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1
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 comparéThe 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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Muûls, Mirabelle. "The interaction between firms and governments in climate change and international trade." Thesis, London School of Economics and Political Science (University of London), 2007. http://etheses.lse.ac.uk/889/.
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This thesis analyses interactions between firms and governments in climate change and international trade. First, a theory of international agreements on climate change is presented in which governments negotiate targets and firms bear the cost of emission reductions. It analyses the effect on negotiations of investment, on R&D for instance. The public good nature of the problem implies that investment improves the government’s bargaining position. Anticipating this effect on the Nash-bargained outcome will induce firms, surprisingly, to over-invest with respect to the second best. The second chapter explores a different area in which firms and governments interact: trade policy. This chapter analyses the incentives for trade protection in an electoral college setting by constructing a new multi jurisdictional political agency model. The introduction of a spatial factor shows how the distribution of swing voters across decisive, swing states affects trade policy incentives. The empirical analysis introduces a measure of how industries specialise geographically in swing and decisive states by augmenting a benchmark test of the "Protection for Sale" mechanism. The evidence provides support for the theory. A newly-available firm-level panel dataset for Belgium is described in the third chapter, in a bid to understand the patterns in the trade transaction data. The final chapter considers the determinants of firm exporting behaviour, in particular liquidity constraints. A heterogeneous �firms trade model shows how exporters in general, firms exporting to more destinations and to smaller markets, weighted by distance, are less likely to be credit-constrained. Finally, in the presence of liquidity constraints, the impact of exchange rates on trade flows is decomposed. These equilibrium relations hold in the Belgian data, measuring credit constraints with firm-year-level credit scores. This highlights the potential role of governments in determining, through their policies on credit constraints, the patterns of trade and hence productivity levels and overall welfare.
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Cissy, Nantongo B. "Towards a multilateral agreement on investment (MAI): implications for developing African countries." Thesis, University of the Western Cape, 2007. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_3405_1260523074.
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In most African countries the private sector provides the main impetus for economic growth, especially since countries started opening up their economics for foreign investment. Foreign investments have played an important role in the economic growth and development process. Consequently, the purpose of this work was to analyse the consequences of having a MAI in light of the proposed OECD Agreement, the implications it may have for developing countries in Africa, and the way forward towards a balanced multilateral Agreement.
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Zissimos, Ben. "Issues of international tax and trade policy conflict and co-operation." Thesis, University of Warwick, 2003. http://wrap.warwick.ac.uk/2665/.
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Chapter 2, titled "Hotelling Tax Competition" shows how competition among governments for mobile firms can bring about excessive differentiation in levels of taxation and public good provision. Hotelling's Principle of Minimum Differentiation is applied in the context of tax competition and shown to be invalid. Instead, when an equilibrium exists, differentiation of public good provision is maximized. Non-existence of equilibrium, which is possible, is a metaphor for intense tax competition. The chapter also shows that, to some extent, perfect tax discrimination presents a solution to the existence problem created by Hotelling tax competition, but that the efficiency problem of Hotelling tax competition is exacerbated. Chapter 3 shows how the institutional rules imposed on its signatories by the GATT created a strategic incentive for countries to liberalize gradually. Ree trade can never be achieved when punishment for deviation from a trade agreement is limited to a 'withdrawal of equivalent concessions' , the most severe form of punishment allowed (Article XXVIII). Retaliation is not allowed to entail higher tariffs than those set by the initial deviant. If, in addition, tariff bindings (Article 11) limit an initial deviation from an agreement in a similar way, then efficient self-enforcing tariff reductions must proceed in a series of steps or 'rounds'. Chapter 4 provides an answer to the question "Why are trade agreements regional? " It argues that free trade agreements (FTAs) are regional because, in their absence, optimal tariffs are higher against (close) regional partners than (distant) countries outside the region. Optimal tariffs shift rents from foreign firms to domestic citizens. Lower transport costs imply higher rents and therefore higher tariffs. So regional FTAs have a higher payoff than non-regional FTAs. Therefore, only regional FTAs may yield positive gains when sponsoring an FTA is costly. To analyze equilibrium, standard theory of non-cooperative networks is extended to allow for asymmetric players. Naive best response dynamics show that 'trade blocks can be stepping blocks' for free trade.
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Grandin, Amanda, and Maria Eriksson. "International Payments, Trade Finance & Blockchain : A qualitative study about the impact of blockchain implementation." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185039.
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The digitalization of our world is happening at a rapid pace. In the last few years there has been an avalanche of new technologies that could benefit businesses, such as; artificial intelligence, internet of things and blockchain. To explain blockchain in short one can say that it is a ledger that cannot be changed and the information that is stored on the ledger will be there forever, with the information being stored in a decentralized manner and everyone with the right permissions get access to the same data at the same time. The information networks that build our society today are largely central, big institutions keep information stored centrally in massive data centers. On the contrary, blockchain enables distribution of the information to a myriad of smaller data storages, providing security of the data in the decentralization. Blockchain and its implementation in trade finance and international payments is something that is explored in this thesis, as well as the barriers that impede a large-scale implementation of blockchain in the financial sector in Sweden. Every year trade finance accounts for approximately 17 trillion USD worldwide, this is a process that is still paper intense and slow. The use case for blockchain has been realized within this sector as there are operating trade finance platforms based on blockchain or distributed ledger technology, but how does blockchain really improve this sector? During this degree project this has been one of the questions asked and the answer is clear, blockchain will bring efficiency and transparency to trade finance. International payments is also an area that has been researched during this project as it is right now a costly and slow process, the use case for blockchain or distributed ledger technology has been realized in this sector as well, but the implementation seems to be further away. The main reasons why international payments are seen as a use case for blockchain is the same as the aforementioned - efficiency and transparency. Sweden has yet to see a large-scale implementation of blockchain, some of the barriers found are the challenges of collaboration and agreeing on governance, as well as doubts about the technology from the broad mass as it has yet to be proven efficient and reliable in a large-scale, long term setting. Additionally there are already functioning payment infrastructure in use in Sweden and the cost of implementing blockchain is thus far outweighing the benefits for implementing it.
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Liu, Bing. "The impact of diplomatic visits on China's international trade and FDI." Thesis, University of Birmingham, 2017. http://etheses.bham.ac.uk//id/eprint/7418/.
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If the media and politicians are to be believed diplomatic visits from government officials and their entourage to existing and potential trade partners can have a dramatic impact on future international trade and investment, China’s emergences as a global trading power has put visits from and to China in the spot light. In this thesis, we examine the impact of Chinese leaders’ visits as well as the impact of foreign dignitaries who have visited China on China’s international trade and FDI. Employing log-linear and Poisson Pseudo Maximum Likelihood (PPML) approaches, the gravity model finds little evidence that diplomatic visits are effective to promote international trade between China and the rest of world. Diplomatic visits appear to exert different impact on trade with two relatively homogeneous groups of countries, African countries and OECD countries. In addition, it is found that diplomatic visits are significantly associated with a higher amount of OECD outward FDI to China.
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Evans, Peter C. "International regulation of official trade finance competition and collusion in export credits and foreign aid /." Thesis, View report (non-printable), 2005. http://dspace.mit.edu/bitstream/1721.1/33684/1/64631402.pdf.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Political Science, 2005.Title from title screen (viewed July 6, 2007). Includes bibliographical references (p. 333-362). Also issued in paper format.
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Nguyen, Duc Bao. "Essays on regional trade agreements and international trade." Thesis, Bordeaux, 2019. http://www.theses.fr/2019BORD0203/document.
