...Relationship between Religion and International Trade Hilal AKINCI, Yeditepe University, İstanbul 2014 The main aim of this paper is to show whether or not religion has impacts on international trade and how it does happen. To do so, researches about the topic will be covered and some worldwide statistics are gathered together. Empirical Studies There are few empirical studies about impacts of religion on international trade or its relationship with international trade. In shared research of Emilia Justyna Powell, University Alabama, and Stephanie J. Rickard, London School of Economics, impacts of Islamic law on international trade is examined. Two models which are monadic and dyadic techniques are used in this study. The main purpose of them to demonstrate whether or not countries governed by Islamic law are effected regarding their international trade although they believe that “the importance of countries’ legal systems for trade has declined over time, possibly due to the increased role of international arbitration bodies and/or the standardization of international sales contracts (Powell & and Rickard, 2010). This research is important as being the first direct test of the effect of Islamic law on countries’ trade relations. The researched draws our attention to the situation that trade can be conceptualized as the aggregate flow of goods and services between countries but in fact that flows are a series of contracts between buyer and seller countries. Enforcement...
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...Impact of International Trade Fair Participation on Export – An Empirical Study of China Based on Treatment Effect Model Silu Shrestha, Zhuo Li* Economics and Management School, Wuhan University, Wuhan, Hubei, China This paper examines the impact of international trade fair participation on export of China, explained by participation in overseas international trade fairs organized by China Council for Promotion of International Trade (CCPIT). The findings of this paper suggest that the international trade fair participation results the increment in export. For the export study the macro economic characteristics of destination and exporting country are considered along with trade fair participation. On the basis of treatment effect model this study analyze that international trade fair participation as an important factor to enhance export of the country. Like wise this model also explains the county characteristics, which determines the international trade fair participation. Overall this paper focuses on international trade fair participation as one of the important factor along with other factors positively affecting the export of China. Keywords: China export, international trade fairs, and treatment effect model. JEL Classifications: F14, F19, C21 ___________________________________________________________________ *Zhuo Li (corresponding author), Email: lizhuo@whu.edu.cn, tel no: +86 27 68753023 Introduction Trade fair is an important medium where different...
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...Institutions in International Relations: Understanding the Effects of the GATT and the WTO on World Trade Judith L+ Goldstein, Douglas Rivers, and Michael Tomz Abstract The General Agreement on Tariffs and Trade ~GATT! and the World Trade Organization ~WTO! have been touted as premier examples of international institutions, but few studies have offered empirical proof+ This article comprehensively evaluates the effects of the GATT0WTO and other trade agreements since World War II+ Our analysis is organized around two factors: institutional standing and institutional embeddedness+ We show that many countries had rights and obligations, or institutional standing, in the GATT0WTO even though they were not formal members of the agreement+ We also expand the analysis to include a range of other commercial agreements that were embedded with the GATT0WTO+ Using data on dyadic trade since 1946, we demonstrate that the GATT0WTO substantially increased trade for countries with institutional standing, and that other embedded agreements had similarly positive effects+ Moreover, our evidence suggests that international trade agreements have complemented, rather than undercut, each other+ When and how do international institutions promote cooperation? Few questions are as fundamental to international relations or as salient for world leaders+ Due to the contributions of Keohane and others, we now have sophisticated theories about the emergence and effects of international institutions,...
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...International trade ECO/372 International trade International trade is essential to a country for importing and exporting their goods and services around the world. The United States is one of the largest countries involved in international trade and finance. A country’s surplus or a deficit affects the supply and demand of the good or service. International trade effects gross domestic product of a country and therefore the entire economic outlook of the nation and this could cause a ripple effect on other nations as well. Trade barriers such as restrictions, tariffs, and quotas can greatly affect the trade between two nations and should be carefully considered. The Unites States has had a tumultuous trade relationship with China and various barriers have been considered and put in place from both countries.Foreign exchange rates also affect countries based upon the value of currency exchange and how much money purchases how much of a good or service. Import Surplus Impact One of the biggest competitors when it comes to the international trade is Japan. The Dell and Toshiba corporations are well known for the competition between the two countries. International trade has increased since the World Trade Organization (WTO) came into existence. The WTO has pushed countries more for competition and to increase their gross domestic product. International trade allows countries to do more business and have access to a larger variety of goods and services. Comparative...
