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Book part
Publication date: 9 March 2021

Begum Sertyesilisik and Egemen Sertyesilisik

Sustainability performance of the global trade as well as of the traded products are affected by the trade policies and trade tariffs. Trade tariffs and policies can…

Abstract

Sustainability performance of the global trade as well as of the traded products are affected by the trade policies and trade tariffs. Trade tariffs and policies can either encourage or discourage trade among the countries affecting feasibility of trade. In other words, the scope and amount of these trade tariffs have impact on the trade globally. Based on an in-depth literature review, this chapter aims to examine impacts of the trade policies and trade tariffs on the environmental footprint of the global trade. With this aim, recent trade policies and trade tariffs as well as roles of the trade policies, trade tariffs in reducing environmental footprint of the global trade are examined. It arrives at the conclusion that trade tariffs can affect environmental footprint of the global trade as well as of the traded products. They can have impact on the feasibility of the trading activities influencing their profit margins and costs. Based on these findings, recommendations for trade policies and trade tariffs are thereby provided to enhance sustainability performance of the global trade.

Details

Global Tariff War: Economic, Political and Social Implications
Type: Book
ISBN: 978-1-80071-314-7

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Article
Publication date: 13 August 2018

Sena Kimm Gnangnon

The purpose of this paper is to examine the behavior of governments in terms of trade policy design when they experience a lack of foreign resources from international…

Abstract

Purpose

The purpose of this paper is to examine the behavior of governments in terms of trade policy design when they experience a lack of foreign resources from international trade after ensuring the sustainability of their external debt. To do so, the paper defines two concepts of trade space: “De Facto Trade Space” and “De Jure trade space.”

Design/methodology/approach

To conduct this study, the author relies on a panel data set comprising 109 countries over the period 1998–2014. To perform the empirical analysis, the author has mainly used the system generalized methods of moments approach.

Findings

The empirical analysis suggests evidence that trade space matters significantly for trade policy. Indeed, “De Facto Trade Space” is consistently associated with greater trade policy liberalization, with this positive effect being higher, the higher the development level – proxied by the real per capita income – of the concerned country. “De Jure Trade Space” tends to lead to greater trade policy liberalization in less advanced developing countries, but is associated with the adoption of trade restrictive measures in more advanced countries. Additionally, results suggest different impacts on trade policy of “Positive De Jure Trade Space” and “Negative De Jure Trade Space.”

Research limitations/implications

These findings suggest that the trade space, as defined in this study, plays a key role in trade policy design by policymakers.

Practical implications

The current study shows that trade space could significantly matter for trade policy design by policymakers.

Originality/value

To the best of the author’s knowledge, this is the study dealing directly with the “trade space” concept as well as its impact on trade policy.

Details

Journal of Economic Studies, vol. 45 no. 3
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 12 January 2015

Michael Enowbi Batuo and Simplice A. Asongu

The purpose of this paper is to investigate the impact of liberalisations policies on income inequality in African countries. Examining whether the liberalisations policies

Abstract

Purpose

The purpose of this paper is to investigate the impact of liberalisations policies on income inequality in African countries. Examining whether the liberalisations policies have affected the income distribution of everyone equally or they only assist those who are already relatively well off; leaving the poor behind. The authors also examine how they affect income distribution in the various countries within the continent, and their effect on short and long runs?

Design/methodology/approach

First, The authors used the before and after comparison, to examine the response of the level of income inequality and the volatility of income inequality from the time that financial or trade liberalisations took place in each country. Next, the authors used the panel data techniques model for a sample of 26 African countries spanning the period 1996-2010 to investigate the effect of liberalisation policies on income distribution.

Findings

The authors find that financial liberalisation has a levitated income-redistributive effect with the magnitude of the de jure measure (KAOPEN) higher than that of the de facto measure (FDI); that exports, trade and “freedom to trade” have an equality incidence on income distribution; and that institutional and/or political liberalisation has a negative impact and; economic freedom has a negative income-redistributive effect, possibly because of the weight of its legal component.

Practical implications

In general, this study provides a variegated picture, findings tend to suggest that overall the reforms have increased income inequality in African countries. It would be risky to prescribe a general policy because of the diversity of the country. However, African countries’ better performance can be attributed to a combination of policies. For example avoiding the Marco price mixture of real exchange rate appreciation and high domestic interest rates; having capital controls and prudential financial regulations which would enable them to contain the negative consequence of capital flows; putting a system in place to direct export between African countries and encouraging sub regional integration agreement. The government should put in place countervailing social policies in order to withstand social coherence and smooth the adverse transition of liberalisation policies.

