Trade Structure Research Articles

Options trading and corporate debt structure

Options trading and corporate debt structure

Wildlife trade at the interface between deeply-rooted animal-based traditional medicine and unregulated harvesting of wild animals in West Africa

Local trade remains a data poor component of wildlife crime that must be better understood for more effective combat against the illegal wildlife trade. We assessed the distribution of wildlife markets, diversity of species traded and the extent of the trade chain through spatial analysis of wildlife sale sites and semi-structured interviews with 75 vendors in the 10 largest traditional medicine markets of Benin. GPS coordinates of wildlife markets were used to map their geographic distribution and assess their spatial patterns. We used a generalized linear model to determine the drivers underlying the spatial patterns of wildlife markets. A circular layout was designed to delineate the geographic extent of wildlife trade in terms of supplying sources. We found that wildlife was traded at 121 sale sites in Benin, highly dominated by traditional medicine markets (106 sites). The spatial analysis of markets exhibited an aggregative distribution pattern, and the type of market, the number of stalls in the markets and the municipality status influence significantly the spatial temporality of market distribution. Wildlife trade for traditional medicine affected 268, 96 and 61 bird, mammal and reptile species, respectively, and included species of both high national and global conservation concern. We also found that the national wildlife trade in Benin was supplied from 80% (12/15) West African Economic and Monetary countries, and all the Economic Community of West African States (except Guinea-Bissau) in violation of national laws, CITES, and regional commitments to combat wildlife trafficking (e.g., the West African Strategy for Combatting Wildlife Crime). Our study in Benin is a big step to revealing trade throughout in West Africa. It provides much needed information on wildlife trade structure and driving forces that could help to inform decision-making for better trade regulation and for effective wildlife law enforcement in West Africa. Other studies should do the same to help paint a more complete picture of wildlife trade in West Africa.

Navigating access and benefit sharing in international trade of endemic species: The case of Colombia's poison frogs (Dendrobatidae)

AbstractWildlife is an important global commodity that generates significant revenue along the supply chain, including economic benefits in range states for sought‐after species. However, international trade in wild species is often associated with over‐exploitation and illegal extraction. To regulate, monitor, and ensure the sustainability of such trade, over 180 countries have ratified the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). Using national data collected through CITES processes, we undertook a network analysis to evaluate the structure and dynamics of international trade in six CITES‐listed species of Colombian endemic poison frogs (Dendrobatidae). We assessed the magnitude of the international trade and the countries that were reporting legal imports/exports, both before and after Colombia allowed legal exports of these species, to examine the changes associated with Colombia's export legalization and to draw conclusions about the country's role and benefits from trade in these species. Our analyses show that, for over two decades, international trade of CITES‐listed species likely in contravention of the Convention resulted in significant exports—and likely greater financial benefits—accruing in non‐range states through reported captive breeding programs. Although the market was reconfigured when Colombia legalized the export of certain endemic frog species, non‐range states with founder stocks obtained from unknown and possibly illegal sources continue to account for a significant portion of the trade volume of some species (mostly, Phyllobates spp.). We discuss the importance of enforcing regulations and collaborations that promote better traceability of international commerce of endemic species to ensure the legitimacy of transactions, economic benefits for origin countries, and the conservation of species in the wild.

Trade Potential in the Bilateral Relationship Between Indonesia-South Korea (Perspective: SITC Agregat 1 Digit) 2013-2022

The Republic of Indonesia and South Korea have engaged in a bilateral cooperation spanning 50 years across diverse domains. Despite the success of this collaboration in augmenting the overall trade between the two nations in alignment with their initial economic objectives, the trajectory of trade development has not consistently followed a linear pattern. This study aims to elucidate the trading dynamics between Indonesia and South Korea from 2013 to 2022. This period was selected as it reflects significant dynamics in bilateral trade relations as well as global economic fluctuations that influenced the trade patterns of both countries. This is achieved through a comprehensive analysis utilizing methodologies such as the Grubel-Lloyd Index, Trade Balance Index (TBI), Trade Complementarity Index (TCI), and Revealed Symmetric Comparative Advantage Index (RSCA). The research outcomes reveal a high degree of industrial interrelatedness within 10 commodity groups, with 7 exhibiting robust integration and 3 displaying varying degrees of integration ranging from moderate to weak. Despite the sustained high level of compatibility in the trade structure, discernible fluctuations are observed in trade surpluses and deficits. The analysis of the Revealed Symmetric Comparative Advantage Index highlights the absence of significant comparative advantages for Indonesia across the majority of the analyzed commodities. Notwithstanding marginal alterations in the Product Mapping classification, statistical analyses of (IIT), TBI, TCI, and RSCA underscore bilateral trade's nuanced and dynamic nature, with annual fluctuations necessitating focused attention.