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...the international trade. The financial crisis began in the United States in 2007 in the housing market resulting in foreclosures. The crisis continued to grow and eventually turned into a global financial crisis as well as an economic crisis. As a result, some major banks, insurance companies and investment houses faced bankruptcy while others needed financial aid to continue operating. Many businesses involved in the international trade have been struggling in their financial management during the credit crunch because a business is supposed to remain successfully even during crisis times. The managers in businesses involved in the international trade have had to make decisions to help their organizations stay afloat during the financial crisis. Economists are of the opinion that a financial crisis results from feeble economic fundamentals for instance, fiscal deficit, reduced foreign reserve and increased foreign debt among others. The financial crisis eased in 2009 but its effects were felt globally. The effects on the international trade occur because of the trade links among countries at the global market through a contagious effect (Glick & Rose, 1999). The contagious effect means that when a financial crisis occurs in a country it creates a crisis in another country even if that other country has sound economic fundamentals. The financial crisis affects international trade greatly and this paper will focus on the effects of a financial crisis on the international trade...
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...Chapter 2 International Flow of Funds Lecture Outline Balance of Payments Current Account Capital and Financial Accounts International Trade Flows Distribution of U.S. Exports and Imports U.S. Balance of Trade Trend International Trade Issues Events That Increase International Trade Trade Friction Factors Affecting International Trade Flows Impact of Inflation Impact of National Income Impact of Government Policies Impact of Exchange Rates Interaction of Factors Correcting a Balance of Trade Deficit Limitations of a Weak Home Currency Solution International Capital Flows Distribution of DFI by U.S. Firms Distribution of DFI in the U.S. Factors Affecting Direct Foreign Investment Factors Affecting International Portfolio Investment Agencies that Facilitate International Flows How Trade Affects an MNC’s Value Chapter Theme This chapter provides an overview of the international environment surrounding MNCs. The chapter is macro-oriented in that it discusses international payments on a country-by-country basis. This macro discussion is useful information for an MNC since the MNC can be affected by changes in a country’s current account and capital account positions. Topics to Stimulate Class Discussion 1. Is a current account deficit something to worry about? 2. If a government...
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...College of 2-1-2011 ESSAYS ON INTERNATIONAL TRADE AND FOREIGN DIRECT INVESTMENT Wanasin Sattayanuwat University of Nebraska - Lincoln, wanasin@yahoo.com Follow this and additional works at: http://digitalcommons.unl.edu/businessdiss Part of the Business Commons Sattayanuwat, Wanasin, "ESSAYS ON INTERNATIONAL TRADE AND FOREIGN DIRECT INVESTMENT" (2011). Dissertations and Theses from the College of Business Administration. Paper 18. http://digitalcommons.unl.edu/businessdiss/18 This Article is brought to you for free and open access by the Business Administration, College of at DigitalCommons@University of Nebraska Lincoln. It has been accepted for inclusion in Dissertations and Theses from the College of Business Administration by an authorized administrator of DigitalCommons@University of Nebraska - Lincoln. ESSAYS ON INTERNATIONAL TRADE AND FOREIGN DIRECT INVESTMENT by Wanasin Sattayanuwat A DISSERTATION Presented to the faculty of The Graduate College at the University of Nebraska In Partial Fulfillment of Requirements For the Degree of Doctor of Philosophy Major: Economics Under the Supervision of Professor Craig R MacPhee Lincoln, Nebraska February 2011 ESSAYS ON INTERNATIONAL TRADE AND FOREIGN DIRECT INVESTMENT Wanasin Sattayanuwat, Ph.D. University of Nebraska, February 2011 Advisor: Professor Craig R MacPhee This dissertation comprises three separate essays on international trade and foreign direct investment. We...
