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Dissertations / Theses on the topic 'Economic theory of trade'
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Berdell, John Farley. "Essays on the classical theory of economic growth and trade." Thesis, University of Cambridge, 1991. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.386356.
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Iyalla, Apiribo Joe. "Market structure induced trade and development." Thesis, University of Oxford, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.386482.
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Fagerberg, Jan Ernst. "Technology, growth and trade : Schumpeterian perspectives." Thesis, University of Sussex, 1988. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.254261.
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Walker, J. "International trade and the Scottish economy : A 'pattern' model of the published data on Scottish trade 1968-1979." Thesis, University of Strathclyde, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.372114.
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Ortiz-Fernandez, Salvador. "International trade, research and development and growth." Thesis, Lancaster University, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.302409.
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Browne, Brendan Mark. "Trade Boards in Northern Ireland, 1909-45." Thesis, Queen's University Belfast, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.335981.
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Massilia, Marzia Raybaudi. "Essays on foreign direct investment and trade." Thesis, University of Southampton, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.390330.
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McCausland, W. David. "Exchange rate hysteresis from trade account interaction." Thesis, Keele University, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.294199.
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Garred, Jason. "Trade in raw materials and economic development." Thesis, London School of Economics and Political Science (University of London), 2015. http://etheses.lse.ac.uk/3092/.
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This thesis considers three cases in which trade in natural resources and other raw materials can inform us about wider questions of economic development. The first chapter, “Capturing the Value Chain: The Persistence of Trade Policy in China After WTO Accession”, considers whether in the GATT/WTO era, developing countries are still able to actively conduct trade policy. In this study, I show that after China’s entry into WTO, required import tariff reductions on downstream sectors have been partly offset by an alternative policy with similar effects: export restrictions on raw materials. I also find that larger rises in Chinese raw materials export taxes after WTO accession have been associated with greater downstream export growth. The second chapter, “Winners and Losers from a Commodities-for-Manufactures Trade Boom”, examines two contrasting outcomes of the ‘de-industrialization’ associated with rising trade between China and other developing countries. In particular, this chapter compares changes in labour market outcomes in Brazilian regions stimulated by rising demand from China for raw materials, with Brazilian regions whose manufacturing sectors have been harmed by Chinese import competition. While there was slower growth in manufacturing wages and greater rises in local wage inequality in ‘loser’ regions between 2000 and 2010, ‘winner’ regions experienced higher wage growth, lower takeup of cash transfers and positive effects on job quality. The third chapter,“Access to Raw Materials and Local Comparative Advantage: The Effects of India’s Freight Equalization Policy”, considers the importance of access to raw materials for industrial development. It does so by looking at the effects of a Indian policy that aimed to remove regional comparative advantages associated with proximity to raw materials, by equalizing prices of steel across India. The results suggest that in practice, this policy may have had only a limited effect on access to raw materials across Indian states.
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Hou, Liyan. "Explaining trade flows and determinants of bilaterial trade." Thesis, University of Birmingham, 2010. http://etheses.bham.ac.uk//id/eprint/719/.
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This thesis provides the empirical analyses for international trade flows and the determinants of bilateral trade. The main modelling framework used in this thesis is gravity model, so firstly, a detailed literature review for the gravity trade model is given. The three empirical studies analyze the role of main determinants of international trade flows in details, including cultural similarities, geographical factors and trade costs. Our findings are summarized as follows. First, the gravity model works well with aggregate data as well as disaggregated data. The core gravity factors and the cultural similarities are the major determinants of China’s bilateral trade. Moreover, China has great export potential with its neighbour countries in Asia, and considerable import potential with most of its trade partners. On the other hand, China’s export potential is still in the labour and resource intensive, low- and middle-level skill-intensive product groups. Second, we combine log-linear and non-linear estimation techniques, including Tobit estimation to analyze the role of geographical distance on trade. The findings indicate that the absolute value of the distance coefficient decreases over time, which give a reasonable explanation for “missing globalization puzzle”. Finally, by estimating a modified gravity equation of panel data for China, Japan and Korea over 16 years, we find that transport costs have a significant influence on regional trade flows in Northeast Asia.
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Nuchsuwan, Kontee. "Essays in trade, development and political economy." Related electronic resource: Current Research at SU : database of SU dissertations, recent titles available full text, 2005. http://catalog.hathitrust.org/api/volumes/oclc/71215402.html.
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Wang, Teng Kun. "Essays on privatisation and trade policies in Taiwan." Thesis, University of Essex, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.272538.
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Aladieh, Salamah Salih Sylayman. "Meccan trade prior to the rise of Islam." Thesis, Durham University, 1991. http://etheses.dur.ac.uk/1184/.
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Bachrach, Miguel. "Devaluation and the balance of trade : a critical review of the theory and estmation of trade elasticities for Peru, 1850-1984." Thesis, University of Cambridge, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.333061.
