Gross trade accounting: A transparent method to discover global value chain-related information behind official trade data: Part 1

Zhi Wang, Shang-Jin Wei, Kunfu Zhu 07 April 2014

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Production segmentation across national borders has become an important feature of the world economy. With the rapid increase in intermediate trade flows, trade economists and policymakers have reached a near consensus that official trade statistics based on gross terms are deficient, often hiding the extent of global value chains. There is also widespread recognition among the official international statistics agencies that fragmentation of global production requires a new approach to measure trade, in particular the need to measure trade in value-added.

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Topics:  International trade

Tags:  globalisation, trade, global value chains, global supply chain, statistics

Sustainable growth requires a long-term focus

Pascal Lamy, Ian Goldin 28 March 2014

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Just when we thought high-frequency trading couldn’t get any faster, a US communications company is developing a high-speed laser network between the New Jersey data centres of the New York Stock Exchange and the NASDAQ stock exchange, to shave an additional few nanoseconds off high-frequency trading times.

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Topics:  Environment Financial markets Global crisis International trade

Tags:  growth, climate change, trade, environment, corporate governance, global crisis, high-frequency trading, short-termism, mark-to-market accounting

Waste of effort? International environmental agreements

Derek Kellenberg, Arik Levinson 01 March 2014

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To address environmental problems that span national borders, countries have negotiated more than 1,000 international environmental agreements (IEAs). But do they work? According to most theoretical economic models, because of free-rider problems IEAs cannot reduce pollution much below business-as-usual levels (Barrett 1994, 1997; Carraro and Siniscalco 1993; Finus and Maus 2008). Of course, game-theoretic models rarely predict real-world behaviour, which leaves room for hope that IEAs might be effective in practice.

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Topics:  Environment International trade

Tags:  trade, environment, waste

How the euro synchronised EZ cycles

Ayako Saiki, Sunghyun Henry Kim 02 February 2014

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Prior to the introduction of the euro, the topic of whether the Eurozone fulfils the conditions for an optimum currency area was highly debated (e.g. Bayoumi and Eichengreen 1992).

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Topics:  EU institutions International finance International trade

Tags:  eurozone, euro, trade, business cycles, East Asia, supply chains, optimum currency area

The WTO and the world trading system ‘post Bali’ – Part 2

Gary Horlick interviewed by Viv Davies,

Date Published

Fri, 01/31/2014

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See Also

Simon J Evenett, Alejandro Jara , Building on Bali: A Work Programme for the WTO, A Vox eBook, 18 December 2013.

Editor’s note: This is the second in a two-part series of Vox Talk interviews on the WTO ‘post Bali’. Part 1, posted last week, featured Alejandro Jara.

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Topics

Global governance International trade
Tags
WTO, trade, regional trade agreements, supply chains, Bali package, megaregionals

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The WTO and the world trading system ‘post Bali’ – Part 1 Multilateralising 21st-century regionalism
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January 2014

The WTO and the world trading system ‘post Bali’ – Part 1

Alejandro Jara interviewed by Viv Davies,

Date Published

Sat, 01/25/2014

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See Also

Simon J Evenett, Alejandro Jara , Building on Bali: A Work Programme for the WTO, A Vox eBook, 18 December 2013.

Editor’s note: This is the first in a two-part series of Vox Talk interviews on the WTO ‘post Bali’. Part 2, featuring an interview with Gary Horlick, will be posted in a few days’ time.

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Topics

Global governance International trade
Tags
WTO, trade, regional trade agreements, supply chains, Bali package, megaregionals

Related Article(s)

Multilateralising 21st-century regionalism Global value chains, interdependence, and the future of trade Building on Bali: A new VoxEU eBook WTO agreement: The Bali Ribbon What prospects for a WTO deal in Bali? ‘Bilateral renaissance’ or multilateralism
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January 2014

Multilateralising 21st-century regionalism

Richard Baldwin 20 January 2014

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Trade and trade agreements used to be relatively simple. Trade primarily meant trade in ‘made-here-sold-there’ goods, so 20th-century regional and multilateral trade agreements dealt primarily with barriers to goods crossing borders – especially tariffs. For governments, the key purpose of trade and trade agreements was to help their firms sell things.

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Topics:  Global governance International trade

Tags:  WTO, trade, regional trade agreements, supply chains, harmonisation, global value chain, megaregionals, network effects

Why high-income places manufacture high-quality products

Jonathan Dingel 21 December 2013

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The well-known Linder hypothesis (1961) posits that profitably exporting a product requires robust demand for that product in the exporter's home market. Since higher-income consumers tend to purchase higher-quality products, Linder conjectured that demand by local consumers causes high-income countries to produce and export high-quality products. In contrast, the canonical factor-abundance theory of comparative advantage argues that high-income countries’ greater supply of capital and skills is the reason why they export high-quality products.

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Topics:  International trade

Tags:  trade, economic geography, quality specialisation

Global value chains, interdependence, and the future of trade

Pascal Lamy 18 December 2013

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Today, the expansion of global value or production chains means that most products or services are assembled with inputs from many countries. We may still think in terms of Ricardo’s world of trade between nations, but in reality most trade now takes place within globe-spanning multinational companies and their suppliers. The results of this ‘trade in tasks’ are all around us.

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Topics:  International trade

Tags:  WTO, trade, Doha, global supply chains, Bali, mega-regional negotiations

WTO agreement: The Bali Ribbon

Richard Baldwin 12 December 2013

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Bali’s success got multilateralism out of the emergency room and into the intensive care unit – but we don’t know whether the operation was a success. The Bali package is only distantly related to the heart of the 2001 agenda (WTO 2013). Indeed, the ‘Bali Package’ should really be called the ‘Bali Ribbon’ since very large parts of it were already being implemented unilaterally by members (Meltzer 2013).

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Topics:  Global governance International trade

Tags:  WTO, trade, Doha, multilateralism, regional trade agreements, Trans-Pacific Partnership, Transatlantic Trade and Investment Partnership, Bali, mega-regional negotiations

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