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Cette thèse s’inscrit dans le contexte de prolifération des accords commerciaux régionaux (ACR) et traite des effets des ACR sur le commerce international. Nous visons à mieux comprendre et à apporter des points de vue nouveaux sur le rôle des ACR et du régionalisme en général en tant qu’élément important de la politique commerciale international aujourd’hui. Dans le premier chapitre, nous revisitons les effets ex post des ACR sur le commerce des pays membres et le commerce extrabloc en adoptant une approche empirique. Nous cherchons à déterminer la manière dont les blocs commerciaux régionaux affectent le commerce non seulement entre pays membres mais aussi entre pays membres et pays extérieurs à l’accord. Notre analyse confirme que les ACR augmentent de manière significative le commerce intra-bloc ; néanmoins, dans de nombreux cas, les ACR impliquent des effets de détournement d’échanges qui sont préjudiciables au reste du monde. Le chapitre deux examine de quelle manière la période de mise en œuvre de l’accord et les niveaux de développement des pays membres déterminent, en dynamique, l’effet des ACR sur le commerce international. Nous obtenons des tendances distinctes des effets ex post de l’ACR sur le commerce entre les accords Nord-Nord, Sud-Sud et Nord-Sud. Nous vérifions empiriquement que les ACR conclus par des partenaires commerciaux ayant un statut de développement économique analogue (les accords Nord-Nord ou Sud-Sud) sont susceptibles d’engendrer une augmentation plus forte du commerce des membres pendant une période de mise en œuvre plus courte. Le chapitre trois porte sur la manière dont les interactions entre ACR et développement financier influencent les flux d'échanges entre partenaires commerciaux. Dans ce travail conjoint avec Anne-Gaël Vaubourg, nous montrons que le développement financier (particulièrement sous sa forme intermédiée) encourage les échanges commerciaux mais que cet effet est atténué dès lors que les partenaires commerciaux ont signé un ACRThe subject of this dissertation focuses on the analysis of different aspects of the relationship between regional trade agreements (RTAs) and the multilateral trading system. We aim to provide a fresh understanding and views of the role of RTAs and regionalism in general as an important feature of international trade policy today. In chapter one we revisit the ex post effects of RTAs on member countries’ trade and extrabloc trade by adopting an empirical approach. We explore how regional trading blocs have influenced trade among members as well as trade with nonmembers. Our analysis confirms the widespread trade-enhancing effects of RTAs on member countries’ trade; however, in many cases, they lead to trade diversion effects that are detrimental to the rest of the world. Chapter two takes a closer look at how the implementation period of trade liberalization and partners’ levels of development affect the RTA dynamic effects on trade over time. We obtain distinct patterns of ex post RTA effects on trade across North-North RTAs, South-South RTAs and North-South RTAs. We empirically validate that RTAs formed by trading partners experiencing similar economic development status (North-North RTAs or South-South RTAs) are likely to lead to a larger increase in members’ trade during a shorter implementation period. Chapter three studies the mechanism through which RTAs impact the effect of financial development on trade flows between exporting and importing countries. In this joint work with Anne-Gaël Vaubourg, we show that the trade-enhancing role of financial development in the exporting country—especially through intermediated finance—is mitigated when there is an RTA between this country and its trading partner
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Martin, Julien. "Prices and Quality in International Trade." Phd thesis, Université Panthéon-Sorbonne - Paris I, 2011. http://pastel.archives-ouvertes.fr/pastel-00705253.
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Cette thèse utilise l'information sur les prix pour éclairer quatre questions. Dans le premier chapitre, nous montrons que les entreprises fixent des prix (net de couts de transport) plus élevés vers les pays les plus lointains. Ceci peut être expliqué dans des modèles de commerce avec coûts de transport additifs plutôt que multiplicatifs. Dans le second chapitre, nous évaluons l'impact des unions monétaires sur l'intégration économique. Nous montrons que l'euro a touché plus fortement les grandes entreprises. En prenant en compte cette hétérogénéité, nous trouvons un impact important de la création l'euro sur le degré d'intégration économique de la zone euro. Dans le troisième chapitre nous examinons l'impact des pays à bas salaire sur la qualité des exportations des pays développés. Entre 1995 et 2005, la qualité moyenne des exportations Française a augmenté de 11%. La pression concurrencielle des pays à bas coûts a induit une réallocation des ventes des firmes de basse qualité vers les firmes de meilleur qualité. Dans le chapitre 4, nous cherchons à mesurer la sensibilité des prix domestiques aux changements de prix de biens importés. Nous trouvons une élasticité prix des biens domestiques aux mouvements de prix de biens importés de 12%. La transmission est bien plus faible pour les biens importés entre entreprises d'un même groupe. En moyenne, 9% de la volatilité des prix domestiques au niveau sectoriel est expliqué par les mouvements de prix de biens intermédiaires importés.
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Fan, Weiwei. "Household savings, relationship banking, and urbanization : three essays in economic development and finance /." View Abstract or Full-Text, 2003. http://library.ust.hk/cgi/db/thesis.pl?ECON%202003%20FAN.
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Lenoir, Clémence. "Searching for buyers in international markets." Thesis, Université Paris-Saclay (ComUE), 2019. http://www.theses.fr/2019SACLG009/document.
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Cette thèse étudie la rencontre et l’appariement entre les entreprises françaises et leurs acheteurs sur les marchés internationaux. La constitution d'un portefeuille d'acheteurs à l'étranger est une composante cruciale de la croissance des exportateurs: les ventes vers de nouveaux acheteurs expliquent près de 50% des différences de taux de croissance à l’export entre les entreprises françaises à moyen terme. Pourtant, sur les marchés internationaux, l'éloignement géographique, les différences culturelles et institutionelles exacerbent les difficultés qu'ont les entreprise à trouver leurs acheteurs potentiels, Rauch (2001), Allen (2014) et Arkolakis (2010). Cette thèse étudie et quantifie l'effet des obstacles informationnels et contraintes financières auxquels les entreprises sont confrontées lorsqu'elles démarchent des acheteurs à l'étrangers.Cette thèse s'appuie sur des données exhaustives détaillant l'ensemble des exportations intracommunautaires françaises sur les vingt dernières années. En particulier pour chaque transaction, l'entreprise française exportatrice, le produit et le montant de la transaction ainsi que l'acheteur par son numéro de TVA introcommunautaire sont identifiés.Le premier chapitre examine comment les frictions de recherche sur les marchés internationaux des biens peuvent fausser la concurrence entre entreprises à productivité hétérogène. Le deuxième chapitre étudie le rôle des contraintes de liquidité dans la construction d’une base de clientèle à l’étranger. Le dernier chapitre étudie l’importance du réseau et des contacts des managers dans l’expansion des entreprises à l'exportThis thesis studies how firms meet and match with their potential buyers in international markets. Buyers accumulation abroad is a crucial component of exporters growth: sales to new buyers explain almost 50% of firms' export growth rate heterogeneity in the medium run. Yet, in international markets, heightened geographical and cultural distances exacerbate search and information frictions making it harder for firms to match with potential buyers. This thesis quantifies the role of search, financial, and network barriers faced by firms while willing to match with buyers abroad.To investigate this question this thesis relies on a unique data set covering the universe of intra-EU trade relationships of French firms in which buyers of French firms are identified. More precisely, for each transaction, the exporting firm, the product and value of the flow as well as the buyer through its European VAT number are recorded.The first chapter explores how search frictions in international good markets distort competition between firms of heterogeneous productivity. The second chapter studies the role of liquidity constraints in preventing firms from expanding their customer base. The last chapter paper investigates the role of managers' networks for the acquisition of buyers in international markets
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Bouattour, Fatma. "Impact of financial Frictions on international Trade in Brazil and emerging Countries." Thesis, Paris Sciences et Lettres (ComUE), 2016. http://www.theses.fr/2016PSLED009/document.
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Ce travail a pour but d’approfondir l’analyse des effets des contraintes de financement sur le commerce international, en portant une attention particulière aux pays BRICS, notamment le Brésil. Cette thèse comporte trois chapitres. Le premier chapitre évalue la vulnérabilité financière des secteurs manufacturiers brésiliens dans les années 2000, en se basant sur le travail de Rajan et Zingales (1998). Ce chapitre souligne l’importance du développement financier et des crédits publics dans l’allocation intersectorielle du capital au Brésil. Le deuxième chapitre étudie les effets des contraintes financières sur les exportations des firmes brésiliennes, dans le cadre théorique de firmes hétérogènes (Manova, 2013). Il s’agit de repenser le lien entre la taille et les performances d’exportation, en présence de contraintes financières au niveau sectoriel. Ce chapitre montre l’importance des difficultés d’accès au crédit au Brésil dans l’explication des performances d’exportation. Le troisième chapitre étudie les effets du développement financier sur les exportations vers les BRICS, avec un intérêt particulier pour les effets de la crise financière de 2008. Ce chapitre confirme l’importance du développement financier comme source d’avantage comparatif dans les secteurs dépendants de la finance externe. Cet avantage lié au développement financier perd de son importance pendant la crise. Les résultats confirment l’importance du canal financier de transmission de la criseThis thesis aims at deepening the analysis of the effects of financial constraints on international trade performances, with a focus on the BRICS countries, notably Brazil. This thesis includes three chapters. The first chapter aims at evaluating the level of financial vulnerability of Brazilian manufacturing sectors in the 2000s, based on the work of Rajan and Zingales (1998). This chapter stresses the importance of the financial development and of public credits in causing the inter-sectoral capital misallocation. The second chapter focuses on the link between financial constraints and the performances of Brazilian exporters, in a framework of heterogeneous firms as in Manova (2013). Specifically, I revisit the link between firm size and firm exports by focusing on the financial constraints at sector-level. Findings emphasize the importance of problems of access to credit in Brazil, in explaining Brazilian firms’ export performances. The third chapter analyzes the effects of financial development in exporting countries on their exports to BRICS countries, with a focus on the recent financial crisis effects. Results confirm the role of financial development as a source of comparative advantage in sectors with high reliance on external finance. The positive effect related to financial development is lessened during the crisis. This confirms the importance of the trade finance transmission channel of the crisis
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Jang, Yong Joon. "Three essays on the effects of trade liberalization on economic performance." [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:3378356.
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Thesis (Ph.D.)--Indiana University, Dept. of Economics, 2009.Title from PDF t.p. (viewed on Jul 6, 2010). Source: Dissertation Abstracts International, Volume: 70-10, Section: A, page: 3955. Adviser: Michael Alexeev.
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Hsiao-Chi, Chuang Doris. "Governance and trust : an institutional economics perspective on Taiwan's financial reform." Thesis, University of Brighton, 2012. https://research.brighton.ac.uk/en/studentTheses/a3c0a30f-bb7d-4f2b-9f1b-92567f810b60.