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Barker, George Robert. "An economic analysis of trade unions and the common law." Thesis, University of Oxford, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.316742.
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Ghars, El-Din M. A. "Foreign direct investment, trade patterns and economic development in Egypt." Thesis, University of East Anglia, 1986. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.374264.
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Ramezzana, Paolo. "Exchange in markets with heterogeneous agents and trade frictions." Thesis, London School of Economics and Political Science (University of London), 2002. http://etheses.lse.ac.uk/2104/.
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This thesis studies the implications of heterogeneity in consumers' incomes or preferences for market equilibrium and welfare in a world characterized by economies of scale and trade frictions. The first chapter studies how the level and the distribution of per capita income affects industrial demand and thus the process of economic development in a closed economy, and the volume of international trade in an integrated world. In a closed economy with given aggregate GDP, countries with intermediate per capita income levels and population sizes have a larger number of industrial sectors than very rich and small or very poor and large countries. Furthermore, income inequality has a positive effect on the level of industrialization in poor economies, whereas the level of industrialization in rich economies is maximized by perfect equality. Finally, when international trade is possible, the volume of trade between two countries is increasing in the similarity of their per capita incomes. The second chapter studies product selection by producers in markets where consumers have idiosyncratic preferences for different varieties of a good and have to search for their preferred variety. I show that the market share of the variety preferred by the majority is always higher than in a frictionless Walrasian market and increases with the severity of search frictions. For given search frictions, a consumer is better off when the group to which she belongs becomes larger, and, for given consumer group sizes, a fall in search frictions benefits minority consumers relatively more than majority consumers. I also study under what conditions mass consumption is a constrained-optimal outcome and the role played by the ability of producers to price discriminate. The third chapter uses a standard monopolistically competitive model of international trade, in which countries have different preferences, to evaluate the often-heard argument that globalization endangers the culture of small countries. In the equilibrium of this model, an increase in economic integration considerably reduces the market share of the varieties typical of the culture of the small country. However, if integration is caused by a reduction in real transport costs, it nevertheless benefits consumers in this country. The model also shows that a country that is not too small relative to the dominant country can increase its welfare by adopting a limited level of trade protection, whereas for a very small country free trade is optimal. This model can be used to evaluate the economic implications of the principle of "cultural exception", invoked by France to protect its film industry.
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Santoni, Michele. "Macroeconomic and trade policy in imperfectly competitive open economies." Thesis, University of York, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.337657.
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Chen, Szu-Ting. "Economic theorizing : a causal structuralist account with examples from international trade theory." Thesis, London School of Economics and Political Science (University of London), 2002. http://etheses.lse.ac.uk/1640/.
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This thesis applies the concept of causal structure to the discussion of economic explanation. It uses this discussion and examples from international trade theory to provide an account of economic theorizing. Three subthemes are pursued: (1) The concept of economic laws manifested in economists' practice of theoretical model-building is not compatible with the regularist view that economic laws are unifying regularities from which all other regularities are derived. Rather, it sees these laws as derivatives of the causal structures specified in theoretical models. In these models, economists hypothesize a complete causal structure that is thought to identify the main causal features of the real economic system within which the economic regularities occur. Based on this idea, I propose a new explanatory account-the causal structuralist account-of economic theorizing. (2) What is the nature of an explanatory relation between the explanans and explanandum. For some philosophers, an explanatory relation is a causal relation that is fundamentally about the invariance of a relation between variables under some interventions. This account, however, raises another question: Can causality be identified with invariance. For the causal structuralists, in contrast, a causal relation (and so an explanatory relation) cannot be reduced to any other relation; it can be explained only under a hypothesized complete causal structure that is supposed to represent the real causal structure underlying the concrete phenomena of interest. (3) A causal structure specified in an economic theoretical model is meant to single out the main causal features of an economic phenomenon and omit the less relevant features; inevitably, the causal law derived from this structure possesses some abstractness. Some methodologists regard this abstractness as the main source of the inaccuracy of predictions made from abstract causal laws. What, then, is the value of abstract laws in explaining or predicting real economic phenomena. A complete causal structuralist explanatory framework should provide a plausible account that bridges the gap between what is abstract and what is real in economic theorizing.
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Vitooraparb, Kunlakarn. "Three essays on economic geography and international trade." [Bloomington, Ind.] : Indiana University, 2009. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3358948.
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Thesis (Ph.D.)--Indiana University, Dept. of Economics, 2009.Title from PDF t.p. (viewed on Feb. 8, 2010). Source: Dissertation Abstracts International, Volume: 70-05, Section: A, page: 1733. Adviser: Hugh E.M. Kelley.
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Pisch, Frank. "Essays in international trade and organisational economics." Thesis, London School of Economics and Political Science (University of London), 2017. http://etheses.lse.ac.uk/3630/.
