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On The Market Failure Of “Missing Pioneers”, Shang-Jin Wei, Ziru Wei, Jianhuan Xu
On The Market Failure Of “Missing Pioneers”, Shang-Jin Wei, Ziru Wei, Jianhuan Xu
Research Collection School Of Economics
An influential hypothesis states that export pioneers are too few relative to social optimum because the first exporter's action creates an informational public good for all subsequent exporters. The hypothesis has been invoked to justify certain types of government interventions. We note, however, that such market failure requires two inequalities to hold simultaneously: the discovery cost is neither too low nor too high. Neither has to hold in the data. We propose a structural estimation framework to evaluate the hypothesis, and estimate the parameters based on the customs data of Chinese electronics exports. Our key finding is that "missing pioneers" …
Wto Reform And China: Defining Or Defiling The Multilateral Trading System?, Henry S. Gao
Wto Reform And China: Defining Or Defiling The Multilateral Trading System?, Henry S. Gao
Research Collection Yong Pung How School Of Law
In November 2001, China finally acceded to the World Trade Organization, in a deal described by then WTO Director-General Mike Moore as a “defining moment in the history of the multilateral trading system”. In recent years, however, China has been accused of defiling the letter and spirt of WTO rules with its unique economic model. Believing that existing WTO rules are inadequate in dealing with the China challenge, key WTO Members have launched a new round of WTO reform, which is the subject of this article. Contrary to popular belief, most of the problems concerning China are not new but …
Domestic And Foreign Policy Priorities Of Maine Voters, Caitlyn Rooms
Domestic And Foreign Policy Priorities Of Maine Voters, Caitlyn Rooms
Honors College
Understanding the political priorities of a population is key to unravelling the ways that people engage in local, state, and national politics. National polling organizations do studies in every election cycle on the domestic priorities of national voters, and every few years on the foreign policy priorities of the American public. These polls help academics and policymakers understand the motivations of the American populace and help to guide the public narrative surrounding contentious issues. Polls like this are, however, rare at the state level. This study aims to fill that gap for the state of Maine, providing state-level data on …
Import Restrictions By Eco-Certification: Quantity Effects On Tropical Timber Production, Matthew T. Cole, Jacqueline M. Doremus, Stephen F. Hamilton
Import Restrictions By Eco-Certification: Quantity Effects On Tropical Timber Production, Matthew T. Cole, Jacqueline M. Doremus, Stephen F. Hamilton
Economics
Eco-certification standards are increasingly used by industrial countries to restrict imports of foreign goods produced using unsustainable practices. Import restrictions on eco-certified goods limit the trade of goods to the home country, but also serve to segment global demand into separate regions for conventional goods and certified goods, altering market structure and equilibrium prices in a manner that can work against sustainability goals. In this paper, we examine the effect of recent import restrictions in the US, EU, Canada, and Japan that require tropical timber products produced in Central Africa to be eco-certified. Using panel data of timber production in …
Potential Benefits Of Rcep On The Philippines: Accelerating Recovery Through Trade And Other Economic Opportunities, Caesar Cororaton, Marites Tiongco, Arlene B. Inocencio
Potential Benefits Of Rcep On The Philippines: Accelerating Recovery Through Trade And Other Economic Opportunities, Caesar Cororaton, Marites Tiongco, Arlene B. Inocencio
Angelo King Institute for Economic and Business Studies (AKI)
The Philippines, as a member of ASEAN, is part of the RCEP, which is the world’s largest trading block in terms of population and GDP. RCEP was signed on November 15, 2020, by 15 member countries. This policy note discusses the potential effects of RCEP on the Philippines. Using a global CGE model calibrated to the most recent GTAP 10 database, the results indicate that the Philippines will benefit from higher exports, lower consumer prices, higher factor prices, and factor incomes of households. Among the Philippine sectors, the largest positive effects are observed in electronic equipment. Interestingly, the impact on …