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National borders are a hurdle to the expansion of the open economy. Integration today remains imperfect because national borders translate into trading costs, including differences in monetary regimes. Political borders shelter many goods and services from external competition and, consequently, represent a critical exogenous force in the integration process. Small economies face thicker borders than large economies. Regional trade arrangements have softened or, in some cases, pushed outward national borders, but in the process new borders have emerged. Borders affect also finance and monies. While the speed of financial integration suggests currency consolidation and a decline in the ratio of independent monies to sovereign nations, the formation of multilateral monetary unions (MUs) pushes the ratio toward unity.

This paper aims to explain the main empirical facts of housing markets, notably the trade-off between housing price and time-on-the-market, the positive correlation between housing price and the number of contracts traded during a given period (i.e. the trading volume) and the existence of price dispersion.

This theoretical paper makes use of a search and matching model. Search and matching, indeed, are two fundamental characteristics of the trading process in the housing market, and, thus, the search-and-matching models have become the new economic approach to the analysis of real estate markets.

This paper shows that a slightly modified version of the baseline search and matching model à la Mortensen-Pissarides can explain the main empirical facts of housing markets. There are two key mechanisms that allow to achieve this notable goal: a simple formalisation of the (reasonable) assumption that buyers today are potential sellers tomorrow (and vice versa); and the direct relationship between market tightness and house price, derived by the standard matching model and underestimated by the related literature.

The developed theoretical model only studies the equilibrium conditions. Indeed, it would be interesting to also study the disequilibrium in housing markets.

The explanation of the main empirical facts of housing markets is embodied in the same and relatively simple theoretical model.

In addition to the explanation of the main empirical facts of housing markets, the developed theoretical model can generate an upward sloping Beveridge curve in the housing market (the positive relation between home-seekers and vacant houses). Instead, according to a recent criticism in the related literature, a model à la Mortensen-Pissarides inherently generates a (empirically unrealistic) downward sloping Beveridge curve.

In this paper, we evaluated the impact of the US “Chip Act” on the participation of the Chinese electronics industry in the global value chain based on the dynamic CGE model. This is a meaningful attempt to use the GTAP-VA model to analyze the electronics industry in China.

We employ a Dynamic GTAP-VA Model to quantitatively evaluate the economic repercussions of the “Chip Act” on the Chinese electronic industries' GVC participation from 2023 to 2040.

The findings depict a discernible contraction in China’s electronic sector by 2040, marked by a −2.95% change in output, a −3.50% alteration in exports and a 0.45% increment in imports. Concurrently, the U.S., EU and certain Asian economies exhibit expansions within the electronic sector, indicating a GVC realignment. The “Chip Act” implementation precipitates a significant divergence in GVC participation across different countries and industries, notably impacting the electronics sector.

Through a meticulous temporal analysis, this manuscript unveils the nuanced economic shifts within the GVC, substantially bridging the empirical void in existing literature. This narrative accentuates the profound implications of policy regulations on global trade dynamics, contributing to the discourse on international economic policy and industry evolution.

We evaluated the impact of the US “Chip Act” on the participation of the Chinese electronics industry in the global value chain based on the dynamic CGE model. This is a meaningful attempt to use the GTAP-VA model to analyze the electronics industry in China.

The interaction between policy regulations and global value chain (GVC) dynamics is pivotal in understanding the contemporary global trade framework, especially within technology-driven sectors. The US “Chips Act” represents a significant regulatory milestone with potential ramifications on the Chinese electronic industries' engagement in the GVC.

The significance of this paper is that it quantifies for the first time the impact of the US Chip Act on the GVC participation index of East Asian countries in the context of US-China decoupling. With careful consideration of strategic aspects, this paper substantially fills the empirical gap in the existing literature by presenting subtle economic changes within GVCs, highlighting the profound implications of policy regulation on global trade dynamics.

The purpose of this study is to examine the impact of political relations on trade in strategic emerging industries (SEIs) in the Belt and Road initiative (BRI) associated countries. This investigation encompasses not only from the perspective of bilateral political relations but also the political intervention of third parties.

The study employs the temporal exponential random graphmodel to analyze the dynamic structure and influencing factor of SEIs trade network among 150 BRI-associated countries from 2015 to 2020.

The results indicate that the trade of SEIs in the BRI-associated countries exhibits a pattern of concentrated exporters and decentralized importers. Amicable bilateral political relations foster trade cooperations in SEIs, while political pressure from the United States has the opposite effect. Furthermore, compared with the influence of third parties, the BRI has created a more robust trade environment characterized by political mutual trust.

BRI-associated countries should strengthen their political communication, and endeavor to transform political consensus and shared vision into concrete collaborative projects, while mitigating geopolitical uncertainties through a sound risk evaluation system. Moreover, they should establish a more transparent and consistent consultation mechanism and leverage the BRI trade network to foster balanced and mutually beneficial partnerships that minimize rivalry and dependence on a single market.