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Evolution of the financial system involves continual institutional changes for reform purposes. However, reform experiences differed considerably from one country to another. Why is it that some countries can effectively implement reforms to foster successful development while others fail to do so? This study takes a first step in answering this question. It aims to explain the variations of financial reform experience in terms of informal institutional influence and highlight the importance of governance in shaping the reform outcome. The thesis studies governance characteristics that influence Taiwan's banking evolu- tion and examines the development of both formal and informal institutions. It argues that development of Taiwan's banking sector has been path-dependent and significantly influenced by informal institutions, which held back its recent reform progress. The study comprises three parts: theoretical framework, quantitative statistical research and qualitative country study. It applies the analytical framework set out in the theoretical part and draws on empirical evidences from quantitative research to form the basis for an empirical investigation into the historical financial development and recent reform experience in Taiwan. At the conceptual level, the research adopts the New Institutional Economics (NIE) framework and argues that governance bears a decisive importance for an effective reform because it fosters trust in the institutions and facilitates the reform by encouraging cooperative behaviours among actors. It identifies that governance of financial service industry is perceived from institutional qualities of property rights protection, corruption prevention, and political stability. Using the case of Taiwan's banking sector, the research explores the sector has been shaped and conditioned by the institutional contexts in which it operates. It discovers that that the underdeveloped mechanism for creditors' rights protection, collusion between financial businesses owners and politicians, deadlocked political situation with China contribute to weak governance which amplified its 1990s banking crises. It is observed that government's behaviours did not transform with the reform to form new habits and thoughts under the influence of the institutional persistence, hence only had limited success in inducing policy enforcement. In terms of policy implications, the research encourages policy makers to study historical development and to build upon existing initiatives taking into account the path-dependent environment and informal institutional embeddedness of implemented projects.
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Hamanyati, Mwenda. "Factoring as an international trade finance product : making a case for the enactment of a factoring act in Zambia." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/64646.
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It is axiomatic that small and medium-sized enterprises (SMEs) are the lifeblood of most economies across the globe. However, access to finance continues to elude SMEs. This problem has been exacerbated by the global financial crisis of 2008 which triggered the introduction of stricter financial regulation resulting in a drastic slow-down in SME financing.1 Worse still, SMEs often supply their goods and services on trade credit terms and typically experience late payment from their debtors who often have greater bargaining power. This adversely impacts their liquidity and restricts their growth.2 As bank lending often requires collaterals and guarantees, the odds weigh disproportionately against SMEs. These small businesses find it difficult to access bank loans because their assets may already be a subject of encumbrance under an existing facility or they simply lack adequate assets to satisfy lenders’ requirements. Factoring, as a financial service premised on the sale of accounts receivable to a third-party financier, is a viable option to surmount this cash flow problem. It provides immediate cash to the business in consideration for the accounts receivable often purchased at a discount and takes into consideration other charges as well. Although factoring is a trade finance product that has been used in modern commerce for several decades, this financial tool is gaining unprecedented impetus across the globe. This is partly attributable to the development of more sophisticated legal structures3 developed by global institutions and adapted by national legislatures. Africa’s participation in the factoring industry remains grossly stunted. Some reasons for this are the lack of an appropriate legal structure and lack of awareness of the financial tool in most African jurisdictions. Afreximbank under the auspices of FCI developed a model law on factoring to serve as a prototype for African states to model and enact at domestic level. This paper makes an extensive assessment of the existing legal framework and advocates that Zambia draws important lessons from the Afreximbank Model Law and other jurisdictions to enact its own Factoring Act to ensure that its small businesses can have enhanced access to financing through factoring and can thus operate at their cutting edge.Mini Dissertation (LLM)--University of Pretoria, 2017.
Centre for Human Rights
LLM
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Li, Qiang. "A study of the effects of technology, international trade and consumption on individual income and income discrepancy in China." Thesis, University of Macau, 2008. http://umaclib3.umac.mo/record=b1951102.
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Reichert, Patrick. "Subsidies, Profits and Trade-offs in Social Finance: Applications to Microfinance." Doctoral thesis, Universite Libre de Bruxelles, 2018. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/273177.
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Embedding social and financial goals into investment decisions and organizational missions is an increasing hallmark of social finance, a rapidly growing phenomenon that aims to create sustainable solutions to some of society’s largest challenges such as poverty alleviation (Mosley & Hulme, 1998; Burgess & Pande, 2005; Beck et al. 2007a), wealth inequality (Buera et al. 2014; Lagoarde-Segot, 2017) and environmental preservation (Nicholls & Pharoah, 2008) among others (Benedikter, 2011). In recent years, the concept of social finance has emerged through applications such as venture philanthropy (Moody, 2008; Scarlata & Alemany, 2010), socially responsible investing (Renneboog et al. 2008; Nofsinger & Varma, 2014; Gutiérrez-Nieto et al. 2016), impact investing (Bugg-Levine & Emerson, 2011; Höchstädter & Scheck, 2015), corporate social responsibility (Falck & Heblich, 2007; Jha & Cox, 2015), crowdfunding sites that appeal to the charitable intentions of retail investors (Lehner, 2013; Lehner & Nicholls, 2014) and microfinance (Morduch, 1999; Beck et al. 2007b; Armendáriz & Labie, 2011). The microfinance industry is particularly suited to explore the nuances of social finance due to the wide range of actors present in the sector, including not only public, private and nonprofit actors (D’Espallier et al. 2016) but also a wide range of investor profiles including commercial rate, concessionary and fully donative funders (Dorfleitner et al, 2017). To meet these innovations in social finance, a substantial body of scholarly research has materialized in various areas: corporate finance (Bogan, 2012; Tchuigoua, 2014), investing (Dorfleitner et al. 2012; Brière & Szafarz, 2015), nonprofit finance (Jegers, 2011; Roberts, 2013), banking (Gutiérrez-Nieto et al. 2009; Cornée et al. 2016), entrepreneurship (Nicholls, 2010; Bruton et al. 2015), development economics (Cull et al. 2009; Ahlin et al. 2011; Hermes et al. 2011; Hartarska et al. 2013), business ethics (Sandberg et al. 2009; Arjaliès, 2010; Hudon & Sandberg, 2013), organizational theory (Battilana & Dorado, 2012; Pache & Santos, 2013), legal studies (Henderson & Malani, 2009), public economics (Duncan, 2004; Andreoni & Payne, 2011) and management studies (Cobb et al. 2016). However, these theories are often siloed within a particular domain and used separately. Despite a long research tradition on microfinance, there is still an ongoing debate on how to assess profits in a heterogeneous environment with multiple organizational objectives, the comparative advantages of public and private funders and their associated financial instruments to scale the microfinance sector and the nature of trade-offs between the financial and social objectives of microfinance institutions (MFIs). This dissertation aims to fill these gaps by analyzing social finance from an interdisciplinary perspective. The aim is to further nuance our understanding of the compatibility between financial and social objectives and how the trade-off between these two elements is moderated through financial mechanisms from donors and social investors. By analyzing the dimensions where trade-offs are most acute for social enterprises, this dissertation aims to put forth a conceptual framework to help assess profitability. Our analysis focuses on the microfinance industry, which offers a rich research setting due the wide range of institutional profiles active in the sector, including nonprofit, cooperative, for-profit and government agents and its global contributions to financial inclusion, poverty reduction and female empowerment. This dissertation is structured into three chapters, each of which addresses a different research question using different methods and units of analysis. The first chapter is a meta-analysis that uses statistical analysis of empirical research results to aggregate the existing findings on social and financial performance trade-offs as they pertain to microfinance institutions. The second chapter develops a typology of subsidy and donation instruments and then proposes a conceptual model to identify the crowding-in and crowding-out effects of public and private donors on private, commercial investors. The second chapter is complemented with an empirical analysis of a Mexican MFI, Banco Compartamos, using secondary data to suggest how the evolution of funding instruments attracted private commercial capital. Chapter three constructs a conceptual framework to identify fair profits for social enterprise, focusing on the case of microfinance. We then empirically apply the conceptual framework to an international dataset of microfinance institutions. Starting from the observation that no consensus has emerged regarding performance trade-offs between the financial and social objectives of microfinance institutions, Chapter 1 – A Meta-analysis Examining the Nature of Trade-offs in Microfinance – aggregates existing research findings to determine the dimensions of MFI performance, and study characteristics, that drive the confirmation of trade-offs. Specifically, after an initial screen of 3,299 articles, 623 empirical trade-off findings from 61 studies were coded into a dataset, where each empirical finding consists of a pairwise observation between a single financial performance variable and a single social performance variable. Using a probit model to analyze the direction and statistical significance across categories of social/financial performance and study artifacts, findings suggest that depth of outreach, cost of outreach, and efficiency indicators increase the prevalence of trade-offs, while risk indicators are associated with fewer trade-offs. Profitability indicators and outreach to women are found to have no significant effect on performance trade-offs. Study characteristics suggest that using an economic frontier methodology or publishing in development journals increases the incidence of trade-offs. These results help to understand the moderating factors that drive performance trade-offs and suggest that MFI managers and stakeholders may need to make difficult decisions regarding the social goals that may need to be sacrificed to achieve financial sustainability.Chapter 2 – Crowding-in without Crowding-out: Subsidy Design to Foster Commercialization – investigates the financial mechanisms that public and private donors have at their disposal and how they can use these instruments to attract fully commercial private capital to social enterprises. In this article, we first construct a typology to explain the ways in which private donors are complementing public donors in subsidy design. We argue that specific instruments such as corporate intangibles and credit guarantees can trigger permanent crowding-in effects that attract commercial partners, while preventing perverse effects such as crowding-out and soft budget constraints. Applying the typology and investment logics to the case of Compartamos, we observe that crowding-in and crowding-out effects can be present simultaneously, which allows us to suggest that subsidies and donations do not force path dependency towards commercialization but rather co-exist, for example attracting commercial debt investment while crowding-out commercial equity. Our research could help both private and public donors identify strategies to maximize social impact while reducing perverse mutual externalities. Finally, in the presence of performance trade-offs and donor pressures to commercialize operations and scale-up, Chapter 3 – What is an acceptable level of profit for a social enterprise? Insights from Microfinance – develops a conceptual framework for fair profits in social enterprise and then applies the framework to the microfinance industry. The fair profit framework is constructed on four dimensions: the level of profitability, the extent to which the organization adheres to its social mission, the pricing and the surplus distribution of the organization. Using a global sample of MFIs, our results suggest that satisfying all four dimensions is a difficult, although not impossible task as less than 3% of the sample fulfill all four criteria. Using our framework, we suggest that excessive profits in microfinance can be better understood relative to pricing, the social outreach of an organization, and the commitment to clients over time through reduced interest rates. This dissertation provides solid scientific evidence on the compatibility between financial and social returns in social finance. Our dissertation examines social finance through the lens of microfinance, and investigates the performance trade-offs facing MFIs as well as the moderating role of financing mechanisms to help MFIs fulfill their double-bottom-line mandate. We hope we demonstrate that the unique combination of financing technicalities significantly shape the evolution of recipient organizations. Some practical implications are also identified to help practitioners, regulators and managers navigate the ongoing debate on the compatibility of financial and social returns and the design of financial instruments for social enterprise. We firmly believe that these academic works contribute and bring new perspectives to social finance in development economics, and business ethics.Doctorat en Sciences économiques et de gestion
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Dorobat, Carmen. "L'effet Cantillon dans la théorie du commerce international : L’impact de la monnaie fiduciaire sur le commerce, la finance et la distribution internationale des patrimoines." Thesis, Angers, 2015. http://www.theses.fr/2015ANGE0067/document.
