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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.

Elasticity (Economics) --- Commercial policy --- International trade --- Foreign trade policy --- International trade policy --- Trade policy --- Economic policy --- International economic relations --- Coefficient of elasticity --- Demand elasticity --- Elasticity, Coefficient of --- Elasticity of demand --- Price elasticity of demand --- Demand (Economic theory) --- Economics --- Econometric models. --- Government policy --- Investments: Commodities --- Exports and Imports --- Industries: Manufacturing --- Empirical Studies of Trade --- Model Construction and Estimation --- Trade Policy --- International Trade Organizations --- Industry Studies: Manufacturing: General --- Agriculture: General --- Trade: General --- International economics --- Manufacturing industries --- Investment & securities --- Manufacturing --- Agricultural commodities --- Multilateral trade --- Plurilateral trade --- Imports --- Economic sectors --- Commodities --- Farm produce --- United States

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This paper explores the effect of trade on the relative wage of less-skilled labor through its effect on world prices, which are typically exogenously given under the small open economy assumption. Using the 1995 international input-output data for APEC member countries, we numerically simulate a general equilibrium model to study the effects of abolishing existing tariffs under the assumption that each member country is large enough to affect the prices of goods and services produced in the region. We find that the responsiveness of prices plays an important role in easing a possible adverse effect of trade on relative wages.

Electronic books. -- local. --- Equilibrium (Economics) -- Econometric models. --- International trade -- Econometric models. --- Prices -- Econometric models. --- Wages -- Econometric models. --- Business & Economics --- Economic Theory --- Equilibrium (Economics) --- International trade --- Prices --- Wages --- Econometric models. --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Exports and Imports --- Labor --- Taxation --- Neoclassical Models of Trade --- Empirical Studies of Trade --- Trade and Labor Market Interactions --- Existence and Stability Conditions of Equilibrium --- Trade Policy --- International Trade Organizations --- Wages, Compensation, and Labor Costs: General --- Trade: General --- Professional Labor Markets --- Occupational Licensing --- Wage Level and Structure --- Wage Differentials --- Labour --- income economics --- Public finance & taxation --- International economics --- Tariffs --- Imports --- Skilled labor --- Wage gap --- Taxes --- Tariff --- Labor market --- United States

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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.

Exports --- Japan --- Economic conditions --- International trade --- Exports and Imports --- Infrastructure --- Production and Operations Management --- Financial Markets and the Macroeconomy --- Empirical Studies of Trade --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Trade: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Macroeconomics: Production --- Industry Studies: Transportation and Utilities: General --- International economics --- Macroeconomics --- Total factor productivity --- Export performance --- Productivity --- Transportation --- National accounts --- Industrial productivity --- Saving and investment --- China, People's Republic of

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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.

Exports --- Financial crises --- Export financing --- Finance. --- Banks and Banking --- Exports and Imports --- Finance: General --- Macroeconomic Aspects of International Trade and Finance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Trade Policy --- International Trade Organizations --- Trade: General --- Retail and Wholesale Trade --- e-Commerce --- General Financial Markets: Government Policy and Regulation --- International economics --- Banking --- Financial services law & regulation --- Trade finance --- Export credits --- Trade in goods --- International trade --- Basel II --- Financial regulation and supervision --- International finance --- Banks and banking --- Export credit --- Balance of trade --- State supervision --- United States

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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.

Trade regulation. --- Competition. --- Competition --- Competition (Economics) --- Competitiveness (Economics) --- Economic competition --- Commerce --- Conglomerate corporations --- Covenants not to compete --- Industrial concentration --- Monopolies --- Open price system --- Supply and demand --- Trusts, Industrial --- Regulation of trade --- Regulatory reform --- Trade regulation --- Commercial law --- Consumer protection --- Deregulation --- Economic aspects --- Law and legislation --- Exports and Imports --- Finance: General --- Foreign Exchange --- Taxation --- Trade: General --- International Finance: General --- General Financial Markets: General (includes Measurement and Data) --- Business Taxes and Subsidies --- Currency --- Foreign exchange --- International economics --- Finance --- Public finance & taxation --- Real effective exchange rates --- Exports --- Production sharing --- Exchange rates --- International trade --- Financial markets --- Taxes --- Oil and gas leases --- China, People's Republic of