This study goes beyond observed trade cost and incorporates the political factor into the determinants of the BRI trade, thereby expanding the theoretical boundaries of existing BRI research. Also, this study employs bilateral trade data to construct SEIs trade networks (SEITNs) along the BRI route. It provides a comprehensive understanding of the dynamic determinates of the SEITNs will provide valuable practical guidance for enhancing and expanding trade and cooperation among BRI-associated countries.

Digital technologies over time are becoming increasingly pervasive and relatively affordable, finding a large diffusion in Small and Medium Enterprises (SMEs) also for internationalization purposes. However, less is known about the specific mechanisms by which this can be achieved. Specifically, we focus on how SMEs can face the international environment, leveraging digital technologies and thanks to their intellectual capital (IC).

We analyze the relationship between digital technologies and the internationalization of SMEs, exploring the mediating role of IC in its three dimensions: human, relational and innovation capital, and assessing the possible moderating effects posed by international institutional conditions, specifically the Sino-US trade frictions. The relationships are tested using a sample of companies listed on China’s A-share Growth Enterprise Market (GEM) from 2010 to 2021.

Digital technologies help to internationalize SMEs. However, this positive relationship is affected (mediated) by the presence of an already consolidated IC. In addition, the institutional conditions of the international market, such as the Sino-US trade friction, moderate the components of IC differently. Specifically, the overall mediating effect of human and relational capital is boosted, while this does not happen for innovation capital.

First, this study contributes to the literature on organizational resilience, especially digital resilience, confirming its validity in the context of internationalization and, in particular, those processes adopted by SMEs. Second, we clarify the mechanisms through which digital technologies exert their impact on the process of internationalization and in particular the prominent necessity of having IC. Third, our conclusions enrich the understanding of how IC components react to turbulence in international markets.

In international trade differences in political and legal systems confront trading partners with relatively greater information asymmetry and contract enforcement problems than in domestic trade, resulting in higher transaction costs. Nevertheless, well-functioning institutions in the exporting country could prove beneficial for the agricultural importer, as institutions generally establish food and product regulations and ensure that they are enforced and serve as a last resort for dispute resolution and contract enforcement. Given China’s increasingly stricter control of its food supply chain and its rising imports of meat products, the purpose of this paper is to analyze whether institutions in the exporting country matter for Chinese meat imports.

To analyze the effect of the exporters’ institutions on Chinese meat imports, the authors estimate a gravity model for the 1990-2013 period. The authors apply the method suggested by Helpman et al. (2008) to correct for sample selection and firm heterogeneity. To estimate the effect of time-invariant variables, the authors apply the Fixed Effects Vector Decomposition method proposed by Plümper and Troeger (2007).

The results show that institutions affect Chinese trade flows. In particular, the authors find that China imports more meat products from countries who host qualitatively better institutions and are geographically closer, and that the country’s imports rise with its GDP level. This confirms our hypothesis that institutions in the exporting country are positively associated with meat exports to China.

The importance of the exporters’ institutions for Chinese meat imports has not been studied so far and is of great interest given China’s rising role as a sizable importer. Furthermore, Chinese meat imports have attracted much attention recently due to the country’s potentially significant impact on world food security and sustainable development. Hence, this paper aims to make a substantial contribution to the literature, both from a scientific and a policy perspective.

The purpose of this study is to investigate international trade determinants, paying special attention to variables related to climate change and non-tariff measures (NTMs), as they shape more and more world trade flows, with particular incidence on globalised goods, such as wine.

Based on panel data of Port wine exports to 60 countries, between 2006 and 2018, a gravity model has been estimated through Poisson pseudo-maximum likelihood. Explanatory variables include NTMs, mean temperature, temperature anomaly, gross domestic product (GDP), exchange rate, ad valorem equivalent tariffs and home bias.

The findings show that exports are inversely related to both mean temperature and temperature anomaly in importing countries. Regarding NTMs, it is found that only part of them are trade deterrent. Additionally, purchasing power in importing countries is one of the main determinants of Port wine exports.

The results show that, besides traditional economic variables, policymakers and wineries should include in their exports' decisions the impact of variables related to climate change and NTMs.

The novelty of this paper is to incorporate the impact of climatic variability of importing countries as a determinant of international trade of wine. Most former studies inspired of the gravity model consider explanatory variables such as GDP and exchange rate, and more recent ones started to consider NTMs too, however, this study may be the first paper to include the impact of climate change (quantified by mean temperature and temperature anomaly in importing countries) on exports.

As trade policy disruption has become more commonplace, so have the calls for blockchain as a solution. But often the reasoning for this link has been unclear. Using the case study of Brexit as a baseline, the authors map four sources of trade-based uncertainty and explore the extent to which blockchain applications could – when implemented – attenuate supply chain disruption, which has lead to firms taking second best options like reducing investment and switching suppliers. Because the law has not kept pace with technology, the discussion also highlights prominent legal questions raised by blockchain in each instance.

