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.
With global supply chains, any value added or production task can be traded as part of goods. This means that competitiveness can be measured either in terms of “tasks” (Bems and Johnson, 2012), or goods, but with goods prices reflecting the cost of tasks embedded in those goods. We show that when measuring competitiveness in goods, the formula used in computing the real effective exchange rates at the IMF (Bayoumi, Lee, and Jayanthi, 2005) needs to be expressed in terms of the price of value added and needs an additional term, which captures a gain or loss in competitiveness of goods due to outsourcing.
E-money development has important yet theoretically ambiguous consequences for monetary policy transmission, because nonbank deposit-taking e-money issuers (EMIs) (e.g., mobile network operators) can either complement or substitute banks. Case studies of e-money regulations point to complementarity of EMIs with banks, implying that the development of e-money could deepen financial intermediation and strengthen monetary policy transmission. The issue is further explored with panel data, on both monthly (covering 21 countries) and annual (covering 47 countries) frequencies, over 2001 to 2019. We use a two-way fixed effect estimator to estimate the causal effects of e-money development on monetary policy transmission. We find that e-money development has accompanied stronger monetary policy transmission (measured by the responsiveness of interest rates to the policy rate), growth in bank deposits and credit, and efficiency gains in financial intermediation (measured by the lending-to-deposit rate spread). Evidence is more pronounced in countries where e-money development takes off in a context of limited financial inclusion. This paper highlights the potential benefits of e-money development in strengthening monetary policy transmission, especially in countries with limited financial inclusion.
A surge of exports in the 2000s helped Japan exit the severe decade-long stagnation known as the lost decade. Using panel data of Japanese exporting firms, we examine the sources of the export surge during this period. One view argues that the so-called "divine wind" or exogenous external demand boosted Japanese exports. The other view emphasizes the role of supply factors such as productivity gains, materialized after long-fought restructuring efforts during the lost decade. Estimating the firm-level export function allows us to assess the relative importance of these demand and supply factors. Evidence shows that firms' efforts were more important than the divine wind.
We examine the role of household financial access in determining the extent of risksharing in Nigeria using household-level panel data. We estimate changes in the response of consumption to shocks for households with formal and informal access to finance and those without, both for the country as a whole and for different regions. Our findings suggest that households with financial access who experience an unexpected negative income shock see consumption fall by 15 percentage points less than those without access. This result is mainly driven by households with informal financial access, and by household savings rather than borrowing. Regional variation in risk sharing tends to be significant, suggesting that financial inclusion efforts going forward should have a more regional focus.
Global merchandise trade sharply declined in late 2008 and early 2009, and some press and financial market reports assigned a large role for the decline to trade finance. However, the available evidence suggests that shocks to trade finance were not the major factor in the decline in trade. Surveys of commercial banks by the IMF and others found that while bank-intermediated trade finance fell in value during the crisis, it fell by less than merchandise trade. As a result, the share of world trade supported by bank-intermediated trade finance increased despite higher pricing margins. Other explanations appear to account for the bulk of the reduction in international trade.
This paper finds that the estimates of Armington elasticities (the elasticity of substitution between groups of products identified by country of origin) obtained from multilateral trade data can differ from those obtained from bilateral trade data. In particular, the former tends to be higher than the latter when trade consists largely of intermediate inputs. Given that the variety of intermediate inputs traded across borders is increasing rapidly, and that the effect of this increase is not adequately captured in multilateral trade data, the evidence shows that the use of multilateral trade data to estimate Armington elasticities needs caution.
A zero net domestic financing (NDF) target has served Tanzania well in recent years, contributing to prudent expenditure policy, improved fiscal sustainability, and macroeconomic stability. Moving to a more flexible fiscal policy, however, may serve Tanzania better. The "diamond rule" proposed in this paper incorporates a permanent hard ceiling on debt and annual benchmark limits on NDF, expenditure growth, and nonconcessional external financing. This rule would provide flexibility for countercyclical policy and help define the fiscal space for infrastructure spending that is consistent with longrun fiscal sustainability. An illustrative simulation shows that Tanzania has considerable fiscal space for development spending.
