The Experts below are selected from a list of 164799 Experts worldwide ranked by ideXlab platform
Henning Weber - One of the best experts on this subject based on the ideXlab platform.
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The role of cross-sectional heterogeneity for magnitude and timing of the euro's Trade Effect
Journal of International Money and Finance, 2013Co-Authors: Helmut Herwartz, Henning WeberAbstract:This paper examines the role of cross-sectional heterogeneity for estimating the euro's Effect on euro-area Trade. In the empirical analysis, the impact of Trade costs on Trade and the transition dynamics to the new monetary regime can vary cross-sectionally in Trade sectors and country pairs. Unobserved state variables that account for time-varying and omitted Trade costs and multilateral resistance terms can also vary cross-sectionally. The results show that cross-sectional heterogeneity is strongly supported by the data and that the average euro Effect coincides with consensus estimates. Decomposing the average Effect uncovers large cross-sectional heterogeneity in its magnitude. Also, the average Trade Effect unfolds only gradually over time, since it is composed of many Trade sectors that adjust at different dates.
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The Euro’s Trade Effect under Cross-Sectional Heterogeneity and Stochastic Resistance
2010Co-Authors: Helmut Herwartz, Henning WeberAbstract:This paper investigates if the euro's Effect on euro-area Trade differs across Trade sectors and across country pairs, and to what degree heterogeneity matters for estimating the aggregate euro Effect. Time-varying latent variables, which are specific to each sector in each country pair, control for omitted Trade costs and mismeasured resistance terms. Parameter heterogeneity and time-varying latent variables are both strongly supported by the data. Due to decreasing Trade costs, aggregate exports within the euro area increase between 2000 and 2002 by 15 to 25 percent compared with aggregate exports between European economies which are not members of the euro area. Adjustment within individual sectors is rapid whereas aggregate adjustment is more spread out and gradual since different sectors adjust at distinct times.
James E. Anderson - One of the best experts on this subject based on the ideXlab platform.
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The Uruguay Round and welfare in some distorted agricultural economies
Journal of Development Economics, 1998Co-Authors: James E. AndersonAbstract:Abstract The Uruguay Round's induced changes in world agricultural prices will affect the welfare of developing countries. The standard terms of Trade Effect calculation can mislead, since the `distortion Effect' operates alongside `the terms of Trade Effect'. This study of the Uruguay Round's impact on nine agricultural economies reveals distortion Effects which are many times larger than terms of Trade Effects. In three of nine cases, the distortion Effect reverses the impact of the terms of Trade Effect. In two other cases, the distortion Effect raises trivial terms of Trade Effect up to around 1% of national income.
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The Uruguay Round and Welfare in Some Distorted Agricultural Economies
SSRN Electronic Journal, 1997Co-Authors: James E. AndersonAbstract:There is widespread concern that the Uruguay Round may reduce the welfare of developing countries through its Effect on world agricultural prices. Reduced agricultural price distortions among major supplying nations are predicted to increase basic food prices and decrease some important export prices such as those for coffee and cotton. It appears that raising food prices paid by food importers must be bad for them, while reducing world coffee and cotton prices appears bad for exporters of those products. Appearances may be deceiving, however, since theory shows that a distortion Effect operates alongside the standard terms of Trade Effect. I report here distortion Effects which are many times larger" than terms of Trade Effects in an analysis of the Uruguay Round's impact on 9 agricultural economies. I deploy a simple Computable General Equilibrium model. The 9 developing economies are distorted by domestic agricultural distortions in 15 markets, along with hundreds of 4 digit nonagricultural tariffs and quotas. In 3 of 9 countries, the distortion Effect reverses the impact of the terms of Trade Effect. In 2 other countries the distortion Effect raises a trivial terms of Trade Effect up to around 1% of national income.
Chi-chur Chao - One of the best experts on this subject based on the ideXlab platform.
