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2003

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Full-Text Articles in International Economics

Iraq Contracts Policy Bolsters Terrorist Agenda, Thierry Warin Dec 2003

Iraq Contracts Policy Bolsters Terrorist Agenda, Thierry Warin

Thierry Warin

Paul Wolfowitz, the US deputy secretary of defence, announced on December 9 a list of 63 countries allowed to bid on Iraq reconstruction contracts. A backlash is now in evidence: Germany, France and Russia will be excluded.


Determinantes Explícitos E Implícitos De La Deuda Externa Pública Peruana, José Manuel Martin Coronado Dec 2003

Determinantes Explícitos E Implícitos De La Deuda Externa Pública Peruana, José Manuel Martin Coronado

José-Manuel Martin Coronado

This research aims to prove that sound economic policies are nothing more that basic conditions for the foreign public debt problem. In fact, by studying the factors of public debt issues in Peru, Latin America and the emerging economies it’s clear that some implicit economic and non-economic factors have to be considered because of the social complexity and variable characteristics in emerging economies. This causes failures in economic policies assumptions, inefficiencies, distorted causality and nonrational behavior. This paper proposes, first, to perform a deep and comparative analysis of the foreign debt determinants in emerging economies, then, to allocate financial ...


State Trading Enterprises In A Differentiated Environment: The Case Of Global Malting Barley Markets, Fengxia Dong, Thomas L. Marsh, Kyle W. Stiegert Dec 2003

State Trading Enterprises In A Differentiated Environment: The Case Of Global Malting Barley Markets, Fengxia Dong, Thomas L. Marsh, Kyle W. Stiegert

CARD Working Papers

The lack of transparency in the pricing and operational activities of state trading enterprises (STEs) has caused members of the World Trade Organization to express concern that certain countries’ STEs might circumvent Uruguay Round commitments on export subsidies, domestic support, or market access. The purpose of this study is to examine the market structure of the differentiated world malting barley market in which two STEs (the Canadian Wheat Board and the Australian Barley Board) maintain jointly a very large share of the export market. In particular, this study focuses on the exclusive procuring and pricing policies used by both STEs ...


Was Japan’S Real Interest Rate Really Too High During The 1990s? The Role Of The Zero Interest Rate Bound And Other Factors, Hiro Ito Nov 2003

Was Japan’S Real Interest Rate Really Too High During The 1990s? The Role Of The Zero Interest Rate Bound And Other Factors, Hiro Ito

Economics Faculty Publications and Presentations

Japan’s more than a decade long “Great Recession” has presented a disconcerting case of what could happen if interest rates are bounded by zero and deflation sets in. Since Krugman (1998), the commonplace observation is that the deflationary situation combined with the zero nominal interest rate has caused elevated real interest rates, thereby nullifying monetary policy. This paper investigates this oft -cited claim and examines whether it is associated with anomalies in the way real interest rates are determined by employing an error correction model (ECM) based on the time-varying parameter model with Markov-switching variances. Using this model it ...


Groundnut Trade Liberalization: A South-South Debate?, John C. Beghin, Ndiame Diop, Holger Matthey, Mirvat Sewadeh Nov 2003

Groundnut Trade Liberalization: A South-South Debate?, John C. Beghin, Ndiame Diop, Holger Matthey, Mirvat Sewadeh

CARD Working Papers

We use a new partial-equilibrium, multi-market international model to analyze trade and agricultural policies affecting markets for peanut/groundnut products. The model covers four goods in thirteen countries/regions, including a large set of developing countries. Welfare is evaluated by looking at consumers’ equivalent variation, quasiprofits in farming, quasi-profits in crushing, and taxpayers’ revenues and outlays implied by distortions. We calibrate the model on recent historical data and current policy information. We analyze several groundnut trade liberalization scenarios in deviation from the recent historical baseline. Trade liberalization in groundnut markets has a strong South-South dimension, opposing India and, to a ...


The War For Oil Or The American Dilemma Of Hegemonic Nostalgia?, Cyrus Bina Oct 2003

The War For Oil Or The American Dilemma Of Hegemonic Nostalgia?, Cyrus Bina

Faculty Working Papers

No abstract provided.