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...What Is Globalization? Globalization can be explained as a process of integration and interaction among the companies, people, and governments of different nations. It is a process explained by international trade and investment and updates by information technology. There is an amazing irony in globalization and it is that, as the world gets smaller, opportunities for growth and development become wider and better. Nowhere is this more clearly manifest than in the sphere of international trade and business relations where foreign market economies, domestic politics and diverse legal systems are linked to each other to create more advantages for the contracting states. Origin of Globalization The origin of the Globalization is not new one. It has been gone thousands of years, first people, and, then later on the corporations and industries have been selling to and buying from each other in different lands and nation’s at large distances. This origin of globalization can be elaborated by taking an example of Silk Road. The Silk Road is an entity that is connecting the Europe and China during the middle ages. The same, for centuries, industries and people have been investing in enterprises and venture in other countries. If truth be told, there are number of characteristics of the contemporary wave of globalization are parallel to those existing before the occurrence of the First World War in 1914. Brecher et al. try to conceptualize the roots of...
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...Learning Team A: International Trade Speech NAME ECO/372 February 16, 2015 Teacher Name Learning Team A: International Trade Speech This speech will analyze concepts that focus on international trade and the workings of foreign exchange rates. The speech will also provide detail to the effects of international trade in relation to gross domestic product (GDP), domestic markets and university students. Other topics discussed will include the affects of import surpluses, and how tariffs and quotas are put into place to promote domestic trade. The international trade speech gives insight into the trading process, factors influencing trading between countries, and laws and procedures that protect the trading countries. Effects of an Import Surplus When the United States imports a specific product that is not domestically produced in the United States it will cause a surplus of imports. This happens particularly when a foreign country has a higher supply of an item that the United States does not produce or have a high quantity of. Considering the cost of petroleum in the United States, that product alone can represent as one of the largest components of the U.S. trade deficit at approximately 25% (Secure Energy, 2013). An example would be Saudi Arabia; they can produce oil at a lower cost in part because of lower labor rates. The United States recently experienced a decrease with the cost of gas at the pumps due to a higher supply of gas than was anticipated. Price increases...
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...1. Introduction At the very basic level, Environment, trade, and investment are fundamentally linked as the environment provides various basic inputs of economic activity – forests, fisheries, metals, minerals and also the energy used to process those materials. Trade and I investment, are thus affected by environmental concerns, because producers and investors have to comply with environmental regulations and markets have to address the consumer demand for greener goods. Apart from these physical and economic connections, there are certain legal institutions which govern trade, investment and the environment. Institutions like the World Trade Organization (WTO) and also regional & bilateral trade agreements include trade and investment rules. Multilateral environmental agreements (MEAs), regional agreements, and also the national and sub-national regulations encompass the environmental law. Fundamental goals of WTO are sustainable development and protection and preservation of the environment. These are included in the “Marrakesh Agreement”, which established the WTO, and also complement the WTO’s objective to reduce the trade barriers and eliminate discriminatory treatment in international trade relations. Though, there is no specific agreement which deals with the environment, as per WTO rules members can adopt trade-related measures aimed at protecting the environment, following a number of conditions to avoid the misuse of such measures. The WTO contributes in protection...
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...Accademico : 2012/2013 CONSEQUENCES OF ECONOMIC GROWTH ON THE ENVIRONMENT:Focus on International Trade i. Economic growth and the environment ii. Environmental Kuznets curve: a. Kuznets Curve:Income inequality and growth b. Income inequality , growth and the environment iii. Population growth: how increasing population could affect the environment iv. Economic impacts of environmental policies: c. Economic growth: investment and innovation d. Effect on competitiveness v. International Trade and the environment vi. Effects of Trade on the environment vii. Trade due to differences in Environmental Policies: e. Pollution Haven case viii. Trade not due to differences in Environmental policies: f. Comparative advantage and environment: how factor endowments can influence environment ix. Conclusion x. References xi. Abstract i.Economic growth and the environment In the first half of the twentieth century there was and incredible explosion of international trade: indeed international trade almost triplicate its size.( According to data from www.worldbank.org) A lot of changes contributed to this expansion, first of all technological changes that allowed to reduce distances between countries, the most significant example was the information and communication technologies that...
