This paper investigates how trade flows are being affected by new discriminatory measures implemented during the global financial crisis. We match data on behind-the-border measures (e.g., bailouts and subsidies) and border measures implemented through April 2010 to monthly HS 4-digit bilateral trade data. Our estimation strategy relies on a first-differenced gravity equation and time-varying fixed effects to disentangle the impact of new discriminatory measures. Trade in exporter-importer pairs subject to new measures decreased by 5 to 8 percent relative to trade in the same product among pairs not subject to new measures. These product-level results imply global trade declines at the aggregate level of about 0.2 percent, or $30-35 billion a year. These aggregate figures would be higher, if one third of measures had not been excluded due to incomplete data. The paper then goes on to dissect protectionism’s trade impact by disaggregating measures by type, advanced/developing countries, regions, sectors, and time. Behind-the-border measures are found to have been more harmful than border measures at the product level. Among border measures, impacts tend to be higher for less transparent measures. Advanced countries are found to be responsible for 2/3 of the trade decline due to crisis protectionism, but their exports also absorbed 2/3 of this decline. When breaking down measures in a time dimension, we find that those taken in the first nine months after the Lehman collapse were most harmful and likely continue to constitute a drag on trade.
The literature measuring the impact of Preferential Trade Agreements (PTA) and WTO membership on trade flows has produced remarkably diverse results. Rose's (2004) seminal paper reports a range of specifications that show no WTO effects, but Subramanian and Wei (2007) contend that he does not fully control for multilateral resistance (which could bias WTO estimates). Subramanian and Wei (2007) address multilateral resistance comprehensively to report strong WTO trade effects for industrialized countries but do not account for unobserved bilateral heterogeneity (which could inflate WTO estimates). We unify these two approaches by accounting for both multilateral resistance and unobserved bilateral heterogeneity, while also allowing for individual trade effects of PTAs. WTO effects vanish and remain insignificant throughout once multilateral resistance, unobserved bilateral heterogeneity, and individual PTA effects are introduced. The result is robust to the use of alternative definitions and coding conventions for WTO membership that have been employed by Rose (2004), Tomz et al. (2007), or by Subramanian and Wei's (2007).
We demonstrate that durable MFN tariff elimination affects trade patterns through several layers, which generates non-linear impacts. First, complete tariff elimination results in a large additional trade gains over and above tariff reductions. Second, commitment to durable tariff elimination, through WTO bindings, further boosts both imports and exports of ITA members. The unique setting of the WTO Information Technology Agreement (ITA) allows us to identify these effects of non-discriminatory trade policies because (i) ITA constitutes a quasi-natural experiment as several “passive” signatories joined it as an unavoidable part of pursuing of a larger policy objective, and (ii) ITA's partial coverage of the IT sector provides a natural control group for cross-product identification. Commitments under the ITA spurned development of a downstream IT export sector in “passive” signatories.
Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence of global supply chains and their increasing role in trade patterns allowed emerging market economies to boost their inputs in high-technology exports and is associated with increased trade interconnectedness.The analysis points to one important trend taking place over the last decade: the emergence of China as a major systemically important trading hub, reflecting not only the size of trade but also the increase in number of its significant trading partners.
This paper develops new, far more extensive estimates of export quality, covering 178 countries and hundreds of products over 1962–2010. Quality upgrading is particularly rapid during the early stages of development, with quality convergence largely completed as a country reaches upper middle-income status. There is significant cross-country heterogeneity in quality growth rates. Within any given product line, quality converges both conditionally and unconditionally to the world frontier; increases in institutional quality and human capital are associated with faster quality upgrading. In turn, faster growth in quality is associated with more rapid output growth. The evidence suggests that quality upgrading is best encouraged through a broadly conducive domestic environment, rather than sector-specific policies. Diversification is important to create new upgrading opportunities.
