Frontiers of Economics and Globalization – serie

In recent years intellectual property rights (IPR) took on major significance as an element of global trade regulation. The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) at the World Trade Organization (WTO) obliges member countries to protect patents, copyrights, trademarks, and trade secrets. This mandate has great impact in developing nations, which had generally weaker IPR standards prior to TRIPS and subsequent agreements. This emerging international regime for protecting IPR raises thorny questions about how the new rules of the game might affect fundamental economic processes, including innovation, trade and economic development. The governments of many developing countries see the new regime as excessively protectionist and an impediment to their development prospects. They perceive potential problems with abusive monopoly practices, high costs for new medicines, and limited access to scientific and educational materials. Indeed, it is ironic that during a time of significant global liberalization of trade and investment barriers, the IPR system may be raising restrictions on access to the very technology flows that could substantiate the gains from greater trading opportunities. However, expansion of the global IPR regime also bears potential for economic gains. It is possible that the new system will encourage additional investments in R&D and innovation. The ongoing internationalization of commercial R&D could be accelerated. Such investments might increasingly meet the medical, agricultural, and educational needs of people in poor countries. The regime could also improve the mechanisms under which new information goods are transferred across borders, expanding the possibilities for fruitful diffusion of technologies. The implications of these reforms will be far-reaching, complex and hard to predict. It is possible, for example, that stronger patents will simply redistribute incomes across nations, generating significant winners and losers without much overall innovation gains. It is also possible that R&D investments could become more concentrated among the developed and newly industrialized economies but bypass the poorer locations. Ultimately, all such questions need close theoretical and empirical scrutiny. In this volume several economists who are closely involved in such analysis offer comprehensive and analytical literature surveys of the central questions regarding the linkages between intellectual property protection, international trade and investment, and economic growth. The authors range widely over their particular areas of inquiry. At the international level the contributions cover such questions as policy coordination in IPR, dispute resolution, markets for technology and technology transfer, international innovation, parallel trade, and economic development. On the regulatory side there are thoughtful reviews of the legal foundations of IPR, knowledge creation and the public domain, networks and standards, competition policy, access to essential medicines, and agricultural research. The contributions are aimed primarily at economists, who will find ambitious and up-to-date treatments of the most central areas of IPR and globalization. The chapters analyze recent literature, discuss shortcomings and key findings, and indicate where additional research is urgently needed. However, scholars of other disciplines, particularly in law, political science, and international relations, will find much of interest as well. The literature reviews also constitute a valuable resource for students in all these fields who wish to learn more about the economics of international IPR. This book brings together fresh insights from top economists. It considers various aspects of IPRs in the global economy from analytical and empirical perspectives. Areas covered include information technology, trade, investment, agriculture, medicine, firm behavior, and development.

The analysis of the transfer paradox has evolved primarily in the context of traditional static models. However, given developments in the policy arena as well in the discipline itself, there is a need for further developments in the theoretical analysis of foreign aid. For example, the impact of aid on saving, investment and growth calls for an intertemporal framework. Development spatial economics calls for introduction of the spatial dimension to the analysis of foreign aid. Similarly, the potential role of aid in conflict resolution, in improving the environment, in public good (infrastructural) provision, in the globalization process, and in the establishment of good governance are some of the issues that also need serious attention. On the empirical side, the issue of the effectiveness of aid; the determinants of aid; the allocation criteria for aid; the relationship between aid and trade, and aid and poverty remain as important as ever. This volume contains a comprehensive analysis of foreign aid from both theoretical and empirical perspectives, written by leading researchers in the field. It is divided into two parts: Theory of Aid and Empirical Studies on Aid. It examines aid practices in a variety of countries and under a variety of conditions.