Originality/value

Three main elements of originality clearly standout: first, the estimation approach used in the paper considers both short- and long-run effects of in empirical strategy; second, an exhaustive plethora of liberalisation policies (trade, financial, political and institutional are considered); and third, recent data are used to appraise second generation reforms for more updated policy implications.

Details

Journal of Economic Studies, vol. 42 no. 1
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 17 November 2008

Alina Mihaela Dima, Radu Muşetescu and Cristian Păun

The purpose of the paper is to prove that the abandonment of the issues of competition in the multilateral framework is not an ultimate verdict that strictly separates the…

Abstract

Purpose

The purpose of the paper is to prove that the abandonment of the issues of competition in the multilateral framework is not an ultimate verdict that strictly separates the two public policies: trade and competition policy.

Design/methodology/approach

The paper critically examines the conflicts between the two policies (competition and trade), through an insight analysis and case interpretation, evaluates different opinions and makes some suggestions to support the logical conclusion that these two fields cannot be separated.

Findings

The final consideration is the synergy between the two is an imperative; or in other words, any specific policy dealing with only one of the fields will be successful in the long term only by taking into consideration the effects in the other field.

Practical implications

The World Trade Organization had to make a choice not between the half full or the half empty glass but between a full glass – difficult to manage because of the danger to spill over – and a half‐full glass – easy to manage because of the large margin.

Originality/value

The paper critically examines the conflicts between the two policies (competition and trade), through an insight analysis and case interpretation.

Details

Journal of International Trade Law and Policy, vol. 7 no. 1
Type: Research Article
ISSN: 1477-0024

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Book part
Publication date: 26 November 2019

Dipyaman Pal, Chandrima Chakraborty and Arpita Ghose

The present study aims to determine the existence of simultaneous relationship between economic growth, income inequality, fiscal policy, and total trade of the 13…

Abstract

The present study aims to determine the existence of simultaneous relationship between economic growth, income inequality, fiscal policy, and total trade of the 13 emerging market economies as a group for the period 1980–2010. After establishing the existence of simultaneity between the above relationships, a simultaneous panel model has been formulated and estimated incorporating the nonlinearity among the variables as suggested by the existing literature. An inverted U-shape relationship is evident between (1) economic growth, income inequality, and total trade in economic growth equation, (2) income inequality, economic growth, and per capita income in income inequality equation, and (3) total trade and economic growth in total trade equation. Thus, the existence of a two-way nonlinear relationship is highlighted between economic growth, income inequality, and total trade. Apart from these nonlinear relationships, positive and significant effect of (1) gross capital formation, inflation, population growth, human capital, fiscal policy, monetary policy, and domestic credit to private sector on economic growth; (2) civil liabilities on income inequality; (3) gross capital formation and inflation on total trade; (4) total trade, population growth of those aged 65 years and above, political system on fiscal policy is highlighted. Also, negative and significant effect of (1) fiscal policy on income inequality and (2) income inequality on fiscal policy is revealed.

Details

The Gains and Pains of Financial Integration and Trade Liberalization
Type: Book
ISBN: 978-1-83867-004-7

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Book part
Publication date: 3 October 2012

Annette Stadman and Huub Ruël

Commercial diplomacy within the EU is currently a matter for the individual EU member states (MS). This results in different policies and practices. But to what extent do…

Abstract

Commercial diplomacy within the EU is currently a matter for the individual EU member states (MS). This results in different policies and practices. But to what extent do they really differ? This chapter presents the results of a comparative study on EU MS commercial diplomacy policies and practices. The policy goals and practices of all 27 MS were assessed via document analysis and interviews with commercial diplomats. The findings show considerable differences in terms of the responsible ministry, the policy focus, the network of foreign posts and the work performed at the foreign post. However, countries that entered the EU first seem to have similar commercial diplomacy policy and practices characteristics, as do the countries that entered the EU after 2003. Furthermore, the results of statistical tests show that countries that entered first are similar in size, wealth, share of EU trade, number of embassies inside the EU, number of employees at the foreign post and the activism of the foreign post. These similarities apply as well for the countries that entered the EU after 2003. Overall, this study concludes that home country characteristics (size, culture, government), host country characteristics (institutions, culture, regime) and the relationship between a home country and a host country affect the commercial diplomacy policies and practices.