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Cette thèse vise à combler le fossé entre l'analyse de l’économie réelle et l’économie monétaire dans la théorie du commerce international. À cette fin, j’analyse l’effet Cantillon, i.e. l'impact différentiel de l'expansion monétaire sur les prix, la production, les patrimoines et la structure du commerce international. Dans la première partie, je passe en revue la littérature en économie internationale, à partir du 19e siècle jusqu’aux théories contemporaines. Dans la deuxième partie, j’utilise les contributions de Ludwig von Mises à la théorie de la monnaie et des cycles économiques comme fondement de l'analyse de l’impact de l'expansion monétaire sur le commerce international. Dans le chapitre 4, j’examine la relation entre le développement du marché financier et le commerce. Dans le chapitre 5, je discute l'impact de l'inflation monétaire sur les modes de financement du commerce et sur la transmission des cycles économiques. Les principaux résultats de ma recherche sont que l'expansion monétaire modifie la direction, la composition, le volume et la valeur des flux commerciaux et de capitaux. J’applique ce cadre théorétique dans le chapitre 6, pour expliquer l'évolution des ventes de marchandises et des flux de capitaux au cours des dernières décennies, et d'illustrer mes conclusions avec les données statistiques de la plus récente crise financière et de l'effondrement du commerce mondial de 2008-2009. Dans la troisième partie, j’analyse l’impact de l'expansion monétaire sur l’organisation industrielle internationale et la distribution mondiale des revenus et des patrimoines. Dans la section finale, je présente les implications majeures de mon analyse pour le commerce international et les politiques monétaires, et son importance pour des recherches futuresThis dissertation endeavors to offer a way to bridge the gap between the analysis of real and monetary phenomena in international economics. To this end, I analyze Cantillon effects, i.e. the differential impact of monetary expansion on prices, production, wealth, and the pattern of international trade. In Part I review the standard literature in international economics from the 19th century to contemporary theories. In Part II I use the contributions of Ludwig von Mises to the theory of money and business cycles as the foundation for the analysis of monetary expansion and international trade. In Chapter 4, I focus on the relationship between financial development and international trade. In Chapter 5, I analyze the impact of inflation and5fractional reserve banking on trade finance, and the transmission of business cycles across national borders. The main findings of my research are that monetary expansion modifies the direction, composition, volume and value of trade and capital flows. I apply this framework in Chapter 6, to explain the evolution of merchandise and capital flows over the last decades, and illustrate my findings with statistical evidence from the most recent financial crisis and the global trade collapse of 2008-2009. In Part III I analyze the impact of monetary expansion on international industrial organization, and the global distribution of income and wealth. In the concluding section, I draw out the major implications of my analysis for international trade and monetary policies, and its importance for future research
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Mohammed, Zeidan Ibrahim. "Host government control of MNEs : Squibb Egypt case study." Thesis, University of Hull, 1990. http://hydra.hull.ac.uk/resources/hull:4584.
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The socio-economic development of many developing countries depends heavily on the flow of foreign capital brought about by multinational enterprises' (MNE's) activities. However, there is evidence that the actual benefits derived by host countries from these enterprises are often less than expected. Accordingly, this clearly supports the need for an effective government control framework to increase the benefits of these foreign enterprises to the host country. This study therefore examines, both theoretically and empirically, the types of controls operated at present, with a view to establishing an appropriate framework for future control. A host government control framework consists basically of two complementary and integrated control processes: an entry control process to ensure that only those foreign enterprises which will be of benefit to the national economy are approved; and an operational control process to check that the project's operations are carried out in accordance with approved plans. In practice, the control mechanism focuses on the role of local accounting and reporting systems, and the role of the government auditor rather than other government bodies responsible for applying the control process. Egypt has been selected as the focus for the study, since many MNEs operate there under the open door economic policy, and it is believed that the many incentives given to attract foreign investment have allowed MNEs to gain greater benefits than they give to the country. Squibb Egypt, a foreign subsidiary in the pharmaceutical sector, is taken as a case study, in view of the importance of the sector to the Egyptian economy, and its increasing domination by foreign enterprises. Data have been collected through interviews from government departments and agencies dealing with MNEs in Egypt and Squibb Egypt. The result of the case study has indicated that Squibb Egypt has made only a modest contribution to the economy. This deficiency is attributable to the lack of the control system currently operated by the Egyptian government over MNEs. This provides a strong case for arguing that the adoption of a sound government control system is essential to alleviate many of the problems and deficiencies raised in this study, and to meet both national objectives and those of foreign enterprises.The research is divided into three main parts. The first, containing two chapters, examines the general relationship between a host government and the MNE, and describes a control framework model which could alleviate the problems arising from MNE entry and operations within a host country.Part two, which also contains two chapters, presents an overview of foreign investment in Egypt from 1952-1987, reviewing the open door policy and appraising its impact on the economy, and the control system currently operated by the Egyptian government.The empirical research is presented in the six chapters of part three, which examines the development of Squibb and the controls exercised over it, and evaluates the company's financial performance and its contribution to the Egyptian economy. Finally, recommendations are made to improve the evaluation and control over MNEs by host governments, with a view to maximising the benefits obtained from them.
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Lopez, Forero Maria Margarita. "Essays on international trade, capital flows and financial frictions." Thesis, Paris 1, 2016. http://www.theses.fr/2016PA01E030/document.
