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We investigate into the role of the trade channel as important determinant of a country's current account position and the degree of business cycle synchronization with the rest of the world by comparing the predictions of two types of DGE models. It is shown that the behavior of a country's external balance and the international transmission of shocks depends amongst other things on two factors: i) the magnitude of trade interdependence, ii) the degree of substitutability between importable and domestically-produced goods. Using time series data on bilateral trade flows, we estimate the magnitude of trade interdependence and the elasticity of substitution between importable and domestic goods for the G7 countries. Given these estimates, idiosyncratic supply shocks potentially induce changes in the current account and foreign output that vary in direction and magnitude across G7 countries. The relationship between the magnitude of foreign trade and the import substitutability with various correlation measures is examined empirically in a cross-sectional dimension. First Draft, July 2001. Final Draft, November 2001. Klassifikation: E32, F41
We document significant and robust empirical relationships in cross-country panel data between government size or social expenditure on the one hand, and trade and financial development indicators on the other. Across countries, deeper economic integration is associated with more intense government redistribution, but more developed financial markets weaken that relationship. Over time, controlling for country-specific effects, public social expenditure appears to be eroded by globalization trends where financial market development can more easily substitute for it.
Lebensmittelkrisen wie BSE, Schweinepest, Vogelgrippe und der »Gammelfleischskandal« haben das Vertrauen der Verbraucher in den Agrarmarkt erschüttert. Deshalb verwenden Produzenten und Einzelhändler heute mehr Anstrengungen als jemals zuvor darauf, der verunsichernden Anonymität der global organisierten Produktion durch die Herstellung sozialer Nähe entgegenzuwirken. So suggerieren Herkunftszertifi kate für Regionalprodukte sowie eine schnell steigende Zahl von Hygiene-, Sozial- und Umweltstandards Verlässlichkeit aufgrund von geringen räumlichen Distanzen und unabhängiger Kontrolle, während Initiativen wie »Caretrace: Meet the Farmer« dadurch Vertrauen schaffen sollen, dass sich der Konsument im Internet über den individuellen Produzenten informieren kann. Doch die Folgen dieser Umbrüche für Produktionsweisen und Anbauregionen sind bislang nur wenig bekannt.
The "Suma de tratos y contratos" (1569-1571) by Tomás de Mercado is the first legal treatise on trade that explicitly takes into account the specificities of Spanish trade with the Indias. Tomás de Mercado was faced with very profound changes in trade: long distances, large convoy sizes, the need for large amounts of funding, high risk, variations in prices and the value of money...
From a theological-legal point of view, these upheavals posed new and complex questions.
Mercado, advisor to the merchants of Seville and an excellent knowledge of New Spain, analyses the sudden transformation of economic and juridical practice with finesse and realism. The 'Suma' is thus an extraordinary real-time testimony to the profound transformations taking place in 16th century commerce.
Moreover, faced with fundamental questions of moral order and juridical legitimacy, Mercado proposes legal solutions of high equilibrium in which theological imperatives are masterfully reconciled with the needs of transatlantic commercial practice.