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This thesis contains three chapters that examine various facets of how the market and technological environment shapes firms – and how firms shape their environments. The first chapter studies how multinational manufacturing firms organise production in parallel processing supply chains. Using confidential data on international sourcing of French manufacturing firms and an instrumental variables strategy based on selfconstructed input-output tables, the chapter shows that inputs that account for a high cost share – i.e. that are more important for technological reasons – are more likely to be produced by a multinational for itself, while unimportant ones are outsourced to third parties. It provides additional empirical evidence that this main finding is consistent with a property rights model of the boundary of the firm. The second chapter produces empirical facts on how exogenous changes in tariffs on intermediate goods have affected vertical integration patterns in France over the period 1996-2006 and evaluates them in light of the current literature. Using a long differences approach and detailed information on supply relationships, it shows that more protectionist policies by other countries and by the EU discouraged integrated relationships from shifting towards outsourcing and that initial market structure mattered for the impact of trade policy. The third chapter provides rare causal evidence for the relevance of endowment driven comparative advantage. It uses the fracking boom in the US following 2006 as a source of exogenous variation in the endowment of natural gas – and therefore in energy: fracking made energy considerably cheaper in the US compared to the rest of the world. The chapter studies factor, output, and international trade responses across sectors. It finds that energy intensive sectors expand along all dimensions and, most importantly, export more, which validates one of the most important neo-classical theories of why countries trade with each other.
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Edwards, T. Huw. "Current issues in trade policy." Thesis, University of Warwick, 2007. http://wrap.warwick.ac.uk/40520/.
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The articles in this thesis reflect my work at the Centre for Study of Globalisation and Regionalisation in Warwick, centred around two EU-funded projects: one relating globalisation to social exclusion, and the second looking at the re-integration of the Central and Eastern European transition economies into the main European economy. The papers in this thesis are seen as new contributions. Chapter 1 is introductory, consisting of a brief literature survey outlining a number of important debates. This is followed by a summary of the contributions of the papers in subsequent chapters. Chapter 2, written with John Whalley, is a general equilibrium decomposition of the widening wage gap in the United Kingdom, utilising novel techniques of double calibration. The underlying question is the degree to which widening inequality reflects a change in world traded prices following liberalisation. Chapters 3 and 4 refer to regional integration. In Chapter 3 I look specifically at the likely effects of admitting several new Central and Eastern European countries to the European Single Market, using a general equilibrium model combining the new trade theory and the gravity model approach. Chapter 4 is more theoretical, examining the perceived misuse of regulatory protection in determining national product standards - in this case, in a cross-hauling duopoly. It is shown that several conclusions of the recent literature regarding the trade volume effects of regulation and the welfare effects of mutual recognition agreements, may be misleading. In Chapter 5 I delve into a new issue in trade theory: namely the implications of imperfect information, matching, search and networking. This chapter indicates a possible direction in which trade theory needs to move to better understand the growing outsourcing trade, and also draws important theoretical and policy implications. Chapter 6 draws brief conclusions.
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Sultan, F. S. "The projection of trade and payments balances using input-output analysis." Thesis, University of Bradford, 1987. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.376700.
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Toner, Jeremy P. "The economics of regulation of the taxi trade in British towns." Thesis, University of Leeds, 1990. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.292327.
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Motamen, S. "International trade, immiserisation and welfare : The case of oil exporting LDCs." Thesis, University of Essex, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.356750.
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Yokoo, Hidefumi. "Economic Theory of Trade and the Environment with Agent Heterogeneity." Kyoto University, 2010. http://hdl.handle.net/2433/120729.
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Brenton, P. A. "An application of consumer demand theory to the modelling of bilateral trade flows." Thesis, University of East Anglia, 1987. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.376078.
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Huang, Hanwei. "Three essays on firms and international trade." Thesis, London School of Economics and Political Science (University of London), 2018. http://etheses.lse.ac.uk/3753/.
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The first chapter of the thesis investigates the resilience of Chinese manufacturing importers to supply chain disruptions by exploiting the 2003 SARS epidemic as a natural experiment. I show both in theory and empirics that geographical diversification is crucial in building a resilient supply chain. I also find that reduction in trade costs induces firms to further diversify. Connectivity to the transportation network facilitates diversification in input sourcing and reduces the negative impact of SARS. Infrastructure is therefore useful not only in improving the efficiency of the economy, but also in increasing its resilience to shocks. The second chapter studies how changes in factor endowments, technologies, and trade costs jointly determine structural adjustments, which are defined as changes in the distributions of production and exports. During 1999 to 2007, Chinese manufacturing production became more capital-intensive while exports did not. A structurally estimated Ricardian and Heckscher-Ohlin model with heterogeneous firms reconciles this seemingly puzzling pattern. Counterfactual simulations show that capital deepening made Chinese production more capital intensive, but technology changes that biased toward the labour intensive sectors and trade liberalizations provided a counterbalancing force. The last chapter examines how firm heterogeneity shapes comparative advantage. Drawing on matched customs and firm-level data from China, we find that export participation, exported product scope and product mix, and firm mix within industries vary systematically with firms’ labour intensity. This is rationalized by a model in which firms from industries of comparative disadvantage face tougher competition in the export market. The competitive effect induces reallocation within and across firms and generates endogenous Ricardian comparative advantage, which dampens ex ante comparative advantage. Using sufficient statistics to measure and decompose comparative advantage, we find that the dampening mechanism is quantitatively important in shaping comparative advantage for a calibrated Chinese economy.