A Newly Discovered Bishop’s Residence in the Southeastern Part of Trapezitsa (12th – 14th Centuries)

The sector examined is situated on three adjacent ledges, on the southernmost of which a large ensemble covering an area of 900 m2 was discovered. It was constructed during the first half of the 13th century and existed until the fall of Tarnovo at the end of the 14th century. Two wings were discovered. The west wing is a chain building. The inner walls are plastered and the floors are covered with a brick pavement. The north wing (a dining hall) was constructed in a similar manner. Also, a large domestic furnace was uncovered, as well as elliptical heating equipment. The newly discovered ensemble is a contribution to the understanding of the urban planning of the sector. Here, no traces were found of residential buildings, production and trade structures, necropolises, etc. In this context, an urban environment was formed here, only with large enclosed ensembles, bordering with one another and inhabited by representatives of the eminent metropolitan aristocracy.

Tanzania’s Economic Growth Prospects through EAC and SADC Membership

The article examines the economic effects of Tanzania’s multiple membership in the East African Community (EAC) common market and the Southern African Development Community (SADC) free trade area. Over the past two or three decades, regional integration processes have intensified on the African continent, which have become an important component of the economic development of countries. Geographical and commodity structure of Tanzanian foreign trade in the first two decades of the 21st century has changed significantly: the position of the countries of East Africa has strengthened due to integration within the EAC and rapidly developing Asian economies, trade flows with the former metropolitan countries have weakened, trade with the south of the continent has diversified within the SADC.

German-Turkish Commodities Trade in Contrast to the Decline in German Foreign Trade

The article examines the specifics of Germany's trade with Turkey in comparison with the characteristics of all-German foreign trade. The author shows the successful development of the Turkish direction of German foreign trade after 2010, the roles of Turkey and Germany as trading partners, and examines in detail the structure of bilateral trade. Structural changes are analysed on the basis of the electronic database of German Federal Statistical Office, which allows to use the statistics in three profiles – four product groups, thirty branches and 248 product items. Particular attention is paid to the changes that occurred in 2023. The unit costs of exports and imports by product groups are calculated and a significant difference in favor of Germany is revealed for the main product group – finished products. The main branches of export and import are identified and compared with analogous branches of all-German trade flows. Based on this comparison, the peculiar features of the Turkish export market (increased role of the automotive, mechanical engineering and chemical industries, the growing importance of the production of vehicles other than cars) and the import source (increased focus on the automotive, clothing and engineering industries) are formulated. Both the most important and the most promising individual commodity items in bilateral trade are identified (the first include aircraft for export and outerwear for import, the second include auto components and cars for import). The conclusions about the likely increase in the importance of imports from Turkey and the imminent entry of this country into the top ten trading partners of Germany are substantiated.

Russia — Brazil merchandise trade: current trends and problems

The article examines current trends in the foreign trade in goods between Russia and Brazil in the context of geopolitical tensions and anti-Russian sanctions of “unfriendly” countries. A detailed analysis of the structure of exports and imports in terms of analytical product groups is presented. Changes in the dynamics and structure of mutual trade are revealed. The main drivers and impediments for the further development of trade between Russia and Brazil, including issues of access to the countries' markets, are identified.