Forecasting in the presence of structural breaks and model uncertainty are active areas of recent research with crucial implications for practical problems in forecasting. "Forecasting in the Presence of Structural Breaks and Model Uncertainty" presents findings from the recent literature and new findings in a way that will be very useful to academic researchers and practitioners alike. Each chapter includes detailed empirical applications that demonstrate the usefulness (and limitations) of different methods for generating forecasts when structural breaks and model uncertainty are of significant concern. The authors describe in detail their methods and their results, and the data and programs are made available on a web site devoted to the book. The volume addresses forecasting variables from both Macroeconomics and Finance, and considers many different methods of dealing with model instability and model uncertainty when forming forecasts. Authors are leading experts in the topics they survey and extend. This book is supported by a website detailing the data and programs used.

This is a new volume in the "Frontiers in Economics & Globalization" series. This book deals with a wide-range of trade and development issues in terms of well-known general equilibrium structure. This volume shows how neo-classical models of trade theory can be used to highlight many challenging contemporary global problems. This book is a new volume in the "Frontiers in Economics & Globalization" series. It deals with a wide-range of trade and development issues. It focuses on neo-classical models of trade theory to highlight the challenges of global trade problems.

The aim of the proposed volume will be to present new developments in the methodology and practice of CGE techniques as they apply to recent issues in international trade policy. The volume will be of interest to academic researchers working in trade policy analysis and applied general equilibrium, advanced graduate students in international economics, applied researchers in multilateral organizations, and policymakers who need to work with and interpret the results of CGE analysis.

Culture is not new to the study of migration. It has lurked beneath the surface for some time, occasionally protruding openly into the discussion, usually under some pseudonym. The authors of the papers in this volume bring culture into the open. They are concerned with how culture manifests itself in the migration process for three groups of actors: the migrants, those remaining in the sending areas, and people already living in the recipient locations. The topics vary widely. What unites the authors is an understanding that though actors behave differently, within a group there are economically important shared beliefs (customs, values, attitudes, etc.), which we commonly referred to as culture. Culture plays a central role in our understanding of migration as an economic phenomenon. While the papers in this volume occasionally touch on this diversity and the conflicts it engenders, this is not the focus of the volume. Here the emphasis is on the distinctions in culture between migrants, the families they left behind, and the local population in the migration destination. The new interactions directly affect all three groups. Assimilation is one result; separation is also a possibility. Location choice, workplace interaction, enclave size, the opportunity for the migrant obtaining credit in their new country, the local population's reaction to migrants, the political culture of the migrants and local population, links to the country-of-origin, and the economic state of the host country, all contribute to the classic conflict between assimilation and separation. This volume will consider different aspects of the process of assimilation considering the affect on the migrants themselves, on the local population, on the families left at the home country and others.

The process of Asia's rise to a position of eminence in global finance has accelerated in the wake of the international financial crisis, posing new opportunities and challenges to both the Asian economies and the global financial and trade systems. This volume represents a significant new endeavour to explore and understand the dynamics created by this process of transition. Specifically, it addresses the following four contemporary themes of the evolving role of Asia in global finance: real and financial interactions among economies and across markets, both within Asia and beyond; regional monetary cooperation in Asia; the decoupling debate over Asia's evolving economic and financial ties with major industrial economies; and, the changing roles of domestic finance and capital flows in the developing Asian economies. It sheds light on various dimensions of Asia's economy and finance, ranging from business cycles, exchange rate movements, regional policy coordination, domestic financial development, capital flows, and financial market behaviour. These analyses are pooled in a book that is a must read for market participants, policymakers and academics alike.

