the prospects of a free trade area in the region by member nations.

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

Web search queries can predict stock market volumes.

Science.gov (United States)

Bordino, Ilaria; Battiston, Stefano; Caldarelli, Guido; Cristelli, Matthieu; Ukkonen, Antti; Weber, Ingmar

2012-01-01

We live in a computerized and networked society where many of our actions leave a digital trace and affect other people's actions. This has lead to the emergence of a new data-driven research field: mathematical methods of computer science, statistical physics and sociometry provide insights on a wide range of disciplines ranging from social science to human mobility. A recent important discovery is that search engine traffic (i.e., the number of requests submitted by users to search engines on the www) can be used to track and, in some cases, to anticipate the dynamics of social phenomena. Successful examples include unemployment levels, car and home sales, and epidemics spreading. Few recent works applied this approach to stock prices and market sentiment. However, it remains unclear if trends in financial markets can be anticipated by the collective wisdom of on-line users on the web. Here we show that daily trading volumes of stocks traded in NASDAQ-100 are correlated with daily volumes of queries related to the same stocks. In particular, query volumes anticipate in many cases peaks of trading by one day or more. Our analysis is carried out on a unique dataset of queries, submitted to an important web search engine, which enable us to investigate also the user behavior. We show that the query volume dynamics emerges from the collective but seemingly uncoordinated activity of many users. These findings contribute to the debate on the identification of early warnings of financial systemic risk, based on the activity of users of the www.

Web search queries can predict stock market volumes.

Directory of Open Access Journals (Sweden)

Ilaria Bordino

Full Text Available We live in a computerized and networked society where many of our actions leave a digital trace and affect other people's actions. This has lead to the emergence of a new data-driven research field: mathematical methods of computer science, statistical physics and sociometry provide insights on a wide range of disciplines ranging from social science to human mobility. A recent important discovery is that search engine traffic (i.e., the number of requests submitted by users to search engines on the www can be used to track and, in some cases, to anticipate the dynamics of social phenomena. Successful examples include unemployment levels, car and home sales, and epidemics spreading. Few recent works applied this approach to stock prices and market sentiment. However, it remains unclear if trends in financial markets can be anticipated by the collective wisdom of on-line users on the web. Here we show that daily trading volumes of stocks traded in NASDAQ-100 are correlated with daily volumes of queries related to the same stocks. In particular, query volumes anticipate in many cases peaks of trading by one day or more. Our analysis is carried out on a unique dataset of queries, submitted to an important web search engine, which enable us to investigate also the user behavior. We show that the query volume dynamics emerges from the collective but seemingly uncoordinated activity of many users. These findings contribute to the debate on the identification of early warnings of financial systemic risk, based on the activity of users of the www.

Economic, social and resource management factors influencing groundwater trade: Evidence from Victoria, Australia

Science.gov (United States)

Gill, Bruce; Webb, John; Stott, Kerry; Cheng, Xiang; Wilkinson, Roger; Cossens, Brendan

2017-07-01

In Victoria, Australia, most groundwater resources are now fully allocated and opportunities for new groundwater development can only occur through trading of license entitlements. Groundwater usage has rarely exceeded 50% of the available licensed volume, even in the 2008/9 drought year, and 50 to 70% of individual license holders use less than 5% of their allocation each year. However, little groundwater trading is occurring at present. Interviews were conducted with groundwater license holders and water brokers to investigate why the Victorian groundwater trade market is underdeveloped. Responses show there is a complex mix of social, economic, institutional and technical reasons. Barriers to trade are influenced by the circumstances of each groundwater user, administrative process and resource management rules. Water brokers deal with few trades at low margins and noted unrealistic selling prices and administrative difficulties. Irrigators who have successfully traded identify that there are few participants in trading, technical appraisals are expensive and administrative requirements and fees are burdensome, especially when compared to surface water trading. Opportunities to facilitate trade include groundwater management plan refinement and improved information provision. Simplifying transaction processes and costs, demonstrating good resource stewardship and preventing third party impacts from trade could address some concerns raised by market participants. There are, however, numerous individual circumstances that inhibit groundwater trading, so it is unlikely that policy and process changes alone could increase usage rates without greater demand for groundwater or more favourable farming economic circumstances.

The Influences of the Exchange Rate on the Performance of Romanian Trade

Directory of Open Access Journals (Sweden)

Gabriela Dobrotă

2016-01-01

Full Text Available The unprecedented development of international trade relations has generated the possibility of obtaining a significant part of the GDP of the participating countries in foreign trade. As a result, the issue of competitiveness in international economy has become a major concern to authorities. In the category of factors which are influencing the competitiveness level is registered the volatility of the exchange rate. In this paper there were analyzed the aspects regarding the evolution of Romania's foreign trade and exchange rate, in the context of monetary policy measures. The conclusion is that the development plan of the national economy is determined by the action of a complex of economic, social and political factors, but measures taken by the monetary authorities in relation to the regime of exchange may generate visible effects at this level and thus to the volume of foreign trade relations.

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...

Studies in market-based electric power trade and regulation

International Nuclear Information System (INIS)

Hope, Einar

2000-01-01

This is a compilation of articles written by the author during the last fifteen years. Most of the articles are related to the reform of the Norwegian electric power market. This reform led to the Energy Act of 1990 and to the subsequent development of the power markets. Some of the sections are in Norwegian, some in English. The sections discuss (1) Markets for electricity trade in Norway, (2) Economic incentives and public firm behaviour, (3) Market alternatives to the present forms of occasional power trade, (4) Socio-economic considerations about electricity pricing, (5) Scenarios for market based power trade in Norway, (6) Markets for electricity: economic reform of the Norwegian electricity industry, (7) The Norwegian power market, (8) A common Nordic energy market?, (9) Organization of supply markets for natural gas in Europe, (10) The extent of the central grid, (11) Optimum regulation of grid monopolies in the power trade, (12) Power markets and competition policy, (13) Deregulation of the Norwegian power sector, (14) designing a market based system for the Icelandic electricity industry and (15) regulation regimes for the power sector

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

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?

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...

China's international trade and air pollution: 2000 - 2009

Science.gov (United States)

Ni, Ruijing; Lin, Jintai; Pan, Da; Wang, Jingxu; Yan, Yingying; Zhang, Qiang

2016-04-01

As the world's top trading country, China is now the most polluted country. However, a large portion of pollution produced in China is associated with its production of goods for foreign consumption via international trade. Along with China's rapid economic growth in recent years, its economic-trade structure and volume has been changing all the time, resulting in large changes in total emissions and the shares of trade-related emissions. Here, we assess the influence of China's changing total and export-related emissions between 2000 and 2009 on its atmospheric pollution loadings and transport, by exploiting simulations of a global chemical transport model GEOS-Chem. We find that both air pollution related to Chinese exports (PRE) which including nitrogen oxides (NOx), sulfur dioxide (SO2), carbon monoxide (CO), black carbon (BC), and primary organic aerosol (POA), and its share in total Chinese pollution have experienced continuous rapid growth until 2007, exposing more and more people to severely polluted air. After 2007, PRE decreases due to strengthened emission controls accompanied by declined exports as a result of the global financial crisis. Although production for exports contribute less than 35% SO2 over China in any year, the increasing trend of trade-related SO2 contributes 51% of integral trend. The changing PRE of China also affects its downwind regions such as the western United States. The contribution of export-related Chinese pollution to surface sulfate concentrations over the western United States has increased from 3% in 2000 to 12% in 2007. Overall, we find that the interannual variation of trade and associated production is a critical factor driving the trend of pollution over China and its downwind regions.

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 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.

Nuclear thermal propulsion engine cost trade studies

International Nuclear Information System (INIS)

Paschall, R.K.

1993-01-01

The NASA transportation strategy for the Mars Exploration architecture includes the use of nuclear thermal propulsion as the primary propulsion system for Mars transits. It is anticipated that the outgrowth of the NERVA/ROVER programs will be a nuclear thermal propulsion (NTP) system capable of providing the propulsion for missions to Mars. The specific impulse (Isp) for such a system is expected to be in the 870 s range. Trade studies were conducted to investigate whether or not it may be cost effective to invest in a higher performance (Isp>870 s) engine for nuclear thermal propulsion for missions to Mars. The basic cost trades revolved around the amount of mass that must be transported to low-earth orbit prior to each Mars flight and the cost to launch that mass. The mass required depended on the assumptions made for Mars missions scenarios including piloted/cargo flights, number of Mars missions, and transit time to Mars. Cost parameters included launch cost, program schedule for development and operations, and net discount rate. The results were very dependent on the assumptions that were made. Under some assumptions, higher performance engines showed cost savings in the billions of dollars; under other assumptions, the additional cost to develop higher performance engines was not justified

Trade Study for 9 kW Water Membrane Evaporator

Science.gov (United States)

Bue, Grant C.; Ungar, Gene; Stephan, Ryan

2010-01-01

Sublimators have been proposed and used in spacecraft for heat rejection. Sublimators are desirable heat rejection devices for short duration use because they can transfer large amounts of heat using little mass and are self-regulating devices. Sublimators reject heat into space by freezing water inside a porous substrate, allowing it to sublimate into vapor, and finally venting it into space. The state of the art thermal control system in orbiting spacecraft is a two loop, two fluid system. The external coolant loop typically uses a toxic single phase fluid that acquires heat from the spacecraft and rejects most of it via a radiator. The sublimator functions as a transient topper for orbiting spacecraft during day pass periods when radiator efficiency decreases. The sublimator interfaces with the internal loop through a built in heat exchanger. The internal loop fluid is non-toxic and is typically a propylene glycol and water solution with inhibitors to prevent corrosion with aluminum fins of the heat exchangers. Feedwater is supplied from a separate line to the sublimator to maintain temperature control of the cabin and vehicle hardware. Water membrane evaporators have been developed for spacecraft and spacesuits. They function similar to a sublimator but require a backpressure valve which could be actuated for this application with a simple fully open or fully closed modes. This technology would be applied to orbital thermal control (lunar or planetary). This paper details a trade study showing that evaporators would greatly reduce the consumable that is used, effectively wasted, by sublimators during start up and shut down during the topping phases of each orbit. State of the art for 9 kW sublimators reject about 870 W per kilogram of mass and 1150 W per liter of volume. If water with corrosion inhibitors is used the evaporators would be about 80% of the mass and volume of the equivalent system. The size and mass increases to about 110% if the internal fluid is

Trade costs in empirical New Economic Geography

NARCIS (Netherlands)

Bosker, E.M.; Garretsen, J.H.