The impact of country risk on nickel supply chain: based on complex network and panel regression analysis

Nickel is an important key resource and plays an increasingly important role in new energy technologies. The stability of its worldwide supply chain is crucial for addressing country risks and unforeseen events. To explore the impact of country risks on the stability of the global nickel supply chain, this study conducts a complex network analysis and panel regression analysis on nickel ore, ferro-nickel, and the stainless-steel trade data from 2000 to 2022. The study reveals the mechanisms by which economic and political risks affect the trade structure of nickel commodities and identifies the drivers of global nickel supply chain patterns. The study finds that an increase in economic risk promotes diversification of supply sources, while political risk hurts export scale and resource control ability. Industrial structure adjustments and R&D investments have a significant impact on trade structure, especially on the stainless-steel trade. China is a major consumer and importer, and occupies a central position in the global nickel trade network, while Indonesia and the Philippines’ policy changes have a significant impact on the market. This study provides an empirical basis for the risk management of the global nickel supply chain and a scientific basis for policy formulation and strategic planning.

The Current Situation and Trend of Sino-US Trade Development in the Context of Economic Globalization

The evolution of trade and commercial relations between China and the US is particularly noteworthy, given the significant impact of economic globalization and its role as a fundamental pillar of global economic stability and progress. The trade volume between China and the US is steadily increasing, and this is happening at the same time as the trade structure is changing significantly. The process of commerce between China and the US is not without its difficulties, though, as seen by the US's gradual growth in trade protectionism, the frequency of trade disputes, and the imbalance in trade relations. This paper provides an in-depth analysis of the dynamic evolution trend of China-US trade in the context of economic globalization and discusses the current status and challenges of China-US trade relations, as well as the future trend based on global economic, political, and technological development trends. In addition, the paper forecasts how China-US trade relations will develop in the future in light of new technological advancements, policy adjustments, and shifts in the global economic landscape. It also offers policy recommendations and strategic adjustment guidelines to encourage collaboration between the two sides and produce win-win outcomes.

Перспективи розвитку міжнародних економічних відносин України з Кувейтом

The development level of international economic relations between Ukraine and Kuwait can be described as gradually growing but still insufficient. In the context of globalization and increased regional integration, bilateral economic relations remain important in ensuring economic stability and the development of national economies. Despite the ongoing war, Ukraine has substantial agricultural, industrial, and technological potential and seeks to expand its presence in international markets by exploring new partnership opportunities. One such promising partner is Kuwait, a country with a developed economy and significant financial resources, being a member of the Gulf Cooperation Council. Thus, this study aims to explore the opportunities and instruments for expanding cooperation between Ukraine and Kuwait and to develop well-grounded measures to enhance international economic relations between the two countries. The primary research methods included theoretical generalization, economic and statistical analysis, the historical method, and analogy. In the course of the study, several specific tasks were addressed: the historical aspects of economic relations between Ukraine and Kuwait were examined; the economic factors influencing the level of cooperation between the countries were analyzed; the legal framework and regulatory mechanisms affecting bilateral cooperation were assessed; the political factors impacting the development of economic ties were explored; and specific pathways for deepening cooperation and improving economic relations between Ukraine and Kuwait were identified. The volume of trade between Ukraine and Kuwait remains small, with mutual trade comprising less than 1% of the total trade structure of each country. In Kuwait's international trade structure, almost 80% is with Asian countries, while trade with Europe and America is minimal. All imported food products must meet stringent standards, and the country imposes bans on using certain food additives and other chemical products. There are also import quotas on rice, meat, milk, and dairy products. However, as the study's findings convincingly demonstrate, these restrictions should not hinder the expansion of international economic ties between Ukraine and Kuwait. Beyond expanding the export of Ukrainian goods, there are other avenues for developing economic relations with Kuwait. Establishing oil imports from Kuwait would be advisable despite potential opposition from Saudi Arabia or other regional oil market players. Another promising direction is attracting investment from Kuwait into Ukrainian innovative startups and fundamental and applied scientific projects. Cooperation could also extend to investments in Kuwait's oil extraction, construction, and innovation sectors. Additionally, Ukrainian oil and gas industry and construction specialists could be involved in joint projects while promoting Kuwaiti students' education in Ukrainian technical universities. The study's practical significance lies in the fact that, in the context of post-war economic recovery in Ukraine, it will be crucial to develop joint projects in construction, healthcare, and energy. There are opportunities for further deepening investment cooperation, and it is essential to begin calculating potential scenarios for future developments. Kuwait actively invests in innovative startups and scientific development, providing prospects for Ukrainian inventors and researchers. The prospects for further research on Ukrainian-Kuwaiti economic relations are substantial. Efforts should focus on opportunities for diversifying economic ties in energy, agriculture, information technology, transportation, and logistics. Future research may also include empirical analysis of real cases of economic cooperation and the impact of regional and international policies on the development of bilateral relations.