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Pigman, Geoffrey Allen. "Hegemony and free trade policy : Britain 1846-1944 and U.S.A. 1944-1990." Thesis, University of Oxford, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.335695.
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Hassan, Hashim Bin. "The analysis of Malaysia's trade diversification - performance and measurement : an empirical study." Thesis, Keele University, 1991. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.314475.
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The extent of trade diversification achieved by Malaysia has not been investigated empirically beyond that of its partial inclusion in certain instability export studies. This study has three principal objectives. First, to explore and demonstrate empirically using the entropy analysis technique the level of Malaysia's trade diversification achieved and to compare and analyse this performance with other developing countries with similar profiles. Second, to take stock and investigate policy issues that arise from export instability, as they relate to trade and diversification in the commodity and industrial sector. Third, to complement empirical work on Malaysian international trade, particularly on the previous empirical investigations of instability of exports in the Malaysian economy. Evidence from the study shows that Malaysia has been able to increase its export diversification over the period reviewed comparable to other newly industrialised countries, and in most cases better than other developing economies. Analysis also shows that. commodity export. diversificaLion is basically induced by a significant change in 'within group' diversification (traditional group of exports). similarly ,import diversification also shows evidence of a positive associ ati on wi th the stages of economic development. Analysis of the flexibility index reveals that Malaysia has been able to adjust its structure of exports saUsfactori ly in respond to the changing world market. However, ev.idence of declining flexibilty in the trade structure emerges in the early 1980s, though not strictly implyjng a complete rigjdity in the export structure. Variations in the degree of diversification achieved can be linked to the type of policies and incentives designed and implemented by the state to encourage exports, and domestic supplies consistent with a higher investment growth.
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Kiljunen, K. "Industrialisation in developing countries and consequent trade-related restructuring constraints in Finland." Thesis, University of Sussex, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.370421.
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Watkins-Mathys, Lorraine. "The role of joint ventures in East-West trade up to 1990." Thesis, Loughborough University, 1992. https://dspace.lboro.ac.uk/2134/10492.
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The aims of the research described in this thesis have been to examine the role of joint ventures in trade between Western countries and the former socialist countries of Eastern Europe up to and including 1990; and to provide original case study materials of EastWest joint ventures established in the former Cornecon area during this period. By choosing 1990 as a cut-off date the author was able to record the effect of the post-1989 reforms on joint ventures before the fragmentation of the Soviet Union. The research methods of the thesis, namely literature search, structured interviews and a postal questionnaire survey enabled the author to examine the role of joint ventures from existing research on the subject as well as contribute new knowledge to the subject by recording Western companies' immediate responses to the rapidly changing economic and political environment in Eastern Europe and the former Soviet Union. The thesis begins by presenting the factors which led the author to research East-West joint ventures, gives the rationale for the application of the above research methods and the consequent practical implications of the methodology. This is followed by an examination of the role· of joint ventures in international business, and the effects of Soviet and East European reforms on East-West trade and industrial co-operation, thereby providing the theoretical and historical framework for analysing the role of joint ventures in East-West trade. This analysis begins with an examination of the legal provisions for joint ventures in the former CMEA countries, followed by a discussion of the data obtained from literature searches. This data provides information about the number of joint ventures, the size of foreign capital invested, the joint ventures' activities and the extent of individual Western countries' participation in East-West joint ventures. The literature search is succeeded by the case histories of Western companies engaged in joint ventures collected between 1986 and 1989 which were up-dated in March/April 1992, and the results of a survey conducted in December 1990 among the British partners of AngloSoviet joint ventures. These provide illustrations of Western companies' experiences at micro-level before and after the political changes in Eastern Europe in 1989. To conclude, the author comments on the effectiveness of the research methods employed, reflects on the findings of the thesis and makes suggestions for further research based on the evidence presented in the thesis.
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Pessoa, Joao. "Essays in trade and labour markets." Thesis, London School of Economics and Political Science (University of London), 2015. http://etheses.lse.ac.uk/3148/.