Trade costs are a crucial element of New Economic Geography (NEG) models. Without trade costs there is no role for geography. In empirical NEG studies the unavailability of direct trade cost data calls for the need to approximate these trade costs by introducing a trade cost function. In doing so,

Human Factors in Financial Trading

Science.gov (United States)

Leaver, Meghan; Reader, Tom W.

2016-01-01

Objective This study tests the reliability of a system (FINANS) to collect and analyze incident reports in the financial trading domain and is guided by a human factors taxonomy used to describe error in the trading domain. Background Research indicates the utility of applying human factors theory to understand error in finance, yet empirical research is lacking. We report on the development of the first system for capturing and analyzing human factors–related issues in operational trading incidents. Method In the first study, 20 incidents are analyzed by an expert user group against a referent standard to establish the reliability of FINANS. In the second study, 750 incidents are analyzed using distribution, mean, pathway, and associative analysis to describe the data. Results Kappa scores indicate that categories within FINANS can be reliably used to identify and extract data on human factors–related problems underlying trading incidents. Approximately 1% of trades (n = 750) lead to an incident. Slip/lapse (61%), situation awareness (51%), and teamwork (40%) were found to be the most common problems underlying incidents. For the most serious incidents, problems in situation awareness and teamwork were most common. Conclusion We show that (a) experts in the trading domain can reliably and accurately code human factors in incidents, (b) 1% of trades incur error, and (c) poor teamwork skills and situation awareness underpin the most critical incidents. Application This research provides data crucial for ameliorating risk within financial trading organizations, with implications for regulation and policy. PMID:27142394

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...

An analysis of the driving forces of CO2 emissions embodied in Japan-China trade

International Nuclear Information System (INIS)

Dong Yanli; Ishikawa, Masanobu; Liu Xianbing; Wang Can

2010-01-01

By using the latest China-Japan input-output data sets and the index decomposition analysis (IDA) approach, this article analyzes the driving forces of CO 2 emissions embodied in trade between the two countries during 1990-2000. We found that the growth of trade volume had a large influence on the increase of CO 2 emissions embodiments in bilateral trade. The dramatic decline in carbon intensity of the Chinese economy is a primary cause in offsetting CO 2 emissions exported from China to Japan over 1995-2000. We argue that a better understanding of the factors affecting CO 2 emissions embodied in international trade will assist in seeking more effective climate policies with wider participation in the post-Kyoto regime.

Trading Fees and Slow-Moving Capital

OpenAIRE

Buss, Adrian; Dumas, Bernard J

2015-01-01

In some situations, investment capital seems to move slowly towards profitable trades. We develop a model of a financial market in which capital moves slowly simply because there is a proportional cost to moving capital. We incorporate trading fees in an infinite-horizon dynamic general-equilibrium model in which investors optimally and endogenously decide when and how much to trade. We determine the steady-state equilibrium no-trade zone, study the dynamics of equilibrium trades and prices a...

Trade liberalization, social policies and health: an empirical case study.

Science.gov (United States)

McNamara, Courtney

2015-10-12

This study investigates the health impacts of a major liberalization episode in the textile and clothing (T&C) sector. This episode triggered substantial shifts in employment across a wide range of countries. It is the first study to empirically link trade liberalization to health via changes in employment and offers some of the first empirical insights on how trade liberalization interacts with social policies to influence health. Data from 32 T&C reliant countries were analysed in reference to the pre- and post-liberalization periods of 2000-2004 and 2005-2009. Fuzzy-set qualitative comparative analysis (fsQCA) was used to examine the association between countries' a) level of development b) labour market and welfare state protections c) T&C employment changes and d) changes in adult female and infant mortality rates. Process tracing was used to further investigate these associations through twelve in-depth country studies. Results from the fsQCA relate changes in employment after the phase-out to both changing adult female and infant mortality rates. Findings from the in-depth country studies suggest that the worsening of adult female mortality rates is related to workers' lack of social protection, both in the context of T&C employment growth and loss. Overall, it is found that social protection is often inaccessible to the type of workers who may be the most vulnerable to processes of liberalization and that many workers are particularly vulnerable due to the structure of social protection policies. Social policies are therefore found to both moderate pathways to health and influence the type of health-related pathways resulting from trade liberalizing policies.

The Effect of the Post 2001 Reforms on FMD Risks of the International Live Animal Trade.

Science.gov (United States)

Shanafelt, David W; Perrings, C

2018-02-27

The 2001 UK foot and mouth disease (FMD) epidemic marked a change in global FMD management, focusing less on trade isolation than on biosecurity within countries where FMD is endemic. Post 2001 policy calls for the isolation of disease-free zones in FMD-endemic countries, while increasing the opportunities for trade. The impact of the change on disease risk has yet to be tested. In this paper, we estimate an empirical model of disease risk that tests for the impact of trade volumes before and after 2001, controlling for biosecurity measures. In the pre 2001 regime, we find that poor biosecurity was associated with the probability of reporting an outbreak. In the post 2001 regime, the risks changed, with trade being a much greater source of risk. We discuss the trade-off between trade restrictions and biosecurity measures in the management of FMD disease risks.

Statistical properties of short-selling and margin-trading activities and their impacts on returns in the Chinese stock markets

Science.gov (United States)

Gao, Yan; Gao, Yao

2015-11-01

We investigate the collective behaviors of short-selling and margin-trading between Chinese stocks and their impacts on the co-movements of stock returns by cross-correlation and partial correlation analyses. We find that the collective behaviors of margin-trading are largely attributed to the index cohesive force, while those of short-selling are mainly due to some direct interactions between stocks. Interestingly, the dominant role the finance industry plays in the collective behaviors of short-selling could make it more important in affecting the co-movement structure of stock returns by strengthening its relationship with the market index. By detecting the volume-return and volume-volatility relationships, we find that the investors of the two leverage activities are positively triggered by individual stock volatility first, and next, at the return level, margin-buyers show trend-following properties, while short-sellers are probably informative traders who trade on the information impulse of specific firms. However, the return predictability of the two leverage trading activities and their impacts on stock volatility are not significant. Moreover, both tails of the cumulative distributions of the two leverage trading activities are found following the stretched exponential law better than the power-law.

Testing the competition-colonization trade-off with a 32-year study of a saxicolous lichen community.

Science.gov (United States)

Pastore, A I; Prather, C M; Gornish, E S; Ryan, W H; Ellis, R D; Milleri, T E

2014-02-01

Competition-colonization trade-offs are theorized to be a mechanism of coexistence in communities structured by environmental fluctuations. But many studies that have tested for the trade-off have failed to detect it, likely because a spatiotemporally structured environment and many species assemblages are needed to adequately test for a competition-colonization trade-off. Here, we present a unique 32-year study of rock-dwelling lichens in New Mexico, USA, in which photographs were used to quantify lichen life history traits and interactions through time. These data allowed us to determine whether there were any trade-offs between traits associated with colonization and competition, as well as the relationship between diversity and disturbance in the community. We did not find evidence for a trade-off between competitive ability and colonization rate or any related life history traits. Interestingly, we did find a peak in all measures of species diversity at intermediate levels of disturbance, consistent with the intermediate disturbance hypothesis pattern. We suggest that the coexistence of the dominant species in this system is regulated by differences in persistence and growth rate mediating overgrowth competition rather than a competition-colonization trade-off.

Development in Children's Thinking about International Trade.

Science.gov (United States)

Schug, Mark C.; Lephardt, Noreen

1992-01-01

Presents study results of how children reason about international trade. Explains that open ended questions were posed to students in grades 1-11 asking why nations trade, the benefits of trade, and their understanding of barriers to trade. Concludes that teaching fundamentals of international trade can be introduced as early as grade six. (DK)

THE IMPLEMENTATION OF EFFICIENT TRADE MATRIX AND GOLD RESERVE REQUIREMENT FOR COMMODITY TRADE AMONG ASEAN COUNTRIES

Directory of Open Access Journals (Sweden)

nurul anisak

2017-06-01

Full Text Available Objective - This study attempts to implement the efficient trade matrix among five selected ASEAN countries and its settlement by the gold reserve requirements through Multi-Bilateral Payments Arrangement (MBPA.Methods – The study is a qualitative research with analytic description. The purpose of this qualitative-descriptive study is to simulate the implementation of gold in the Multi-Bilateral Payment Arrangement among ASEAN countries using the current trade data.Results – This paper argues that the Southeast Asian countries can solve the problem through their internal coordination, particularly in terms of trade. One of the efforts is to reduce even eliminate the market risk by using the efficient payment arrangement.Conclusions – The study implied that the quantity amount of gold required to settle the trade balance will be reduced from the early gross payment. However, the ASEAN countries need to strengthen the cooperation among them through maximizing the trade relationship.

The electric power trading. The stakes and forecasts of the electric power trading at the time of Enron's failure

International Nuclear Information System (INIS)

2002-10-01

This study on the electric power trading analyzes the Change and trading mechanisms, the trading part in the european market, identifies the risk and the opportunities of the trading and analyzes the enterprises mastership. (A.L.B.)

International trade and determinants of price differentials of insulin medicine.

Science.gov (United States)

Helble, Matthias; Aizawa, Toshiaki

2017-02-01

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

MFTF-α+T end cell vacuum vessel and nuclear shield trade studies

International Nuclear Information System (INIS)

Kirchner, J.

1984-01-01

Three separate and distinct vacuum vessel and nuclear shield trade studies were performed in series. The studies are: vacuum topology, nuclear shield location and composition, and water bulk shield location and material selection

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.

The Supply of Trade Credit by Brazilian Publicly Traded Firms

Directory of Open Access Journals (Sweden)

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.

