Catalogue Search | MBRL
Are you sure you want to remove the book from the shelf?
{{itemTitle}}
303,118
result(s) for
"TRADE RELATIONS"
Sort by:
Globalization and stock price crash risk: evidence from the US granting permanent normal trade relations to China
China’s remarkable growth in exports has sparked concerns regarding the negative effects of the China trade shock; yet its positive aspects often go overlooked. This study uncovers a previously unexplored advantage of the China trade shock – its positive influence on financial stability. We focus on its influence on the stock price crash risk of US firms by leveraging the US granting of Permanent Normal Trade Relations (PNTR) status to China in 2000 as a quasi-natural experiment. Our study identifies a reduction in stock price crash risk for US firms after PNTR. This result remains robust after controlling for various other contemporaneous policies that may be spuriously correlated with the PNTR shock, such as the Sarbanes–Oxley Act, the burst of the Internet bubble in 2000, and policy changes in China. Further examination of the effects of PNTR on Chinese imports, earnings management, investment efficiency, and governance, along with an analysis of cross-sectional variations, indicates that the disciplinary channel, as opposed to the offshoring channel, is likely the primary underlying mechanism. This study enriches our understanding of the consequences of the China trade shock.
Journal Article
IMPORT COMPETITION AND INTERNAL MIGRATION
We examine the U.S. internal migration response to increased import competition following the granting of Permanent Normal Trade Relations to China in 2001. Using a variety of data sets and empirical approaches, we find that local labor markets most exposed to the policy change experienced a relative reduction in population growth over the following decade. The majority of the effect occurs at a lag of seven to ten years and is most pronounced among young individuals and low-education groups. Such population adjustments should influence the interpretation of evidence in the growing literature on import competition and local labor markets.
Journal Article
Import Penetration and Corporate Misconduct: A Natural Experiment
Corporate misconduct receives significant attention in the business ethics literature. This paper studies how corporate misconduct is impacted by import penetration from China, which is largely exogenous to the U.S. product market. Using this natural experiment, we find that heightened Chinese import penetration curbs corporate misconduct of U.S. firms. The effect is more pronounced for firms with weaker corporate governance and firms more vulnerable to product market competition. The findings provide implications for firms facing increased import penetration. Firms may consider improving corporate governance and exploring avenues for differentiation as potential strategies to cope with the competition. In addition, we address the exogeneity concern derived from the influence of Chinese value penetration. Furthermore, we find that competition-related policies such as tariff reduction and U.S. granting China Permanent Normal Trade Relations (PNTR) status also lower corporate misconduct. Our work adds to the debates on competition and corporate misconduct in a cross-country competitive landscape.
Journal Article
WTO accessions and trade multilateralism : case studies and lessons from the WTO at twenty
\"What have WTO accessions contributed to the rules-based multilateral trading system? What demands have been made by original WTO members on acceding governments? How have the acceding governments fared? This volume of essays offers critical readings on how WTO accession negotiations have expanded the reach of the multilateral trading system not only geographically but also conceptually, clarifying disciplines and pointing the way to their further strengthening in future negotiations. Members who have acceded since the WTO was established now account for twenty per cent of total WTO membership. In the age of globalization there is an increased need for a universal system of trade rules. Accession negotiations have been used by governments as an instrument for domestic reforms, and one lesson from the accession process is that there are contexts which lead multilateral trade negotiations to successful outcomes even in the complex and multi-polar twenty-first century economic environment\"-- Provided by publisher.
BOOK
The Surprisingly Swift Decline of US Manufacturing Employment
This paper links the sharp drop in US manufacturing employment after 2000 to a change in US trade policy that eliminated potential tariff increases on Chinese imports. Industries more exposed to the change experience greater employment loss, increased imports from China, and higher entry by US importers and foreign-owned Chinese exporters. At the plant level, shifts toward less labor-intensive production and exposure to the policy via input-output linkages also contribute to the decline in employment. Results are robust to other potential explanations of employment loss, and there is no similar reaction in the European Union, where policy did not change.
Journal Article
Global value chains and global production networks : changes in the international political economy
Global value chains (GVCs) and global production networks (GPNs) have been particularly useful as conceptual frameworks for understanding the global market engagement of firms, regions and nations. This book examines the rise of GVCs and GPNs as dominant features of the international political economy, and sets out new directions for future scholarship in understanding the contemporary global economic system.
Book
From Trade Barriers to Economic Gains: Understanding the Contribution of U.S.-EU Relations to EU’s Growth
In the context of globalisation, trade relations between the United States (U.S.) and the European Union (EU) serve as a platform for economic development, which influences the policies and economic cooperation of these two major powers. Our study investigates how the evolution of bilateral trade relations and foreign direct investment (FDI) impacts economic growth in the European Union. By examining the contemporary challenges posed by U.S.-EU trade policies, this paper confirms that regulatory frameworks, mutual agreements, and transnational collaborations can reduce trade barriers and foster a thriving economic development. The dataset used in our econometric model consists of data collected from 2013 to 2023 for all the 27 EU Member States and the U.S. In our model, economic growth is the dependent variable, while the main independent variables are the U.S.-EU trade balance and the foreign direct investment (FDI) from the U.S. to the EU. The results of our research show a strong positive correlation between EU’s economic growth and the U.S.-EU trade balance. This indicates that an increase in the trade balance with the U.S. will significantly contribute to the economic growth of EU’s Member States. Moreover, an increase in FDI from the U.S. would positively impact both the economic growth and the U.S.-EU trade balance in the EU Member States. Our research confirms that international trade is a catalyst for economic development, and that the benefits of U.S.-EU trade relations extend far beyond purely economic metrics. They can be showcased in a holistic approach to regional and global economic advancement. The conclusions of our study offer key insights to academics, researchers and policymakers, considering the current state of EU’s economic development and the United States’ influence on recent geopolitical dynamics.
Journal Article