#篇名摘要出處資訊
1 How does greater bank competition affect borrower screening? Evidence from China's WTO entry

We analyze the relationship between greater bank competition and the screening of potential borrowers. Using a large sample of Chinese private firms and China's entry into the WTO as a unique setting leading to greater bank competition, we find the following. First, the sensitivity of bank credit to prior borrowing-firm performance increases after China's WTO entry. This sensitivity increase is greater in more bank-dependent industries and smaller in Chinese regions with greater financial sector development. Second, the increase in the sensitivity of bank credit to firm performance is much greater for state-owned firms compared to private firms. Third, the effect of bank credit on subsequent firm productivity and performance is greater for loans given after China's WTO entry compared to those given prior to WTO entry. Overall, the results of our empirical analysis suggest that the stringency of bank screening of borrowers in China increased with greater banking sector competition.

作者:Chemmanur, Thomas J.; Qin, Jiaqi; Sun, Yan; Yu, Qianqian; Zheng, Xiang;
期刊:JOURNAL OF CORPORATE FINANCE
出版月(日)年:Dec, 2020
卷(期),頁碼:65()
DOI:10.1016/j.jcorpfin.2020.101776
2 Do Roads Enhance Regional Trade? Evidence Based on China's Provincial Data

We investigate the impact of roads and highways within the provinces on the regional trade of China using the augmented Gravity Model and theory of modeling trade. We take a panel data covering 31 provinces of China over 20 years period (1998-2017) for the estimations. We apply ARMA-OLS model, fixed and random effects, and robust findings by Hausman test. The results imply that road and highway lengths within the provinces have a significantly positive impact on the value of the province-wise exports. The positive impact is due to the fact the increased coverage of roads and highways increase accessibility to resources and mobility of goods and services within the regions. Moreover, employment in the transportation sector, per capita GDP and population of the provinces also illustrate positive and significant influence on regional exports and trade. The impact of China's WTO accession on regional exports has been positive, while the financial crisis has had a negative impact. The year dummies show that, in the years following the financial crisis, China was able to regress from the external shock as trade within the provinces increased. The increase in exports after financial crisis is mainly due to the government policies and support to every province.

作者:Rahman, Imran Ur; Sharma, Buddhi Prasad; Fetuu, Enitilina; Yousaf, Muhammad
期刊:JOURNAL OF ASIAN FINANCE ECONOMICS AND BUSINESS
出版月(日)年:Dec, 2020
卷(期),頁碼:7(12), 657-664
DOI:10.13106/jafeb.2020.vol7.no12.657
3 SHAPING A COMPREHENSIVE GOVERNMENT-SUPPORTED COUNTRY BRAND PROGRAM

Country brand support programs are instruments of open protectionism, which results from unilateral sanctions by foreign countries or acts as a mechanism for direct government support of national producers, creating positive perception by customers abroad and promoting goods and services to foreign markets. However, the long-term preservation of protectionist measures in the national economy leads to the loss of competitiveness by producers and the national economy as a whole. Therefore, it becomes relevant to study the programs of several states in the context of the development of national production and exports, and search for approaches to shaping a comprehensive program of government support for the country brands, which correspond to the main fair competition features in the global economy based on agreements within the WTO. This study is aimed at identifying the feasibility of transforming the "Made in Russia" initiative into a comprehensive country brand government support program. The methodological tools of the studied problem are based on expert and mutual assessments, the Delphi method, mathematical statistics, and graphical modeling. The expert assessment method was used to substantiate the expediency of protectionism for domestic producers to preserve quality and environmental friendliness of export-oriented products in the current conditions that contribute to cultivating the country's positive image. A cause-and-effect diagram (the so-called Fishbone Diagram) developed on the basis of the K. Ishikawa model made it possible to identify the main causes and conditions for shaping a comprehensive program for the country brand government support.

作者:Perskaya, Victoria V.; Khairov, Bari G.; Revenko, Nikolay S.; Khairova, Saida M.
期刊:ENTREPRENEURSHIP AND SUSTAINABILITY ISSUES
出版月(日)年:Dec, 2020
卷(期),頁碼:8(2), 163-181
DOI:10.9770/jesi.2020.8.2(10)
4 The Authority of "Precedent" in International Adjudication: the Contentious Case of the WTO Appellate Body's Practice

One of the reasons adduced by the U.S. for paralyzing the WTO Appellate Body (AB) through the non-replacement of its outgoing members has been that the AR has developed a doctrine of binding precedent based on its previous decisions, thus allegedly departing from what had been agreed in the original negotiations. This article, based also on the author's past experience as a member of the AB, intends to show that this criticism is groundless. The AB has not followed such a doctrine but has developed a consistent interpretation of the multilateral trade agreements in accordance with the WTO objectives of promoting stability and predictability of the system. The AB statement that past interpretation of the WTO agreements provisions should be followed by Panels "absent cogent reasons" is in line with the practice of other international courts and tribunals.

作者:LAW & PRACTICE OF INTERNATIONAL COURTS AND TRIBUNALS
期刊:
出版月(日)年:Nov., 2020
卷(期),頁碼:19(3), 497-514
DOI:10.1163/15718034-12341433
5 Interdependence of Sectors of Economic Activities for World Countries from the Reduced Google Matrix Analysis of WTO Data

We apply the recently developed reduced Google matrix algorithm for the analysis of the OECD-WTO World Network of Economic Activities. This approach allows to determine interdependencies and interactions of economy sectors of several countries, including China, Russia and the USA, properly taking into account the influence of all the other world countries and their economic activities. Within this analysis, we also obtain the sensitivity of EU countries' economies to the petroleum activity sector. We show that this approach takes into account the multiplicity of economical interactions between countries and activity sectors, thus providing a richer analysis compared to the usual export-import analysis.

