Academic literature on the topic 'International trade and finance'

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Journal articles on the topic "International trade and finance"

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Ozeroglu, Ali ihsan. "International Trade Finance." Journal of Business and Economics 6, no. 5 (May 20, 2015): 927–36. http://dx.doi.org/10.15341/jbe(2155-7950)/05.06.2015/008.

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Liu, Tao, Dong Lu, and Wing Thye Woo. "Trade, finance and international currency." Journal of Economic Behavior & Organization 164 (August 2019): 374–413. http://dx.doi.org/10.1016/j.jebo.2019.06.004.

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Ryan, Christopher K. "Chapter 8: International Trade and Finance." American Journal of Economics and Sociology 61, no. 5 (November 2002): 195–203. http://dx.doi.org/10.1111/1536-7150.00247.

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Giovannini, Alberto, and Jae Won Park. "Capital controls and international trade finance." Journal of International Economics 33, no. 3-4 (November 1992): 285–304. http://dx.doi.org/10.1016/0022-1996(92)90005-5.

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Bryan, Ingrid. "Trade and Finance." International Journal: Canada's Journal of Global Policy Analysis 52, no. 4 (December 1997): 714–24. http://dx.doi.org/10.1177/002070209705200412.

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Ozekhome, Hassan. "International Trade Costs and Trade Flows: Evidence from the West African Monetary Zone (WAMZ)." Finance & Economics Review 2, no. 1 (May 22, 2020): 63–76. http://dx.doi.org/10.38157/finance-economics-review.v2i1.80.

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Purpose: The study examines the effect of international trade costs on trade flows in the West African Monetary Zone (WAMZ), a sub-regional economic bloc within the Economic Community of West African States (ECOWAS). Method: Six member countries of the WAMZ, based on data availability, are examined using panel data estimation technique and the Fully Modified Ordinary Least squares (FMOLS), which is employed to test for the robustness of results, for the sample period of 2006-2018. Results: The study finds a negative and significant effect of international trade costs on trade flows in the WAMZ sub-region. Time to trade is also found to be negatively and significantly related to trade. Exchange rate, financial development (measured by commercial banks' credit to the private sector), and real GDP growth rate (a measure of growth in annual national income/economic size) have a positive and significant impact on trade in the sub-region. The study further finds evidence that the ease of doing business is positively related to trade in the sub-region, but the impact is weak. Implications: In the light of the empirical findings, the study recommends that policy measures and strategies to reduce international trade costs and time to trade through simplified and harmonized trade procedures be implemented in the sub-region. Policies to encourage domestic investment (i.e increase capital stock) and rapid development of the financial sector should also be implemented. These should be supported with sound and stable macroeconomic exchange rate management policies, in order to enhance trade and integration in the sub-region.
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Hwang, Sangyeon, and Hyejoon Im. "International Trade Finance and Exports: Evidence from Korean Bank-Intermediated Trade Finance Instruments." Open Economies Review 28, no. 2 (November 17, 2016): 319–46. http://dx.doi.org/10.1007/s11079-016-9423-y.

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Çumani, Dorina. "Banks, Firms and Trade Finance Infrastructure in Albania." European Journal of Multidisciplinary Studies 1, no. 4 (April 30, 2016): 192. http://dx.doi.org/10.26417/ejms.v1i4.p192-199.

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Firms engaged in international trade face tosome risks, which are either not present or less present for the domestic trade. All, firms- SMEs or Companies contain elements of risk, but when they trade internationally, the risk profile is different than trading home. These include commercial risk, political risk, exchange and the country risks, such asthe possibility ofwar, political unrest, or unexpected import bans or tariffs, act. Banks play a critical role in facilitating international trade by guaranteeing international payments and reducing the risk of trade transactions in exports or imports. The effect of insured trade credit on trade is very strong and remains stable over the cycle, in crisis and non-crisis periods (WTO, 2012). By shortening the time of production, delivery, approved credit, the risk situation can be improved and in the same way as liquidity and profitability (Anders Grath 2008). If Albanian traders control the risks they can expanding exports into new markets and it can be very profitable. Using trade finance and reducing risks Albanian firms will be able to develop and take advantage of business opportunities. The trade finance infrastructure of Albaniaisthe institutions, laws, regulations and other systems related to the following three activities
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Turkcan, Kemal. "Evolving Patterns of Payment Methods in Turkish Foreign Trade." World Journal of Applied Economics 2, no. 1 (January 1, 2017): 3. http://dx.doi.org/10.22440/econworld.j.2016.2.1.kt.0015.