Over the last 20 years, ethnic minority groups have been increasingly featured in Japanese Films. However, the way these groups are presented has not been a subject of investigation. This study examines the representation of so-called Others – foreigners, ethnic minorities, and Okinawans – in Japanese cinema. By combining textual and contextual analysis, this book analyses the narrative and visual style of films of contemporary Japanese cinema in relation to their social and historical context of production and reception. Mika Ko considers the ways in which ‘multicultural’ sentiments have emerged in contemporary Japanese cinema. In this respect, Japanese films may be seen not simply to have ‘reflected’ more general trends within Japanese society but to have played an active role in constructing and communicating different versions of multiculturalism. In particular, the book is concerned with how representations of ‘otherness’ in contemporary Japanese cinema may be identified as reinforcing or subverting dominant discourses of ‘Japaneseness’. the author book also illuminates the ways in which Japanese films have engaged in the dramatisation and elaboration of ideas and attitudes surrounding contemporary Japanese nationalism and multiculturalism. By locating contemporary Japanese cinema in a social and political context, Japanese Cinema and Otherness makes an original contribution to scholarship on Japanese film study but also to bridging the gap between Japanese studies and film studies.
Natural Organic Matter in Water: Characterization, Treatment Methods, and Climate Change Impact, Second Edition focuses on advanced filtration and treatment options, as well as processes for reducing disinfection by-products, making it an essential resource on the latest breakthroughs in the characterization, treatment and removal of natural organic matter (NOM) from drinking water. Based on the editor's years of research and field experience, the book covers general parameters, isolation and concentration, fractionation, composition and structural analysis, and biological testing, along with removal methods such as inorganic coagulants, polyelectrolytes and composite coagulants. In addition, sections cover electrochemical and membranes removal methods such as electrocoagulation, electrochemical oxidation, microfiltration and ultrafiltration, nanofiltration, and membrane fouling. This book is a valuable guide for engineers and researchers looking to integrate methods, processes and technologies to achieve desired affects. - Provides a summary of up-to-date information surrounding NOM - Presents enhanced knowledge on treatment strategies for the removal of NOM - Covers conventional as well as advanced NOM removal methods
Offering a timely reanalysis of the issue of Japan’s capital punishment policy, this cutting edge volume considers the de facto moratorium periods in Japan’s death penalty system and proposes an alternative analytical framework to examine the policy. Addressing how the Ministry of Justice in Japan justified capital punishment policy during the de facto moratorium periods from 1989 to 1993, from 2009 to 2010 and from 2010 to 2012, the author debates the misconceptions surrounding the significance of these moratoriums. The book evidences the approach, rationale and evolution of Japan’s Ministry of Justice in consistently justifying capital punishment policy during the different execution-free periods and provides a better understanding of the powerful unelected elite who actually drive the capital punishment system in Japan. Based on parliamentary proceedings, public opinion surveys and periodical reports by both international and domestic human rights NGOs as well as interviews of government ministers, NGO staff, pro- and anti-death-penalty advocates, this text is key reading for those interested in Japan, its government, criminal justice system and policies on the death penalty and human rights.
An authoritative and comprehensive volume of knowledge and green technologies wholly focused on the future of the bioeconomy. The authors present data, show opportunities, discuss R&D findings, analyze strategies, assess the wider economic impact, showcase achievements, criticize policies and propose solutions for the green revolution in biofuels, biochemicals and biomaterials’ production and power generation. A fascinating range of case studies from the US, China and many European countries are used to inform readers about the impact of this field on society and how various technologies are currently being implemented. Additionally, the role of industry on this green industrial revolution is outlined with contributions from several major companies such as DuPont (US), UPM-Kymmene Oy (Finland), Anhui BBCA Biochemical Co (China).