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My thesis studies aspects related to international trade, labour markets and productivity. The first chapter analyses how countries adjust to the rise of China considering that labour markets are imperfect. I provide a theoretical framework to structurally quantify the impact of trade shocks and I find that China’s integration generates overall gains worldwide. However, in low-tech manufacturing industries in the UK and in the US, which face severe import competition from China, workers’ real wages fall and unemployment rises. The second chapter studies the recent boom in commodities-for-manufactures trade between China and other developing countries. Brazilian census data show that local labour markets more affected by Chinese import competition experienced slower growth in manufacturing wages and in-migration rates between 2000 and 2010. However, locations benefiting from rising Chinese demand experienced higher wage growth and positive effects on job quality. The third chapter suggests a possible explanation for poor productivity after the “Great Recession” in the UK: Low growth in the effective capital-labour ratio. This is likely to have occurred because there has been a fall in real wages and increases in the cost of capital due to the financial crisis. After accounting for (simulated) changes in the capital-labour ratio, the evolution of total factor productivity appears much more similar to earlier severe recessions and possibly related to underutilised resources. The last chapter shows that there is almost no “net decoupling” (the difference in growth of GDP per hour and average compensation, both deflated by the GDP deflator) over the past 40 years in the UK, although there is evidence of “gross decoupling” (the difference in growth of GDP per hour deflated by the GDP deflator and median wages deflated by a measure of consumer price inflation) in the US and, to a lesser extent, in the UK.
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Çeliktemur, Mustafa Can. "Essays on intermediation in trade problems." Thesis, London School of Economics and Political Science (University of London), 2014. http://etheses.lse.ac.uk/966/.
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This thesis studies the theory of intermediation in trade problems arising from the allocation of a single indivisible object. Chapter I considers a general trade problem with a single seller and multiple buyers. I analyze a game, where multiple intermediaries compete with each other by designing contracts that determine the terms of trade between the bargaining parties. I show the existence and uniqueness of equilibrium outcomes. Repeating the analysis for the case of a single monopolist intermediary, I compare the equilibrium outcomes and show that allocative efficiency is strictly improved as a result of the competition among intermediaries. Chapter II considers a bilateral trade problem with two-sided asymmetric information where the buyer’s valuation may depend on the private information of both bargaining parties. I analyze the impact of intermediation by a profit-maximizing intermediary in a game, where the seller has the ability to trade directly with the buyer. I provide a necessary and sufficient condition for the equilibrium outcomes with the presence of an intermediary to be strictly more efficient than those that are attainable in its absence. Lastly, in Chapter III, similar to the previous chapter, bilateral trade problems with informational externalities arising from interdependences are considered. I analyze a game, where the seller designs a contract at ex-ante stage before learning his private information. I characterize the optimal mechanisms and show that they attain second-best outcomes. The Pareto optimality of ex-ante contracting in the absence of an intermediary, in turn presents a natural limit to the benefits to be accrued from intermediation.
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Lutz, Matthias Guenther. "Four essays on economic growth and the terms of trade in developing countries." Thesis, University of Sussex, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.283002.
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Essien, E. E. "Competition between air and sea transport in the overseas trade of West Africa." Thesis, Cardiff University, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.373126.
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Cox, Emma Aurora Davila. "This immense commerce : the trade between Puerto Rico and Great Britain, 1844-1898." Thesis, University of Southampton, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.334340.
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Tamvakis, Michael N. "An economic model of the iron ore trade." Thesis, City, University of London, 1999. http://openaccess.city.ac.uk/18322/.
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Iron ore is among the biggest, non-energy extractive industry in the world in terms of value, and the biggest in terms of the volumes of cargo it channels in international trade. Two key characteristics of the iron ore market are central to its study: firstly, there is only a small number of buyers and sellers; and secondly, there is a great degree of interdependence among buyers and sellers and both groups are aware of this interdependence. For buyers, security of supplies is crucial. For sellers, long-term commitment from importers is essential in order to maintain the long-run viability of mining projects. Since the 1960s, long-term contracts have been, and still are, the main vehicle used in international iron ore trade. Under the light of the above peculiarities of the iron market, a non-competitive analytical framework is adopted. This thesis proposes an alternative profit maximising behaviour different to the solutions offered by oligopoly and bilateral monopoly theorists. In this case, the importer enters negotiations with complete knowledge of his own minimum acceptable price, a possible idea of his partner's maximum acceptable price and also an idea (which can be held with varying degrees of certainty) of what alternative suppliers may be able to offer. This will restrict the range of prices over which negotiations take place and will mitigate the bargaining power of the seller. A buyer is likely to act in a similar manner, knowing that the seller has alternative export outlets, but he can also use other bargaining tools to achieve a better deal. A quite common tool is the promise of long term commitment through the signing of contracts, acquisition of equity stakes in mines or provision of financing facilities. The behaviour of the trading partners in such an oligopoly/oligopsony (or bilateral oligopoly) environment is also studied empirically with a relatively simple and tried econometric technique, borrowed from consumption and investment theory and applied for the first time for all top iron ore importers, who collectively have accounted for approximately 90% of world trade in the last 35 years. The model performs well in most cases and reveals: firstly, different results from previous research in the case of Japan; and secondly - and most importantly - substantial differences in the way Far East and West European importers behave.