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Serving the global marketplace brings many risks to the firms that they may not have on the domestic side. Apart from financing, trade finance mechanisms assist exporters and importers to mitigate or reduce their risks associated with doing business internationally. The present paper sheds lights on the structure and evaluation of payment methods in international trade as well as their changing composition due to 2008-2009 global financial crisis using a unique bilateral trade finance data from Turkey with 206 countries over the period 2002-2012 at the 2-digit level of ISIC Revision 3. Three key results emerge. First, Turkey’s exports are mainly financed via open account method while the majority of its imports were executed via cash-in advance method. Second, the shares of inter-firm trade finance (open account and cash-in advance) in Turkey’s foreign trade dramatically increased over the period 2002-2012, while the shares of the intermediate trade finance (cash against documents and letter of credit) decreased substantially. Finally, the evidence show that both exporters and importers started to use cash-in advance method, the safest method of payment, more intensively than other methods shortly after the global recession in 2008. Overall, the patterns presented in this paper highlight the fact that Turkish traders are not able to set payment terms that are highly favorable to themselves and bear all risks associated with international trade transactions.
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Radzali, Nur Ermiedza, Nurul Awfa Muhammad Noor Habibi, Nurul Amira Mohd Sabri, and Siti Aqilah Ismail. "Examining Contracts used in Islamic Trade Financing: Issues in Bai Al-Dayn and Murabahah." International Journal of Management and Applied Research 6, no. 4 (November 1, 2019): 366–74. http://dx.doi.org/10.18646/2056.64.19-028.

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In an interest-based economy, trade transactions are financed through credit for the purpose of acquiring and selling goods in the domestic or international markets. In an Islamic economy, trade operations may be financed through credit or on a participatory basis. The purpose of this paper is to review two Islamic financial contracts; Murabahah and Bai Al-Dayn. This paper also aims to review Islamic Trade Finance (ITF) and issues concerning ITF facilities, given they are operating under conventional International Chamber of Commerce (ICC) rules. To achieve the research goals, data has been gathered from journal articles, books, industry reports, and product disclosure statements issued in Malaysia. This paper highlights the underlying issues for Murabahah and Bai Al-Dayn, and provides recommendations to overcome the challenges associated with processes shaped by the underlying Islamic trade finance contract.
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Dissertations / Theses on the topic "International trade and finance"

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Liu, Guojin. "Finance leasing in international trade." Thesis, University of Birmingham, 2010. http://etheses.bham.ac.uk//id/eprint/741/.

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The thesis is on “Finance Leasing in International trade”. It considers the question “How well does English law recognise and encourage the use of finance leasing in equipment trade?” The discussion shows that, on the one hand, English law has recognised the financing nature of finance leasing. It sees the lessor in a finance leasing arrangement merely as a financier, who steps into a sale of equipment which might otherwise take place between the supplier and the lessee. In addition, English law recognises that there are two agreements between the parties: a sale between the supplier and the lessor and a finance lease between the lessor and the lessee. Although English law does not view the transaction as a triangular relationship, it entitles the lessee to a cause of action against the supplier in various circumstances. It also allows the lessor to exclude from liability for the quality of the asset and to secure his commercial interests in the transaction by retaining ownership of the asset. On the other hand, however, English law fails to provide solutions to some problems arising from the financing nature of the transaction. For example, it is difficult for the lessor to be completely free of responsibility for the condition of the asset, which is imposed by the Supply of Goods and Services Act 1982. His obligation to ensure the lessee’s quiet enjoyment of the lessee is also obscure. In addition, the lessee does not have a proprietary right over the asset at law and this has led to distortion of some of the legal principles regarding ownership and property. The discussion leads to the conclusion that the law pertaining to finance leasing is on the whole satisfactory to facilitate equipment trade but reform is called for in some areas. The following suggestions are proposed to improve the use of finance leasing in the trade of equipment, both domestically and internationally. Firstly, the law should define finance leasing by providing explicit pronouncement of its financial nature and the triangular relationship. Secondly, the obligations and rights of the parties should be more specific. For example, the lessor’s responsibility for the lessee’s quiet enjoyment under the 1982 Act should be clarified as follows: “the lessor ensures that he has the right to lease the asset so that the lessee may enjoy exclusive possession of it free from disturbance by a person whose title is paramount to the lessor’s, unless the disturbance stems from actions of the lessor”. But the lessor should be excluded from all the obligations as to the condition of the asset under the Supply of Goods and Service Act 1982. The supplier should be liable to the lessee for the condition of the asset and, at his default, the lessee should be able to resort to a cause of action against him, being a third party to the supply agreement under the Contract (Third Party Rights) Act 1999. In addition, the lessee should be responsible for the payment of the total rentals irrevocably and his right over the asset should be recognised as a legal proprietary right.
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Uddin, Syed A. "Three Essays on International Trade and Finance." FIU Digital Commons, 2017. http://digitalcommons.fiu.edu/etd/3480.