Pragmatism And The Gradual Shift From Dependency To Neoliberalism: The World Bank, African Leaders And Development Policy In Afri, Francis Owusu Oct 2003

Pragmatism And The Gradual Shift From Dependency To Neoliberalism: The World Bank, African Leaders And Development Policy In Afri, Francis Owusu

Community and Regional Planning Publications

The long-standing disagreement between the international community and African leaders over an appropriate development strategy has been settled by the World Bank’s Comprehensive Development Framework (CDF) and African leaders’ New Partnership for Africa’s Development (NEPAD). Both documents support neoliberalism and see increased global integration as the key to Africa’s development. This paper traces Africa’s journey from the dependency/neoliberalism debate in the early 1980s to the current endorsement of neoliberalism. It is argued that the overwhelming global attention and support enjoyed by NEPAD derives from its embrace of western development ideas as well as changes in ...


Aggregate Private R&D Investments In Agriculture: The Role Of Incentives, Public Policies, And Institutions, Oscar Alfranca, Wallace E. Huffman Oct 2003

Aggregate Private R&D Investments In Agriculture: The Role Of Incentives, Public Policies, And Institutions, Oscar Alfranca, Wallace E. Huffman

Economics Publications

Most observers have come to agree that Research and Development (R&D) is fundamental to the innovations that take place in advanced countries and that drive growth and development around the world. This is equally true for agricultural R&D, which has substantially increased the supply of food and fiber over time. Given the evident importance of agricultural R&D, we look at the forces that determine the amount of privately funded research in this vital sector using a sample of European countries. We construct indicators of private incentives, property rights, and publicly funded research in the various countries. Private research has grown with unusual speed in recent years and offers the prospect of advances in the quality of agricultural goods as well as reductions in their costs. Furthermore, considerable interest exists in knowing how changes in private and public research expenditures are related empirically; for example, are they complements or substitutes?1 If they are substitutes, then additional private agricultural R&D expenditures may not result in larger total agricultural research expenditures.


Modeling Tariff Rate Quotas In A Global Context: The Case Of Sugar Markets In Oecd Countries, Dominique Van Der Mensbrugghe, John C. Beghin, Don Mitchell Sep 2003

Modeling Tariff Rate Quotas In A Global Context: The Case Of Sugar Markets In Oecd Countries, Dominique Van Der Mensbrugghe, John C. Beghin, Don Mitchell

CARD Working Papers

We use mixed-complementarity-problem programming to implement tariff rate quotas (TRQs) in the global computable general equilibrium (CGE) LINKAGE model. We apply the approach to TRQs in sugar markets in OECD (Organization for Economic Cooperation and Development) countries. We calibrate the model on 2000 policy levels for OECD countries to reflect the full implementation of their World Trade Organization commitments. We look at reforms of TRQ and TRQ-like schemes in the European Union, the United States, and Japan, as well as multilateral trade liberalization. We derive the impact of reforms on welfare, bilateral trade flows, and terms of trade. A 33 ...


Meat Traceability And Consumer Assurance In Japan, Roxanne L. B. Clemens Sep 2003

Meat Traceability And Consumer Assurance In Japan, Roxanne L. B. Clemens

MATRIC Briefing Papers

Japanese consumers are sophisticated, highly conscious of food quality and safety, and willing to pay for attributes they believe define a high-quality, safe product. A recent series of domestic and international food safety crises have elevated the importance of meat safety among Japanese consumers. The Japanese government and food industry are implementing new policies and systems intended to assure consumers that the food supply is safe and wholesome. Given that these systems tend to focus heavily on consumer assurance programs and traceability, this paper examines the demand for such programs from the perspective of Japanese meat importers, processors, and retailers ...


Monetary Convergence And Risk Premiums In The Eu Accession Countries, Lucjan Orlowski Jul 2003

Monetary Convergence And Risk Premiums In The Eu Accession Countries, Lucjan Orlowski

WCBT Faculty Publications

This study examines the impact of various monetary policy regimes on the ability to lower inflation and exchange rate risk premiums in the EU accession countries as they undergo monetary convergence to the eurozone. It proposes a monetary policy framework of flexible targeting of relative inflation risk premium that is believed to be credible and useful for managing these two categories of risk. A model of inflation and exchange rate risk premiums within the context of inflation targeting is developed. Recent trends in these risk premiums in Hungary, the Czech Republic and Poland are tested by employing the threshold ARCH ...