Current and potential trade in horticultural products irradiated for phytosanitary purposes

International Nuclear Information System (INIS)

Bustos-Griffin, Emilia; Hallman, Guy J.; Griffin, Robert L.

2012-01-01

The current status of trade in horticultural products irradiated for phytosanitary purposes is examined, including trends, strengths and weaknesses. A strategy is proposed to take advantage of the best future opportunities for increasing trade in irradiated horticultural products by identifying best possibilities for expanding both the number and volume of commodities for irradiation and then applying appropriate business criteria in a general analysis of the commodities, commercial scenarios, and geographic regions where the greatest potential exists for expansion. The results show that fresh fruits such as mango, papaya, citrus, grapes, and vegetables such as tomatoes, onions, asparagus, garlic, and peppers from Asia and the Americas show the greatest potential. Substantial opportunities for additional growth exist, especially as regulatory conditions become more favorable. - Highlights: ► This research examined the trade in horticultural products irradiated for Phytosanitary purposes. ► Paper describes strategies for enhancing trade in irradiated horticultural products. ► Results identify commodities and regions with the greatest potential. ► Additional growth potential exists, especially as regulatory conditions become more favorable.

Trade credit supply, market power and the matching of trade credit terms

NARCIS (Netherlands)

Fabbri, D.; Klapper, L.F.

2008-01-01

This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. We use a novel firm-level database with unique information on market power in both output and input markets and on the amount, terms and payment history of trade credit

Current Perspective in the International Trade of Medicinal Plants Material: An Update.

Science.gov (United States)

Vasisht, Karan; Sharma, Neetika; Karan, Maninder

2016-01-01

The recent years have seen an increased interest in medicinal plants together with the therapeutic use of phytochemicals. Medicinal plants are utilized by the industry for the production of extracts, phytopharmaceuticals, nutraceuticals and cosmeceuticals and their use is expected to grow faster than the conventional drugs. The enormous demand of medicinal plant material has resulted in huge trade both at domestic and international levels. The trade data of medicinal plant material with commodity code HS 1211 (SITC.4, code 292.4) and their derived/related products which are traded under different commodity codes has been acquired from COMTRADE, Trade Map, country reports, technical documents etc for the period 2001 to 2014. The data was analyzed using statistical tools to draw conclusions. The significant features of the global trade; the leading source, consumer, import and export countries; and the striking trends are presented. The trade of the ten key countries and the selected important items is also discussed in detail. The conservative figure of trade of medicinal plants materials and their derived/related products including extracts, essential oils, phytopharmaceuticals, gums, spices used in medicine, tannins for pharmaceutical use, ingredients for cosmetics etc. as calculated from the global export data for the year 2014 is estimated at USD 33 billion. The average global export in medicinal plants under HS 1211 for the fourteen year period was USD 1.92 billion for 601,357 tons per annum and for the year 2014 it stood at 702,813 tons valued at USD 3.60 billion. For the studied period, an annual average growth rate (AAGR) of 2.4% in volumes and 9.2% in values of export was observed. Nearly 30% of the global trade is made up by top two countries of the import and export. China and India from Asia; Egypt and Morocco from Africa; Poland, Bulgaria and Albania from Europe; Chile and Peru from South America are important supply sources. The USA, Japan and Europe

Spirits Trade After Reform in 1863: To the Issue of Efficiency of State Regulation of Spirits Turnover in Terms of Free Trade

Directory of Open Access Journals (Sweden)

Natalia Ye. Goryushkina

2015-12-01

Full Text Available On the grounds of published and non-published archive materials the article estimates efficiency of state regulation of spirits turnover in terms of excise taxation period. It also states types of spirits trade, types of public houses, groups of people that have obtained the right for wholesale, retail and that of small amount tradeoff spirits. License gaining procedures are widely described as well. The author pays significant attention to the areas in cities and countryside, where the public houses should not have been opened as well as the individuals who were admitted to spirits trade; also he states events which influenced the sale of spirits. The requirements to interior of public houses, working hours, quality and volumes of trade are also specified. It is pointed out that the officials of excise tax board were to control the regulations of spirit trade, their authority extended to public houses control in 1885. The author comes to the conclusion that regulatory means of excise tax was efficient and by increasing and decreasing of license cost, complication and simplification of new public houses opening all together allowed to regulate the turnover of spirits in terms of free trade thus influencing the number, types, density, range and quality of spirits. However, there was distinct ambiguity in Ministry of Finance policy during the stated excise taxation period. On the one hand it limited free sale of spirits, eradicating public houses which were considered detrimental. On the other hand, the Ministry was set not to notice abuse in trade which gave the opportunity to gain greater benefits at public cost from spirits sales.

Natural Computing in Computational Finance Volume 4

CERN Document Server

O’Neill, Michael; Maringer, Dietmar

2012-01-01

This book follows on from Natural Computing in Computational Finance  Volumes I, II and III.   As in the previous volumes of this series, the  book consists of a series of  chapters each of  which was selected following a rigorous, peer-reviewed, selection process.  The chapters illustrate the application of a range of cutting-edge natural  computing and agent-based methodologies in computational finance and economics.  The applications explored include  option model calibration, financial trend reversal detection, enhanced indexation, algorithmic trading,  corporate payout determination and agent-based modeling of liquidity costs, and trade strategy adaptation.  While describing cutting edge applications, the chapters are  written so that they are accessible to a wide audience. Hence, they should be of interest  to academics, students and practitioners in the fields of computational finance and  economics.  

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

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

SLS Trade Study 0058: Day of Launch (DOL) Wind Biasing

Science.gov (United States)

Decker, Ryan K.; Duffin, Paul; Hill, Ashley; Beck, Roger; Dukeman, Greg

2014-01-01

SLS heritage hardware and legacy designs have shown load exceedances at several locations during Design Analysis Cycles (DAC): MPCV Z bending moments; ICPS Electro-Mechanical Actuator (EMA) loads; Core Stage loads just downstream of Booster forward interface. SLS Buffet Loads Mitigation Task Team (BLMTT) tasked to study issue. Identified low frequency buffet load responses are a function of the vehicle's total angle of attack (AlphaTotal). SLS DOL Wind Biasing Trade team to analyze DOL wind biasing methods to limit maximum AlphaTotal in the M0.8 - 2.0 altitude region for EM-1 and EM-2 missions through investigating: Trajectory design process; Wind wavelength filtering options; Launch availability; DOL process to achieve shorter processing/uplink timeline. Trade Team consisted of personnel supporting SLS, MPCV, GSDO programs.

Effluent trading in river systems through stochastic decision-making process: a case study.

Science.gov (United States)

Zolfagharipoor, Mohammad Amin; Ahmadi, Azadeh

2017-09-01

The objective of this paper is to provide an efficient framework for effluent trading in river systems. The proposed framework consists of two pessimistic and optimistic decision-making models to increase the executability of river water quality trading programs. The models used for this purpose are (1) stochastic fallback bargaining (SFB) to reach an agreement among wastewater dischargers and (2) stochastic multi-criteria decision-making (SMCDM) to determine the optimal treatment strategy. The Monte-Carlo simulation method is used to incorporate the uncertainty into analysis. This uncertainty arises from stochastic nature and the errors in the calculation of wastewater treatment costs. The results of river water quality simulation model are used as the inputs of models. The proposed models are used in a case study on the Zarjoub River in northern Iran to determine the best solution for the pollution load allocation. The best treatment alternatives selected by each model are imported, as the initial pollution discharge permits, into an optimization model developed for trading of pollution discharge permits among pollutant sources. The results show that the SFB-based water pollution trading approach reduces the costs by US$ 14,834 while providing a relative consensus among pollutant sources. Meanwhile, the SMCDM-based water pollution trading approach reduces the costs by US$ 218,852, but it is less acceptable by pollutant sources. Therefore, it appears that giving due attention to stability, or in other words acceptability of pollution trading programs for all pollutant sources, is an essential element of their success.

Virtuous and vicious virtual water trade with application to Italy.

Directory of Open Access Journals (Sweden)

Julia Anna Winter

Full Text Available The current trade of agricultural goods, with connections involving all continents, entails for global exchanges of "virtual" water, i.e. water used in the production process of alimentary products, but not contained within. Each trade link translates into a corresponding virtual water trade, allowing quantification of import and export fluxes of virtual water. The assessment of the virtual water import for a given nation, compared to the national consumption, could give an approximate idea of the country's reliance on external resources from the food and the water resources point of view. A descriptive approach to the understanding of a nation's degree of dependency from overseas food and water resources is first proposed, and indices of water trade virtuosity, as opposed to inefficiency, are devised. Such indices are based on the concepts of self-sufficiency and relative export, computed systematically on all products from the FAOSTAT database, taking Italy as the first case study. Analysis of time series of the self-sufficiency and relative export can demonstrate effects of market tendencies and influence water-related policies at the international level. The goal of this approach is highlighting incongruent terms in the virtual water balances by the viewpoint of single products. Specific products, which are here referred to as "swap products", are in fact identified as those that lead to inefficiencies in the virtual water balance due to their contemporaneously high import and export. The inefficiencies due to the exchanges of the same products between two nations are calculated in terms of virtual water volumes. Furthermore, the cases of swap products are investigated by computing two further indexes denoting the ratio of virtual water exchanged in the swap and the ratio of the economic values of the swapped products. The analysis of these figures can help examine the reasons behind the swap phenomenon in trade.

Virtuous and vicious virtual water trade with application to Italy.