Based on a permanent income analysis, Gagnon (2018) has prominently suggested that Norway has saved too much, thereby free-riding on the rest of the world for demand. Our public sector balance sheet analysis comes to the opposite conclusion, chiefly because it also accounts for future aging costs. Unsurprisingly, we find that Norway’s current assets exceed its liabilities by some 340 percent of mainland GDP. But its nonoil fiscal deficits have grown very large (to almost 8 percent of mainland GDP) and aging pressures are only commencing. Therefore, Norway’s intertemporal financial net worth (IFNW) is negative, at about -240 percent of mainland GDP. As IFNW represents an intertemporal budget constraint, this implies that Norway’s savings are likely insufficient to address aging costs without additional fiscal action.
We construct a comprehensive public sector balance sheet for Finland from 2000 to 2016 by complementing general government statistics with data on public corporations and public pensions. We show that exposure to valuation changes in equity markets through asset holdings and increases in pension liabilities relative to GDP amplify crisis impacts on public finances. We expand the balance sheet by including present value estimates of future fiscal flows; this allows us to perform fiscal stress tests and policy experiments. These analyses suggest that Finland’s public finances will remain sound provided ongoing reform and consolidation efforts to address aging pressures are implemented as planned.
Superheroes and Digital Perspectives: Super Data examines the intersection of the superhero genre and issues of the internet, data, and digital media to provide not only a posthuman study of the superhero, but also an examination of the ways in which the superhero acts as a lens for our interactions with technology. Contributions to this collection range from the virality of the superhero as political expression to human-nonhuman relations, social expectations, and trends in cultural products. Providing fruitful, rigorous analysis of this genre in the context of ubiquitous handheld networked technology, social media, and data harvesting techniques, this book will be of particular interest to scholars of media studies, posthuman studies, communication, and popular culture.
Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence of global supply chains and their increasing role in trade patterns allowed emerging market economies to boost their inputs in high-technology exports and is associated with increased trade interconnectedness.The analysis points to one important trend taking place over the last decade: the emergence of China as a major systemically important trading hub, reflecting not only the size of trade but also the increase in number of its significant trading partners.
This paper develops new, far more extensive estimates of export quality, covering 178 countries and hundreds of products over 1962–2010. Quality upgrading is particularly rapid during the early stages of development, with quality convergence largely completed as a country reaches upper middle-income status. There is significant cross-country heterogeneity in quality growth rates. Within any given product line, quality converges both conditionally and unconditionally to the world frontier; increases in institutional quality and human capital are associated with faster quality upgrading. In turn, faster growth in quality is associated with more rapid output growth. The evidence suggests that quality upgrading is best encouraged through a broadly conducive domestic environment, rather than sector-specific policies. Diversification is important to create new upgrading opportunities.
Based on a permanent income analysis, Gagnon (2018) has prominently suggested that Norway has saved too much, thereby free-riding on the rest of the world for demand. Our public sector balance sheet analysis comes to the opposite conclusion, chiefly because it also accounts for future aging costs. Unsurprisingly, we find that Norway’s current assets exceed its liabilities by some 340 percent of mainland GDP. But its nonoil fiscal deficits have grown very large (to almost 8 percent of mainland GDP) and aging pressures are only commencing. Therefore, Norway’s intertemporal financial net worth (IFNW) is negative, at about -240 percent of mainland GDP. As IFNW represents an intertemporal budget constraint, this implies that Norway’s savings are likely insufficient to address aging costs without additional fiscal action.
This paper investigates how trade flows are being affected by new discriminatory measures implemented during the global financial crisis. We match data on behind-the-border measures (e.g., bailouts and subsidies) and border measures implemented through April 2010 to monthly HS 4-digit bilateral trade data. Our estimation strategy relies on a first-differenced gravity equation and time-varying fixed effects to disentangle the impact of new discriminatory measures. Trade in exporter-importer pairs subject to new measures decreased by 5 to 8 percent relative to trade in the same product among pairs not subject to new measures. These product-level results imply global trade declines at the aggregate level of about 0.2 percent, or $30-35 billion a year. These aggregate figures would be higher, if one third of measures had not been excluded due to incomplete data. The paper then goes on to dissect protectionism’s trade impact by disaggregating measures by type, advanced/developing countries, regions, sectors, and time. Behind-the-border measures are found to have been more harmful than border measures at the product level. Among border measures, impacts tend to be higher for less transparent measures. Advanced countries are found to be responsible for 2/3 of the trade decline due to crisis protectionism, but their exports also absorbed 2/3 of this decline. When breaking down measures in a time dimension, we find that those taken in the first nine months after the Lehman collapse were most harmful and likely continue to constitute a drag on trade.