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Cette thèse aborde différents sujets ayant trait aux liens entre l’économie réelle et l’économie financière au sein de l’économie internationale. Trois essais abordent ces liens selon différentes perspectives aussi bien micro que macro-économiques. Le premier chapitre, co-écrit avec Jean-Charles Bricongne et Sebastian Franco-Bedoya, évalue l’arbitrage proximité-concentration avec des entreprises multi-produits afin d’identifier le type de lien (complémentarité ou substituabilité) entre les exportations et les IDE. Tandis que les modèles d’IDE horizontal prédisent qu’IDE et exportations se substituent du fait de l’arbitrage proximité-concentration, une majorité d’études empiriques met en évidence leur complémentarité. [...]Le deuxième chapitre examine empiriquement le rôle du développement financier dans l’évolution du produit marginal du capital (MPK) dans 50 pays et sa relation avec leurs besoins de finance externe, en lien avec leur production manufacturière durant la période 1995-2008. En se fondant sur des données sectorielles au niveau des pays, les résultats de ce chapitre montrent que la spécialisation dans des secteurs intensifs en finance externe contribue de manière positive au MPK des pays développés et de manière négative dans les pays en développement. Cette relation devient légèrement positive uniquement lorsque le système financier est suffisamment développé dans ces derniers ; ces pays étant généralement caractérisés par des systèmes financiers largement moins efficaces en comparaison avec des pays développés. [...] Le troisième chapitre, co-écrit avec Jean-Charles Bricongne et Fabrizio Coricelli étudie la transmission des chocs mondiaux pendant la Grande Récession et son impact sur l’emploi français. En particulier, nous examinons le rôle du crédit commercial (ou inter-entreprises) dans la propagation des chocs transfrontaliers. En se fondant sur un sous-échantillon des entreprises importatrices économiquement actives sur la période 2004-2009, nos résultats suggèrent que des entreprises ayant de forts liens commerciaux avant la crise avec les pays qui ont le mieux résisté aux chocs économiques, ont eu une meilleure performance au niveau de la croissance de l’emploi entre 2008 et 2009. Cet effet varie considérablement en fonction de l’intensité du crédit commercial. Une forte dépendance au crédit commercial avant la crise s’est traduite par une vulnérabilité plus forte aux chocs imprévus pour les entreprises, pour lesquelles l’impact négatif de la crise a été exacerbé. Cet effet a été intensifié pour les entreprises ayant des liens commerciaux importants avec les pays les plus affectés par des chocs. A l’inverse, l’effet négatif de la crise a été atténué lorsque les relations commerciales étaient plus fortes avec des pays où les chocs ont été les moins sévères. Suggérant par conséquent, que le crédit commercial a été une source alternative de financement pour les entreprises françaises importatrices lors de la crise, du moment où leurs fournisseurs internationaux leur ont permis de surmonter les contraintes financières liées aux chocs imprévus en leur accordant un délai de paiement plus important. Les résultats de cette analyse contribuent au débat dans la littérature sur le rôle du financement du commerce international dans le ralentissement de l’activité économique réelle à travers les frontièresTwo particular concerns in international economics motivate this research: I. How are real and financial activities related to each other in a globalized economy? II. What role do financial frictions play in this relationship ? Three essays look at these questions from different perspectives. The first chapter, in collaboration with Jean-Charles Bricongne and SebastianFranco-Bedoya, revises the old question on the relation between FDI and exports on French firms, where theory seems to be at odds with empirical findings. Most FDI and most trade take place between rich markets, where the horizontal investment type is expected to happen. In this sense, empirical studies have almost invariably found a complementarity relation while standard Horizontal FDI models predict substitutability between FDI and exports given the proximity-concentration trade-off. [...]The second chapter empirically examines how external financial needs measured at the sector level- and financial development at the country level interact to shape the aggregate marginal product of capital of a country (MPK) and its foreign direct investment inflows (FDI). First, using new available data we construct annual aggregate MPK for 50 developing and developed countries during 1995-2008; we use industry-level data to construct an annual country-level measure of external financial dependence and assess its effects on MPK conditional on the level of financial development. Our findings imply that financial development seems to be a necessary condition -and certainly not a sufficient one- in order for production in financially dependent sectors to positively affect aggregate MPK in developing countries. Second, using bilateral FDI inflows in developing countries between 2001 and 2010, we analyze how external financial dependence and financial development determine FDI in flows in developing countries. [...]The third chapter, joint research with Jean-Charles Bricongne and Fabrizio Coricelli, studies the transmission of global shocks during the Great Recession and its impact on French employment. Particularly, we explore the role of trade credit in the propagation of cross-border shocks. Using a sub-sample of importing enterprises that were active over 2004-2009,our findings imply that strong pre-crisis sourcing ties with countries that were more resilient to the global crisis, translated into better performance in terms of employment growth over 2008-2009. This effect dramatically varies with trade credit intensity. Strongly relying on trade credit made firms more vulnerable to unanticipated shocks, for which the adverse impact of the crisis was exacerbated. This effect intensified among firms with important sourcing ties with severely shocked countries. While the negative effect of the crisis was mitigated when sourcing relations with countries subject to milder shocks were stronger. Supporting, therefore, the hypothesis that trade credit was an alternative source of financing for enterprises during the crisis, where implicitly borrowing from suppliers helped importers overcoming financial constraints. Our contribution to the literature adds to the debate on the role of trade finance in explaining the real economic downturn across borders
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Ko, Man Ching. "Emerging stock markets in Europe, the Middle East, and Asia." CSUSB ScholarWorks, 2005. https://scholarworks.lib.csusb.edu/etd-project/2894.
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The purpose of this research is to evaluate the performance of the emerging stock markets in three regions. The regions chosen as our testing targets are Europe, The Middle East, and Asia. Performance for 2002 to 2004 will be compared to the U.S. stock market.
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Kim, Haeng-Sun. "Three Essays on Heterogeneous Firms, Financial Factors, and International Trade." Paris, EHESS, 2016. http://www.theses.fr/2016EHES0006.
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Cette thèse met l'accent sur l'hétérogénéité des firmes du point de vue des facteurs financiers et leur impact sur la décision d'exportation et de délocalisation. Trois aspects sont traités : la relation entre l'effet de levier des firmes et la participation au marché exportateur ; l'impact différencie de l'incertitude sur la décision d'exportation des firmes selon leur attitude face au risque ; le lien entre les caractéristiques financières des firmes et le choix de délocalisation. Le premier chapitre introduit la dimension financière comme une source de l'hétérogénéité des firmes afin de comprendre la participation au marché exportateur et d'examiner comment l'impact de l'effet de levier sur la décision d'exportation varie selon les contraintes financières. A partir d'un panel d'entreprises manufacturières coréennes (1994-2001), il est montré que les firmes basent leur décision d'exportation sur différents critères par rapport à l'effet de levier. Le deuxième chapitre introduit l'attitude vis-à-vis du risque comme une source supplémentaire d'hétérogénéité des firmes influant sur la décision d'exportation des firmes. Deux aspects sont pris en compte : l'incertitude propre à la firme et l'incertitude macroéconomique. Le troisième chapitre s'intéresse aux mécanismes complexes par lesquels les IDE peuvent favoriser le commerce international dans un contexte de désintégration des processus de production et d'une intégration croissante des marchés mondiaux. A cette fin, la contrainte financière et la structure de propriété des entreprises sont prises en compte comme des sources additionnelles d'hétérogénéité agissant sur la décision de délocalisation des entreprisesThis thesis emphasizes the role of firm heterogeneity in financial factors and their impact on exporting decisions or off-shoring decisions, and apply it to three different issues : the relationship between firms' leverage and export market participation ; the differential impact of uncertainty on exporting decision in risk-averse and risk-taking firms ; and financial characteristics of firms and relocation choice. The first chapter introduces a financial dimension as an additional source of firm heterogeneity to understand export market participation and examines how the impact of leverage on firms' exporting decisions varies depending on financial constraints, using a panel of korean manufacturing firms over the period of 1994-2011. It shows that the financially-constrained and financially-unconstrained firms base their exporting decision on a different set of rules regarding the leverage. Second, most of the existing literature which examines the links between firm heterogeneity and entry into exporting rests on the assumption that firms are risk-neutral. The second chapter relaxes a strict assumption that firms are risk-neutral and intends to introduce firms' different attitudes towards risk as an additional source of firm heterogeneity. In particular, it examines how risk attitude changes the effect of uncertainty on firms' decision to export, considering two aspect s: firm-specific uncertainty and macroeconomic uncertainty. The third chapter pays attention that fdi can fuel international trade in complicated ways. It intends to consider firms' financial constraints and ownership status as an additional source of firm heterogeneity that impact their offshoring decision
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Natalegawa, A. D. H. "Economic management and the stages of Indonesian inflation : 1950-1983." Thesis, University of Oxford, 1988. http://catalog.hathitrust.org/api/volumes/oclc/32940258.html.
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Boriraj, Jumpoth. "Analysing and modelling international trade patterns of the Australian wine industry in the world wine market." Thesis, full-text, 2008. https://vuir.vu.edu.au/2037/.
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Since the mid-1980s, trade liberalisation has encouraged the growth of Australia’s international trade. The Australian wine industry has been successful in the world wine market, achieving a significant growth in production and export sales since the 1990s. In this context, this thesis attempts to provide a comprehensive analysis of the patterns and determinants of Australia’s international trade in wines for the period 1980-2004. The general aim of this thesis is to analyse the Australian wine industry based on the economic theories of inter-industry trade and intra-industry trade and to model wine export and import relationships.
Indicators of Australia’s trade performance in wines in terms of trade specialisation index, export propensity, import penetration, and the ratio of exports to imports indicate that Australia has become a net-exporter and has experienced a specialisation in wine trade since 1987. This signifies a high degree of international trade competitiveness in Australia’s wines. The results of Balassa’s revealed comparative advantage index and Vollrath’s revealed competitive advantage indexes suggest that, among the wine producing countries, Australia has a comparative advantage and competitive advantage in wines. The significant year was 1987 when Australia first experienced comparative and competitive advantage. The important explanation for this turning point is Australia’s trade liberalisation policy in the mid-1980s.