Science.gov (United States)

Winter, Julia Anna; Allamano, Paola; Claps, Pierluigi

2014-01-01

The current trade of agricultural goods, with connections involving all continents, entails for global exchanges of "virtual" water, i.e. water used in the production process of alimentary products, but not contained within. Each trade link translates into a corresponding virtual water trade, allowing quantification of import and export fluxes of virtual water. The assessment of the virtual water import for a given nation, compared to the national consumption, could give an approximate idea of the country's reliance on external resources from the food and the water resources point of view. A descriptive approach to the understanding of a nation's degree of dependency from overseas food and water resources is first proposed, and indices of water trade virtuosity, as opposed to inefficiency, are devised. Such indices are based on the concepts of self-sufficiency and relative export, computed systematically on all products from the FAOSTAT database, taking Italy as the first case study. Analysis of time series of the self-sufficiency and relative export can demonstrate effects of market tendencies and influence water-related policies at the international level. The goal of this approach is highlighting incongruent terms in the virtual water balances by the viewpoint of single products. Specific products, which are here referred to as "swap products", are in fact identified as those that lead to inefficiencies in the virtual water balance due to their contemporaneously high import and export. The inefficiencies due to the exchanges of the same products between two nations are calculated in terms of virtual water volumes. Furthermore, the cases of swap products are investigated by computing two further indexes denoting the ratio of virtual water exchanged in the swap and the ratio of the economic values of the swapped products. The analysis of these figures can help examine the reasons behind the swap phenomenon in trade.

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...

Trade and Sectoral Productivity

OpenAIRE

Fadinger, Harald; Fleiss, Pablo

2008-01-01

Even though differences in sectoral total factor productivity are at the heart of Ricardian trade theory and many models of growth and development, very little is known about their size and their form. In this paper we try to fill this gap by using a Hybrid-Ricardo-Heckscher-Ohlin trade model and bilateral sectoral trade data to overcome the data problem that has limited previous studies, which have used input and output data to back out productivities, to a small number of OECD economies. 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.

Global Agricultural Trade and Developing Countries

OpenAIRE

Aksoy, M. Ataman; Beghin, John C.

2005-01-01

Global Agricultural Trade and Developing Countries explores the outstanding issues in global agricultural trade policy and evolving world production and trade patterns. This book presents research findings based on a series of commodity studies of significant economic importance to developing countries. Setting the stage with background chapters and investigations of cross-cutting issues, the authors describe trade and domestic policy regimes affecting agricultural and food markets and analyz...

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.

International Trade Students’ Stereotypes

OpenAIRE

Kamila Matysová

2017-01-01

The goal of the present paper is to detect stereotypes of students studying International Trade at the University of Economics Prague and, if need be, propose didactic measures for intercultural education at the university. In our study, 293 International Trade students described six ethnic and national groups (Roma, Ukrainians, Vietnamese, Russians, Germans and Czechs) in terms of explicit stereotypes. The following hypothesis was formulated in the study: On the one hand, stereotypes of the ...

Trade-off study of liquid-metal self-cooled blankets

International Nuclear Information System (INIS)

Gohar, Y.

1986-01-01

A trade-off study of liquid-metal self-cooled blankets was carried out to define the performance of these blankets with respect to the main functions in a fusion reactor, and to determine the potential to operate at the maximum possible values of the performance parameters. The main purpose is to improve the reactor economics by maximizing the blanket energy multiplication factor, reduce the capital cost of the reactor, and satisfy the design requirements. The main parameters during the course of the study were the tritium breeding ratio (TBR), the blanket energy multiplication factor, the energy fraction lost to the shield, the 6 Li enrichment in the breeder material, the total blanket thickness, the reflector material selection, and the compositions of the different blanket zones. Also, the impact of different reactor design choices on the performance parameters was analyzed. The effect of the impurity control system (limiter or divertor), the material choice for the limiter, the elimination of tritium breeding from the inboard section of tokamak reactors, the coolant choice for the nonbreeding inboard blanket, and the neutron source distribution were part of the trade-off study. In addition, tritium breeding benchmark calculations were performed to study the impact of the use of different transport codes and nuclear data libraries. The importance and the negative effect of high TBR on the energy multiplication motivated the benchmark calculations

Software Architecture Coupling Metric for Assessing Operational Responsiveness of Trading Systems

Directory of Open Access Journals (Sweden)

Claudiu VINTE

2012-01-01

Full Text Available The empirical observation that motivates our research relies on the difficulty to assess the performance of a trading architecture beyond a few synthetic indicators like response time, system latency, availability or volume capacity. Trading systems involve complex software architectures of distributed resources. However, in the context of a large brokerage firm, which offers a global coverage from both, market and client perspectives, the term distributed gains a critical significance indeed. Offering a low latency ordering system by nowadays standards is relatively easily achievable, but integrating it in a flexible manner within the broader information system architecture of a broker/dealer requires operational aspects to be factored in. We propose a metric for measuring the coupling level within software architecture, and employ it to identify architectural designs that can offer a higher level of operational responsiveness, which ultimately would raise the overall real-world performance of a trading system.

United States interests and Western Europe: Arms control, energy, and trade

International Nuclear Information System (INIS)

Czempiel, E.O.; Krell, G.; Mueller, H.

1981-01-01

The 'Research Group USA' within the Hessische Stiftung Friedens- und Konfliktforschung, Frankfurt, has analysed extensively the US policy towards Western Europe. In December 1980 the research group arranged an international Conference at Bad Homburg. Topics were American European policies in the field of arms control, trade and energy. The main findings of the research group were presented to the conference. This volume contains six papers presented to the conference: The Salt II-Debate in the US Senate; Issues in West German Security Policy: An American Perspective; US Energy Policy Foreign Policy Goals Versus Domestic Interests; Economic and Political Consequences of US Energy Policy on Europe; Foreign Trade Policy Interests and Decisions in the US; Multinational Corporations in Euro-American Trade. It contains also an introductory analysis of the somewhat larger US-European-Soviet Union context within which the American policy towards Western Europe has to be seen. (HSCH) [de

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.

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

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

Trade study plan for Reusable Hydrogen Composite Tank System (RHCTS)

Science.gov (United States)

Greenberg, H. S.

1994-07-01

This TA 1 document describes the trade study plan (with support from TA 2) that will identify the most suitable structural configuration for an SSTO winged vehicle capable of delivering 25,000 lbs to a 220 nm circular orbit at 51.6 degree inclination. The analysis uses information derived in the TA 2 study as identified within the study plan. In view of this, for convenience, the TA 2 study plan is included as an appendix to this document.

Understanding the poultry trade network in Kenya: Implications for regional disease prevention and control.

Science.gov (United States)

McCarron, Margaret; Munyua, Peninah; Cheng, Po-Yung; Manga, Thomas; Wanjohi, Cathryn; Moen, Ann; Mounts, Anthony; Katz, Mark A

2015-07-01

Infectious diseases in poultry can spread quickly and lead to huge economic losses. In the past decade, on multiple continents, the accelerated spread of highly pathogenic avian Influenza A (H5N1) virus, often through informal trade networks, has led to the death and culling of hundreds of millions of poultry. Endemic poultry diseases like Newcastle disease and fowl typhoid can also be devastating in many parts of the world. Understanding trade networks in unregulated systems can inform policy decisions concerning disease prevention and containment. From June to December 2008 we conducted a cross-sectional survey of backyard farmers, market traders, and middlemen in 5/8 provinces in Kenya. We administered a standardized questionnaire to each type of actor using convenience, random, snowball, and systematic sampling. Questionnaires addressed frequency, volume, and geography of trade, as well as biosecurity practices. We created a network diagram identifying the most important locations for trade. Of 380 respondents, 51% were backyard farmers, 24% were middlemen and 25% were market traders. Half (50%) of backyard farmers said they raised poultry both for household consumption and for sale. Compared to market traders, middlemen bought their poultry from a greater number of villages (median 4.2 villages for middlemen vs. 1.9 for market traders). Traders were most likely to purchase poultry from backyard farmers. Of the backyard farmers who sold poultry, 51% [CI 40-63] reported selling poultry to market traders, and 54% [CI 44-63] sold to middlemen. Middlemen moved the largest volume of poultry on a weekly basis (median purchases: 187 birds/week [IQR 206]; median sales: 188 birds/week [IQR 412.5]). The highest numbers of birds were traded in Nairobi - Kenya's capital city. Nairobi was the most prominent trading node in the network (61 degrees of centrality). Many smaller sub-networks existed as a result of clustered local trade. Market traders were also integral to the

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.

Evaluating the impact of the alcohol act on off-trade alcohol sales: a natural experiment in Scotland.

Science.gov (United States)

Robinson, Mark; Geue, Claudia; Lewsey, James; Mackay, Daniel; McCartney, Gerry; Curnock, Esther; Beeston, Clare

2014-12-01

A ban on multi-buy discounts of off-trade alcohol was introduced as part of the Alcohol Act in Scotland in October 2011. The aim of this study was to assess the impact of this legislation on alcohol sales, which provide the best indicator of population consumption. Interrupted time-series regression was used to assess the impact of the Alcohol Act on alcohol sales among off-trade retailers in Scotland. Models accounted for underlying seasonal and secular trends and were adjusted for disposable income, alcohol prices and substitution effects. Data for off-trade retailers in England and Wales combined (EW) provided a control group. Weekly data on the volume of pure alcohol sold by off-trade retailers in Scotland and EW between January 2009 and September 2012. The introduction of the legislation was associated with a 2.6% (95% CI = -5.3 to 0.2%, P = 0.07) decrease in off-trade alcohol sales in Scotland, but not in EW (-0.5%, 95% CI = -4.6 to 3.9%, P = 0.83). A statistically significant reduction was observed in Scotland when EW sales were adjusted for in the analysis (-1.7%, 95% CI = -3.1 to -0.3%, P = 0.02). The decline in Scotland was driven by reduced off-trade sales of wine (-4.0%, 95% CI = -5.4 to -2.6%, P types in Scotland, or in sales of any drink type in EW. The introduction of the Alcohol Act in Scotland in 2011 was associated with a decrease in total off-trade alcohol sales in Scotland, largely driven by reduced off-trade wine sales. © 2014 The Authors. Addiction published by John Wiley & Sons Ltd on behalf of Society for the Study of Addiction.