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This dissertation is composed of three essays at the intersection of international trade and finance. In the first chapter, I measure exchange rate pass-through (ERPT) for value-added exports, where intermediate input requires sharing among countries in a back-and-forth manner for producing a single final product. I derive an estimating equation for ERPT and value-added trade following a partial equilibrium model, which also leads to decomposition of the trade elasticity into the own price effect and the price index effects. From the empirical estimation, I find that ignoring the value-added trade will cause a systematic upward bias in the estimation of ERPT. I also find that there exists substantial heterogeneity in pass-through rates across sectors: sectors with high-integration into global markets functions with a lower rate of exchange in comparison to sectors with less integration. The second essay focuses on a specific market, where I examine the relationship between product attributes and ERPT. This paper estimates the ERPT by using good-level daily data on wholesale prices of imported agricultural products, where the identification is achieved by using daily data on the domestic inflation rate. The results of standard empirical analyses are in line with existing studies that employ lower frequencies of data by showing evidence for incomplete daily ERPT of about 5 percent. The key innovation is achieved when nonlinearities in ERPT are considered, where ERPT is doubled to about 10 percent when daily nominal exchange rate changes are above 0.55 percent, daily frequencies of price change are above 3.12 percent, the storage life of a product is above 10 weeks, and for the non-zero price changes, the ERPT is complete. In the final essay, I focus on the firms’ export pricing strategy: pricing-to-market strategy. To achieve this, I introduce a partial equilibrium model of firm’s pricing strategy, where the market share of a firm plays an important role in the determination of markup. The empirical estimation is that markup ranges from 1.25 to 1.5 across years and 1.25 to 51.23 across firms. I also find that markups come back to their average level within 30 to 60 days of the initial date.
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Jaud, Mélise. "Food standards, finance and trade : five essays in international trade." Paris, EHESS, 2010. http://www.theses.fr/2010EHES0007.

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Cette thèse comporte cinq chapitres et se divise en deux parties. La première composée des chapitres 1 à 4 contribue à l'évaluation de l'impact des normes Sanitaires et Phytosanitaires sur les produits agro-alimentaires. Le chapitre 1 étudie le lien entre la structure des importations européennes et la hausse des préoccupations de santé publique dans la politique alimentaire de l'UE. Les importations alimentaires de l'UE ont évolué vers une distribution à deux niveaux, avec peu de fournisseurs de plus en plus dominants et une frange croissante de fournisseurs marginaux. Le chapitre 2 développe un modèle de transactions basées sur la réputation, entre un acheteur et un fournisseur dans deux pays. Il met en évidence deux mécanismes pour lesquels une réglementation plus stricte affecte le commerce international. Le chapitre 3 lie le risque sanitaire des produits et les contraintes financières. Il établit l'importance de l'accès au financement pour la survie des exportations de produits agro-alimentaires «à risque» pour les entreprises africaines. Le chapitre 4 évalue l'efficacité d'un programme d'aide la mise aux normes SPS visant à promouvoir les exportations de fruits et légumes frais des entreprises sénégalaises. Malgré l'utilisation d'un riche ensemble de données et d'un large éventail d'approches, nous n'avons trouvé aucun impact du programme. La deuxième partie composée du seul chapitre 5 examine si les intermédiaires financiers peuvent agir comme un contrôle supplémentaire contre les exportations inefficientes d'une économie. Les banques poussent les secteurs d'exportation vers l'utilisation des facteurs abondants du pays, en lien avec l'idée d'avantage comparé
The dissertation consists of five chapters and can be divided into two parts. Part I, corresponding to chapters 1 to 4, focuses on the interplay between sanitary and phytosanitary measures and agricultural trade. Chapter 1 examines the link between the rising risk of food products and recent changes in the EU import pattern. It provides evidence that while there is a slight diversification of import sources over time, the overall trend hides diversification at the extensive margin and concentration at the intensive margin; the more so for risky products. Chapter 2 develops a model of reputation-based transactions between a buyer and a supplier in two countries. A stricter standard affects the volume of trade in two ways, directly it affects the supply of quality goods and indirectly through reputation. Chapter 3 documents the role of access to finance in determining the survival of "risky" agri-food exports for African firms. The increased availability of finance helps disproportionately more exports of products that require financing to comply with SPS requirements. Chapter 4 assesses the effectiveness of a product specific SPS-related program in promoting Senegalese firms' exports of fresh fruits and vegetables. Using a rich dataset and a wide array of approaches we find no significant impact of the program. Part II, corresponding to chapter 5, shifts focus away from the agri-food to the manufacturing sector and investigates the disciplining and allocative role of financial systems on export survival. It provides evidence that external debtholders push exporting sectors towards the use of countries' abundant factors, in compliance with the idea of comparative advantage
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Aikio, S. (Samuli). "Blockchain technologies and trust formation in trade finance." Master's thesis, University of Oulu, 2018. http://urn.fi/URN:NBN:fi:oulu-201806062475.