Based on econometric concepts of unit root and cointegration, the unrestricted error correction model is applied to analyse the determinants of Australia’s wine exports and imports separately in the models of export supply, export demand, and import demand. The results suggest that the relative price of wine exports and the long-run production capacity have had a positive influence on the supply of wine exports. However, Australia’s wine exports are not very responsive to changes in export price. Although the trade liberalisation shows a positive impact on the supply of wine exports, it is not statistically significant. Foreign demand for Australia’s wine exports has had a significant negative response to changes in the relative price of exports and a significant positive response to the depreciation of the Australian dollar in both the short run and long run. A low value of the price elasticity of foreign demand may reveal that Australia has some market power in relation to its exports of differentiated or unique wines to the world market. The demand for wine imports by Australia is inelastic with respect to the relative price of wine imports but more elastic to Australia’s income.
The standard Grubel-Lloyd index is used to examine the extent of intra-industry trade of Australia and major world-wine trading countries. The index is also applied to Australia’s bilateral intra-industry trade in wines with its major trading countries. To measure the growth of intra-industry trade for Australia’s wines, the concept of marginal intra-industry trade is applied, together with Menon-Dixon’s approach. The results indicate that the world wine industry is more likely to be characterised by inter-industry trade which is based on the significance of comparative advantage and factor endowments rather than intra-industry trade. Australia has a relatively small intra-industry trade in wines. This is due to the fact that the values of Australia’s wine exports are very much higher than those of its imports. The extent of bilateral intra-industry trade in wines between Australia and its major trading partners is also small. However, the levels of bilateral intra-industry trade between Australia and New Zealand are relatively high. The growth of intra-industry trade in wines between Australia and most of the major wine-producing countries is due to the contributions of export growth to the growth in intra-industry trade, which imply that Australia is a net importer of wines from these countries. On the other hand, the percentage growth of intra-industry trade in wines between Australia and Germany, the U.S., the U.K., New Zealand, Canada, and Japan is due to the contributions of import growth to the growth in intra-industry trade, which imply that Australia is a net exporter of wines to these countries.
The extent of Australia’s intra-industry trade with the rest of the world will be higher when the industry gains more scale economies. Contrary to the theoretical suggestions, product differentiations, degree of trade openness, and exchange rate have had negative relationships with Australia’s intra-industry trade in wines. With regard to Australia’s bilateral intra-industry trade with its nine major wine trading partners (France, Italy, Spain, Germany, the U.S., South Africa, New Zealand, the U.K. and Japan), the intensity of intra-industry trade in wines is statistically and positively related to the ratio of capital to labour, trade openness, common culture, and the regional trade arrangements.
The policy implications of the analysis of the determinants of Australia’s intra-industry trade in wines are that the government policy should be oriented towards increases in the production capacity of the Australian wine industry in order to achieve higher economies of scale. In addition, the Australian government should promote regional economic integration and trade liberalisation involving wine trade between close and economically similar economies.
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Cezar, Vasconcellos Barros Rafael. "The effects of Financial & Institutional Systems on International Trade, Specialization and Foreign Direct Investment." Phd thesis, Université Paris Dauphine - Paris IX, 2013. http://tel.archives-ouvertes.fr/tel-00957913.
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This thesis examines the impact of institutions, especially the financial institutions, on international trade and foreign direct investments. The first four chapters study the financial institutions and their impact on trade and international specialization. Specifically, the first chapter examines these financial institutions and the determinants of their level of development. The second chapter examines how finance impacts bilateral trade. The third chapter builds a theoretical model and aims to explain the impact of finance on the sectoral trade as a function of the degree of financial intensity of each sector. The fourth chapter analyzes the heterogeneous impact of finance on the different manufacturing sectors. The last chapter of the thesis uses the term "institution" in a broader sense and studies theoretically and empirically whether the similarities and differences in institutional environments across countries explain the international patterns of foreign direct investment (FDI).
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Pavot, David. "L'anticipation du risque economique en droit international." Thesis, Université Côte d'Azur (ComUE), 2016. http://www.theses.fr/2016AZUR0021.
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Le risque économique est, avec la chance, l’un des deux aspects du libéralisme. Il en constitue le volet dommageable. Bien souvent, le risque n’apparait pas explicitement et il s’agit d’un concept sous –jacent. Pour autant, il influence énormément le droit international. En effet, les sujets du droit international acceptent de subir une part de risque économique, inhérente à une économie libre mais ils tentent aussi d’en encadrer les effets excessifs. L’objet de cette thèse est de présenter la manière dont le droit international anticipe le risque économique en permettant son existence et prévenant sa survenance lorsqu’il est excessif. Elle permet de relever l’importance d’un cadre institutionnel et normatif cohérent et contraignant pour que l’anticipation soit efficienteEconomic risk is, with luck, one of the two aspects of liberalism. This is the harmful component. Often, the risk does not appear explicitly and it is a concept under -jacent . However, it greatly influences the international law. In fact, the subjects of international law agree to be part of the economic risk inherent in a free economy but they are also trying to regulate the excessive effects. The purpose of this thesis is to present the way in which international law anticipates the economic risk by allowing its existence and preventing its occurrence when excessive. It can identify the importance of a coherent and binding institutional and regulatory framework for the anticipation to be efficient
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Pohl, Nicole. "Mobility in space and time : challenges to the theory of international economics /." Heidelberg : Physica-Verlag, 2001. http://aleph.unisg.ch/hsgscan/hm00028306.pdf.
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Perez, Giovanni. "Essays on Capital Structure of Nations." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2539.
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Al-Suwaidi, Ahmed A. Mohamed. "The finance of international trade in the Gulf Arab States : a comparative study between the conventional and Islamic banking systems with special emphasis on the United Arab Emirates." Thesis, University of Exeter, 1991. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.292402.
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Olivieri, Javier Alejandro. "Small and medium-sized enterprises (SMEs) : the engine of Canada's economy : the legal framework of three sensitive spheres for SMES' growth : financing, taxation and international trade." Thesis, McGill University, 2003. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=80944.
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It is widely believed that small and medium-sized enterprises ("SMEs"), acting as a source of innovation and job creation, play a key role in the economy of Canada.The legal framework which regulates SMEs' activities is vast. This thesis focuses on the legal framework and most important aspects of three critical areas: financing, taxation and international trade.
After describing and interpreting the legal framework of these areas and the information obtained from public and private institutions which are considered key in these issues, this thesis presents conclusions in relation to the question of how and in what way, if any, the current legislative and regulatory framework relating to SMEs contributes to the growth and prosperity of SMEs and to the importance of such a framework to SMEs' success and growth.
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Naim, Nadia. "An examination of the intellectual property regimes in the Gulf Co-operation Council (GCC) states and a series of recommendations to develop an integrated approach to intellectual property rights." Thesis, University of Bradford, 2015. http://hdl.handle.net/10454/17386.
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This thesis aims to examine the intellectual property regimes in the Gulf Co-operation Council (GCC) states and assess the relationships between legislation, enforcement mechanisms and sharia law. The GCC states, currently Bahrain, Oman, Kuwait, Saudi Arabia, UAE and Qatar, all have varied mechanisms in place for both the implementation and enforcement of intellectual property rights. The thesis pays close attention to the evolution of intellectual property laws and regulations in the GCC states with particular interest directed towards the development of national intellectual property laws within the GCC states from the 1970’s onwards1.
Intellectual property protection in the GCC states is considered from two perspectives. The first perspective addresses the international demand for higher standards of intellectual property protection in the GCC states. The second perspective defines intellectual property within the laws of Islam and explores the relationship between Islam and intellectual property. The latter part analyses religious influence, societal and cultural norms, economic reality and the developmental stage of each GCC state. It is an important area of study as developing Muslim countries are struggling with meeting international standards and a successful integrated framework will impact not only on GCC states but other Islamic states and as a result could potentially lead to more informed negotiation in trade agreements with developed states. The research argues there are systematic flaws in the GCC states adopting intellectual property laws which are in essence a procrustean modification of foreign laws which have developed from colonial occupation or laws taken from donor countries. The GCC legal systems of the states have evolved utilising different sets of legal principles and therefore it could be argued the foreign laws that have been adopted are somewhat unsuitable for the GCC states.
The research has focused on the implications of the national and international legislative regimes on the protection of intellectual property rights on the GCC states. Consideration is given to compliance, mainly how compliant the GCC is to its World Trade Organisation (WTO) membership and Trade Related Intellectual Property Rights (TRIP’s) Agreement and to what extent the European Union (EU) and the United States (US) influence the intellectual property protection regimes in the GCC. The research has examined the development of the GCC in three distinct stages; pre-TRIPS, TRIPS compliance stage and TRIPS plus.