Agricultural Trade And The Doha Round: Lessons From Commodity Studies, John C. Beghin, Ataman Aksoy Jul 2003

Agricultural Trade And The Doha Round: Lessons From Commodity Studies, John C. Beghin, Ataman Aksoy

CARD Briefing Papers

While global analytical approaches to agricultural trade liberalization yield large gains for most economies, there are substantial variations in the policy regimes across commodities. To clarify the multiplicity of distortions and impacts, the World Bank's Trade Department undertook a series of commodity studies. The studies highlight the important challenges faced by negotiating countries in the Doha Round of the World Trade Organization (WTO) trade negotiations. The studies provide a sharper look at the North-South dimensions of the agricultural trade debate, with the North's trade barriers, domestic support, and tariff escalation. They also underscore the South-South challenges on border ...


The Relevance Of Inflation And Exchange Rate Risk For Monetary Convergence To The Eurozone, Lucjan Orlowski Jul 2003

The Relevance Of Inflation And Exchange Rate Risk For Monetary Convergence To The Eurozone, Lucjan Orlowski

WCBT Faculty Publications

This study places a strong emphasis on the ability of Central European Countries to lower inflation and exchange rate risk premiums on their path of monetary convergence to the eurozone. A model of the nexus between both risk premiums is presented along with the recent evidence supporting well-coordinated interactions between these risk premiums for Poland, Hungary and the Czech Republic. The analysis implies that monetary policies based on direct inflation targeting are likely to contain these risk premiums in the candidate countries and can be effectively used during the remaining period of their preparations for entering the euro area.


Lessons From The Danish Ban On Feed-Grade Antibiotics, Dermot J. Hayes, Helen H. Jensen Jun 2003

Lessons From The Danish Ban On Feed-Grade Antibiotics, Dermot J. Hayes, Helen H. Jensen

CARD Briefing Papers

McDonald's Corporation, one of the largest buyers of meat in the U.S. fast-food industry, recently adopted a policy that prohibits its direct suppliers from using medically important antibiotics as growth promotants in food animals after 2004. Although the implications of such a voluntary ban in the United States remain to be seen, recent experiences in Denmark provide some comparable evidence on the effects for hog production. An economic analysis, compiled from information gleaned from interviews with Danish veterinarians, farmers, economists, and industry analysts, estimates the economic costs of an antibiotics ban on pork producers in the United States ...


An Analysis Of The Proposed Doha Round Modalities, Food And Agricultural Policy Research Institute, Bruce A. Babcock, Jacinto F. Fabiosa, Holger Matthey, Murat Isik, Simla Tokgoz, Amani E. Elobeid, Chad E. Hart, Frank H. Fuller, Seth Meyer Jun 2003

An Analysis Of The Proposed Doha Round Modalities, Food And Agricultural Policy Research Institute, Bruce A. Babcock, Jacinto F. Fabiosa, Holger Matthey, Murat Isik, Simla Tokgoz, Amani E. Elobeid, Chad E. Hart, Frank H. Fuller, Seth Meyer

CARD Staff Reports

The Uruguay Round Agreement on Agriculture (URAA) provided a continuing mandate for progressive reforms to liberalize world agricultural markets. A new round of negotiation was put into motion in early 2000 and later formalized in what is now called the Doha Round. The Doha Round negotiation follows the same principle laid out in the URAA, with the introduction of three reform anchors: market access, export competition, and reduction of domestic support. This paper specifies the new schedule of commitments for each member country under the proposed modalities and assesses the potential market impacts of these changes for world agricultural markets ...


Intellectual Property Rights And The World Trade Organization: Retrospect And Prospects, Giancarlo Moschini May 2003

Intellectual Property Rights And The World Trade Organization: Retrospect And Prospects, Giancarlo Moschini

CARD Working Papers

This paper analyzes the main economic issues of intellectual property rights (IPRs) protection in the context of the World Trade Organization (WTO). A retrospective view on the establishment of the TRIPS (trade-related aspects of intellectual property rights) Agreement, a still controversial accomplishment of the Uruguay Round of trade liberalization, is provided. The paper reviews the economic rationale for the harmonization of IPRs, drawing both on economic theory considerations as well as emerging empirical evidence. The logic of linking IPR protection and trade in the context of the WTO is also re-examined. Some specific attention is devoted to the implications of ...


Modeling World Peanut Product Markets: A Tool For Agricultural Trade Policy Analysis, John C. Beghin, Holger Matthey May 2003

Modeling World Peanut Product Markets: A Tool For Agricultural Trade Policy Analysis, John C. Beghin, Holger Matthey

CARD Working Papers

This paper presents a new partial-equilibrium, multi-market international model developed to analyze policies affecting peanut products markets. The model covers four goods (food-quality peanuts, crush-quality peanuts, peanut oil, and groundnut cake) in 13 countries/regions (Argentina, Canada, China, the EU-15, the Gambia, India, Malawi, Mexico, Nigeria, Senegal, South Africa, the United States, and Rest of World). Welfare is evaluated by looking at consumers' equivalent variation, quasi-profits in farming (peanut farming, livestock), quasi-profits in crushing, and taxpayers' revenues and outlays implied by distortions. We calibrate the model for three recent years (1999/2000, 2000/01, and 2001/02) on historical data ...


