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31 – 40 of 513David Sahr, Mark Compton, Alexandria Carr, Guy Wilkes and Alexander Behrens
To explain the impact for financial services firms of the UK’s vote to leave the European Union (EU) and to assess the possible options for conducting cross-border financial…
Abstract
Purpose
To explain the impact for financial services firms of the UK’s vote to leave the European Union (EU) and to assess the possible options for conducting cross-border financial services between the UK and EU in the future. Key to this is the likely loss of the EU “passport” for financial services that allows a firm licensed in one EU state to offer its services freely throughout all EU states.
Design/methodology/approach
Explains the process by which the UK will leave the EU and negotiate future trading arrangements; the key considerations for financial services firms doing cross-border business in the EU; the various options for cross-border business in the future; and the key steps financial services firms should be taking to respond to the vote to leave the EU.
Findings
Many issues still remain uncertain and are unlikely to be resolved for a number of years, but long lead times to implement solutions mean that firms should be considering their options now.
Practical implications
Firms should be evaluating their current reliance on EU passports and the alternative options that might be suited to their business, such as the “quasi-passports” available under certain specific EU laws or relocation of part or all of their business.
Originality/value
Legal analysis and practical guidance concerning an unprecedented political development with profound impacts on financial services in Europe, by experts with long-term experience of EU negotiations and financial services gained from working for the British government, regulators and regulated firms.
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NEGOTIATION IN the context of Europe is essentially a matter of trying to re‐shape the EEC rules initially formulated for the benefit of the Six so as to take into account, as far…
Abstract
NEGOTIATION IN the context of Europe is essentially a matter of trying to re‐shape the EEC rules initially formulated for the benefit of the Six so as to take into account, as far as possible, the best interests of Britain, whether it be for industry, agriculture or politics, and as such should be a continuing dialogue. Re‐negotiation, on the other hand, implies a fresh start. A once and for all approach, presumably with the option to withdraw if not judged successful.
Viscount Caldecote, chairman of the BNEC Export Council for Europe, attacks those companies which are afraid to accept the challenge of expanding trade with Europe. Whether…
Abstract
Viscount Caldecote, chairman of the BNEC Export Council for Europe, attacks those companies which are afraid to accept the challenge of expanding trade with Europe. Whether “married” to the Common Market or not, he sees Britain's European role as being inevitable.
Provides a practical snapshot of the legal situation governing the protection and exploitation of brand power within the European “grey market”. Predominantly, this occurs through…
Abstract
Provides a practical snapshot of the legal situation governing the protection and exploitation of brand power within the European “grey market”. Predominantly, this occurs through the use and enforcement of intellectual property rights, namely the trade mark. However, legal events over the last year or so have fundamentally affected the antics of grey marketers and the subsequent powers granted to the owners of a range of branded marks, including famously lucrative names such as Levi’s, Nike and Calvin Klein. The recent pronouncements from the European Court of Justice (ECJ) in Luxembourg together with national court decisions have created a degree of confusion. The landmark Silhouette Case has proved immensely controversial with regard to the operation of trade mark law throughout the European Union (EU). The decision seems to prohibit the importation into the EU of branded goods or services, unless such activity has been specifically consented to by the brand owner. At a glance, the culmination of these legal precedents seems to have dealt the grey market operators and traders a severe blow – with potentially adverse effects for the European consumer as well. Seeks to analyse recent events by providing the backdrop to the controversy and then putting the cases into perspective so as to offer sound and practical advice to all interested parties in the now modified grey market environment.
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Following devaluation industrialists are urged to take advantage of the great opportunities facing them, but it is not always clear what these opportunities are in financial…
Abstract
Following devaluation industrialists are urged to take advantage of the great opportunities facing them, but it is not always clear what these opportunities are in financial terms. Such difficulties apply particularly to a company which imports as well as exports and has based its price policy on anticipated volume of sales on a home market and its costs on a smaller annual rate of increase than now seems likely. Do two and two equal four in the complex arithmetic of devaluation? Not necessarily, as the following case of Barsok Brushes Ltd. (BBL) demonstrates. Although its scale of activities has been reduced to simplify discussion the question for consideration remains the same.
Yong Joon Jang, Mee Jin Cho and HanSung Kim
The purpose of this paper is to empirically examine the link between trade liberalization and employment through the export channel under Korea’s FTAs by distinguish firm…
Abstract
Purpose
The purpose of this paper is to empirically examine the link between trade liberalization and employment through the export channel under Korea’s FTAs by distinguish firm heterogeneity (i.e. size) as well as sector-level international competitiveness (i.e. comparative advantage).
Design/methodology/approach
Using the firm-level data during 2000–2009, the authors drive the difference-in-difference-in-difference model on Wagner (2007) with the dependent variables of labor productivity and employments and the independent variables of free trade agreement, revealed comparative advantage, firm size and payroll costs.
Findings
The authors find that the economic benefit of FTAs in Korea is not concentrated in large enterprises or firms with comparative advantage. Accordingly, the authors conclude that FTA or trade liberalization brings positive effects to business as a whole, rather than to specific industries or group of firms.