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This thesis focuses on distributed ledger technologies, commonly known as blockchain technologies. In this study, blockchain technology is seen as an innovation that will change how trade finance industry will function in the future. In general, trade finance industry is based on risk mitigation, and this thesis studies how the implementation of a trust-free blockchain technology will affect how this industry operates. The study aims at understanding the effect of blockchain technology being implemented into the trade finance industry. In general, blockchain technology affects both, trade finance operations and how trust formation between the trade partners. This study combines model of diffusion innovation by Rogers (2003) and trust categorization of Jøsang et al. (2005). These models formulate the theoretical framework for the research. The nature of this study is qualitative research, which utilizes abductive reasoning, and has both theoretical and empirical part. Theoretical part consists of three chapters, focusing on the basics of blockchain technology, trade finance industry and the concept of trust. Empirical part is based on documentary data and semi-structured interviews of blockchain and trade finance professionals. Results show that trade finance, which is based on risk mitigation of international trade is slowly progressive, manually handled and paper-based process which has not been able to grasp the potential of automation advances made in other financial sectors. Trust between trading partners has previously been based on context-dependent trust, but the there is a shift towards more context-independent trust that is based on algorithms and ratings. Blockchain technology is based on immutable ledger technology and thus possesses the capability to change how trade finance functions.
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Dixon, Mark Kimberley. "Effects on international trade and trade finance of a transition to electronic methods." University of Western Australia. School of Economics and Commerce, 2006. http://theses.library.uwa.edu.au/adt-WU2006.0122.

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Malone, Yates & Benjamin (1987) made predictions about the impact of information technology and systems on the organisation of firms and markets based on transaction cost effects discussed earlier by Coase (1937) and Williamson (1975). Evans and Wurster (1999, 2000) examined these ideas in terms of “richness and reach”. Berger, Hancock & Marquardt (1996) proposed a framework for analysing efficiency, risks, costs and innovations in the payments system. In this, they called for additional research into risks and costs in various aspects of the international payments systems and offered a framework for such an examination. This dissertation examines these and other authors’ work from the literature, follows the development of actual systems newly implemented for international trade finance, and considers the impacts of electronic commerce on the field of international trade finance, in particular its effect on the costs and risks involved. This question is important because the burden of paper-based documentation that controls international trade is approximately 6% of $USD7.5 trillion per year. If efficiencies, even small ones, can be gained in this overhead cost, at an acceptable level of risk, then a substantial saving in real dollar terms can be achieved each year, improving the efficiency of world trade and easing the burden on both suppliers and consumers worldwide. The research questions are examined by means of a three round Delphi survey (three iterations of questionnaires with analysis and feedback between rounds) of a panel of experts drawn from international bankers, users of trade finance, and academic researchers into international trade finance and e-commerce. The survey first identifies the factors of greatest import and interest. It then digs deeper and seeks consensus on areas where there is divergent opinion, and finally seeks to critique a model based on the Berger, Hancock & Marquardt (1996) model. In the process the panel is able to estimate the approximate size of shifts in both costs and risks expected from the implementation of e-commerce methods. These are examined in light of the Malone Yates & Benjamin (1987) and Evans & Wurster (2000) theories and found to be consistent. This empirical confirmation of theoretical expectation, combined with estimates of the size of change are then used to make specific recommendations to various participants in the field of international trade finance so that they can reap the benefits of the transition in process.
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Opartpunyasarn, Rungnapa. "Essays on international trade and stock market performance in China." Thesis, University of Nottingham, 2017. http://eprints.nottingham.ac.uk/41644/.