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...opportunities. Globalization has been defined as the process of worldwide trade that is intended to increase a country’s capital and economic gain for both of the countries involved, while increasing positive global citizenship. Former President Bill Clinton said, "Globalization is not something we can hold off or turn off . . . it is the economic equivalent of a force of nature, like wind or water." Globalization suggests the basic unity of the human spirit that is expressed through a common awareness and humanity. This has been known to possess both positive and negative effects; the positive effects are that businesses are able to have a certain amount of control over their own economic strengths by balancing and manipulating the strengths of other businesses on a global, rather than local, level. The negative effects can be the affect this has on jobs in some specific industries. One common trade theory is the product life-cycle theory, which serves as an accurate explanation of international trade patterns that have been established, as a whole. This theory is used to help understand and further analyze the maturity stages industries and products. The first time the term product life cycle was used was in 1965 by Theodore Levitt and since then it has been used on a regular basis in the business world. All goods, services and products undergo this common life cycle and it refers to the period of time between the launch of a new product into the...
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...always been a big concern regarding to WTO multilateral trading system and climate change. Climate change is the biggest sustainable development challenge the international community has had to tackle to date. Measures to address climate change need to be fully compatible with the international community's wider ambitions for economic growth and human advancement. It is a challenge that transcends borders and requires solutions not only at national levels but at the international level as well. The WTO is one part of the architecture of multilateral cooperation. It provides a framework of disciplines to facilitate global trade and serves as a forum to negotiate further trade openness. Freer trade is not an end in itself; it is tied to crucially important human values and welfare goals captured in the WTO's founding charter, the Marrakesh Agreement. Among these goals are raising standards of living, optimal use of the world's resources in accordance with the objective of sustainable development, and protection and preservation of the environment. The issue of climate change is not part of the WTO's ongoing work program and there are no WTO rules specific to climate change. However, the WTO is relevant because climate change measures and policies intersect with international trade in a number of different ways. First, trade openness can help efforts to mitigate and adapt to climate change, for example by promoting an efficient allocation of the world's resources (including natural...
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...International Trade and Finance Speech ECO/372 September 23, 2013 International Trade and Finance Speech According to (Colander, 2010, p. 505) a surplus means when a country “produces more than what it consumes.” “Countries that enjoy a trade surplus have more money flowing in than out. This includes both money for the products the country exports and the money spent by foreign visitors” (Wisegeek, 2013, p. 1). The effect of trade surplus in a nation indicates it has more control over its own currency. In some ways the United States and Japan are major competitors in the market of international trade (Encyclopedia of Nations, 2013). Each, country produces many of the same goods, for example Toshiba’s major competitor in personal computers is Dell (Dell computer corporation, 1997). Toshiba is a product Japan imports to the United States. A surplus would be created, depending on the current interest and exchange rate in the United States. After the emergence of the World Trade Organization, and according to their site (WTO, 2013) is designed to “deal with the global rules of trade between nations. Its main function is to ensure that trade flows smoothly, predictably, and as freely as possible.” From inception the volume of international trade has increased and participating countries actively trade to push their product. The intent of this speech will be to explain what happens during a surplus of imports into the United States, the effects of international trade to gross...
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...once limited to some countries, are now available across the world. Work can be outsourced to any part of the world that has access to the Internet. Because of improvements in traffic infrastructure now it is easy to reach one’s destination in a relatively short period of time. This great phenomenon can be called as globalization. Globalization has been defined in many different ways, but central to most of them is that globalization is the interaction between different countries in order to improve the global economy and society. Furthermore, “process by which regional economies, societies, and cultures have become integrated through a global network of political ideas through communication, transportation, and trade is classified as globalization”. There are three main factors that contribute to globalization are the efficiency of international transportation, making international trade and enterprise profitable and growth of the informational technologies. Cause 1 One of the factors that lead to the process of globalization is the efficiency of international transportation as a fundamental element of supporting the global economy and market as whole. International transportation it is a factor that causes international trade to spread faster, because international trade needs infrastructures which can support trade between some firms. For instance fast growing economic development in China has been the main aspect behind the growth of international transportation in last...
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