We demonstrate that durable MFN tariff elimination affects trade patterns through several layers, which generates non-linear impacts. First, complete tariff elimination results in a large additional trade gains over and above tariff reductions. Second, commitment to durable tariff elimination, through WTO bindings, further boosts both imports and exports of ITA members. The unique setting of the WTO Information Technology Agreement (ITA) allows us to identify these effects of non-discriminatory trade policies because (i) ITA constitutes a quasi-natural experiment as several “passive” signatories joined it as an unavoidable part of pursuing of a larger policy objective, and (ii) ITA's partial coverage of the IT sector provides a natural control group for cross-product identification. Commitments under the ITA spurned development of a downstream IT export sector in “passive” signatories.
The literature measuring the impact of Preferential Trade Agreements (PTA) and WTO membership on trade flows has produced remarkably diverse results. Rose's (2004) seminal paper reports a range of specifications that show no WTO effects, but Subramanian and Wei (2007) contend that he does not fully control for multilateral resistance (which could bias WTO estimates). Subramanian and Wei (2007) address multilateral resistance comprehensively to report strong WTO trade effects for industrialized countries but do not account for unobserved bilateral heterogeneity (which could inflate WTO estimates). We unify these two approaches by accounting for both multilateral resistance and unobserved bilateral heterogeneity, while also allowing for individual trade effects of PTAs. WTO effects vanish and remain insignificant throughout once multilateral resistance, unobserved bilateral heterogeneity, and individual PTA effects are introduced. The result is robust to the use of alternative definitions and coding conventions for WTO membership that have been employed by Rose (2004), Tomz et al. (2007), or by Subramanian and Wei's (2007).
A fascinating study of Brian Wilson's creative career as a composer, producer, performer, and collaborator that addresses all aspects of Brian's five-decade-long music career through his creative methods and processes. The cofounder and central figure of one of America's most successful vocal groups, The Beach Boys, Brian Wilson is a standout artist with an astonishing volume of diverse work spanning over half a century that serves as testament to his creative output and influence on modern music. Today, Wilson stands as a survivor of life challenges stemming from substance abuse and mental illness and enjoys a revitalized career in which he continues to create new works and perform around the world to enthusiastic audiences in sold-out venues. This unique book covers the breadth of Wilson's creative life as composer, producer, performer, and collaborator, not only as a Beach Boy, but also as a solo artist and collaborator with artists such as Jan and Dean, The Honeys, Spring, The Castells, and The Hondells. The book also surveys his less-examined work as a performer of the music of George Gershwin, of the songs from Disney films, and of children's books and movies. Because of its breadth, The Words and Music of Brian Wilson will appeal both to dedicated and casual fans alike of The Beach Boys and of Brian Wilson as well as to scholars in popular music and American studies.
The International Student Conference in Tourism Research (ISCONTOUR) offers students a unique platform to present their research and establish a mutual knowledge transfer forum for attendees from academia, industry, government and other organisations. The annual conference, which is jointly organized by the IMC University of Applied Sciences Krems and the Management Center Innsbruck, takes place alternatively at the locations Krems and Innsbruck. The conference research chairs are Prof. (FH) Mag. Christian Maurer (University of Applied Sciences Krems) and Prof. (FH) Mag. Hubert Siller (Management Center Innsbruck). The target audience include international bachelor, master and PhD students, graduates, lecturers and professors from the field of tourism and leisure management as well as businesses and anyone interested in cutting-edge research of the conference topic areas. The conference topics include marketing and management, tourism product development and sustainability, information and communication technologies, finance and budgeting, and human resource management.