Recent Trends in World Trade and International Negotiations

Directory of Open Access Journals (Sweden)

Christophe Bellmann

2010-03-01

Full Text Available World trade in 2009 was dominated by the worst financial and economic crisis in decades. Global output shrank. So did the volume of international trade. Despite bearing no responsibility for the crisis, the poorer developing countries have fared the worst. China, Brazil and India saw exports drop by between a fifth and a third in the second half of 2008, but countries not belonging to the top 20 developing country exporters were hit even harder. Trade and GDP growth have started to pick up again, but some economists fear a “double-dip” recession. If unemployment continues to grow, it may become harder for governments to resist protectionist pressures. In terms of the WTO negotiations, the crisis cuts both ways. Governments are preoccupied with more immediate concerns. But the crisis has shattered the sense that protectionism was unthinkable, making a trade deal seem more valuable. The G-20 major economies have called for concluding the Doha Round in 2010, but it remains to be seen whether this pledge will amount to anything. The number of bilateral trade deals continues to grow, with Switzerland an enthusiastic participant. Some of these deals have been criticised for “WTO-plus” obligations, particularly regarding intellectual property. Meanwhile, there are real grounds for arguing that the Doha Round agenda does not reflect many current problems, especially climate change. With the US and the EU threatening to impose tariffs on exports from emerging economies with no hard emissions caps, it is clear that governments need to find some way of discussing the new challenges confronting the global economy.

International trade disputes in modern regulatory paradigm

Directory of Open Access Journals (Sweden)

Tamara Gordeeva

2013-09-01

Full Text Available This article studies the latest trends observed in the area of contradictory relations between countries with regard to international trade, which cause changes in the paradigm of international trade disputes. It has been found out that any state of inconsistent relations between the countries is recently characterized as a «trade war». It has been analyzed the notions of «dispute», «conflict», «war» according to international regulatory documents and determined the applicability of these terms depending on a number of criteria. It has been studied the evolution of the objects of international trade disputes since the time of ancient Greece until today, and new trends based on this have been revealed with regard to use of trade policy instruments that cause disputes between countries. Several specific examples of international trade disputes and causes of their occurrence have been considered. A quantitative analysis of international trade disputes in general and in relations between the leading countries in terms of a number of the trade disputes in which they were involved has been performed.

Integrated operations plan for the MFTF-B Mirror Fusion Test Facility. Volume I. Organization plan

International Nuclear Information System (INIS)

1981-12-01

This plan and the accompanying MFTF-B Integrated Operations Plan are submitted in response to UC/LLNL Purchase Order 3883801, dated July 1981. The organization plan also addresses the specific tasks and trade studies directed by the scope of work. The Integrated Operations Plan, which includes a reliability, quality assurance, and safety plan and an integrated logistics plan, comprises the burden of the report. In the first section of this volume, certain underlying assumptions and observations are discussed setting the requirements and limits for organization. Section B presents the recommended structure itself. Section C Device Availability vs Maintenance and Support Efforts and Section D Staffing Levels and Skills provide backup detail and justification. Section E is a trade study on maintenance and support by LLNL staff vs subcontract and Section F is a plan for transitioning from the construction phase into operation. A brief summary of schedules and estimated costs concludes the volume

The role of Thailand in the international trade in CITES-listed live reptiles and amphibians.

Science.gov (United States)

Nijman, Vincent; Shepherd, Chris R

2011-03-25

International wildlife trade is one of the leading threats to biodiversity conservation. The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) is the most important initiative to monitor and regulate the international trade of wildlife but its credibility is dependent on the quality of the trade data. We report on the performance of CITES reporting by focussing on the commercial trade in non-native reptiles and amphibians into Thailand as to illustrate trends, species composition and numbers of wild-caught vs. captive-bred specimens. Based on data in the WCMC-CITES trade database, we establish that a total of 75,594 individuals of 169 species of reptiles and amphibians (including 27 globally threatened species) were imported into Thailand in 1990-2007. The majority of individuals (59,895, 79%) were listed as captive-bred and a smaller number (15,699, 21%) as wild-caught. In the 1990s small numbers of individuals of a few species were imported into Thailand, but in 2003 both volumes and species diversity increased rapidly. The proportion of captive-bred animals differed greatly between years (from 0 to >80%). Wild-caught individuals were mainly sourced from African countries, and captive-bred individuals from Asian countries (including from non-CITES Parties). There were significant discrepancies between exports and imports. Thailand reports the import of >10,000 individuals (51 species) originating from Kazakhstan, but Kazakhstan reports no exports of these species. Similar discrepancies, involving smaller numbers (>100 individuals of 9 species), can be seen in the import of reptiles into Thailand via Macao. While there has been an increase in imports of amphibian and reptiles into Thailand, erratic patterns in proportions of captive-bred specimens and volumes suggests either capricious markets or errors in reporting. Large discrepancies with respect to origin point to misreporting or possible violations of the rules and

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

International Nuclear Information System (INIS)

Halicioglu, Ferda

2009-01-01

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

Pakistan Intra-industry Trade: A Panel Data Approach

Directory of Open Access Journals (Sweden)

Muhammad Shahbaz

2012-01-01

Full Text Available This study examines the determinants of intra-industry trade (IIT between Pakistan and trade patterns in the period 1980-2006, using a static and dynamic panel data approach. In the recent years, the government of Pakistan had realized factors to liberalize the international trade. The literature of international economics demonstrates that this condition (trade liberalization induces the IIT. The case study for Pakistan has been negligence in the economic literature. This study uses country-specific characteristics as explanatory variables. This study utilizes country-specific characteristics as explanatory variables. The empirical evidence indicates that IIT is a negative function of the difference in GDP per capita between Pakistan and her trading partners. Furthermore, econometric results point out that trading is influenced by the similar demand. We have also introduced an economic dimension; this proxy confirms the positive effects of IIT. Our findings reveal the importance of scales economies and the variety of differentiated products. The study supports to accept the hypothesis that trading increases if the transportation costs decrease.

European cement conference and exhibition. Proceedings volume

Energy Technology Data Exchange (ETDEWEB)

McCaffrey, R. (ed.)

2004-07-01

Topics covered various aspects of the European cement industry including trends, market, emissions trading, environment, state-of-the-art technology, kilns and dedusting solutions. Two papers have been abstracted separately. A CD-ROM of the conference papers, including additional papers not in the printed volume, is also available.

A novel application of mark-recapture to examine behaviour associated with the online trade in elephant ivory

Science.gov (United States)

McCrea, Rachel S.; Roberts, David L.

2017-01-01

The illegal trade in elephant ivory is driving the unlawful killing of elephants such that populations are now suffering unsustainable reductions. The internet is increasingly being used as a platform to conduct illegal wildlife trade, including elephant ivory. As a globally accessible medium the internet is as highly attractive to those involved in the illegal trade as it is challenging to regulate. Characterising the online illegal wildlife (ivory) trade is complex, yet key to informing enforcement activities. We applied mark-recapture to investigate behaviour associated with the online trade in elephant ivory on eBay UK as a generalist online marketplace. Our results indicate that trade takes place via eBay UK, despite its policy prohibiting this, and that two distinct trading populations exist, characterised by the pattern of their ivory sales. We suggest these may represent a large number of occasional (or non-commercial) sellers and a smaller number of dedicated (or commercial) sellers. Directing resource towards reducing the volume of occasional sales, such as through education, would enable greater focus to be placed upon characterising the extent and value of the illegal, “commercial” online ivory trade. MRC has the potential to characterise the illegal trade in ivory and diverse wildlife commodities traded using various online platforms. PMID:28289565

Water on fire: Gains from electricity trade

International Nuclear Information System (INIS)

Fehr, N.H. von der; Sandsbraaten, L.

1997-01-01

In light of the ongoing liberalization of electricity trade in the Nordic countries, and perhaps in Northern Europe, we argue that gains from electricity trade may be different from those traditionally associated with comparative advantages and economics of scale. In particular, we consider gains arising from the exploitation of technological complementaries between hydro and thermal systems. Our theoretical framework highlights essential features of the two systems and allows for an analysis of effects of trade. We study three trading regimes, which may arise either endogenously or because of trade regulations: day-night power exchange, seasonal energy banking and unbalanced trade. The analysis suggests that gradual trade liberalization may be costly. 13 refs, 7 figs

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.

Genomic admixture tracks pulses of economic activity over 2,000 years in the Indian Ocean trading network.

Science.gov (United States)

Brucato, Nicolas; Kusuma, Pradiptajati; Beaujard, Philippe; Sudoyo, Herawati; Cox, Murray P; Ricaut, François-Xavier

2017-06-07

The Indian Ocean has long been a hub of interacting human populations. Following land- and sea-based routes, trade drove cultural contacts between far-distant ethnic groups in Asia, India, the Middle East and Africa, creating one of the world's first proto-globalized environments. However, the extent to which population mixing was mediated by trade is poorly understood. Reconstructing admixture times from genomic data in 3,006 individuals from 187 regional populations reveals a close association between bouts of human migration and trade volumes during the last 2,000 years across the Indian Ocean trading system. Temporal oscillations in trading activity match phases of contraction and expansion in migration, with high water marks following the expansion of the Silk Roads in the 5 th century AD, the rise of maritime routes in the 11 th century and a drastic restructuring of the trade network following the arrival of Europeans in the 16 th century. The economic fluxes of the Indian Ocean trade network therefore directly shaped exchanges of genes, in addition to goods and concepts.

Extending the imaging volume for biometric iris recognition.

Science.gov (United States)

Narayanswamy, Ramkumar; Johnson, Gregory E; Silveira, Paulo E X; Wach, Hans B

2005-02-10

The use of the human iris as a biometric has recently attracted significant interest in the area of security applications. The need to capture an iris without active user cooperation places demands on the optical system. Unlike a traditional optical design, in which a large imaging volume is traded off for diminished imaging resolution and capacity for collecting light, Wavefront Coded imaging is a computational imaging technology capable of expanding the imaging volume while maintaining an accurate and robust iris identification capability. We apply Wavefront Coded imaging to extend the imaging volume of the iris recognition application.

Marketing instruments of foreign trade promotion

Directory of Open Access Journals (Sweden)

Bjelić Predrag

2011-01-01

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

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.