Furthermore, the thesis argues that the somewhat simplistic formula of the GCC states passing a large number of intellectual property laws to appease the EU and US does not have the significant economic impact on the GCC economy as the international agreements would suggest. Not all trade is intellectual property related and not all foreign direct investment is contingent upon intellectual property protection. However, as the GCC states are largely oil dependent, they do need to diversify their trade and as such an intellectual property protection model that accounts for international intellectual property law and the bespoke cultural and religious views amongst GCC citizens can produce tangible results for both the GCC and its trading partners. What sets the research apart from previous research is two-fold. Firstly, the research is qualitative and has scratched beneath the surface of intellectual property law in the GCC and examined in detail the Islamic law principles that have been used to justify sharia compliance, the western perspective on international intellectual property and the impact of multilateral trade agreements. Secondly, the analysis of Islamic finance and the application of successful sharia compliant models in Islamic finance to intellectual property is innovative as it acts as a springboard to creating a modified sharia compliant intellectual property protection model. Finally, the thesis will conclude by making a series of recommendations to develop an integrated approach to intellectual property rights which takes into account; the structure of the GCC states, international agreements and pressures, the international institutions, Islamic finance and both societal and religious views.
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Bianco, Timothy P. "THREE ESSAYS ON CREDIT MARKETS AND THE MACROECONOMY." UKnowledge, 2018. https://uknowledge.uky.edu/economics_etds/38.
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Historically, credit market conditions have been shown to impact economic activity, at times severely. For instance, in the late 2000s, the United States experienced a financial crisis that seized domestic and foreign credit markets. The ensuing lack of access to credit brought about a steep decline in output and a sluggish recovery. Accordingly, policymakers commonly take steps to mitigate the effects of adverse credit market conditions and, at times, conduct unconventional monetary policy once traditional policy tools become ineffective. This dissertation is a collection of essays regarding monetary policy, the flow of credit, financial crises, and the macroeconomy. Specifically, I describe monetary policy’s impact on the allocation of credit in the U.S. and analyze the role of upstream and downstream credit conditions and financial crises on international trade in a global supply chain.
The first chapter assesses the impact of monetary policy shocks on credit reallocation and evaluates the importance of theoretical transmission mechanisms. Compustat data covering 1974 through 2017 is used to compute quarterly measures of credit flows. I find that expansionary monetary policy is associated with positive long-term credit creation and credit reallocation. These impacts are larger for long-term credit and for credit of financially constrained firms and firms that are perceived as risky to the lender. This is predicted by the balance sheet channel of monetary policy and mechanisms that reduce lenders’ risk perceptions and increase the tendency to search for yield. Furthermore, I find that, on average, the largest increases in credit creation resulting from monetary expansion are to firms that exhibit relatively low investment efficiency. These estimation results suggest that expansionary monetary policy may have a negative impact on future economic growth.
The second chapter evaluates the quantitative effects of unconventional monetary policy in the late 2000s and early 2010s. This was a period when the traditional monetary policy tool (the federal funds rate) was constrained by the zero lower bound. We compute credit flow measures using Compustat data, and we employ a factor augmented vector autoregression to analyze unconventional monetary policy’s impact on the allocation of credit during the zero lower bound period. By employing policy counterfactuals, we find that unconventional monetary policy has a positive and simultaneous impact on credit creation and credit destruction and these impacts are larger in long-term credit markets. Applying this technique to analyze the flows of financially constrained and non-financially constrained borrowing firms, we find that unconventional monetary policy operates through the easing of collateral constraints because these effects are larger for small firms or those with high default probabilities. During the zero lower bound period, we also find that unconventional monetary policy brings about increases in credit creation for firms of relatively high investment efficiency.
The third chapter pertains to the global trade collapse of the late 2000s. This collapse was due, in part, to strained credit markets and the vulnerability of exporters to adverse credit market conditions. The chapter evaluates the impact of upstream and downstream credit conditions and the differential effects of financial crises on bilateral trade. I find that upstream and downstream sectors’ needs for external financing is negatively associated with trade flows when the exporting or importing country’s cost of credit is high. However, I find that this effect is dampened for downstream sectors. I also find that downstream sectors’ value of collateral is positively associated with trade when the cost of credit is high in the importing country. High downstream trade credit dependence coupled with high costs of credit in the importing country also cause declines in imports. There are amplifying effects of credit costs for sectors that are highly dependent on external financing when the importing or exporting country is in financial crisis. Further, the magnitude is larger when the exporting country is in financial crisis. Finally, I find that these effects on trade flows are large when the exporting country is a developed economy, but they are muted for developing economies.
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Watugala, Sumudu Weerakoon. "Essays on interconnected markets." Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:50c12fb0-a354-40bb-9d07-9174ad1f594a.
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This thesis consists of three essays that explore the dynamics of interconnected markets and examine the relationships between markets, investor behavior, and fundamental characteristics of the firm and the economy. In the first essay, we investigate the role of trade credit links in generating cross-border return predictability between international firms. Using data from 43 countries from 1993 to 2009, we find that firms with high trade credit in producer countries have stock returns that are strongly predictable based on the returns of their associated customer countries. This behavior is especially prevalent among firms with high levels of foreign sales. To better understand this effect we develop an asset pricing model in which firms in different countries are connected by trade credit links. The model offers further predictions about this phenomenon, including stronger predictability during periods of high credit constraints and low uninformed trading volume. We find supportive empirical evidence for these predictions. The second essay investigates the dynamics of commodity futures volatility. I derive the variance decomposition for the futures basis to show how unexpected excess returns result from new information about expected future interest rates, convenience yields, and risk premia. Using data on major commodity futures markets and global bilateral commodity trade, I analyze the extent to which commodity volatility is related to fundamental uncertainty arising from increased emerging market demand and macroeconomic uncertainty, and control for the potential impact of financial frictions introduced by changing market structure and index trading. I find that a higher concentration in the emerging market importers of a commodity is associated with higher futures volatility. Commodity futures volatility is significantly predictable using variables capturing macroeconomic uncertainty. The third essay investigates the differential explanatory power of consumer (importing countries) and producer (exporting countries) risk in explaining the volatility of commodity spot premia and term premia using trade-weighted indices of GDP volatility. Using data for major commodity futures markets, bilateral commodity trade, exchange rates, and GDP for countries trading these commodities, I test hypotheses on the heterogeneous impact of consumer and producer shocks, potentially driven by differences in hedging preferences and investment planning horizons. Producer risk is significant for both short-dated and long-dated maturities, while consumer risk has greater explanatory power for the volatility of the term spread.
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Apps, Peter, and n/a. "Debt Crises, IMF Policies and Structural Inequality in the Third World." Griffith University. School of Humanities, 2003. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20031010.143327.
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The neo-liberal policies of liberalization and deregulation, as utilized by the International Monetary Fund (IMF) in its dealings with countries of the developing world, tend to facilitate the conditions for financial crisis. This can be traced by examining the economic crises of Mexico in 1982 and 1994/95, Asia in 1997 and Russia in 1998 and looking at the main causes and triggers of these crises. It is evident that the financial vulnerability that these countries suffered from existed due to, and not in spite of, these policy prescriptions. The IMF continues to present these policies as proven successes - a view that this dissertation contests. Further to this, the policies that the Fund uses are formulated for use in semi-peripheral economies and have little relationship to the actual economic environments of peripheral countries such as those of sub-Saharan Africa or Papua New Guinea. The ideology of free-markets and globalization is seen as unassailable by the IMF. By encouraging countries to remain part of the global financial system through debt rescheduling and open-markets policies, the IMF holds an increasingly fragile economic environment together. This dissertation formulates and tests four hypotheses in relation to Mexico, Asia, Russia and Papua New Guinea and the periphery. These are - (1) If there are periods of 'irrational exuberance' among investors in Third World debt, these are likely to contribute to debt crises. (2) If IMF policies are implemented in the Third World as dictated, then their primary benefits will accrue to the elites in those countries and in the developed world. (3) If Third World countries open their economies to foreign capital, then they are more likely to experience debt crises. (4) If IMF policies are implemented in peripheral countries, then they are even less likely to be successful than in semi-peripheral countries.
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Cheptea, Angela. "Intégration commerciale et déterminants non-traditionnels des échanges : institutions et réseaux." Phd thesis, Université Panthéon-Sorbonne - Paris I, 2005. http://tel.archives-ouvertes.fr/tel-00186822.
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La présente thèse étudie l'importance des coûts non-traditionnels liés à l'échange en mettant l'accent sur les institutions nationales et sur les réseaux transfrontaliers sociaux et d'affaires. Au-delà de la nécessité d'identifier les coûts non-traditionnels, la question se pose également de les quantifier afin de pouvoir estimer la création de commerce associée à leur réduction et de formuler des recommandations précises en termes de politique économique. Les institutions et les réseaux augmentent la sécurité et assurent l'application des clauses contractuelles dans les transactions internationales, fournissent des contacts et des informations sur les partenaires potentiels étrangers, fait qui implique des coûts liés à l'échange inférieurs et moins d'incertitude dans les échanges internationaux. On montre que les potentiels de commerce sont généralement sous-estimés dans la littérature : l'intégration économique régionale peut créer beaucoup plus de commerce que l'on estime traditionnellement, et même quand la réduction totale des barrières aux échanges est achevée. L'amélioration et l'harmonisation des cadres institutionnels peuvent générer autant de commerce international que la libéralisation commerciale. Les réseaux sociaux favorisent l'échange par l'intermédiaire de liens ethniques, linguistiques etc. communs, mais aussi du à l'information et aux préférences acquises par la consommation des biens culturels d'origine étrangère. Les réseaux d'affaires sont illustrés par des associations de migrants et ont un effet positif sur le commerce plus fort que celui des réseaux sociaux.