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This thesis examines different factors that affect risk and return of equities of Chinese firms engaging in international trades through three studies. The first study investigates the sensitivity of exchange rate fluctuations to firm returns through exchange rate exposure. We improve methodologies employing in existing studies by constructing a firm-specific exchange rate index based on destination-specific export and import values. The empirical results show that our improvement can detect more percentage of firms showing significant exchange rate exposure than conventional approaches and that higher proportion of Chinese firms are exposed to exchange rate when the exchange rate regime is changed from fixed to managed float. The second study decomposes risk premium of Chinese exporting firms by their export destinations to assess if return from exporting to each country is well rewarded for the risk taken, that is, having a positive risk premium. Risk premium of firms is assumed to be influenced by risk premium from a domestic market, risk premium contributions from current export destination countries and from potential export destination countries. Our methodology of risk premium decomposition takes into account the time-varying nature of risk factors of exports. The empirical results reveal that trading in a domestic market provides positive risk premium while current and potential exports can provide positive or negative risk premia depending on destination countries. The last study explores volatility spillovers to Chinese stocks over trade, exchange rate and stock market liberalization events in China. We investigate volatility spillovers from the major stock markets in the US, the UK and Japan to Chinese stocks. Besides, we also breakdown Chinese stocks by portfolios of exporting, domestic manufacturing and domestic services firms to investigate both volatility spillovers from foreign stock markets and volatility spillovers across portfolios. The stock return volatility of one variable is decomposed into its own volatility and volatility spillovers from others. The empirical results show that the nature and extent of volatility spillovers to Chinese stocks vary across economic liberalization episodes. Moreover, the main contributor of volatility spillovers from foreign markets is the US stock market. Nonetheless, in all events, the major source of volatility for Chinese stocks is mainly from shocks in Chinese market rather than shocks in international stock markets.
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Mann, Samuel. "Essays in international macroeconomics and finance." Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/279973.

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This collection of essays examines the topic of macroeconomic stabilisation in an international context, focusing on monetary policy, capital controls and exchange rates. Chapter 1, written in collaboration with Giancarlo Corsetti and Joao Duarte, reconsiders the effects of common monetary policy shocks across countries in the euro area, using a data-rich factor model and identifying shocks with high-frequency surprises around policy announcements. We show that the degree of heterogeneity in the response to shocks, while being low in financial variables and output, is significant in consumption, consumer prices and macro variables related to the labour and housing markets. Mirroring country-specific institutional and market differences, we find that home ownership rates are significantly correlated with the strength of the housing channel in monetary policy transmission. We document a high dispersion in the response to shocks of house prices and rents and show that, similar to responses in the US, these variables tend to move in different directions. In Chapter 2, I build a two-country, two-good model to examine the welfare effects of capital controls, finding that under certain circumstances, a shut-down in asset trade can be a Pareto improvement. Further, I examine the robustness of the result to parameter changes, explore a wider set of policy instruments and confront computational issues in this class of international macroeconomic models. I document that within an empirically relevant parameter span for the trade elasticity, the gains from capital controls might be significantly larger than suggested by previous contributions. Moreover, I establish that a refined form of capital controls in the shape of taxes and tariffs cannot improve upon the outcome under financial autarky. Finally, results show that the conjunction of pruning methods and endogenous discount factors can remove explosive behaviour from this class of models and restore equilibrating properties. In Chapter 3, I use a panel of 20 emerging market currencies to assess whether a model that combines fundamental and non-fundamental exchange rate forecasting approaches can successfully predict risk premia (i.e. currency excess returns) over the short horizon. In doing so, I aim to overcome three main shortcomings of earlier research: i) Sensitivity to the chosen sample period; ii) seemingly arbitrary selection of explanatory variables that differs from currency to currency; and iii) difficulty in interpreting forecasts beyond the numerical signal. Based on a theoretical model of currency risk premia, I use real exchange rate strength combined with indicators for carry, momentum and economic sentiment to homogeneously forecast risk premia across all 20 currencies in the sample at a monthly frequency. In doing so, the model remains largely agnostic about structural choices, keeping arbitrarily imposed restrictions to a minimum. Results from portfolio construction suggest that returns are significant and robust both across currencies as well as over time, with Sharpe Ratios in out-of-sample tests above 0.7.
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Cao, Mengyi. "Labor, Trade and Finance : Essays in Applied Economics." Doctoral thesis, Stockholms universitet, Nationalekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-148536.

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Essay I: Credit Constraint and College Attendance.  This paper shows that housing wealth alleviate credit constraints for potential college attendees by enabling home owners to extract equity from their property and invest it in the education. Using a large US individual-level survey dataset over the 1996-2011 period, I find that one standard deviation increases of housing prices translate into approximately 72,000 more students enrolled in college each year. My results stay significant when I use proxies for aggregate housing demand shocks and for the topological elasticity of housing supply to generate variation in home equity that is assumed to be orthogonal to decision of going to college. Essay II: Income Inequality and Trade. Does trade with unskilled labor-abundant countries reduce the relative wages of U.S. unskilled labor and consequently cause increased income inequality across industries and regions? Empirical studies in the 1990s found only a modest effect. In this paper, I re-consider the question by using the income inequality measures constructed from Current Population Survey (CPS) data and analyzing the effect of rising Chinese import competition between 1993 and 2007 on US local labor markets. I find that areas which are more exposed to China imports competition have larger changes in income inequality. In my main specification, a $1,000 exogenous decadal rise in a MSA's import exposure per worker leads to a 1.5% increase in the logistic Gini. This re-distributive effect is more profound among non-college educated workers in manufacturing sectors.  Essay III: Employee as Creditor: Evidence from Defined Pension Plans. In this paper, I show the role of pension plans in shaping the firms' labor market decision. By employing the loan covenants violation and consequently transferring of control rights to creditors, I examine the strategic use of pension underfunding by firms and the resultant wage cuts. I also find that the wage concession is less severe for firms from industry with bigger bargaining power. This study sheds light on how firms strategically renegotiate labor contracts to extract concessions from labor. The evidence suggests that credit contracts between debt-holders and shareholders have spillover effects on non-financial stakeholders.
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Salazar, Neaves Abelardo. "Essays on real exchange rate volatility and openness in international trade." Thesis, University of Nottingham, 2010. http://eprints.nottingham.ac.uk/11737/.

