International trade distributions and their relation with random fragmentation processes

International Journal of Modern Physics C ◽

10.1142/s0129183122500772 ◽

2021 ◽

Author(s):

R. Bustos-Guajardo

Keyword(s):

International Trade ◽

Shape Parameter ◽

Size Distributions ◽

Weibull Distributions ◽

Traded Goods ◽

Power Law Decay ◽

Approximate Power ◽

Almost All ◽

Data Log ◽

Fragmentation Processes

A study of the distribution of the value of traded goods under the Harmonized System is presented. The ramifications of this classification system are found to exhibit an approximate power law decay, indicating complexity and self-organization in the nomenclature of traded merchandises. For almost all countries with available data, log-values of annually imported and exported goods are well described by three-parameter Weibull distributions. This distribution commonly appears in particles size distributions, suggesting a connection between random fragmentation processes and the mechanisms behind the international trade of merchandises. Analysis of the resulting values for the fitting parameters from 1995 to 2018 shows a nearly constant linear relationship between the parameters of the Weibull distributions, so that, for each country, the distribution of log-values can be approximately characterized by a single shape parameter [Formula: see text]. The empirical findings of this paper suggest that specialization on trading a constant set of goods prevents the values of all traded merchandises from growing/decreasing simultaneously.

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PRINCIPLE OF AUTONOMY IN LETTER OF CREDIT: MALAYSIAN PRACTICE

IIUM Law Journal ◽

10.31436/iiumlj.v19i2.9 ◽

2012 ◽

Vol 19 (2) ◽

Author(s):

Rosmawani Che Hashim ◽

Ahmad Azam Othman ◽

Akhtarzaite Abdul Aziz

Keyword(s):

International Trade ◽

Significant Role ◽

Case Law ◽

Huge Amount ◽

Letter Of Credit ◽

Relevant Case ◽

Method Of Payment ◽

Almost All

The term letter of credit (LC) is not uncommon in international trade as it is the most frequently used method of payment by seller and buyer in their sales contract. LC serves its significant role by facilitating payment between buyer and seller from different countries, who are always prejudiced towards each other on the issue of payment, especially when the deal involves a huge amount of money. By using LC, the seller and buyer will be represented by their own bankers whose function, among others is to issue an LC for the buyer and pay on presentation of seller’s documents which strictly comply to LC requirements. It is well-known that LC is governed by the principle of autonomy or also referred to as the principle of independence1 which indicates LC, being a contract of payment is totally separate from the underlying sales contract. Banks are concerned with documents only and not with the goods. LC transaction can be governed by the Uniform Custom and Practice for Documentary Credit, known as the UCP through express incorporation which provides the rules relating to LC matters and is adopted in almost all LC transactions. This paper discusses the nature, background and significance of principle of autonomy in LC transaction. In elaborating the provisions on the principle of autonomy in the UCP 600, comparisons between relevant articles in the UCP 500 are highlighted. The discussion also focuses on relevant case law and on the application of the autonomy principle in conventional and Islamic LC. The paper concludes with the finding that Malaysian bankers fully subscribe to the principle of autonomy as outlined by the UCP 600.

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Study on Sequential Compliance Method Influenced by Shape Parameter of Weibull Distribution

Advanced Materials Research ◽

10.4028/www.scientific.net/amr.189-193.4361 ◽

2011 ◽

Vol 189-193 ◽

pp. 4361-4364 ◽

Cited By ~ 1

Author(s):

Hong Liang Lou ◽

Xing Lin Li ◽

Xian Zhao Xu ◽

Yang Ping Zhang ◽

Zhong Hua Yu

Keyword(s):

Weibull Distribution ◽

Shape Parameter ◽

Weibull Distributions ◽

Simulation Test ◽

Consumer’S Risk ◽

Producer’S Risk ◽

Rejection Probability

When sequential compliance method is used for Weibull distributions, the shape parameter is usually considered to be fixed. However, because of the life of products are determined by many factors, the shape parameter is variational in practice, that is to say, the shape parameter in the criterions is different from that in the practice. In this paper, the changes of acceptance and rejection probability are researched by the influence of shape parameter changes. Finally, by means of simulation test, changes on the shape parameter affecting on the probability of acceptance and rejection are quantitatively analyzed. As a result, the larger the gap on the shape parameter in the criterions and in the practice is, the larger the gap on the producer’s risk and the consumer’s risk.