A research on EU trade policy system

Directory of Open Access Journals (Sweden)

Qi Sitong

2017-08-01

Full Text Available The EU is the world’s largest trade group, occupying an important position in the world trade in goods and services, especially in the field of service trade. The EU trade in services exports and imports are higher than the United States and Japan, and the EU is the world’s largest capital output and input group, and the world’s largest foreign aid providers. With the deepening of the European integration process, Europe’s position in the world economy and trade is on the rise. Therefore, the EU’s trade policy has increasingly become the focus of attention. From the vertical point of view, research directions can be divided into trade in goods policy, trade in services policy, international direct investment policy, trade-related intellectual property policy four field. In this paper, the four vertical areas are illustrated as the focus of the study.

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

Performance of technical trading rules: evidence from Southeast Asian stock markets.

Science.gov (United States)

Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

2015-01-01

This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index, Stochastic oscillator, Moving Average Convergence-Divergence, Directional Movement Indicator and On Balance Volume. Performances are compared to a simple Buy-and-Hold. Statistical tests are also performed. Our empirical results show a strong performance of technical trading rules in an emerging stock market of Thailand but not in a more mature stock market of Singapore. The technical trading rules also generate statistical significant returns in the Malaysian, Indonesian and the Philippine markets. However, after taking transaction costs into account, most technical trading rules do not generate net returns. This fact suggests different levels of market efficiency among Southeast Asian stock markets. This paper finds three new insights. Firstly, technical indicators does not help much in terms of market timing. Basically, traders cannot expect to buy at a relative low price and sell at a relative high price by just using technical trading rules. Secondly, technical trading rules can be beneficial to individual investors as they help them to counter the behavioral bias called disposition effects which is the tendency to sell winning stocks too soon and holding on to losing stocks too long. Thirdly, even profitable strategies could not reliably predict subsequent market directions. They make money from having a higher average profit from profitable trades than an average loss from unprofitable ones.

Research Studies Index. Authors and Subjects. Volume 1 through Volume 43 (1929-1975).

Science.gov (United States)

Drazan, Joseph, Comp.; Scott, Paula, Comp.

This volume contains author and subject indexes for volumes 1 through 43 (1929-1975) of "Research Studies," a scholarly, multi-disciplinary quarterly published at Washington State University. Each author index entry includes the title, volume, and inclusive pagination of the article. The subject index is a keyword-out-of-context…

Prospect theory for online financial trading.

Science.gov (United States)

Liu, Yang-Yu; Nacher, Jose C; Ochiai, Tomoshiro; Martino, Mauro; Altshuler, Yaniv

2014-01-01

Prospect theory is widely viewed as the best available descriptive model of how people evaluate risk in experimental settings. According to prospect theory, people are typically risk-averse with respect to gains and risk-seeking with respect to losses, known as the "reflection effect". People are much more sensitive to losses than to gains of the same magnitude, a phenomenon called "loss aversion". Despite of the fact that prospect theory has been well developed in behavioral economics at the theoretical level, there exist very few large-scale empirical studies and most of the previous studies have been undertaken with micro-panel data. Here we analyze over 28.5 million trades made by 81.3 thousand traders of an online financial trading community over 28 months, aiming to explore the large-scale empirical aspect of prospect theory. By analyzing and comparing the behavior of winning and losing trades and traders, we find clear evidence of the reflection effect and the loss aversion phenomenon, which are essential in prospect theory. This work hence demonstrates an unprecedented large-scale empirical evidence of prospect theory, which has immediate implication in financial trading, e.g., developing new trading strategies by minimizing the impact of the reflection effect and the loss aversion phenomenon. Moreover, we introduce three novel behavioral metrics to differentiate winning and losing traders based on their historical trading behavior. This offers us potential opportunities to augment online social trading where traders are allowed to watch and follow the trading activities of others, by predicting potential winners based on their historical trading behavior.

Prospect theory for online financial trading.

Directory of Open Access Journals (Sweden)

Yang-Yu Liu

Full Text Available Prospect theory is widely viewed as the best available descriptive model of how people evaluate risk in experimental settings. According to prospect theory, people are typically risk-averse with respect to gains and risk-seeking with respect to losses, known as the "reflection effect". People are much more sensitive to losses than to gains of the same magnitude, a phenomenon called "loss aversion". Despite of the fact that prospect theory has been well developed in behavioral economics at the theoretical level, there exist very few large-scale empirical studies and most of the previous studies have been undertaken with micro-panel data. Here we analyze over 28.5 million trades made by 81.3 thousand traders of an online financial trading community over 28 months, aiming to explore the large-scale empirical aspect of prospect theory. By analyzing and comparing the behavior of winning and losing trades and traders, we find clear evidence of the reflection effect and the loss aversion phenomenon, which are essential in prospect theory. This work hence demonstrates an unprecedented large-scale empirical evidence of prospect theory, which has immediate implication in financial trading, e.g., developing new trading strategies by minimizing the impact of the reflection effect and the loss aversion phenomenon. Moreover, we introduce three novel behavioral metrics to differentiate winning and losing traders based on their historical trading behavior. This offers us potential opportunities to augment online social trading where traders are allowed to watch and follow the trading activities of others, by predicting potential winners based on their historical trading behavior.

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

Directory of Open Access Journals (Sweden)

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.

International climate policy and trade

International Nuclear Information System (INIS)

Kuik, O.

2000-01-01

If a country takes steps to counter the greenhouse effect, it could influence the country's foreign trade. If a large group of countries consider such measures, e.g. the signatories to the Kyoto Protocol, that could possibly have major consequences for global trading patterns. How will the measures work out for countries, industries, and climate policy itself? Can countries mitigate any negative consequences for their trade balance? The results of a study to answer those questions are discussed

Starbucks’s Fair Trade in The Edge of Globalization

Directory of Open Access Journals (Sweden)

Saomi Rizqiyanto

2017-07-01

Full Text Available Starbucks as a global company that reflect American values plays an important role in the trade of coffee industry. In February 2000, Starbucks partially adopted the Fair Trade and in early 2001 Starbucks fully adopt Fair Trade. This research seeks to examine the relationship between Starbucks as a symbol of globalization with Starbucks as a global corporation who adopt Fair Trade. This study also seeks to explain how any practical Starbucks Fair Trade as a whole and uncover the reasons behind Starbucks adopt Fair Trade. The research uses a case study method and using a primary and secondary reference sources in the form of books and journals. As a results, this study indicate that Starbucks has strong reasons that ultimately makes the company adopted the Fair Trade. The adoption of Fair Trade also known as CAFE Practices is apparently not spared from criticism of the observer of Fair Trade.DOI: 10.15408/etk.v16i2.5546

Do we really know that trade agreements increase trade?

NARCIS (Netherlands)

Kohl, T.

This study surveys the empirical literature in which the gravity equation has been used to study the effect of economic integration agreements (EIAs) on international trade flows. We show that most studies either focus on improving the methodology to assess regionalism’s overall impact, or on a

A Trade Study of Two Membrane-Aerated Biological Water Processors

Science.gov (United States)

Allada, Ram; Lange, Kevin; Vega. Leticia; Roberts, Michael S.; Jackson, Andrew; Anderson, Molly; Pickering, Karen

2011-01-01

Biologically based systems are under evaluation as primary water processors for next generation life support systems due to their low power requirements and their inherent regenerative nature. This paper will summarize the results of two recent studies involving membrane aerated biological water processors and present results of a trade study comparing the two systems with regards to waste stream composition, nutrient loading and system design. Results of optimal configurations will be presented.

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

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...

Assessing trade in health services in countries of the Eastern Mediterranean from a public health perspective.

Science.gov (United States)

Siddiqi, Sameen; Shennawy, Azza; Mirza, Zafer; Drager, Nick; Sabri, Belgacem

2010-01-01

Assessing trade in health services (TiHS) in developing countries is challenging since the sources of information are diverse, information is not accessible and professionals lack grasp of issues. A multi-country study was conducted in the Eastern Mediterranean Region (EMR)--Egypt, Jordan, Lebanon, Morocco, Oman, Pakistan, Sudan, Syrian Arab Republic, Tunisia, and Yemen. The objective was to estimate the direction, volume, and value of TiHS; analyze country commitments; and assess the challenges and opportunities for health services.Trade liberalization favored an open trade regime and encouraged foreign direct investment. Consumption abroad and movement of natural persons were the two prevalent modes. Yemen and Sudan are net importers, while Jordan promotes health tourism. In 2002, Yemenis spent US$ 80 million out of pocket for treatment abroad, while Jordan generated US$ 620 million. Egypt, Pakistan, Sudan and Tunisia export health workers, while Oman relies on import and 40% of its workforce is non-Omani. There is a general lack of coherence between Ministries of Trade and Health in formulating policies on TiHS.This is the first organized attempt to look at TiHS in the EMR. The systematic approach has helped create greater awareness, and a move towards better policy coherence in the area of trade in health services. Copyright (c) 2009 John Wiley & Sons, Ltd.

Water exchange traded funds: A study on idiosyncratic risk using Markov switching analysis

Directory of Open Access Journals (Sweden)

Gurudeo Anand Tularam

2016-12-01

Full Text Available We investigate the relationship between idiosyncratic risk and return among four water exchange traded funds—PowerShares Water Resources Portfolio, Power Shares Global Water, First Trust ISE Water Index Fund, and Guggenheim S&P Global Water Index ETF using the Markov switching model for the period 2007–2015. The generated transition probabilities in this paper show that there is a high and low probability of switching between Regimes 1 and 3, respectively. Moreover, we find that the idiosyncratic risk for most of the exchange traded funds move from low volatility (Regime 2 to very low volatility (Regime 1 and 3. Our study also identify that the beta coefficients are positive and entire values are less than 1. Thus, it seems that water investment has a lower systematic risk and a positive effect on the water exchange traded index funds returns during different regimes.