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Siniscalco, Domenico. "Structural change, service sector employment and foreign trade in the Italian economy, 1960-1985." Thesis, University of Cambridge, 1988. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.305790.
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Pinna, Anna Maria. "Trade, wages and protection : a micro-econometric analysis based on a new tariff indicator." Thesis, University of Warwick, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.275226.
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Gomez, Adrian Jimenez. "Disinflation policy, trade liberalisation and price stickiness : a theoretical approach with applications to Mexico." Thesis, University of Warwick, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.386277.
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Aldaz-Carroll, Enrique. "Getting things in proportion : essays on the development and application of Heckscher-Ohlin trade theory." Thesis, University of Sussex, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.289237.
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This thesis develops and applies a new variant of the Heckscher-Ohlin (HO) trade theory, whose novel feature is that it relates proportional differences in the composition of exports to proportional differences in the composition of factor endowments. The thesis is divided into three essays. The first develops the theoretical basis for a HO model based on proportional differences. This specification was found by Wood and Berge (1997) to fit the data well, but its theoretical underpinnings have not previously been explored. The model, named HO-Wood (HOW), is based on more plausible assumptions than the HO-Vanek (HOV) model: two-way trade in each sector, factorprice- non-equalisation, sectorally-neutral technological differences across countries, and imperfect substitution between foreign and domestic goods. These features are incorporated through constant elasticity export and import share functions, of the sort used in CGE models. The second essay takes empirical work on trade one step further by testing this new model against the HOV and HO-Learner (1995) [HOL] models in a search for the best performing one. The models are tested using different numbers of goods and factors. Seven performance criteria are employed: economic sense, explanatory power, predictive power, robustness, specification test, plausibility of assumptions, and normality and functional form tests. The results suggest that HOW usually outperforms the HOV and HOL models, It is also simpler to apply than the HOL alternative to HOV. The third essay uses the HOW model to examine the relationship between Latin American and Caribbean (LAC) countries' export and factor compositions between 1988 and 2000. This relationship is found to have become closer over time as a result of trade policy liberalisation. LAC's specialisation in primary products is largely explained by its high ratio of land to labour endowments, coupled with its low share of professional workers and low capital per worker
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Yang, Hong-Seok. "The political economy of trade and growth : an analytical interpretation of Sir James Steuart's Inquiry." Thesis, Durham University, 1993. http://etheses.dur.ac.uk/5539/.
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Sir James Steuart (1713-80) has been unduly neglected by the majority of historians of economic thought. This study aims at casting a new light upon his original thought to provide a basis for the revaluation of his contribution to the development of economic discipline. The present interpretation of his Inquiry (1767) reveals that his political economy contains not only fresh new ideas and path-breaking thinking for his time but also most major ingredients of modem economics. Firmly based on the recognition of the interdependence of economic sectors and social classes, he clearly grasped the circular system of production, distribution and consumption in the exchange economy. He discerned between the 'profit upon alienation' and the 'real value' of commodities in their current price' determined in the markets. He emphasized the 'balance of work and demand', secured by the 'double competition' among the sellers and buyers of commodities, for the efficient allocation of economic resources. On these foundations, Steuart established his theory of output, employment and population in terms of the notion of 'effectual demand'. His economic analysis culminates in his discussions of economic growth and foreign trade. He linked the limitations of the former to the benefits of the latter. Meanwhile, refuting his predecessors' quantity theory, Steuart presented what might be called the production-consumption theory of money, according to which money is not neutral to the determination of the level of output in an exchange economy. His theory of international money also takes on modernity, as it adopts an absorption approach to the balance of payments. Steuart's monetary analysis comes complete with his argument for government's active finance. The state interventionism underlying the whole of Steuart's political economy is seen as its logical conclusion, rather than a mere assumption. Thus, it is suggested that the ultimate message of his Inquiry is neither laissez faire nor centa-al planning.
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Campos, Filho Leonardo. "Brazilian trade policy in the 1980's and 1990's : an applied general equilibrium analysis." Thesis, University of London, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.300292.
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Williams, Christopher John. "Exchange rates, expectations and international trade : theory and evidence." Thesis, University of Warwick, 1990. http://wrap.warwick.ac.uk/66916/.