作者:Coquide, Celestin; Lages, Jose; Shepelyansky, Dima L.
期刊:ENTROPY
出版月(日)年:Dec, 2020
卷(期),頁碼:
DOI:10.3390/e22121407
6 Land costs, government intervention, and migration of firms: The case of China

By using unique firm relocation data in China, we first document the relocation behavior of Chinese firms and show that less government intervention (relative to market forces) can improve economic efficiency by facilitating industrial relocation which saves on costs. Ever since China joined the World Trade Organization (WTO) in 2001, investments have poured into the coastal region, which in turn, have almost tripled land costs in the major coastal cities. We exploit this land cost shock in the early 2000s to identify its effect on the relocation behavior of firms. Specifically, we instrument land price growth with the access of a city to foreign markets (approximated by distance to Shanghai), and then estimate the differential impact of land costs on firms regarding land reliance. Our major findings are as follows: (1) the migration rate of Chinese firms in China is on average 3.2%, (2) Rising land costs drive firms to migrate, and firms that use more land-intensive technology are more compelled to migrate, and (3) in regions where the local government intervention is stronger (the market is less developed), the relocation decision of Chinese firms is distorted in the sense that firms are less likely to relocate despite surging land prices due to government intervention.

作者:Tang, Tingfeng; Li, Zhigang; Ni, Jinlan; Yuan, Jia
期刊:CHINA ECONOMIC REVIEW
出版月(日)年:Dec, 2020
卷(期),頁碼:
DOI:10.1016/j.chieco.2020.101560
7 Trade effects, policy responses and opportunities of COVID-19 outbreak in Africa

Purpose

   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.

   Design/methodology/approach

   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.

   Findings

   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.

   Research limitations/implications

   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.

   Practical implications

   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.

   Social implications

   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.

   Originality/value

   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.

作者:Obayelu, Abiodun Elijah; Edewor, Sarah Edore; Ogbe, Agatha Osivweneta
期刊:JOURNAL OF CHINESE ECONOMIC AND FOREIGN TRADE STUDIES
出版月(日)年:
卷(期),頁碼:
DOI:10.1108/JCEFTS-08-2020-0050
8 Comparing Apples to Apples: Estimating Consistent Partial Effects of Preferential Economic Integration Agreements

The dominant paradigm of the estimation of causal partial effects of preferential economic integration agreements (PEIAs) on trade costs and trade flows is to rely on a selection on observables, with propensity-score matching being the leading example. Conditional on some score of joint determinants of PEIAs and trade flows, causal partial effects of PEIAs on trade are obtained from a simple conditional mean comparison of trade between members and non-members. Key for this approach to obtain consistent estimates is that the score used to form comparison groups is balanced: similarity of country pairs in the PEIA propensity core means similarity in all the observables. Otherwise, the effects may be biased, misascribing effects of differences in individual observables to PEIA membership. We employ a remedy for this bias through entropy balancing, demonstrate that there is an upward bias of PEIA effects on trade flows from lack of covariate balancing, and quantify the bias of the effects.

 

作者:Egger, Peter H.; Tarlea, Filip
期刊:ECONOMICA
出版月(日)年:
卷(期),頁碼:
DOI:10.1111/ecca.12361
9 REGIONALIZATION MODELS IN THE ASIA-PACIFIC REGION

The article is devoted to the regionalization processes in the Asia- Pacific region through the prism of the theory of the formation of mega-regional blocs. In terms of global and regional leadership, this region is becoming a competitive area between two superpowers: the USA and China; this determines the complexity and multiples levels of regional processes, as well as the formation of several regionalization models that run parallel to each other. The purpose of the article is to compare the approaches taken by the United States and China to the formation of mega-regional blocs in the Asia-Pacific region, as well as to outline the ASEAN approach. As a result, the authors conclude that the US approach to the formation of mega-regional blocs is based on more stringent forms of institutionalization, their opposition to the existing system of global trade regulation led by the WTO, and closed principles; the Chinese approach, however, involves combining formal integration with flexible forms of cooperation in certain areas, reliance on the principles of the WTO, and openness to the involvement of new members. The competition between the two superpowers results in fragmentation and sophistication of regionalization trends, and pushes regional actors to search for new forms of strategic collaboration.

作者:Arapova, E. Ya; Khokhlova, N., I
期刊:POLIS-POLITICHESKIYE ISSLEDOVANIYA
出版月(日)年:2020
卷(期),頁碼:(5), 60-74
DOI:10.17976/jpps/2020.05.05
10 The Effects of Trade Policy on Trade among the EU and BRICS Countries

The aim of this paper is to estimate whether the liberalization process benefited a mutual trade between the EU and BRICS Members over the last two decades, and whether protectionism, which is currently on the rise, still represents a significant toll to trade. Our results proved that the multilateral trade liberalization process, represented by the WTO, is no longer benefiting trade among observed economies. It clearly confirms the long-standing stalemate in the WTO. We have also found that the observed FTA between the EU and South Africa created trade strongly, but unevenly. Finally, we found that the level of tariffs no longer represents a significant barrier to trade among observed countries.

作者:Vahalik, Bohdan; Fojtikova, Lenka
期刊:EKONOMICKY CASOPIS
出版月(日)年:2020
卷(期),頁碼:68(9), 918-938
DOI:10.31577/ekoncas.2020.09.03
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