"Genetically modified (GM) (or transgenic) crops are produced using plant biotechnology to select desirable characteristics in plants and transfer genes from one organism to another. As a result, crops can survive under harsher conditions, costs are lowered, chemical application is reduced, and yields are improved. Scientists are introducing genes into plants that will give them resistance to herbicides, insects, disease, drought and salt in the soil. The application of modern biotechnology to crop and food production is one of the most significant technological advances to impact modern agriculture. The future of GM technology holds further promises of continued benefits. But the potential of GM product innovations has been overshadowed by significant controversy over this technology. The regulatory activism that has accompanied the diffusion of GM technology has given rise to a complex situation that is replete with obstacles for current and future GM innovations. This is particularly true for the European Union (EU), which has implemented restrictive policies that undoubtedly constrain the current status and the future potential of biotechnology. The discourse on biotechnology applied to food and agriculture is at a crossroads due to rising food prices and concerns about adequate food supplies. Over the last decade a large body of applied economics work has addressed the key questions surrounding the application of this technology to food production. It is now time to take stock of the results of these efforts, and consolidate the methodological, analytical and empirical findings. The challenge is to strengthen the consensus of what economics have to offer in the analysis of the complex issues surrounding the ongoing development of GM products for the agricultural and food sector. The task is, to provide a new perspective on the most pressing policy questions and to help foster an intellectual climate conducive to achieving meaningful progress and lasting solutions. That is the motivation for this volume. It brings together fresh insights from top agricultural economists in the areas of consumer attitudes, environmental impacts, policy and regulation, trade, investment, food security, and development."

Since the very beginnings of economics as a science, which might be dated from Ibn Khaldun's "Introduction to History" (1377), the challenge of making societies escape from poverty and attain some degree of prosperity has always been, and will remain, a fundamental issue. It was and it is still recognized today that this central venture is multi-faceted. Inasmuch as investment and technical progress are central in the growth and development process, many other dimensions must be taken into consideration, such as institutions, the openness of the economy, the protection of the environment. This book will presents cutting edge research on each of these issues and features a preface from Ken Arrow.

In recent years, the globalization of financial asset markets has become increasingly important and has led to closer linkages among these markets. New global investment instruments such as sovereign credit default swaps, exchange traded funds, and bond markets have been created, enabling investors to fine tune their investment portfolios to their likings. Financial investments have been further expanded to include real asset investments such as real estate investments. It is important for global investors to make proper decisions in assessing these investments in their asset allocations and for policymakers who can provide sound policy guidance to cope with the globalization of the financial markets. This volume contributes to a fresh perspective on the economic and finance research on international financial markets and also the commodity markets. It enables scholars, policymakers, and practitioners to better understand the changes and dynamics of commodity and financial asset trading following the recent global financial crisis. This volume contains a comprehensive analysis of international financial markets through a series of essays from leading researchers in the field.

This volume presents new developments in nontariff measure (NTM) policy analysis by leading authors in the field; from conceptual developments and methodology improvements, to a series of innovative cases studies. A novel policy research agenda underlies the book recognizing that some NTMs are required to sustain market exchange. The investigations address the welfare and trade impacts of standard-like NTMs in presence of market imperfections, their measurements, potential protectionism, and implications for North-South trade and income prospects in developing countries, including for small holders. Several analyses address the potential trade-cost effects of these NTMs through their lack of transparency, their heterogeneity across countries, and constraints to harmonize them and gains from harmonization. Several analyses investigate trade within OECD countries, including looking at export decisions by heterogeneous firms and the effect of harmonization of standards on firm productivity, and exploring the export-enhancing effect of a country's own stringency in standards. Practical policy implications are drawn.

This book is timely in its investigation of the environmental influence of globalization and China. Volume 14 focusses on: Theoretic modeling of environmental impact of foreign direct investment (FDI) on host countries, international openness and corporate environmental performance in China, environmental regulation and Chinese firm productivity, industrial sector data in China, environmental impact of foreign vs. domestic capital investment in China, globalization and climate change and new empirical panel data evidence This book answers the following questions: Does FDI affect the environment of host countries? How international openness influences China's corporate environmental performance? Is lax environmental regulation attractive for multinationals to invest in China? The impact of corporate social responsibility on multinationals? Does FDI play a role trade and ISO14001 certification? Can rigorous environmental regulation enhance Chinese firm productivity? Does FDI concentrate in pollution intensive sectors in China? Is globalization good or bad for climate change? How does FDI and social corporate responsibility stack up against the pollution haven hypothesis?