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This work comprises five chapters that explore in detail issues related to real exchange rate volatility and trade openness. In the case of real exchange rate volatility, we start with the decomposition of this measure to determine the relative contribution of traded and nontraded goods to the variance of the real exchange rate. We obtain evidence in favour of a relevant role for non-traded goods. Our estimation of the real exchange rate volatility is included in the second chapter. Our results, based on a cross-section regression, show that the existing link of openness to real exchange rate volatility is weaker when we control for imposed and natural trade barriers. At the same time we are able to obtain a relationship between inflation volatility and the variation of the real exchange rate. Chapters three and four are related to our real exchange rate volatility model. We decide to obtain a specication for openness that could help us explore in detail the idea of country characteristics aecting trade flows. Our rst approach considers a cross-section estimation to identify the factors that consistently aect trade openness. The second approach considers a more dynamic specication. We are able to establish a link between country characteristics and trade openness. At the same time our results capture interesting changes in the eects of the dependent variables on openness across time. The final chapter takes us back to the analysis of real exchange rate volatility. In this case, we explore which measure is the most appropriate amongst those calculated from series in levels and the ones in first dierences. We conclude that series that do not show less stationary behaviour require longer time series (more observations) in order to display results that close to the reference value.
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Omran, Mohammed Moustafa A. "The impact of Egypt's economic reform programme on the stock market performance." Thesis, University of Plymouth, 1999. http://hdl.handle.net/10026.1/384.

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The objective of this thesis is to highlight the Egyptian experiment concerning its economic reform programme, and to determine whether this programme has affected Egypt's stock market performance. Using 18 years of data, which covered the period 1980/8 1 to 1997/98 and incorporates time periods prior to and after adopting the economic reform programme, the thesis empirically investigates three main issues. Firstly, there is an examination of whether the Egyptian government succeeded in implementing its economic reform programme by looking to the main economic indicators: nominal interest rates, real interest rates, the inflation rate, exchange rate stability, the real GDP growth rate, per capita income and the budget deficit in Egypt after 1991, and comparing them with the same indicators prior to this period. Secondly, the thesis considers the changes in Egypt's stock market after the introduction of the economic reform programme by measuring the changes in four main dimensions: market activity, market size, market liquidity and market concentration. Thirdly, and this is the main part of the thesis, the research concentrates on examining the impact of Egypt's economic reform programme on its stock market performance. For the first two issues, several logistic regressions are performed to determine whether the data prior to 1991 can be separated from the data relating to the period after 1991. The results from this analysis indicate clearly that both type of data series witnessed dramatic changes after 1991. As to the third issue, cointegration analysis is used to model the relationship between economic reform programme variables and the stock market performance variables within an error correction model form. Generally speaking, the results from this analysis demonstrate that economic variables have an impact upon various features of market activity, market size, market liquidity and market concentration. An important observation in this thesis is that Egypt still needs to accelerate its rate of growth, as it was the only independent variable, which did not show any significant change or significant impact upon the stock market performance variables.
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Books on the topic "International trade and finance"

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Bhogal, Tarsem, and Arun Trivedi. International Trade Finance. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-24540-5.

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Bhogal, Tarsem Singh, and Arun Kumar Trivedi. International Trade Finance. London: Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/9780230594326.

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Roy, Malabika, and Saikat Sinha Roy, eds. International Trade and International Finance. New Delhi: Springer India, 2016. http://dx.doi.org/10.1007/978-81-322-2797-7.

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Finance of international trade. Oxford, U.K: Butterworth-Heinemann, 2004.

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Cox, D. B. Finance of international trade. 4th ed. Worcester: Northwick, 1989.

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Brear, P. M. Finance of international trade. Droitwich: Peter Andrew Publishing, 1988.

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Hennessy, J. M. Finance of international trade. West Kirby, Merseyside: J.M. Hennessy, 1985.

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Finance of international trade. 5th ed. London: Pitman, 1987.