Do workers hired from superstar tech-firms contribute to better firm performance? To address this question, we analyze the effects of tacit knowledge spillovers from Nokia in the context of a quasi-natural experiment in Finland, the closure of Nokia’s mobile device division in 2014 and the massive labor movement it implied. We apply a two-stage difference-in-differences approach with heterogeneous treatment to estimate the causal effects of hiring former Nokia employees. Our results provide new evidence supporting the positive causal role of former Nokia workers on firm performance. The evidence of the positive spillovers on firms is particularly strong in terms of employment and value added.
E-money development has important yet theoretically ambiguous consequences for monetary policy transmission, because nonbank deposit-taking e-money issuers (EMIs) (e.g., mobile network operators) can either complement or substitute banks. Case studies of e-money regulations point to complementarity of EMIs with banks, implying that the development of e-money could deepen financial intermediation and strengthen monetary policy transmission. The issue is further explored with panel data, on both monthly (covering 21 countries) and annual (covering 47 countries) frequencies, over 2001 to 2019. We use a two-way fixed effect estimator to estimate the causal effects of e-money development on monetary policy transmission. We find that e-money development has accompanied stronger monetary policy transmission (measured by the responsiveness of interest rates to the policy rate), growth in bank deposits and credit, and efficiency gains in financial intermediation (measured by the lending-to-deposit rate spread). Evidence is more pronounced in countries where e-money development takes off in a context of limited financial inclusion. This paper highlights the potential benefits of e-money development in strengthening monetary policy transmission, especially in countries with limited financial inclusion.
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.
We examine the role of household financial access in determining the extent of risksharing in Nigeria using household-level panel data. We estimate changes in the response of consumption to shocks for households with formal and informal access to finance and those without, both for the country as a whole and for different regions. Our findings suggest that households with financial access who experience an unexpected negative income shock see consumption fall by 15 percentage points less than those without access. This result is mainly driven by households with informal financial access, and by household savings rather than borrowing. Regional variation in risk sharing tends to be significant, suggesting that financial inclusion efforts going forward should have a more regional focus.
A surge of exports in the 2000s helped Japan exit the severe decade-long stagnation known as the lost decade. Using panel data of Japanese exporting firms, we examine the sources of the export surge during this period. One view argues that the so-called "divine wind" or exogenous external demand boosted Japanese exports. The other view emphasizes the role of supply factors such as productivity gains, materialized after long-fought restructuring efforts during the lost decade. Estimating the firm-level export function allows us to assess the relative importance of these demand and supply factors. Evidence shows that firms' efforts were more important than the divine wind.
With global supply chains, any value added or production task can be traded as part of goods. This means that competitiveness can be measured either in terms of “tasks” (Bems and Johnson, 2012), or goods, but with goods prices reflecting the cost of tasks embedded in those goods. We show that when measuring competitiveness in goods, the formula used in computing the real effective exchange rates at the IMF (Bayoumi, Lee, and Jayanthi, 2005) needs to be expressed in terms of the price of value added and needs an additional term, which captures a gain or loss in competitiveness of goods due to outsourcing.
Global merchandise trade sharply declined in late 2008 and early 2009, and some press and financial market reports assigned a large role for the decline to trade finance. However, the available evidence suggests that shocks to trade finance were not the major factor in the decline in trade. Surveys of commercial banks by the IMF and others found that while bank-intermediated trade finance fell in value during the crisis, it fell by less than merchandise trade. As a result, the share of world trade supported by bank-intermediated trade finance increased despite higher pricing margins. Other explanations appear to account for the bulk of the reduction in international trade.
Please, may the little light in Yamato never go out. Childhood best friends. Two halves of a whole. Yamato and Kakeru. The clock has rewound to their elementary school days as a carefree Kakeru tries his hardest to befriend the quiet and reserved Yamato. But as they get closer, Kakeru soon realizes Yamato is keeping something buried deep within—a secret related to his father, who is now in a coma. With Kakeru at his side, can Yamato finally face the feelings that have been haunting him?
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