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Mills, Jason. "Sino-American economic relationship after the global economic slowdown." Thesis, Georgia Institute of Technology, 2010. http://hdl.handle.net/1853/33994.
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The continued funding of America's persistent trade and fiscal deficits has sparked debate among international economists. One controversial explanation argues that East Asia is pursuing "Bretton Woods II" and funding American deficits as part of a greater development policy. This paper examines the Chinese policy response to the global economic crisis and finds that China's policy actions provide evidence for "Bretton Woods II." Furthermore, the Sino-American relationship is now characterized by codependence which has implications for the policy decisions of each country.
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Sene, Seydina Ousmane. "FOOD IMPORTS UNDER FOREIGN EXCHANGE CONSTRAINTS IN THE CFA’S FRANC ZONE OF SUB-SAHARAN AFRICA (SSA)." UKnowledge, 2014. http://uknowledge.uky.edu/agecon_etds/26.
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To respond to the high imported food prices in their domestic markets, net food importing countries in the Communauté Financière Africaine (CFA) zone[1] are adjusting their import tariffs and homologate domestic prices of imported commodities such as rice, wheat, maize, and sugar. This research uses a multivariate specification of error correction model (VECM) of estimation to investigate the link between food imports, world price index of rice, wheat, maize and sugar, real effective exchange rates, domestic food production, GDP, and trade openness in the short and long run. The data are on each homogenous commodity from 1969 to 2012. This research finds a long-run relationship between world price index, domestic production, GDP, real effective exchange rates and trade openness. Under fixed exchange rates regime, GDP, domestic food production, world price index of food, and trade openness are the determinants of food imported in the CFA zones. Policy options focusing on long-term investment in domestic food production of rice, wheat, maize and sugar, and trade openness are the fundamental factors to curtail the increasing food import volume/bill under fixed exchange rate regime in the CFA zones.
[1] The CFA zone in Sub-Saharan Africa is the WAEMU and CEMAC Countries, which are listed and represented in figure 1.
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Chen, Xi. "Technology, productivity and fixed costs : four essays in applied production analysis." Phd thesis, Université de Strasbourg, 2013. http://tel.archives-ouvertes.fr/tel-00998059.
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This thesis consists of four essays on applied production analysis, with a focus on technology, productivity and fixed costs. The aim of this thesis is to identify some limitations of recent contributions to production behavior modeling, and to propose improvements. In this dissertation, I compared different empirical specifications and statistical methods which have often been used in production analysis, and pointed out their implications for estimating technology parameters. I studied the causes and cures of endogeneity problems in the context of production analysis. This thesis also addressed the important but neglected issue of fixed costs. This work defined and characterized the fixed cost, and developed empirical strategies to estimate the fixed cost using the standard production database. Empirical evidence suggests that the fixed cost is significant and has profound impacts on producer's behavior in terms of price setting, returns to scale and exports.
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Payne, Bridget Áine. "State-Financed Merger and Acquisition Activity in Germany as a Catalyst for Robust Chinese Patent Law Enforcement." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/scripps_theses/1171.
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Germany’s economic dominance in Europe, generous investment incentives, and technical manufacturing prowess has encouraged an influx of Chinese-led inbound activity, concentrated in high-tech sector mergers and acquisitions. A close examination of these M&As yields evidence of systemic Chinese state-financing through both state-owned and private vehicles that likely stems from China’s “Made in China 2025” policy, which hopes to stem capital outflow and to indigenize technological innovation. As Germany braces for what it sees to be continuous attempts by China to take patented German technology through M&As, it worries that Chinese patent law will allow for rampant patent infringement by copycat Chinese entities.
This paper presents an overview of the root causes of China’s heavy economic activity in Germany, as well as an analysis of the legal concerns held by German firms based on a close reading of the Patent Law of the People’s Republic of China and strategic recommendations for German companies hoping to work with or in China.
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Guillemineau, Catherine. "The sources of cross-country output comovements : European and non-european linkages." Phd thesis, Université Nice Sophia Antipolis, 2013. http://tel.archives-ouvertes.fr/tel-00933797.
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This doctoral thesis consists in three chapters investigating cross-country linkages in different samples of industrialized economies. The first chapter shows that the share of the investment cycle's variance due to common international factors has increased in the United States as well in large European countries. The second chapter estimates the impact of the liberalization and internationalization of the financial and banking sectors on real GDP growth comovements. Since the late 1970s, a common international factor has contribued to most economic growth in th EU countries, the United States, Canada and Japan. Among several financial, bank and monetary indicators, equity prices, followed by portofolio investment have been by far the main drivers of this factor. The removal of controls on domestic credit emerges as the only financial liberalization policy measure with a large and negative effect on common growth before 1995. The third chapter investigates the sources of real GDP's comovements between the founding member states of the euro area. Throughout EMU, real cyclical synchronization was robustly linked to disparities in term of fiscal policy and of total factor productivity gains. Cyclical synchronization was closely related to similarities in unit labour cost growth before 2007, but not after 2007 when long-term interest rate differentials became a major cause of cyclical divergence.
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Slav, Heloisa Gomes. "Financiamento ao comércio internacional de commodities: financiamento às exportações brasileiras sob modalidade de recebimento antecipado de exportação." reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/14098.
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The purpose of this work is to analyze legal issues related to the international trade finance of commodities with a particular focus on pre-export finance. In light of the importance of this transaction, which is sanctioned by the monetary authorities as an 'Advanced Payment for Exports,' to promoting Brazilian exports, the author seeks to analyze legal instruments established under Brazilian legislation or socially typified, which are premised on the implementation of contractual and collateral structures aimed at eliminating basic risks in cross-border transactions with emerging economies such as Brazil. These instruments are applied during the various stages of the structured trade and commodity finance, and pose challenges for their agents – financiers, executives, and attorneys – related to obligations, risks, liabilities, collaterals, and contingencies that are under-explored in the legal literature. The topic is examined in nine chapters. The first chapter reviews the various types of trade finance transactions; the second chapter analyzes structured trade and commodity finance transactions; the third chapter deals with the parameters of rationalities (such as combined analyses of balance sheets, cash flows and assets mobilization) adopted by foreign lenders in order to provide credit to exporters; the fourth chapter is reserved for a detailed study of the transaction’s risks and their mitigation; the fifth chapter discusses the key features of pre-export finance; the sixth chapter is dedicated to regulatory aspects, concept, features, and field of application of the 'Advanced Payment for Exports'; the seventh chapter analyzes contractual aspects that are inherent to a pre-export finance transaction; the eighth and ninth chapters are dedicated to a study of collaterals, particularly with respect to the preservation of goods and rights granted as collateral for the purpose of reimbursing the capital to the foreign lender. From this perspective, the key elements of structured finance for Brazilian commodities exports shall be analyzed in order to contribute to the improvement and dissemination of these business and legal mechanisms (that are still restricted to a highly specialized audience), which were designed to promote economic development in Brazil.
O presente trabalho tem por objeto analisar aspectos jurídicos relacionados com o financiamento internacional do comércio de commodities, com dedicada atenção ao chamado 'financiamento pré-exportação' (ou pre-export finance). Considerando a relevância dessa operação ao fomento das exportações brasileiras, admitida pelas autoridades monetárias como 'Recebimento Antecipado de Exportação', ter-se-á como objetivo a análise dos instrumentos jurídicos que, recepcionados pela legislação brasileira ou socialmente tipificados, têm como premissa a implementação de estruturas contratuais e de garantias voltadas para a eliminação de riscos em operações transfronteiriças com economias emergentes, como o Brasil. Esses instrumentos são empregados nas diversas fases do financiamento estruturado de commodities, impondo aos seus agentes – financiadores, executivos e advogados – desafios relacionados com obrigações, riscos, responsabilidades, garantias e contingências pouco exploradas pela literatura jurídica. O tema será desenvolvido em nove capítulos. O primeiro conceituará as diversas modalidades de operações de trade finance; o segundo dedicará análise para as operações estruturadas de financiamento do comércio de commodities; o terceiro tratará dos parâmetros de racionalidades (como análises conjugadas de balanço contábil, fluxo de caixa e mobilização de bens) adotados pelos financiadores estrangeiros para a concessão do crédito ao exportador; o quarto será reservado ao estudo criterioso dos riscos da operação e sua mitigação; o quinto discutirá as características principais do financiamento pré-exportação; o sexto será dedicado aos aspectos regulatórios, conceito, características e campo de aplicação do 'Recebimento Antecipado de Exportação'; o sétimo analisará os aspectos contratuais inerentes à operação de financiamento pré-exportação; o oitavo e o nono serão dedicados ao estudo das garantias, sobretudo no que diz respeito à preservação de bens e direitos outorgados em garantia, com vistas ao reembolso do capital ao financiador estrangeiro. Sob esse prisma, serão analisados os principais elementos do financiamento estruturado à exportação brasileira de commodities, a fim de contribuir com o aprimoramento e a divulgação dessas técnicas empresariais e jurídicas (ainda restritas a um público especialíssimo) engendradas em prol do desenvolvimento econômico brasileiro.