Earnings Momentum In International Markets, Dong Hong, Charles M. C. Lee, Bhaskaran Swaminathan Apr 2003

Earnings Momentum In International Markets, Dong Hong, Charles M. C. Lee, Bhaskaran Swaminathan

Research Collection Lee Kong Chian School Of Business

This paper examines the profitability of earnings momentum strategies based on analyst forecast revisions in eleven international equity markets. While analyst forecast revisions exhibit persistence in all countries, the profitability of trading strategies based on these revisions varies. Specifically, earnings momentum yields significant profits in Australia, Canada, France, Germany, Hong Kong, and the United Kingdom, but not in Malaysia, South Korea, Japan, Singapore, or Taiwan. Interestingly, price momentum exists only in those countries where earnings momentum is profitable. In general, markets with high levels of corruption (low investor protection) exhibit weak momentum. Collectively, these findings suggest that the momentum phenomenon ...


Emerging Forms Of Competitive Advantage: Implications For Agricultural Producers, Michael J. Barone, Thomas E. Decarlo Mar 2003

Emerging Forms Of Competitive Advantage: Implications For Agricultural Producers, Michael J. Barone, Thomas E. Decarlo

MATRIC Research Papers

Traditional recommendations for building sustainable competitive advantages revolve around differentiating a product from the competition along attributes that are important and relevant to customers. However, strategic approaches based on such notions do not represent viable options for companies competing in commodity markets characterized by a lack of physical product differentiation. The objective of this paper is to conduct a literature review with the aim of identifying alternative approaches to creating competitive advantage that can be used even under conditions in which no differences in actual quality exist across products. This review of the literature uncovered three non-traditional strategies that provide ...


Markov Switching Garch Models Of Currency Crises In Southeast Asia, Celso Brunetti, Roberto S. Mariano, Chiara Scotti, Augustine H. H. Tan Mar 2003

Markov Switching Garch Models Of Currency Crises In Southeast Asia, Celso Brunetti, Roberto S. Mariano, Chiara Scotti, Augustine H. H. Tan

Research Collection School Of Economics

This paper develops a model which is able to forecast exchange rate turmoil. Our starting point relies on the empirical evidence that exchange rate volatility is not constant. In fact, the modeling strategy adopted refers to the vast literature of the GARCH class of models, where the variance process is explicitly modeled. Further empirical evidence shows that it is possible to distinguish between two different regimes: îordinaryî versus îturbulenceî. Low exchange rate changes are associated with low volatility (ordinary regime) and high exchange rate devaluations go together with high volatility. This calls for a regime switching approach. In our model ...


Japan's Economic Dilemma: The Institutional Origins Of Prosperity And Stagnation, New York: Cambridge University Press, 2001. $ 54.95 Hardcover, $ 19.95 Papercover. Bai Gao. Reviewed By Christian Aspalter., Christian Aspalter Mar 2003

Japan's Economic Dilemma: The Institutional Origins Of Prosperity And Stagnation, New York: Cambridge University Press, 2001. $ 54.95 Hardcover, $ 19.95 Papercover. Bai Gao. Reviewed By Christian Aspalter., Christian Aspalter

The Journal of Sociology & Social Welfare

Book review of Bai Gao, Japan's Economic Dilemma: The Institutional Origins of Prosperity and Stagnation, New York: Cambridge University Press, 2001. $54.95 hardcover, $19.95 papercover.


Ceo Turnover And Foreign Market Participation, Bruce A. Blonigen, Rossitza B. Wooster Mar 2003

Ceo Turnover And Foreign Market Participation, Bruce A. Blonigen, Rossitza B. Wooster

Economics Faculty Publications and Presentations

Anecdotal evidence suggests that new CEOs with foreign backgrounds direct their firms to become more international in their operations. We examine this hypothesis formally using data on U.S. S&P-500 manufacturing firms from1992 through 1997 and biographical information on CEOs’ birth and education locations that allow us to identify changes from U.S.- to foreign-connected CEOs. Robust to a variety of specifications, we find that a U.S. firm’s switch from a U.S. to a foreign CEO leads to substantial increases in the firm’s proportion of its foreign assets and foreign affiliate sales. In fact, our ...