Fair Trade and Justice: A Case Study of Fair Trade and its Effect on the Freedom of Bolivia’s Indigenous Women

Directory of Open Access Journals (Sweden)

Tamara Stenn

2014-11-01

Full Text Available Amartya Sen has written that for justice to be realized, freedom needs to be expanded. Fair Trade, a model of global trade that puts into motion billions of dollars, purports to promote justice, and therefore expands freedom. Fair Trade is a four-pillar structure comprised of institutions, producers, consumers, and government/policy. An economic, ethnographic study of Bolivia’s indigenous women working within the Fair Trade model for the past 15 years reported mixed results. The women questioned the justice of the model based on negative experiences induced by irregular work, stress, and unsupportive communities. At the same time, women acknowledged enhanced capabilities and opportunities emanating from skills development, empowerment, and income. Although it increased women’s freedom, there are ways in which Fair Trade could be made fairer through transparency, reciprocity, and public reasoning. This work is significant in the sense that it creates a new understanding of justice and trade that enables women’s voices to be heard.Amartya Sen ha planteado que para lograr justicia, se necesita expandir la libertad. El Comercio Justo, un modelo de comercio global que pone en movimiento miles de millones de dólares, pretende promover la justicia y, por consiguiente, expandir la libertad. El Comercio Justo es una estructura de cuatro pilares que comprende instituciones, productores, consumidores   y gobiernos/políticas gubernamentales. Un estudio económico y etnográfico de mujeres indígenas de Bolivia que han trabajado con este modelo de comercio los últimos 15 años reportó resultados muy diversos. Las mujeres cuestionaban la justicia de un modelo basado en experiencias negativas resultado del trabajo irregular, del estrés y de la falta de apoyo por parte de las comunidades. Al mismo tiempo, las mujeres reconocían mejoras en las capacidades y oportunidades que emanaban del desarrollo de habilidades, el empoderamiento y los ingresos

Trade-related Electronic Commerce Issues in the OECD

Directory of Open Access Journals (Sweden)

Chang-In Yoon

1998-12-01

Full Text Available The trade committee of Organization for Economic Cooperation and Development (OECD has begun the study of the trade related to electronic commerce since 1997. The scale of the study on one hand has avoided the fact of copy and duplication of WTO and its organizational principles, on the other hand it has played a supplementary and supportive function. At present, digital-related product, such as computers, software and travel is the key point to the trade which resorts to electronic commerce. It is predicted that this trend will go on. The study on electronic commerce could be summed up into three main components: First, according to the phase of the trade, it could be divided into advertisement, purchase, delivery and payment. Second, issues on electronic commerce in the international trade; such as the issue that leads to the unfairness and non-neutrality of the searching engine in international service trade. Besides, domain name, trademarks and the issue of middleman which exist at the moment in the electronic commerce are activated and will also be discussed. Third, issues of the trade policy related to the electronic commerce. For instance, the kernel principles which support the multi-trade regulation, including transparency, indiscrimination, anti-dumping, flexible trade, government arrangement, tariff and competition policy and so on. Under this background, we should explore way in formulating hypotheses with preconceived issues, validating the electronic commerce trade on the spot, actualizing the study on the application of electronic commerce coming with the GATS regulation, seeking the countermeasure in the future trade policy, such as benefit policy to the electronic commerce department and electronic commerce strategy approach of certain enterprises, etc.

Impact Of The Oil Trade On The Global Economy And The Role Of Giant Fields In Predicting Supply

Energy Technology Data Exchange (ETDEWEB)

Kelley, Wayne; Bishop, Richard

2010-09-15

Confusion about global oil supply ('peak oil') is a distraction from the economic issue of massive wealth transfer associated with oil trading and its potential to destabilize the world economy. Without an accurate forecast of oil volumes (resources, reserves and supply), timing and cost, there is no reliable way to model the consequences of the oil trade on the global economy. This paper illustrates why it is imperative to improve our understanding of the oil trade on the global economy and proposes a method of forecasting oil supply for input into a credible global economic model.

FAIR TRADE: ITS REAL IMPACT ON THE WORKING POOR

OpenAIRE

Leonid A. Krasnozhon; David Simpson; Walter E. Block

2015-01-01

Fair trade gains popularity, while free trade is undergoing more and more criticism. Since international free trade supposedly pollutes the environment, promotes the utilization of sweatshops, exploits child labor, and impoverishes developing countries, fair trade is a preferable alternative (World Fair Trade Organization, 2011). By reviewing empirical studies and examining regulations concerning fair trade practices, this paper provides a comparative analysis of both free and fair trade in l...

Streamlining air import operations by trade facilitation measures

Directory of Open Access Journals (Sweden)

Yuri da Cunha Ferreira

2017-12-01

Full Text Available Global operations are subject to considerable uncertainties. Due to the Trade Facilitation Agreement that became effective in February 2017, the study of measures to streamline customs controls is urgent. This study aims to assess the impact of trade facilitation measures on import flows. An experimental study was performed in the largest cargo airport in South America through discrete-event simulation and design of experiments. Operation impacts of three trade facilitation measures are assessed on import flow by air. We shed light in the following trade facilitation measures: the use of X-ray equipment for physical inspection; increase of the number of qualified companies in the trade facilitation program; performance targets for customs officials. All trade facilitation measures used indicated potential to provide more predictability, cost savings, time reduction, and increase in security in international supply chain.

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...

Trade Liberalization and Productivity-A Panel Study of the Mexican Manufacturing Industry

OpenAIRE

Talan Iscan

1998-01-01

In recent years there has been a revival of interest in the trade-growth nexus. A number of authors have suggested that regional economic integration and liberalization of international trade are likely to have positive effects not only on productivity levels but also on long-term productivity growth rates in developing countries. Using a panel of Mexican manufacturing industries, this paper examines several alternative mechanisms through which trade contributes positively to productivity lev...

A first empirical comparison of energy Footprints embodied in trade. MRIO versus PLUM

International Nuclear Information System (INIS)

Wiedmann, Thomas

2009-01-01

The Ecological Footprint as an indicator that accounts for human demand on global bioproductivity sets out to quantify the impacts associated with consumption in a given country, including the impacts associated with trade. The National Footprint Accounts (NFA) by Global Footprint Network (GFN) calculate trade-embodied Footprints by multiplying yield and embodied energy factors with mass volumes of traded goods in a 'Product Land Use Matrix (PLUM)'. This article compares energy Footprints embodied in trade from and to the United Kingdom in 2002 as calculated by the NFA-PLUM with the results from a recently developed multi-region input-output model (MRIO) for the UK. Although totals for imports and exports are comparable, breaking down the results by economic sectors reveals large differences and hardly any correlation between the two methods. The omission of trade in services (especially transport services) and upstream impacts of energy goods (fossil fuels) and the use of inappropriate embodied energy factors in the NFA-PLUM method are identified as the main reasons for these differences. In the light of the results it seems that a comprehensive Footprint account of trade can better be achieved with an input-output based approach. I conclude that MRIO models - once fully developed - will be particularly suitable in the future to estimate the Ecological Footprints of imports and exports of nations with the possibility to track their origin via inter-industry linkages, international supply chains and multi-national trade flows. (author)

Economic openness and trade linkages of China : An empirical study of the determinants of Chinese trade intensities from 1993 to 1999

NARCIS (Netherlands)

Zhang, JH; van Witteloostuijn, A

2004-01-01

In the 1980s, the Chinese regime took a number of piecemeal steps toward economic liberalization. This process accelerated impressively in the 1990s. This paper reports an empirical study into the determinants of the emerging pattern of Chinese trade (export and import) intensities in the

Forecasting market impact costs and identifying expensive trades

NARCIS (Netherlands)

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

Often, a relatively small group of trades causes the major part of the trading costs on an investment portfolio. For the equity trades studied in this paper, executed by the world's second largest pension fund, we find that only 10% of all trades determines 75% of total market impact costs.

Improving low power and shutdown PSA methods and data to permit better risk comparison and trade-off decision-making. Volume 1: summary of COOPRA and WGRISK surveys; Volume 2: responses to the WGRISK survey; Volume 3: responses to the COOPRA survey

International Nuclear Information System (INIS)

2005-01-01

The COOPRA LPSD working group is charged with the responsibility to assess their Member country's plant operations at Low Power and Shutdown (LPSD) conditions. The sharing of information is expected to provide each of the Member country the means from which to render informed regulatory decisions for the benefit of public health and safety. Each organization had developed a questionnaire to gather information from Member countries on LPSD PSAs experiences. The responses cover a broad spectrum of LPSD PSA topics, and identifies work for improving risk-informed trade-off decisions, using PSA techniques, between LPSD and full power operational states. Each organization recognized potential benefit for improving the state-of-the-art by combining the wealth of experiences from the questionnaire responses into a common report. This report provides a summary of the current LPSD PSAs in Member countries, covering the elements which make up the PSAs. This report identifies the uses of the LPSD PSAs, summarizes current approaches, aspects, and good practices, identifies and defines differences between methods and data in full power and LPSD PSAs, and identifies guidance, methods, data, and basic research needs to address the differences. The responses to the questionnaires are provided in the Appendixes. The information contained in this report was gathered from two surveys, one by COOPRA and the other by WGRisk, which were performed over several years. Volume 2 of this report contains the responses from the CSNI / WGRisk Survey; Volume 3 contains the responses from the COOPRA Survey

How to dismember a potent instrument - the intractability of the emission trade proposal of the European Commission

International Nuclear Information System (INIS)

Honkatukia, Juha; Kemppi, Heikki; Perrels, Adriaan

2003-01-01

The initiative of the European Commission to start up an emission trade system is fraught with difficulties. In order to be viable it should provide value added to justify the extra efforts it requires. A review of the draft-directive unveils many critical issues, that undermine the value added. Many proposed measures and conditions increase the cost of participation, and reduce the emission trade market volume, thereby affecting both level and volatility of the permit price. Furthermore, the proposed organisation of the system is unbalanced as it simultaneously leans on a devolution of policy planning tasks, a centralisation of decision rights and, an asymmetry in information levels and deployable specialist knowledge. As a consequence the directive proposals would complicate but not prevent gaming during the establishment and approval phase of the trade system. The paper discusses the burden sharing between trading and non-trading segments in the member countries, with special reference to Finland the possible responses of companies to increased transaction cost and uncertainty, and the consequences of the permit trade requirements for the earlier devised domestic climate policy and as a consequence for energy efficiency policies. The paper is based on a study conducted for the Ministry for the Environment, involving both an in-depth review of the directive and AGE-E3 model based calculations. The paper focuses on the analytical-qualitative clarification of effects. Some model results are added to underline the practical relevance of the identified risks and obstacles