The paper is a preliminary assessment of coronavirus disease’s (COVID-19) effects on African trade, policy responses and opportunities within the limitations imposed by data and the information currently available and in the lights of other international organizations’ growth forecasts. The study was undertaken to get deeper understanding of the threats and opportunities of COVID-19 on African trade because of the existing interconnected trade networks making African countries to be more vulnerable and increasing number of restrictions and distortions among major traders. This study aims to present strong information required in underpinning sound national, regional and inter-regional policy responses to keep trade flowing.

To assess COVID-19’s effects on African trade, policy responses and opportunities, this study relied on data and information currently available from organizations such as World Trade Organization (WTO), World Bank (WB), Organisation for Economic Co-operation and Development, International Monetary Fund, European Union, International Trade Statistics and various African countries’ trade and national statistics publications. The analysis contains two main scenarios. The first, an observed effects scenario (first quarter of year 2020), looks at the observed effect of COVID-19 outbreak on trade in Africa. The second, a potential effects scenario, analyses the potential trade effects if the COVID-19 outbreak lingers and spreads more intensively than is assumed in the baseline scenario.

The COVID-19 outbreak affects several aspects of international trade even though the full effects of the outbreak are not yet visible in most trade data. Some leading indicators had shown that keeping trade flow can support the fight against COVID-19 as well as having damaging effect on Africa’s trade. COVID-19 had led to a deep fall in transaction, both at the international level and within-regions. Tariffs and other restrictions to imports harm the flow of critical products to African countries. Uncooperative trade policies lead to higher prices of goods in fragile and vulnerable African countries.

Long term in-depth analysis of the effects of COVID-19 on trade using quantitative data is still very difficult because of paucity of data and the great level of the improbability of the trajectory of the spread of the virus. Informed assessment of the full trade impact of the pandemic on African countries is therefore still difficult. Notwithstanding, this study assesses the immediate effects and conveys the likely extent of impending African trade pains and the potential needs for assistance.

Trade in both goods and services plays a key role in overcoming the pandemic and limit its effects by providing access to essential medical goods to treat those affected, ensuring access to food, providing farmers with needed inputs, support jobs and sustain economic activity during global recession. However, temporary COVID-19 trade measures such as borders closure, export prohibition and import ban are a threat to globalization and free trade agreements engaged by some African countries.

The continuous rise in COVID-19 cases is expected to trigger economic recession in Africa despite a rapid expansion and creation of new social protection programmes. The unavoidable decline in trade caused by COVID-19 is already having painful consequences on the economy, social anxiety among families, households, businesses and trade across countries in the continent. COVID-19 trade restrictions aimed at reducing the transmission of the virus have led to loss of income and jobs as well as closure of small and vulnerable businesses. Policymakers should enforce social policies that unite countries within the continents in bad times to reduce social anxiety and hardship.

Although the effects of COVID-19 outbreak on global and regional trade have received enormous attention recently, facts in the form of data have been thin particularly on African trade. This paper, to the best of the authors’ knowledge, is one of the first set of studies that provides preliminary assessment of COVID-19’s effects on trade in Africa using scenarios-building approach based on the available data and information on regional trade, complemented by those from the WTO, WB and departments of trade and statistics from various African countries such as the Nigeria Nation Bureau of Statistic and Kenyan National Bureau of Statistics.

This study aims to examine the effect of Industry 4.0 technology on resilience in established cross-border supply chain(s) (SC).

A literature review provides insight into the resilience capabilities of cross-border SC. The research uses a case study of operational international SC: the producers, importers, logistics companies and UK Government (UKG) departments. Semi-structured interviews determine the resilience capabilities and approaches of participants within cross-border SC and how implementing an Industry 4.0 Internet of Things (IoT) and capitals Distributed Ledger (blockchain) based technology platform changes SC resilience capabilities and approaches.

A blockchain-based platform introduces common assured data, reducing data duplication. When combined with IoT technology, the platform improves end-to-end SC visibility and information sharing. Industry 4.0 technology builds collaboration, trust, improved agility, adaptability and integration. It enables common resilience capabilities and approaches that reduce the de-coupling between government agencies and participants of cross-border SC.

The case study presents challenges specific to UKG’s customs border operations; research needs to be repeated in different contexts to confirm findings are generalisable.

Operational SC and UKG customs and excise departments must align their resilience strategies to gain full advantage of Industry 4.0 technologies.

Case study research shows how Industry 4.0 technology reduces the de-coupling between the SC and UKG, enhancing common resilience capabilities within established cross-border operations. Improved information sharing and SC visibility provided by IoT and blockchain technologies support the development of resilience in established cross-border SC and enhance interactions with UKG at the customs border.