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Unprecedented movements in real exchange rates during the 1980s led to suspicions of instability in the exchange rate - trade relationships in the UK and elsewhere. 1be research in this thesis investigates the sensitivity of UK trade volumes to movements in the real exchange rate, and considers various interpretations of the alleged parameter instability: econometric misspecification; theoretical inadequacy due to the neglect of possible hysteresis effects and/or the neglect of supply side factors; and the Lucas critique effects of a changed policy regime on expectations formation. Against the background of UK experience we examine specific questions of theory and evidence within partial equilibrium frameworks. These share a common concern: considering the (macro economically important) case of mean reversion in real exchange rate expectations. Clapters two and three introduce mean reversion into Dixit's (1989a) theory model of sunk cost hysteresis in trade. This research uses both analytic and numerical methods to characterise solutions with mean reversion in greater detail than elsewhere and uncovers some striking and unexpected results. Most important is the possible reversal of the stochastic and perfect foresight triggers under asymmetric sunk costs which reflects the essential difference between costly reversibility and strict irreversibility in investment Uncertainty does not always delay action, because the possibility of reversal must be allowed for. Chapter four explores the wider significance of the analysis for similar stochastic saddlepoint models such as the analysis of exchange rate target zones. Chapters five and six consider the significance of the short run dynamic specification of quarterly UK manufactured export volumes equations to the reported instability in estimates of the long run competitiveness elasticity in the light of evidence that UK competitiveness measures follow stationary processes within an institutionally identified policy regime. Hausman specification tests, show that the long run competitiveness elasticity is misspecified and underestimated in recent (error correction mechanism) specifications of UK manufactured export volume equations. This inadequacy reflects the omission of long 'smoothing' lags on the competitiveness variable Subsequently, chapter seven considers simulation evidence from the Dixit model as to the potential relevance of such effects to the UK experience under the large shock to competitiveness of 1980-1 but emphasises that the aggregate implications are not clear cut chapter eight considers whether the expectational effects of the 1979 Thatcher government's change in policy regime can be separated out from the other influences at work behind reduced form models but finds that the data do not support the particular approach adopted. Concluding. we emphasise that the potential importance and complexity of expectational factors and theory combines with the our empirical findings to suggest that exchange rate uncertainty may be crucial to trade behaviour and that macroeconomic adjustment may be inhibited by excess exchange rate uncertainty. Overall export performance may also reflect supply factors which are not captured in existing models, such as hysteretic exit. or expected cost changes. But we doubt whether future research will achieve a data consistent aggregate econometric model of UK trade which is fully grounded in appropriate optimising economic theory with realistic adjustment costs. We may have to settle for approximations to the data generation process which do not employ recent theoretical insights. In that event. the use of such models in policy design should be circumscribed due to the possibility of Lucas critique effects, hysteresis mechanisms and supply side factors.
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Hemkamon, Kanwana. "Determinants of trade and investment in Southeast Asia : an application of the gravity trade model." Thesis, University of Birmingham, 2007. http://etheses.bham.ac.uk//id/eprint/388/.
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This study is an analysis of the determinants of bilateral trade and foreign direct investment in ASEAN at the time of the establishment of ASEAN Free Trade Area and its enlargement. Beginning with an economic perspective on ASEAN and a review of the literature, the theoretical underpinning of the model is then demonstrated. This confirms that the gravity trade model can be derived from several trade theories. The model is then used to assess ASEAN’s trade pattern in both aggregate and disaggregate level. The results show that, although there is trade diversion regarding its importing activities, the positive effect of ASEAN’s trade creation is higher than the negative effect of its trade diversion. Moreover, the impact of distance is not diminishing over time. The disaggregate model shows that the products that are not convenient to transport have high distant effect. The results from FDI model confirm that the gravity variables are significant determinants of FDI. The negative effect of proximity suggests that there is Vertical-FDI in this region and FDI is complementary to trade. ASEAN should continue to facilitate trade and capital movement among members in order to increase aggregate economic activities and bring economic prosperity to the region in a whole.
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Kendall, Toby. "Theoretical models of trade blocs and integrated markets." Thesis, University of Warwick, 2000. http://wrap.warwick.ac.uk/4014/.
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This thesis consists of four main chapters, together with a general introduction and conclusion. The thesis examines, both separately and together, the formation of trade blocs and global market integration. All the models use a partial equilibrium framework, with firms competing as Cournot oligopolists. Chapter 2 presents two models of trade bloc formation under segmented markets. In the first model, with common constant marginal costs, global free trade is optimal for all countries when there are no more than four countries, but with five or more countries there is an incentive to form a trade bloc containing most countries, but excluding at least one. The second model introduces a cost function where a firm's marginal cost is lower when it is located in a larger trade bloc, with little effect on the results. Chapter 3 analyses the formation of trade blocs between countries with different market sizes under segmented markets. The formation of a two country customs union or free trade area will always raise the smaller country's welfare, while the larger country will usually lose from a free trade area, and sometimes from a customs union. Chapter 4, which is joint work with David R. Collie and Morten Hviid, presents a model of strategic trade policy under integrated markets, under complete and incomplete information. In the former case, a low cost country will give an export subsidy which is fully countervailed by the high cost country's import tariff. In the simultaneous signalling game, each country's expected welfare is higher than under free trade. Chapter 5 considers models of trade bloc formation under integrated markets. With common constant costs, there is no incentive for blocs to form. When costs are decreasing in membership of a bloc, either global free trade is optimal or countries would prefer to belong to the smaller of two blocs.