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Tariff and Consumption Tax Reforms in a Developing Tourism Economy
Journal of International Trade and Economic Development, 2015Co-Authors: Chi-chur Chao, Jean-pierre Laffargue, Hamid BeladiAbstract:This paper examines the Effects of a coordinated tax reform by replacing import tariffs with point-by-point increases in consumption taxes for a small-open developing tourism economy. Foreign tourists demand for the non-Traded goods provided in the informal sector of the host economy, resulting in a tourism-induced terms-of-Trade Effect. The presence of inbound tourism lends a support to positive tariffs even for a small open economy. The indirect tax reform of this kind can increase residents’ welfare and government revenue when the initial tariffs are relatively larger to the consumption taxes.
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Price Dynamics, Foreign Exchange and Anticipated Shocks in a Tourism Economy
Pacific Economic Review, 2012Co-Authors: Chi-chur ChaoAbstract:Using a dynamic model of an open monetary economy, this paper examines the Effects of tourism-related anticipated shocks on goods prices and foreign exchange reserves. Foreign tourists consume mainly non-Traded goods in holiday destinations, converting them into exportable goods. This gives rise to a tourism terms-of-Trade Effect that affects the accumulation of foreign exchange. Announcements of anticipated events bring tourist visits forward, resulting in an initial under-adjustment or an over-adjustment in the prices of the non-Traded goods when the tourism terms-of-Trade Effect is positive or negative. This leads to an increase or a decrease in foreign reserves in the long run.
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Environmental regulations for a small open economy with tourism
2008Co-Authors: Jean-pierre Laffargue, Chi-chur Chao, Bharat R. Hazari, Eden S. H. YuAbstract:This chapter shows that in the presence of tourism, the traditional policy prescription, free Trade in goods and the standard Pigouvian tax on pollution, is not optimal for a small open economy. Foreign tourists consume mainly local non-Traded goods in the tourist-receiving economy. Inbound tourism converts formally non-Traded goods into tradables, generating a tourism terms-of-Trade Effect. Owing to this favourable Effect ,positive tariffs and stricter pollution taxes can actually improve welfare of domestic residents. The optimal rates of tariffs and pollution taxes are derived and explained for the economy with tourism. These positive rates are confirmed by simulations.
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Is free Trade optimal for a small economy with tourism?
2008Co-Authors: Jean-pierre Laffargue, Chi-chur Chao, Bharat R. Hazari, Eden S. H. YuAbstract:We explore the welfare Effects of tariffs and investment taxes for a small open economy in the presence of tourism. Inbound tourism converts local nonTraded goods into tradable, generating a tourism terms-of-Trade Effect. Because of this favourable "expenditure-shifting" Effect when goods are substitutes, increases in import tariffs and investment taxes can actually improve welfare of domestic residents. We establish that for a small open economy with tourism, free Trade is not the first-best policy. The optimal rates of tariffs and investment taxes are then derived and simulated for the economy with tourism.
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Tourism, globalization, social externalities, and domestic welfare
Research in International Business and Finance, 2004Co-Authors: Chi-chur Chao, Bharat R. Hazari, Pasquale M. SgroAbstract:One of the impacts of globalisation has been the growth in tourism and mobility of capital. This paper examines the welfare Effect of tourism on the host economy with imperfect competition. Three channels that affects domestic welfare by tourism are: social externalities accompanied with tourists, the terms of Trade Effect via rises in the non-tradable prices, and the resource movement Effect to the manufacturing sector. Owing to the positive terms-of-Trade Effect and/or the beneficial resource movement Effect, the optimal levels of tourism occur at the situations that tourists bring negative social externalities to the economy.
Baoping Guo - One of the best experts on this subject based on the ideXlab platform.