International trade agreements are central to food security. The links between trade and the four dimensions in food security (availability, access, utilization, and stability) are examined. Freer trade in agricultural products provides additional food security. This is bolstered by factors such as increasing the use of GMOs, reducing food waste, and increasing investment in research and development. Also important is the ability of poor people to obtain food in the presence of transportation bottlenecks. Since low-income households spend most of their money on food, policy makers need to be aware of the harm caused by high and volatile food prices. Thus, food security and poverty are very much linked. We provide an understanding of the meaning and measurement of food security and the impacts of government policies in poverty alleviation. In terms of investment in research and development, even with increased productivity, problems attached to food security will remain unless there are significant changes in global income distribution. Global food shortages are due more to the lack of purchasing power rather than lack of food supplies, with the food gap continuing to widen.

Food insecurity can result from various events. When food is abundant, the entitlement to food is limited by endowments, the ability to trade, and potential transfers from family or the government. This volume utilizes a country and regional perspective to examine food insecurity. We consider the interaction between income and the share of household expenditures on food. The epidemiological risk assessment approach to food security issues is utilized as a function of agricultural and production, food distribution, and health policies. The interdependence of food security and climate change is examined. Overall trends in economic growth and poverty reduction, constraints and bottlenecks in agricultural productivity growth, regional trade agreements, and other influential policies are reviewed and discussed. We also consider food security as related to food consumption patterns and obesity. The role of income diversification as well as the impact of Farmer School Fields on food security are examined. The impact of inheritance and transfer entitlements is examined as we consider the role of remittances as well as 'ganyu' or casual labor in determining food security.

World agricultural resources will be altered by climate change which will require both public and private actions. Global agriculture is affected by invasive alien pest and disease species and by severe weather such as sea-level rise flooding and drought. Rising sea levels will increase salinity in coastal groundwater and the loss of coastal wetlands. Drought will increase the vulnerability of forest ecosystems due to decreased soil moisture and increased evapotranspiration. Many changes will be needed to maintain global food security. Climate change will affect food supply and demand, as well as prices. Research and development have the potential to impact both supply and demand, especially through the adoption of biotechnology. Researching plant and animal breeding for multiple disease resistance against pathogens of global relevance has great evolutionary potential. One such program is aquaculture. Another problem is land constraints as rural and urban areas compete for land. For rural food-insecure households, land competition means necessary changes in production practices. Research and development investments could substantially decelerate food prices to prevent hunger and deteriorating living standards in rural households worldwide. Increasing food security will mean establishing dietary guidelines that alleviate the negative health and economic outcomes associated with malnutrition. It is highly questionable to aggregate all food items based solely on calories per kilogram content when not all calories are equal in their effect on health. Food security also includes increasing diet diversity while decreasing food waste and loss. It is imperative that actions be taken for a food-secure future.

This edited volume is a collection of latest research findings on topical issues in international trade theory and policy. The chapters are contributed by well known academic economists around the globe as a tribute to Professor Murray Kemp's 80th birthday. They cover three broad areas of globalization and emerging issues in international trade. The first part of the volume, containing five chapters, deals with trade liberalization and outsourcing. These chapters examine the role of the WTO, trade liberalization as a game under uncertainty, a Chamberlinian-Ricardian model, liberalization of government procurements, and outsourcing and import restriction policies. The second part of the volume, also containing five chapters, examines trading clubs and preferential trading agreements. These chapters extend the original Kemp-Wan proposition concerning customs unions in various directions. The final part of this book consists of six chapters on various aspects of trade and aid. These include a review of Kemp's contributions to trade and welfare economics, gains from trade and refusal to trade, increasing returns and oligopoly, tariff policy and foreign economic aid, infrastructure aid and deindustrialization, and environmental regulation and tourism.