How to dismember a potent instrument - the intractability of the emission trade proposal of the European Commission

Energy Technology Data Exchange (ETDEWEB)

Honkatukia, Juha; Kemppi, Heikki; Perrels, Adriaan [Goverment Inst. of Economic Research, VATT, Helsinki (Finland)

2003-07-01

The initiative of the European Commission to start up an emission trade system is fraught with difficulties. In order to be viable it should provide value added to justify the extra efforts it requires. A review of the draft-directive unveils many critical issues, that undermine the value added. Many proposed measures and conditions increase the cost of participation, and reduce the emission trade market volume, thereby affecting both level and volatility of the permit price. Furthermore, the proposed organisation of the system is unbalanced as it simultaneously leans on a devolution of policy planning tasks, a centralisation of decision rights and, an asymmetry in information levels and deployable specialist knowledge. As a consequence the directive proposals would complicate but not prevent gaming during the establishment and approval phase of the trade system. The paper discusses the burden sharing between trading and non-trading segments in the member countries, with special reference to Finland the possible responses of companies to increased transaction cost and uncertainty, and the consequences of the permit trade requirements for the earlier devised domestic climate policy and as a consequence for energy efficiency policies. The paper is based on a study conducted for the Ministry for the Environment, involving both an in-depth review of the directive and AGE-E3 model based calculations. The paper focuses on the analytical-qualitative clarification of effects. Some model results are added to underline the practical relevance of the identified risks and obstacles.

THE IMPACT THE COMPETITION POLICY HAS ON THE LIBERALISATION OF INTERANTIONAL TRADE. CASE STUDY: THE CARTEL

Directory of Open Access Journals (Sweden)

Berinde Mihai

2015-07-01

Full Text Available The liberalization of international trade is the key when we talk about globalization from an economic aspect, because only when there will be a single global market can we talk about abundance as to what economic globalization is concerned. It is a known fact that market economies can work in free competition conditions. Taking into account the present tendencies of international trade, a decisive role is played by competition authorities. The policy in this field and the commercial policies play complementary roles, because in the absence of one of the two policies, we cannot see economic development and growth. In order to benefit from the full advantages of a free trade, companies must respect the laws of competition. In this context, in this paper, we proposed to study the way in which the existence of a cartel on a certain market can cancel the positive effects of international trade. The working hypothesis from which we started in this study was the following: identifying a cartel that functioned on the European market before and after the Uruguay Round, in order to study the negative effects that this anti-competition practice had. The Uruguay negotiation Round has been chosen, because the best results concerning the liberalization of international trade have been achieved in it. The cartel case was not chosen at random; we have searched to find one that was active in a field which got significant customs tax reductions in the Uruguay Round. We have decided to analyze the impact which a cartel had in the field of industrial products. Following our study, we have managed to empirically demonstrate the way in which a cartel can cancel the benefits of international trade liberalization. The analysis of the way in which the Industrial Tubes cartel acted on the EU market, as well as the analysis of the indicators that led to the undisputable conclusion that this cartel case canceled the positive effects which should have been felt on the

Virtual water trade: an assessment of water use efficiency in the international food trade

Directory of Open Access Journals (Sweden)

H. Yang

2006-01-01

Full Text Available Amid an increasing water scarcity in many parts of the world, virtual water trade as both a policy instrument and practical means to balance the local, national and global water budget has received much attention in recent years. Building upon the knowledge of virtual water accounting in the literature, this study assesses the efficiency of water use embodied in the international food trade from the perspectives of exporting and importing countries and at the global and country levels. The investigation reveals that the virtual water flows primarily from countries of high crop water productivity to countries of low crop water productivity, generating a global saving in water use. Meanwhile, the total virtual water trade is dominated by green virtual water, which constitutes a low opportunity cost of water use as opposed to blue virtual water. A sensitivity analysis, however, suggests high uncertainties in the virtual water accounting and the estimation of the scale of water saving. The study also raises awareness of the limited effect of water scarcity on the global virtual water trade and the negative implications of the global water saving for the water use efficiency and food security in importing countries and the environment in exporting countries. The analysis shows the complexity in evaluating the efficiency gains in the international virtual water trade. The findings of the study, nevertheless, call for a greater emphasis on rainfed agriculture to improve the global food security and environmental sustainability.

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.

Structure and evolution of the global seafood trade network

Science.gov (United States)

Gephart, Jessica A.; Pace, Michael L.

2015-12-01

The food production system is increasingly global and seafood is among the most highly traded commodities. Global trade can improve food security by providing access to a greater variety of foods, increasing wealth, buffering against local supply shocks, and benefit the environment by increasing overall use efficiency for some resources. However, global trade can also expose countries to external supply shocks and degrade the environment by increasing resource demand and loosening feedbacks between consumers and the impacts of food production. As a result, changes in global food trade can have important implications for both food security and the environmental impacts of production. Measurements of globalization and the environmental impacts of food production require data on both total trade and the origin and destination of traded goods (the network structure). While the global trade network of agricultural and livestock products has previously been studied, seafood products have been excluded. This study describes the structure and evolution of the global seafood trade network, including metrics quantifying the globalization of seafood, shifts in bilateral trade flows, changes in centrality and comparisons of seafood to agricultural and industrial trade networks. From 1994 to 2012 the number of countries trading in the network remained relatively constant, while the number of trade partnerships increased by over 65%. Over this same period, the total quantity of seafood traded increased by 58% and the value increased 85% in real terms. These changes signify the increasing globalization of seafood products. Additionally, the trade patterns in the network indicate: increased influence of Thailand and China, strengthened intraregional trade, and increased exports from South America and Asia. In addition to characterizing these network changes, this study identifies data needs in order to connect seafood trade with environmental impacts and food security outcomes.

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)

Excessive trading, a gambling disorder in its own right? A case study on a French disordered gamblers cohort.

Science.gov (United States)

Grall-Bronnec, Marie; Sauvaget, Anne; Boutin, Claude; Bulteau, Samuel; Jiménez-Murcia, Susana; Fernández-Aranda, Fernando; Challet-Bouju, Gaëlle; Caillon, Julie

2017-01-01

Trading and gambling appear to share some similarities. Indeed, traders can get professionally involved in high-risk types of trading as if it were gambling. This research explores whether excessive trading can be conceptualized as a subset of gambling disorders. To better acknowledge the existence of an addictive-like trading behavior and to discuss its phenomenological similarities with gambling disorders. The data of 8 excessive traders out of a cohort of 221 outpatients seeking treatment in our Problem Gambling unit were analyzed. Our case series revealed important similarities with gambling disorders in terms of diagnosis, trajectory and comorbidities. Like many disordered gamblers, excessive traders of this study experienced a number of small early wins, chased their losses, and ended up losing control over the money they invested. All of them invested in very risky stocks associated with short-term trading leading to potential large gains, but also with very significant losses. The structure itself of the two activities (gambling and trading) is very close. Our results tended to support the idea of an addictive-like trading behavior as a subset of gambling disorders. Investing is not a form of gambling, but some people gamble with investments. Several observations and recommendations can be made: (i) conduct researches; (ii) build and validate specific assessment tools; (iii) develop strategies for prevention and treatment; and (iv) conduct more rigorous studies to clarify what we named an addictive-like trading behavior. Copyright © 2015 The Authors. Published by Elsevier Ltd.. All rights reserved.

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...

Trade Mechanism Selection in Markets with Frictions

OpenAIRE

Gabriele Camera; Alain Delacroix

2004-01-01

We endogenize the trade mechanism in a search economy with many homogenous sellers and many heterogeneous buyers of unobservable type. We study how heterogeneity and the traders' continuation values -- which are endogenous -- influence the sellers' choice of trade mechanism. Sellers trade off the probability of an immediate sale against the surplus expected from it, choosing whether to trade with everyone and how quickly. In equilibrium sellers may simply target one buyer type via non-negotia...

LIBERALIZATION AND UNITED STATES’ INTRA-INDUSTRY TRADE

Directory of Open Access Journals (Sweden)

Nuno Carlos Leitão

2012-01-01

Full Text Available The recent trend of globalization has given rise to a new paradigm in international economics, i.e. the simultaneous exports and imports of a product within country or a particular industry called intra-industry trade (IIT or two-way trade. This study examines country-levels determinants of intra-industry trade, in U.S. trade. The manuscript applies a static and dynamic panel data approach. In contrast to previous studies, this paper used a dynamic panel data to solve the problems of serial correlation and endogeneity. The results indicate that IIT occurs more frequently among countries that are similar in terms of factor endowments. We also introduce economic dimension; this proxy confirms the positive effect of IIT. Our results also confirm the hypothesis that trade increases if the transportation costs decrease.

Assessment of Uncertainty-Based Screening Volumes for NASA Robotic LEO and GEO Conjunction Risk Assessment

Science.gov (United States)

Narvet, Steven W.; Frigm, Ryan C.; Hejduk, Matthew D.

2011-01-01

Conjunction Assessment operations require screening assets against the space object catalog by placing a pre-determined spatial volume around each asset and predicting when another object will violate that volume. The selection of the screening volume used for each spacecraft is a trade-off between observing all conjunction events that may pose a potential risk to the primary spacecraft and the ability to analyze those predicted events. If the screening volumes are larger, then more conjunctions can be observed and therefore the probability of a missed detection of a high risk conjunction event is small; however, the amount of data which needs to be analyzed increases. This paper characterizes the sensitivity of screening volume size to capturing typical orbit uncertainties and the expected number of conjunction events observed. These sensitivities are quantified in the form of a trade space that allows for selection of appropriate screen-ing volumes to fit the desired concept of operations, system limitations, and tolerable analyst workloads. This analysis will specifically highlight the screening volume determination and selection process for use in the NASA Conjunction Assessment Risk Analysis process but will also provide a general framework for other Owner / Operators faced with similar decisions.