Incentives, Institutions, And Development Assistance, Michael Kremer Jan 2003

Incentives, Institutions, And Development Assistance, Michael Kremer

Clemens Lecture Series

No abstract provided.


Long-Term Economic Mobility And The Private Sector In Developing Countries: New Evidence, Gary S. Fields, Walter S. Bagg Jan 2003

Long-Term Economic Mobility And The Private Sector In Developing Countries: New Evidence, Gary S. Fields, Walter S. Bagg

Articles and Chapters

[Excerpt] Consistent with the mainstream view of economic growth as a factor promoting long-term economic mobility, we hypothesize that those economies in which economic growth has been most rapid are precisely the ones that have achieved the greatest progress toward poverty reduction through improved labor market conditions, especially in private employment. We also hypothesize that the positive relationship running from economic growth through the labor market to poverty reduction continued to hold in the 1990s in essentially the same way as in earlier years when globalization was less intense. Both hypotheses are confirmed by our data. Our results therefore cast ...


Enterprises And The Constitution Of The World Economy, Jean-Philippe Robé Jan 2003

Enterprises And The Constitution Of The World Economy, Jean-Philippe Robé

Jean-Philippe Robé

No abstract provided.


New Rules To The Old Great Game: An Assessment Of The Shanghai Cooperation Organization's Proposed Free Trade Zone, Leland Rhett Miller Jan 2003

New Rules To The Old Great Game: An Assessment Of The Shanghai Cooperation Organization's Proposed Free Trade Zone, Leland Rhett Miller

Maryland Series in Contemporary Asian Studies

No abstract provided.


New Social Movements And The Struggle For Worker’S Rights In The Maquila Industry, Victoria Carty Jan 2003

New Social Movements And The Struggle For Worker’S Rights In The Maquila Industry, Victoria Carty

Sociology Faculty Articles and Research

"Campaigns to improve worker’s rights in export processing zones (EPZs), also referred to the maquila industry in Latin America, is an important topic analytically and politically. On theoretical and practical levels, the co-existence of market economies with effective means to ensure adequate working conditions for workers is a critical question. Underlying the issue is a vigorous debate regarding how the global economy should be governed; who or what should govern it, and whose interest is should serve (Faux, 2002)."


Production Sharing And Singapore’S Global Competitiveness, Sven W. Arndt Jan 2003

Production Sharing And Singapore’S Global Competitiveness, Sven W. Arndt

CMC Faculty Publications and Research

Singapore has made spectacular progress in recent decades in pushing its economy into the world's top ranks. One important payoff has been a substantial rise in living standards. Among the main drivers behind this accomplishment have been entrepot trade, which exploits an important natural comparative advantage, on the one hand, and enlightened education, social, and economic policies, which have built up man-made comparative advantage based on human capital, on the other.


The Political Economy Of Perverse Financial Liberalization: Examples From The Asian Crisis, Nancy Neiman Auerbach, Thomas D. Willett Jan 2003

The Political Economy Of Perverse Financial Liberalization: Examples From The Asian Crisis, Nancy Neiman Auerbach, Thomas D. Willett

Scripps Faculty Publications and Research

Debates continue to rage about the causes of recent currency and financial crises around the globe and their implications for the desirability of domestic and international financial liberalization. Beneath the heated exchanges of the most vocal disputants, a quiet consensus is beginning to emerge among serious scholars and policy officials. The big lesson from these crises is that while financial liberalization is still a desirable goal, it must be approached very carefully. It’s not just that without the proper pre-conditions liberalization will not provide full benefits. The results can sometimes be disastrous. What was once considered to be an ...


A Free Trade Agreement Of The America's: A Case Study Of Brazil, Maria Eliana Cadario Jan 2003

A Free Trade Agreement Of The America's: A Case Study Of Brazil, Maria Eliana Cadario

Inquiry: The University of Arkansas Undergraduate Research Journal

This paper will examine the likely impacts of the proposed Free Trade Agreement of the Americas (FTAA) that was initiated by President Bush in 1994 and is anticipated to include 34 countries in the Western Hemisphere excluding Cuba and to come into force during 2005. The paper will focus on the likely trade effects for Brazil, the largest potential member of the FTAA. In the first part, I will review the current trade relations between countries in the Western Hemisphere and the US, including the various bilateral and multilateral agreements such as NAFTA, MERCOSUR, CBI, The Andean Trade Preference Act ...