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A Critical Analysis of Mercosur Countries’ Trade Relationships with the United States and China

International Business Research ◽

10.5539/ibr.v10n1p163 ◽

2016 ◽

Vol 10 (1) ◽

pp. 163

Author(s):

M. Anaam Hashmi

Keyword(s):

United States ◽

International Trade ◽

Trade Deficit ◽

The United States ◽

Data Series ◽

The European Union ◽

Full Member ◽

Strategic Goals ◽

Almost All ◽

Export Industries

The Mercosur trade alliance formed in 1991 is composed of six full member countries. Historically, Mercosur member countries have been engaged in international trade with the United States, Japan, and the European Union, but recently, China has become a dominant player in the region, with increased foreign direct investment and international trade. Chinese commercial and trade involvement was followed by a visit to the region by President Jiang Zemin in 2001; therefore, this study relied on a 2000–2015 data series. Chinese enterprises are competing well with U.S. corporations in almost all Mercosur member countries. A majority of Mercosur members had a trade deficit with China in recent years, suggesting that Mercosur members cannot leverage their export industries and are losing their competitiveness. The future of the Mercosur-China trade relationship is bright because both sides require each other’s products. Future involvement also depends on the Chinese government’s strategic goals, and the competitiveness of U.S. corporations.

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A synthesis of carbon in international trade

Biogeosciences Discussions ◽

10.5194/bgd-9-3949-2012 ◽

2012 ◽

Vol 9 (3) ◽

pp. 3949-4023 ◽

Cited By ~ 26

Author(s):

G. P. Peters ◽

S. J. Davis ◽

R. M. Andrew

Keyword(s):

International Trade ◽

Co2 Emissions ◽

Fossil Fuels ◽

Wood Products ◽

Total Production ◽

Goods And Services ◽

Traded Goods ◽

Harvested Wood Products ◽

Global Emissions ◽

Embodied Co2 Emissions

Abstract. In a globalised world, the transfer of carbon between regions, either physically or embodied in production, represents a substantial fraction of global carbon emissions. The resulting emission transfers are important for balancing regional carbon budgets and for understanding the drivers of regional emissions. In this paper we synthesise current understanding in two parts: (1) embodied CO2 emissions from the production of goods and services produced in one country but consumed in others, (2) physical carbon flows in fossil fuels, petroleum-derived products, harvested wood products, crops, and livestock. We describe the key differences between studies and provide a consistent set of estimates using the same definitions, modelling framework, and consistent data. We find the largest trade flows of carbon in international trade in 2004 were fossil fuels (2673 MtC, 37% of global emissions), CO2 embodied in traded goods and services (1661 MtC, 22% of global emissions), livestock (651 MtC, 20% of total livestock carbon), crops (522 MtC, 31% of total harvested crop carbon), petroleum-based products (183 MtC, 50% of their total production), and harvested wood products (149 MtC, 40% of total roundwood extraction). We find that for embodied CO2 emissions estimates from independent studies are robust. We found that differences between individual studies is not representative of the uncertainty in consumption-based estimates as different studies use different production-based emission estimates as input and different definitions of allocating emissions to international trade. After adjusting for these issues, results across independent studies converge to give less uncertainty than previously assumed. For physical carbon flows there are relatively few studies to be synthesised, but differences between existing studies are due to the method of allocating to international trade with some studies using "apparent consumption" as opposed to "final consumption" in more comprehensive approaches. While results across studies are robust to be used in further applications, more research is needed to understand the differences between methods and to harmonise definitions for particular applications.

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South America's biophysical involvement in international trade: the physical trade balances of Argentina, Bolivia, and Brazil in the light of ecologically unequal exchange

Journal of Political Ecology ◽

10.2458/v23i1.20240 ◽

2016 ◽

Vol 23 (1) ◽

pp. 394 ◽

Cited By ~ 2

Author(s):

Christian Dorninger ◽

Nina Eisenmenger

Keyword(s):

International Trade ◽

South America ◽

Trade Balance ◽

Trade Flow ◽

Economic Policies ◽

Trade Relations ◽

The Core ◽

Unequal Exchange ◽

Traded Goods ◽

Processed Products

International trade is becoming increasingly important in the strategies of industrialized economies ('core' countries) to meet their physical needs and maintain their social metabolism. Less industrialized ('non-core') countries, in particular those with low population densities such as countries in South America, provide a large share of the natural resources currently being used by the 'core' countries. This article analyzes the relations of biophysical exchange of Argentina, Bolivia, and Brazil with global 'core' and 'non-core' countries in order to add to a discussion of possible relations of different national economic policies, such as import substituting industrialization or neoliberal adjustment, on the countries' physical trade balances (PTBs). By that we will provide a biophysical reading of ecologically unequal exchange; by investigating whether there is a physical net trade flow from 'non-core' to 'core' countries, whether primary products dominate exports of 'non-core' countries in exchange for processed products from 'core' countries, and whether the notion of unfavorable mass-to-price relation for the trading 'non-core' countries applies (Hornborg 2012; Martinez-Alier 2007). The magnitudes, type of material, stage of processing and monetary value of the traded goods are analyzed for the time period from 1962 to 2011. The evaluations have been carried out for trade relations with the 'core' and the 'non-core' countries separately. Additionally, in order to trace the so-called China Effect, which led to the period of new extractivism, the quantities exported to China are shown separately. The results indicate that the three countries examined are net exporters of physical quantities. The physical involvement in 'core'- and 'non-core'-related international trade differs greatly, but at the same time the relative importance of the 'core' as trading partner has decreased steadily over the five decades. Still, 'core'-related trade involves the most unfavorable mass-to-price relation. These conditions, i.e. high importance of unprocessed export commodities, low average unit prices, and an unfavorable monetary trade balance (MTB), reveal many characteristics of an ecologically unequal exchange. This is especially true for Argentina and Brazil. Due to its lower economic performance and limited involvement in international trade, Bolivia to some extent represents an exception.Keywords: Ecologically unequal exchange, physical trade balance, South America, Argentina, Bolivia, Brazil.