Research limitations/implications
The Korean Government has continued its policy of supporting small and medium-sized enterprises (SMEs) for a long time by recognizing them as socially underprivileged. According to the results of this study, an increase in export through FTAs improves firm’s labor productivity and increases employment, especially for SMEs, which can be a practical and efficient support for them.
Originality/value
The paper provides the empirical evidences that how the effects of trade liberalization on labor depend on firm heterogeneity, industrial competitiveness and/or both and thus how labor is reallocated in response to trade liberalization in Korea.
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Looks at the opportunities for food manufacturers created by thechanges in Europe. Provides analyses of the changing trends in marketingfor: the food manufacturing industry; the…
Abstract
Looks at the opportunities for food manufacturers created by the changes in Europe. Provides analyses of the changing trends in marketing for: the food manufacturing industry; the existing food industry, in terms of three player types; and the European consumer base. Identifies strategies for success for each of the three player types.
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Describes the history, current activities and ongoing projects of the IMS. Intelligent Manufacturing Systems is an international collaboration programme for research and…
Abstract
Describes the history, current activities and ongoing projects of the IMS. Intelligent Manufacturing Systems is an international collaboration programme for research and development of new manufacturing models for the next generation.
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During the past twenty years Japanese growth has been spectacular, whilst extrapolation suggests that before the year 2,000 AD Japan will have overtaken America in terms of gross…
Abstract
During the past twenty years Japanese growth has been spectacular, whilst extrapolation suggests that before the year 2,000 AD Japan will have overtaken America in terms of gross national product per head. Agreed no tree grows to the sky. Indeed, several ‘diseases’ may affect the growth of the Japanese ‘oak’, including:
South Korea has signed and implemented 15 free trade agreements (FTAs) with 52 countries. More than 80 percent of imports of agricultural products came from FTA partner countries…
Abstract
Purpose
South Korea has signed and implemented 15 free trade agreements (FTAs) with 52 countries. More than 80 percent of imports of agricultural products came from FTA partner countries in 2015. We can say that South Korea entered the era of an opening in agricultural import sector. It means that FTA is an important factor in causing changes in agricultural imports. As a result of the implementation of the FTA, tariff cuts and other changes in trade conditions could lead to an increase in imports of agricultural products from FTA partner country or diversity of partners. South Korea has implemented 15 FTAs so far, each with a different period of implementation, different scale of trade, and different major trade items. This means that each FTA will have a different size and type of impact on the changes in the import structure. Therefore, the purpose of this paper is to analyze how the FTA actually affected agricultural imports and what type of impact each FTA had. Especially, the authors focused on the effects of trade creation and diversion to analyze the patterns of structural changes in the import of agricultural products according to the implementation of FTAs.
Design/methodology/approach
In this study, the authors analyzed both trade creation and trade diversion effect through the poisson pseudo-maximum likelihood method based on the previous research gravity model of Magee (2008, p. 353) and Yang and Martinez-Zarzoso (2014, p. 144). The biggest improvement compared to the standard gravity model is that all variables such as GDP, population, and distance are removed. This model cannot be regarded as a gravity model because the basic parameters of gravity model such as GDP, population, distance are excluded, but it can be said that the fixed effect variables replace the basic parameter of the gravity model.
Findings
According to the analysis, the authors found that the effects of trade creation were apparent in the early stages of FTA implementation before 2011 and the effect of the trade transition was seen in the mid-FTA transition period after 2011. The authors also clarified the pattern of structural changes in the agricultural imports of each FTAs. It is shown that the change in agricultural import structures was more apparent in major FTAs like the Korea-ASEAN, Korea-EU, and Korea-US FTA. In other words, the effects of trade creation and trade diversion in these FTAs were found to be statistically significant.
Research limitations/implications
The limitations of this study are as follows. First, as multiple FTAs are implemented simultaneously, the effects of individual FTA can be offset. Second, the FTA effect of each item was not reflected, because it was analyzed based on the amount of imports by country. Third, the effect of the trade between the partners was not reflected. Therefore, future studies need to add or supplement these limitations.
Practical implications
This paper demonstrated through an empirical analysis that the FTA directly affects changes in agricultural import structure. And it proved that the period of FTA implementation, items imported from FTA partner countries, and the size of imports affected the structure of agricultural imports. Of course, changes in the domestic consumption patterns, changes in the supply and demand, conditions of quarantine inspection, and preference of importers are also factors that affect the structure of agricultural imports. It is expected that the effect of trade creation and the effect of trade diversion in agricultural import will be more significant when tariff rates are further decreased due to FTA implementation and domestic demand of agricultural product rises as a result of an economic recovery. As the FTA directly affects changes in agricultural imports, it should be carefully dealt with when signing a new FTA or improving the existing ones. And appropriate measures should be taken to minimize damages to the domestic agricultural sector due to changes in the import structure of agricultural products.
Originality/value
This paper fulfils an identified need to do research what kinds of effect occurred after FTA implementation in the agricultural sector. An empirical analysis was conducted on the effects of trade creation and diversion of agricultural products, based on the actual results of bilateral trade between the 50 major importers of agricultural products, including the 30 FTA partner countries.
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