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ID:
136272
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| Summary/Abstract |
The China-Raw Materials dispute recently arbitrated by the WTO opposed China as defendant to the US, the EU and Mexico as the claimants on the somewhat unusual issue of export restrictions on natural resources. For the claimants, Chinese export restrictions on various raw materials, of which the country is a major producer, create shortages in foreign markets increasing the prices of these goods. China defends export limitations by presenting them as a natural resource conserving policy. This paper offers a theoretical analysis of the dispute with the help of a model of a monopoly extracting a non-renewable resource and selling it on both the domestic and foreign markets. The theoretical results focus on the effects of imposing an export quota on quantities, prices and price distortion. Given the crucial importance of demand elasticities in this theoretical understanding of the conflict, the empirical part of the paper provides estimates of import demand elasticity of the parties for each product concerned in the case. The model and the empirical results challenge the ideas that an export quota always favors conservation of natural resource, that a higher foreign price necessarily follows this policy and that it inherently increases price distortion and therefore discrimination.
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| 2 |
ID:
134850
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| Summary/Abstract |
We provide an estimate of China's impact on the growth rate of resource-rich countries after its WTO accession on 11 December 2001. Our empirical approach follows the logic of the differences-in-differences estimator. In addition to temporal variation arising from the WTO accession, which we argue was exogenous to other countries' growth trajectories, we exploit spatial variation arising from differences in natural resource wealth. This allows us to compare changes in economic growth in the post-accession period relative to the pre-accession period between countries that were able to benefit from the surge in demand for industrial commodities brought about by China's WTO accession and countries that were less able to do so. We find that roughly one tenth of average annual post-accession growth in resource-rich countries was due to China's increased appetite for commodities. We use this finding to inform the debate about what will happen to economic growth in resource-rich countries as China rebalances and its demand for commodities weakens
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| 3 |
ID:
136534
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| Summary/Abstract |
The recent decision of the World TRADE Organization's Appellate Body (AB) in China-Rare Earths1 has put an end to the high-profile disputes over China's policies to restrict the exportation of rare earths and other raw materials. China has lost the case, and is expected to remove the export restrictions in compliance with the WTO decision. Despite resolution of the disputes, however, the AB's decision has failed to clarify a systemic issue at the heart of the disputes, namely, the relationship between the WTO agreements on one hand, and an accession protocol whose provisions modify the application of the WTO agreements to the acceded Member, on the other. In addition, the AB chose not to address the dissenting opinion from the Panel below and the views of several third parties that disagreed with the AB's prior ruling on the same legal issue in China-Raw Materials,2 thereby forgoing the opportunity to reexamine and possibly reverse its controversial ruling. The AB's decision thus raises some serious issues about judicial authority in WTO law.
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| 4 |
ID:
136133
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| Summary/Abstract |
Today even raising the question of an economic integration agreement between the European Union and the Eurasian Economic Union seems a non-starter. Recent economic sanctions have severely hurt economic cooperation between the two political entities. Yet the foundations of any new institution are frequently set out in times of crisis.
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| 5 |
ID:
136422
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| Summary/Abstract |
This article analyzes the growing role of migrants’ remittances in the new reality created by the significant changes in the functioning of the global and national economy. It attempts to show that economic development based on the use of primarily recurring external financial sources pegged to indicators of threshold values of the external debt under formation and indicators for retaining macroeconomic stability is creating significant risks.
The author examines the dynamics of the volume of migrants’ remittances in this respect, as well as their importance for Tajikistan’s economic and social development, particularly in ensuring the country’s macroeconomic stability. This is shown in the drawing up of a new National Mid-Term Development Strategy.
The article also states the need for taking efficient steps to transform remittances into investment and financial assets; in the near future, they should be used to create the country’s production potential. This will create conditions not only for making the Tajik economy less dependent on external factors, but also allow it to gain additional advantages from its accession to the WTO.
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| 6 |
ID:
134547
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| Summary/Abstract |
For the United States, at stake is its leader’s declining reputation and the risk of yet another humiliating defeat. The stakes are high also because Russia stands as a symbol of a rising and increasingly anti-Western “non-West.”
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| 7 |
ID:
134551
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| Summary/Abstract |
Creating substituting production capacities, operating a semi-isolated financial system, spending resources to overcome trade barriers and looking for new markets will require enormous and unjustified expenditures, which will inevitably affect the competitiveness of Russia’s national economy and lead to the impoverishment of the population.
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