The International Student Conference in Tourism Research (ISCONTOUR) offers students a unique platform to present their research and establish a mutual knowledge transfer forum for attendees from academia, industry, government and other organisations. The annual conference, which is jointly organized by the IMC University of Applied Sciences Krems and the Management Center Innsbruck, takes place alternatively at the locations Krems and Innsbruck. The conference research chairs are Prof. (FH) Mag. Christian Maurer (University of Applied Sciences Krems) and Prof. (FH) Mag. Hubert Siller (Management Center Innsbruck). The target audience include international bachelor, master and PhD students, graduates, lecturers and professors from the field of tourism and leisure management as well as businesses and anyone interested in cutting-edge research of the conference topic areas. The proceedings of the 10th International Student Conference in Tourism Research include a wide variety of research topics, ranging from consumer behaviour, tourist experience, information and communication technologies, marketing, destination management, and sustainable tourism management.
We construct a comprehensive public sector balance sheet for Finland from 2000 to 2016 by complementing general government statistics with data on public corporations and public pensions. We show that exposure to valuation changes in equity markets through asset holdings and increases in pension liabilities relative to GDP amplify crisis impacts on public finances. We expand the balance sheet by including present value estimates of future fiscal flows; this allows us to perform fiscal stress tests and policy experiments. These analyses suggest that Finland’s public finances will remain sound provided ongoing reform and consolidation efforts to address aging pressures are implemented as planned.
This paper investigates the microeconomic origins of aggregate economic fluctuations in Europe. It examines the relevance of idiosyncratic shocks at the top 100 large firms (the granular shocks) in explaining aggregate macroeconomic fluctuations. The paper also assesses the strength of spillovers from large firms onto SMEs. Using firm-level data covering over 14 million firms and eight european countries (Austria, Belgium, Finland, France, Germany, Italy, Portugal and Spain), we find that: (i) 40 percent of the variance in GDP in the sample can be explained by idiosyncratic shocks at large firms; (ii) positive granular shocks at large firms spill over to domestic SMEs’ output, especially if SMEs’ balance sheets are healthy and if SMEs belong to the services and manufacturing sectors.
This textbook provides a comprehensive overview of macroeconomic relationships and explains the most important macroeconomic variables in an easy-to-understand manner. The reader is introduced to important macroeconomic variables such as inflation and aggregate demand in chapters that build on one another. They learn, among other things, how economic crises arise or the role and functioning of money, capital and goods markets. The aim is to provide the reader with economic knowledge that can be applied in business practice. The economics material has been deliberately selected so that business studies content is usefully supplemented. However, detailed explanations and both application-oriented and practice-related examples and exercises make it easy for non-economists to understand the complex economic topics. Well-founded knowledge presented in an immediately comprehensible way!
Offering expert, comprehensive guidance on the basic science, diagnosis, and treatment of acute musculoskeletal injuries and post-traumatic reconstructive problems, Skeletal Trauma, 6th Edition, brings you fully up to date with current approaches in this challenging specialty. This revised edition is designed to meet the needs of orthopaedic surgeons, residents, fellows, and traumatologists, as well as emergency physicians who treat patients with musculoskeletal trauma. International thought leaders incorporate the latest peer-reviewed literature, technological advances, and practical advice with the goal of optimizing patient outcomes for the full range of traumatic musculoskeletal injuries. Offers complete coverage of relevant anatomy and biomechanics, mechanisms of injury, diagnostic approaches, treatment options, and associated complications. Includes eight new chapters dedicated to advances in technology and addressing key problems and procedures, such as Initial Evaluation of the Spine in Trauma Patients, Management of Perioperative Pain Associated with Trauma and Surgery, Chronic Pain Management (fully addressing the opioid epidemic), Understanding and Treating Chronic Osteomyelitis, and more. Features a complimentary one-year subscription to OrthoEvidence, a global online platform that provides high-quality, peer-reviewed and timely orthopaedic evidence-based summaries of the latest and most relevant literature. Contains unique, critical information on mass casualty incidents and war injuries, with contributions from active duty military surgeons and physicians in collaboration with civilian authors to address injuries caused by road traffic, armed conflict, civil wars, and insurgencies throughout the world. Features important call out boxes summarizing key points, pearls and pitfalls, and outcomes. Provides access to nearly 130 instructional videos that demonstrate principles of care and outline detailed surgical procedures. Contains a wealth of high-quality illustrations, full-color photographs, and diagnostic images.
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