Details

Commercial Diplomacy and International Business: A Conceptual and Empirical Exploration
Type: Book
ISBN: 978-1-78052-674-4

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Book part
Publication date: 9 March 2021

Egemen Sertyesilisik

Political economy of trade policies and tariffs can affect welfare distribution and resources allocation as well as sustainable development. Political economy of trade

Abstract

Political economy of trade policies and tariffs can affect welfare distribution and resources allocation as well as sustainable development. Political economy of trade between two countries can be affected by trade between other countries. Global trade can be affected by the bilateral trades of the countries. Impact of their bilateral trades on the global economy and global trade can be increased in case these two particular countries have big share in and influence on the global economy. Based on an in-depth literature review, this chapter aims to investigate political economy of the trade tariff and trade policies with particular focus on China’s economy, US, and China trade policies as well as their roles and impacts on global policy. Furthermore, recommendations for future trade policies and trade tariff strategies have been provided for enhancing global wealth and sustainable development. This chapter emphasizes the importance of sustainability in trade and trade policies’ roles in efficient resource allocation, welfare increase, and sustainable delvelopment. Furthermore, trade policies, taxes, and tariffs are recommended to be balanced based on the mutual trust, and common goals among trading countries. This chapter further emphasizes that trade policies need to promote ­sustainable supply globally.

Details

Global Tariff War: Economic, Political and Social Implications
Type: Book
ISBN: 978-1-80071-314-7

Keywords

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Article
Publication date: 26 February 2021

Imlak Shaikh

Trade uncertainty does influence the firm’s new investment, profitability and supply chain finance. Consequently, it results in decreased consumption and low consumer…

Abstract

Purpose

Trade uncertainty does influence the firm’s new investment, profitability and supply chain finance. Consequently, it results in decreased consumption and low consumer confidence and eventually disrupts global economic activity. This paper aims to propose a model to uncover the effects of trade policy uncertainty (TPU) on the real economic activity and economy’s health measured in terms of the purchasing manager’s index (PMI).

Design/methodology/approach

This study uses the PMI, trade policy uncertainty index, economic policy uncertainty index and short-term interest rate. The relation between economic activity and uncertainty was studied using nested regression and vector autoregressive model.

Findings

The empirical results show that PMI of China and Japan were more responsive to the TPU of the USA and remained more fluctuating during the year 2018–2019. Importantly, this paper notices that the US’s PMI reached a low historically subject to its own trade policy and tension with China. Overall, TPU has shown more pronounced effects on PMI across China, Japan and the USA, followed by important economic and political events and major trade tariff uncertainty deals.

Practical implications

The empirical outcome holds some practical implications trade uncertainty affects not only the economic health of the economy but also market participants, global investors and international political environment, recent trade barriers, tariff wars and ambiguity raise question about free and fair global trade and competitiveness of the member country of the world trade organization.

Originality/value

The work is a novel that attempts to explain economic activity and supply chain through PMI. Unlike conventional economic indicators, e.g. gross domestic product, producer price index, consumer price index, employment, etc. PMI measures manufacturing industries’ overall status concerning the number of orders, inventory levels, productions, supplier deliveries and employment.

Details

Journal of Chinese Economic and Foreign Trade Studies, vol. 14 no. 2
Type: Research Article
ISSN: 1754-4408

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Book part
Publication date: 22 September 2015

Oldrich Krpec and Vladan Hodulak

To discuss the historical roots of contemporary geopolitical economy, this paper aims to explore the complex and influential analysis of Tilly's formation of European…

Abstract

To discuss the historical roots of contemporary geopolitical economy, this paper aims to explore the complex and influential analysis of Tilly's formation of European national states as a predominant type of territorial political organization in contemporary world. To do this, Tilly described different eras of dominant organization of warfare in relation to state organization: patrimonialism, brokerage, nationalization, specialization. In this paper, we explore the link between the organization of military power and trade policy. We are trying to answer the question, if it is possible to credibly state a connection between the trade policy types pursued by selected states in specific historical periods and Tilly’s eras of dominant form of organization of warfare. For this purpose, we developed a typology of trade policies of important states throughout the history, using the economic history research of leading experts in the field. Our conclusion is that such a connection – between trade policy and Tilly’s eras of organization of warfare – can be made and that this connection is solidly supported by economic history. Our analysis may be of value for any critical assessment of international trade relations in contemporary geopolitical economy – and of influential cosmopolitan interpretations of the liberal trade regime of 19th century or globalization in 20th century.

Details

Theoretical Engagements in Geopolitical Economy
Type: Book
ISBN: 978-1-78560-295-5

Keywords

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Abstract

Details

The Political Economy of Policy Reform: Essays in Honor of J. Michael Finger
Type: Book
ISBN: 978-0-44451-816-3

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