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Cowdell, Paul. Finance of international trade. London: Hutchinson, 1988.

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Hammett, M. A. Finance of international trade. Wokingham: Van Nostrand Reinhold, 1987.

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Book chapters on the topic "International trade and finance"

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DiMatteo, Larry A. "International Trade Finance." In International Business Law and the Legal Environment, 477–510. fourth edition. | New York, NY : Routledge, 2021.: Routledge, 2020. http://dx.doi.org/10.4324/9781003036289-17.

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Carli, Guido, Paolo Savona, Michele Fratianni, Donald R. Lessard, Jurg Niehans, and John M. Forges. "International Trade and International Finance." In Strategic Planning in International Banking, 175–221. London: Palgrave Macmillan UK, 1986. http://dx.doi.org/10.1007/978-1-349-07117-3_5.

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Bhogal, Tarsem, and Arun Trivedi. "UK Export Finance." In International Trade Finance, 233–68. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-24540-5_20.

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Branch, Alan E. "Finance of international trade." In Economics of Shipping Practice and Management, 170–85. Dordrecht: Springer Netherlands, 1988. http://dx.doi.org/10.1007/978-94-009-1227-4_10.

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Marcuzzo, Maria Cristina, and Annalisa Rosselli. "Trade and International Finance." In Ricardo and the Gold Standard, 65–87. London: Palgrave Macmillan UK, 1990. http://dx.doi.org/10.1007/978-1-349-10491-8_6.

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Branch, Alan E. "Finance of international trade." In Elements of Port Operation and Management, 163–76. Dordrecht: Springer Netherlands, 1986. http://dx.doi.org/10.1007/978-94-009-4087-1_10.

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Marshall, Chris. "Finance for international trade." In Mastering, 197–212. London: Macmillan Education UK, 2003. http://dx.doi.org/10.1007/978-1-137-05430-2_13.

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Bhogal, Tarsem Singh, and Arun Kumar Trivedi. "Guarantees and International Bonds." In International Trade Finance, 164–91. London: Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/9780230594326_17.

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Bhogal, Tarsem, and Arun Trivedi. "Innovative Non-traditional Finance." In International Trade Finance, 275–87. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-24540-5_22.

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Bhogal, Tarsem, and Arun Trivedi. "Methods of Trade." In International Trade Finance, 9–13. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-24540-5_3.

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Conference papers on the topic "International trade and finance"

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Pushkarev, Andrey, Natalia Davidson, Oleg Mariev, and Nikita Luft. "SPECIALIZATION OF RUSSIA IN INTERNATIONAL TRADE: DEVELOPMENT IN THE CHANGING INTERNATIONAL ENVIRONMENT." In 14th Economics & Finance Conference, Lisbon. International Institute of Social and Economic Sciences, 2020. http://dx.doi.org/10.20472/efc.2020.014.012.

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Osabuohien-Irabor, Osarumwense, and Igor Mikhailovich Drapkin. "OUTWARD FDI AND INTERNATIONAL TRADE: THE STUDY OF CAUSAL EFFECTS." In 15th Economics & Finance Conference, Prague. International Institute of Social and Economic Sciences, 2021. http://dx.doi.org/10.20472/efc.2021.015.012.

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Li, Ye, and Zhang Xiaoyun. "Modeling study of structured trade finance." In 2011 International Conference on E-Business and E-Government (ICEE). IEEE, 2011. http://dx.doi.org/10.1109/icebeg.2011.5882389.

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Yu, Min. "The design of the international settlement and trade finance system." In 2014 IEEE Workshop on Advanced Research and Technology in Industry Applications (WARTIA). IEEE, 2014. http://dx.doi.org/10.1109/wartia.2014.6976216.

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Ceran, Yunus, Muhammet Bezirci, Mustafa Ay, and Merve Öztürk. "Factoring and Stock Financing in Trade Finance." In International Conference on Eurasian Economies. Eurasian Economists Association, 2018. http://dx.doi.org/10.36880/c10.02203.

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Factoring is a nonbank financial institution which meets the financing needs of the enterprises and minimizes the non-payment risk and stock financing which is based on the bank loans are two alternative financing techniques that enables collateral and collection and financing to SME’s, suppliers and commercial enterprises. These two methods are important in terms of the advantages they provide to vendors and suppliers. Reducing the non-payment risk, securing liquidity to business, minimizing the risk level of sales by making them safer and increasing competition power on the market are among the advantages. Stock financing is another method which is much more recent than factoring became a current issue in 2000’s and developed to minimize non-payment risk and provide cash flow on the basis of bank loan. In Turkey, this method is only applicable to automotive industry for now. This method emerges as an advantageous method for businesses experiencing difficulties in financing, inability to collect their receivables, and the inability to deplete their inventories. With the stock financing method, car dealers have affordable and easy credit facilities in order to make payments to the main supplier in exchange for their existing inventories. The aim of this study is to compare factoring and stock financing method and revealing the advantageous and disadvantageous points of two alternative methods.
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Popescu, Maria-Floriana. "THE ROLE OF ENERGY IN THE INTERNATIONAL TRADE." In SGEM 2014 Scientific SubConference on POLITICAL SCIENCES, LAW, FINANCE, ECONOMICS AND TOURISM. Stef92 Technology, 2014. http://dx.doi.org/10.5593/sgemsocial2014/b24/s7.102.