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Lu, Wenna. "The pricing of risk in the carry trade." Thesis, Cardiff University, 2014. http://orca.cf.ac.uk/61773/.
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This thesis examines the relationship between foreign exchange (FX) volatility and excess returns from the currency market. We argue that FX volatility plays an important role in explaining the excess returns from the currency market so as in partially explaining the long stranding unsolved puzzles in FX market: the uncovered interest rate parity (UIP) puzzle and the purchasing power parity (PPP) puzzle. There are two empirical parts in this thesis. In the first part, we take the FX volatility risk as risk factors to price the cross sectional excess returns from the carry trade in three different settings, the unconditional ICAPM model, the conditional ICAPM model and a model separating the volatility risk into a persistent volatility risk factor and a less persistent volatility risk factor. For all three models, we find that the excess returns from the carry trade are negatively correlated with the FX volatility risk factors. The volatility risk factors are negatively priced and can explain about 90% cross sectional excess returns from the carry trade. We argue that the excess returns from the carry trade are compensations for bearing volatility risks, especially during high volatility risk period and regardless whether the volatility risks are persistent or not. In the second part, we investigate the puzzles in FX market under different FX volatility regimes. We find that the carry trade suffers from losses during high volatility period is because both the UIP and the PPP tends to reassert themselves under high volatility period, at least to some extent. Thus if we switch from the carry trade strategy to a PPP implied trading strategy during high volatility period, we could avoid the losses from the carry trade and have higher average excess returns. More importantly, we could make this “mixed” strategy tradable by using last period’s FX volatility state to forecast this period’s volatility state.
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Tu, Qingru. "International Trade and Environmental Regulation." FIU Digital Commons, 2018. https://digitalcommons.fiu.edu/etd/3727.
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This dissertation is composed of three chapters regarding international trade and environmental regulation. The first chapter focuses on the relationship between port ownership and the port R\&D investment. I investigate whether a larger degree of private involvement in the port sector makes for a higher level of welfare, as well as an improvement in port performance. I establish the stage games to analyze the reciprocal international trade. The theoretical findings indicate that the endowment of population plays an essential role in choosing the optimal port ownership. In the second chapter, I investigate the effect of port pollution regulation on port ownership. I incorporate the regulation tax on emissions from port cargo handling into the international duopoly trade model. The results of the stage games suggest the same ownership of the ports in both countries. I also extend the categories of port structures to include the transfer of port ownership to the other country. The policy implication is to have the small country own both ports, which is opposite to the port governance in reality. In the third chapter, I explore the equilibrium port ownership structures without other policy issues or regulation on the port sector being considered. The influence of country size per se suggests that a small country should privatize its port in the context of a privatized port in the large country. For a large country, it is better to choose a type of ownership different from the small country's. In addition, it is the country whose population is greater than a third of the scale in the other country that should own both ports.
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Abrego, Lisandro. "Applied general equilibrium analysis of trade and environmental issues." Thesis, University of Warwick, 2000. http://wrap.warwick.ac.uk/36373/.
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This thesis uses general-equilibrium numerical-simulation techniques to analyse trade and environmental issues. It tries to take applied general equilibrium modelling in these areas beyond their traditional confines in a number of ways. These include endogenous incorporation of international capital flows into trade models, decomposition of observed economic outcomes, and computation of bargaining solutions and non-cooperative equilibria. Chapter 1 analyses the welfare, income distribution and macroeconomic implications of trade liberalisation and increased indirect taxation in El Salvador. It is found that these policies have little effect on welfare and income distribution, but a significant impact on macroeconomic aggregates. Chapter 2 examines trade liberalisation when foreign direct investment (FDI) flows and international capital income taxation are present, using data for Costa Rica. The main finding is that, once FDI flows and its taxation are taken into consideration, trade liberalisation can hurt a small open economy, whose optimal policy is no longer free trade but a combination of taxes and subsidies on imports. Chapter 3 deals with the decomposition into trade and technology constituents parts of recent increased wage inequality in the UK. It analyses how decomposition is affected by the way in which labour markets are modelled. It is found that when labour markets are perfectly competitive, the main force behind increased wage inequality is technological change, with trade playing only a small role; but when labour market inflexibilities are taken into account, any of the two factors considered can become dominant, depending on the parameter specification used in the model. Chapter 4 examines the incentives for developing-country participation in possible future negotiation on trade and the environment, assumed to break down on North-South lines. It finds that developing countries will do better if they negotiate jointly on trade and environmental policies than if they negotiate over trade policy only. However, negotiations accompanied with side payments of cash will be even better for them. Finally, Chapter 5 analyses the role of adaptation responses to damage from externalities. Using a hierarchy of models calibrated to UK data, we compare internalisation effects in the presence of these responses with a case where they are absent. We find that taking account of adaptation responses significantly reduces the level of full-internalisation taxes and the associated welfare gains from externality correction.