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Trade Effects Based on Trade Equilibrium
2019Co-Authors: Baoping GuoAbstract:The Rybczynski theorem describes the Trade Effect within production analyses between factor endowments and outputs. The Stolper-Samuelson theorem focuses on cost analyses between factor reward and commodity price. This paper examines the Trade Effect of changes of factor endowments on prices, based on general equilibrium. The study shows that changes of factor endowments cause domestic output changes (the Rybczynski Effect), which affect output prices and factor prices (the Stolper-Samuelson Effect). It is like a chain of Effects that the Rybczynski’s Trade Effect triggers the Stolper-Samuelson’s Trade Effect. The analysis of this paper shows that a small increase of a factor endowment of any country rewards another factor and the commodity using the latter factor intensively. It displays a tuneful circle. Trade brings a well-balanced development to the world.
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Trade Effects based on general equilibrium
Theoretical and Applied Economics, 2019Co-Authors: Baoping GuoAbstract:The Rybczynski theorem describes the Trade Effect within production analyses between factor endowments and outputs. The Stolper-Samuelson theorem focuses on cost analyses between factor reward and commodity price. This paper examines the Trade Effect of changes of factor endowments on prices, based on general equilibrium. The study shows that changes of factor endowments cause domestic output changes (the Rybczynski Effect), which affect output prices and factor prices (the Stolper-Samuelson Effect). It is like a chain of Effects that the Rybczynski’s Trade Effect triggers the Stolper-Samuelson’s Trade Effect. The analysis of this paper shows that a small increase of a factor endowment of any country rewards another factor and the commodity using the latter factor intensively. It displays a tuneful circle. Trade brings a well-balanced development to the world.
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Trade Effects Based on Trade Equilibrium
2018Co-Authors: Baoping GuoAbstract:The Rybczynski theorem describes the relationship between commodities and factor supplies, holding output price. By releasing holding commodity price, this paper introduces the Trade Effects of changes of factor endowments both on factor price and on commodity price. This is a study based on Trade equilibrium. Technically, the study shows that change of factor endowments lead to a chain Effect that Rybczynski’s Trade Effect triggers the Stolper-Samuelson’s Trade Effect. The analysis of this paper shows that economic activities, such as the change of factor endowments of any factor of any country reward another factor domestically and internationally. This is a tuneful circle. Trade brings a well-balanced development to the world.
Helmut Herwartz - One of the best experts on this subject based on the ideXlab platform.
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The role of cross-sectional heterogeneity for magnitude and timing of the euro's Trade Effect
Journal of International Money and Finance, 2013Co-Authors: Helmut Herwartz, Henning WeberAbstract:This paper examines the role of cross-sectional heterogeneity for estimating the euro's Effect on euro-area Trade. In the empirical analysis, the impact of Trade costs on Trade and the transition dynamics to the new monetary regime can vary cross-sectionally in Trade sectors and country pairs. Unobserved state variables that account for time-varying and omitted Trade costs and multilateral resistance terms can also vary cross-sectionally. The results show that cross-sectional heterogeneity is strongly supported by the data and that the average euro Effect coincides with consensus estimates. Decomposing the average Effect uncovers large cross-sectional heterogeneity in its magnitude. Also, the average Trade Effect unfolds only gradually over time, since it is composed of many Trade sectors that adjust at different dates.
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The Euro’s Trade Effect under Cross-Sectional Heterogeneity and Stochastic Resistance
2010Co-Authors: Helmut Herwartz, Henning WeberAbstract:This paper investigates if the euro's Effect on euro-area Trade differs across Trade sectors and across country pairs, and to what degree heterogeneity matters for estimating the aggregate euro Effect. Time-varying latent variables, which are specific to each sector in each country pair, control for omitted Trade costs and mismeasured resistance terms. Parameter heterogeneity and time-varying latent variables are both strongly supported by the data. Due to decreasing Trade costs, aggregate exports within the euro area increase between 2000 and 2002 by 15 to 25 percent compared with aggregate exports between European economies which are not members of the euro area. Adjustment within individual sectors is rapid whereas aggregate adjustment is more spread out and gradual since different sectors adjust at distinct times.