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Revising Emission Responsibilities through Consumption-Based Accounting: A European and Post-Brexit Perspective

Sustainability ◽

10.3390/su11020488 ◽

2019 ◽

Vol 11 (2) ◽

pp. 488 ◽

Cited By ~ 6

Author(s):

Paola Fezzigna ◽

Simone Borghesi ◽

Dario Caro

Keyword(s):

International Trade ◽

Co2 Emissions ◽

Trade Flows ◽

Environmental Implications ◽

Traded Goods ◽

The World ◽

Trading Partners ◽

The Uk ◽

The Impact ◽

The Eu

International trade shifts production of a large amount of carbon dioxide (CO2) emissions embodied in traded goods from the importing country to the exporting country. The European Union (EU) plays a prominent role in the flow of international-related emissions as it accounts for the second largest share of global exports and imports of goods. Consumption-based accountings (CBA) emerged as alternative to the traditional emission inventories based on the Intergovernmental Panel on Climate Change (IPCC) guidelines. According to the IPCC criteria, countries where products are consumed take no responsibility for the emissions produced by exporter countries, thus neglecting the emissions embodied in trade. By taking this aspect into account, CBA are considered of great importance in revealing emissions attributed to the final consumer. Using a CBA approach, this paper evaluates the impact of international trade in the EU in terms of CO2 emissions, looking both at the internal trade flows within the EU-28 and at the external trade flows between the EU and the rest of the world during the period 2012–2015. We find that the EU is a net importer of emissions as its emissions due to consumption exceed those due to production. In particular, in 2015 the ratio between import- and export-embodied emissions was more than 3:1 for the EU-28 that imported 1317 Mt CO2 from the rest of the world (mainly from China and Russia) while exporting only 424 Mt CO2. Concerning emissions flows among EU countries, Germany represents the largest importer, followed by the UK. To get a deeper understanding on possible environmental implications of Brexit on UK emission responsibilities, the paper also advances a few hypotheses on how trade flows could change based on the existing trade patterns of the UK. Data analysis shows that a 10% shift of UK imports from EU partners to its main non-EU trading partners (India, China, and US) would increase its emission responsibility by 5%. The increase in UK emission responsibility would more than double (+11%) in case of a 30% shift of UK imports. Similar results would apply if UK replaced its current EU partners with its main Commonwealth trading partners as a result of Brexit.

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Trade: Neoclassical Liberal Views on Impacts

10.1093/acrefore/9780190846626.013.351 ◽

2018 ◽

Author(s):

Jeffrey W. Ladewig

Keyword(s):

International Trade ◽

Comparative Advantage ◽

David Hume ◽

Foreign Currency ◽

Adam Smith ◽

General Idea ◽

Economic Theories ◽

The World ◽

Negative Impacts ◽

Almost All

International trade is a dynamic and powerful force that affects nearly every individual, business, and nation in the world. Its scope and scale have also made international trade an immense, intense, and perennial subject of interest and inquiry. Some of the foundational works on international trade can be traced back to Adam Smith and David Hume, whose theories sought to debunk the commonly held idea of international trade at the time: mercantilism, which viewed exports as beneficial because they generated an increase in foreign currency and a nation’s wealth, and imports as detrimental because they were thought to decrease a nation’s wealth. Today, the general idea of comparative advantage informs almost all neoclassical economists’ models of international trade. However, neoclassical economists tend to assume that the theoretical benefits of international trade are clear, and thus, often ignore or dismiss the negative impacts of international trade and the studies that challenge their theories. In fact, many countries have not seen the benefits predicted by neoclassical economic theories. This is particularly evident when comparing the effects of international trade across developed and developing countries. Furthermore, there is evidence that international trade has developed along patterns that are not predicted by the traditional theories of comparative advantage. Given these, the practice of trade and its international impact can be much murkier.

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