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"Analysis on Ecological Economic Benefits of International Trade of Agricultural Products." In 2018 International Conference on Economics, Finance, Business, and Development. Francis Academic Press, 2018. http://dx.doi.org/10.25236/icefbd.18.015.

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Saadallah, Oumaima, and Benaceur Outtaj. "Morocco's Trade, between Free Trade Agreements and Integration into the African Union: Which Potential for Morocco's Foreign Trade?" In 3rd International Conference on Finance, Economics, Management and IT Business. SCITEPRESS - Science and Technology Publications, 2021. http://dx.doi.org/10.5220/0010447400800088.

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Huang, Yaxiong, Zhengchu He, and Ailian Xiao. "Mechanism of Credit Guarantee Pricing in Finance Trade." In 2009 International Joint Conference on Computational Sciences and Optimization, CSO. IEEE, 2009. http://dx.doi.org/10.1109/cso.2009.199.

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Lu, Qihui, and Jian Gu. "Effect of Trade Credit Insurance in Factoring Finance." In 2018 15th International Conference on Service Systems and Service Management (ICSSSM). IEEE, 2018. http://dx.doi.org/10.1109/icsssm.2018.8464992.

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Reports on the topic "International trade and finance"

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Giovannini, Alberto, and Jan Won Park. Capital Controls and International Trade Finance. Cambridge, MA: National Bureau of Economic Research, September 1989. http://dx.doi.org/10.3386/w3112.

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Foley, C. Fritz, and Kalina Manova. International Trade, Multinational Activity, and Corporate Finance. Cambridge, MA: National Bureau of Economic Research, October 2014. http://dx.doi.org/10.3386/w20634.

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Antràs, Pol, and C. Fritz Foley. Poultry in Motion: A Study of International Trade Finance Practices. Cambridge, MA: National Bureau of Economic Research, May 2011. http://dx.doi.org/10.3386/w17091.

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Contessi, Silvio, and DeNicola Francesca. What Do We Know about the Relationship between Access to Finance and International Trade? Federal Reserve Bank of St. Louis, 2012. http://dx.doi.org/10.20955/wp.2012.054.

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Quak, Evert-jan. The Trend Of “De-Risking” In International Finance and Its Impact on Small Island Developing States. Institute of Development Studies, May 2022. http://dx.doi.org/10.19088/k4d.2022.079.

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This rapid review synthesises the literature from academic sources, knowledge institutions, non-governmental organisations (NGOs), and trusted independent media outlets on the challenges small island development states (SIDS) face when they lose correspondent banking relationships (CBRs). The rapid review concludes that, although the loss of CBRs is a global phenomenon, regions with SIDS, such as the Pacific and Caribbean, have seen the highest rates of withdrawals. During the last decade, local and regional banks in SIDS have lost and continue to lose bank accounts at large global banks to a critical level, sometimes having only one or none CBRs with banks in major economies, such as the Unites States, the United Kingdom, the European Union or Australia. This means that local banks have reduced access to financial services related to cross-border financial transactions, impacting on remittances and trade finance.
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Taylor, Alan, and Janine L. Wilson. International Trade and Finance under the Two Hegemons: Complementaries in the United Kingdom 1870-1913 and the United States 1920-30. Cambridge, MA: National Bureau of Economic Research, September 2006. http://dx.doi.org/10.3386/w12543.

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Obstfeld, Maurice. International Finance. Cambridge, MA: National Bureau of Economic Research, November 1986. http://dx.doi.org/10.3386/w2077.

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Pavlova, Anna, and Roberto Rigobon. International Macro-Finance. Cambridge, MA: National Bureau of Economic Research, December 2010. http://dx.doi.org/10.3386/w16630.

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Kim, Kijin. Driving Inclusive Digitalization in Trade and Trade Finance. Manila, Philippines: Asian Development Bank, December 2022. http://dx.doi.org/10.22617/brf220572-2.

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Jiao, Yang, and Yi Wen. Capital, Finance, and Trade Collapse. Federal Reserve Bank of St. Louis, 2012. http://dx.doi.org/10.20955/wp.2012.003.

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