The Resurgence of India's International Trade: A Post-COVID Analysis

The study examined the patterns, structure, and trajectory of Indian trade within the post-COVID-19 global landscape. Additionally, it differentiated between trade in goods and services, evaluating the unique contributions of each sector to the Indian economy's external trade. The Reserve Bank of India's handbook of statistics on the Indian economy and the export-import data bank of the Ministry of Commerce and Industry were used as secondary data sources. To thoroughly analyse the future perspectives of international trade, various aspects were considered, including the changing dynamics of technology, geopolitical conditions, the sustainability of socio-economic and ecological systems, and the inherent capabilities of the Indian economy. The analysis indicated that the trade trajectory demonstrates a V-shaped recovery after COVID-19, mirroring India's GDP growth rate.

Will more multinational corporations inflow approach closer toward carbon neutrality? Novel propensity score matching‐difference‐in‐difference evidence across 35 developing countries

AbstractThis paper mainly investigates the roles of multinational corporations (MNCs) inflow on carbon neutrality across 35 developing countries. First, we testify the role of MNCs inflow on carbon neutrality. Next, we compare the heterogenous effects of the Kyoto Protocol and the Paris Agreement on CO2 emissions. Third, this study employs the propensity score matching (PSM) difference‐in‐difference (DID) with relatively higher internal validity to evaluate the policy shock impacts of the Kyoto Protocol and Paris Agreement. Furthermore, we also explore the impact of trade competitiveness on CO2 emissions to verify the structure, technique, and scale effects of international trade. Finally, we also analyze how human capital impacts CO2 emissions from the perspective of endogenous growth, departing from exogenous growth. The findings indicate that MNCs inflow has mixed effect on CO2 emissions, due to pollution haven and halo effect. Kyoto Protocol increased CO2 emissions, whereas Paris Agreement decreased CO2 emissions. Human capital decreased CO2 emissions according to the DID model, suggesting its crucial role in achieving carbon neutrality through endogenous growth mechanisms. Renewable energy consumption reduced CO2 emissions, highlighting the importance of sustainable energy practices. Urbanization decreased more CO2 emissions in the model of Paris Agreement over that of Kyoto Protocol. Trade competitiveness exhibits mixed effects on CO2 emissions. It is better to facilitate the cleaner MNCs inflow across developing countries, aiming to decrease cross‐border pollution.

ASEAN-China Transport Co-operation: A Pathway to Enhance Export Trade and Mutual Benefits

Against the backdrop of global economic integration, economic cooperation between China and ASEAN has become increasingly close. As an economic organisation in Southeast Asia, ASEAN has enhanced the economic strength and international influence of the entire region by promoting economic integration among its member countries. This study examines the interaction between China and ASEAN countries in the area of transport cooperation and the potential impact of these cooperation projects on bilateral trade volumes through case studies of the China-Laos Railway (CLR) and the Kunming-Bangkok Expressway (KBA). The study uses annual import and export statistics provided by the National Bureau of Statistics (NBS) to reveal the direct and indirect impacts of transport infrastructure improvements on trade flows by comparing the growth rates of China's imports and exports of goods with the partner countries before and after the co-operation with the growth rates with ASEAN countries. The results show a significant trade-boosting effect of transport infrastructure cooperation between China and ASEAN countries. The opening of the CLR and the KBA not only improved the efficiency and quality of goods transport, but also promoted the economic development of the countries along the routes. Through these transport infrastructure projects, the trade volume between China and ASEAN countries has increased significantly, the trade structure has been optimised, logistics efficiency has been improved, industrial complementarity has been enhanced, and substantial economic benefits have been brought to both sides.

THE BOLIVIAN ORGANIC QUINOA IN THE FAIRTRADE MARKET, IMPLICATIONS FOR THE WEAKEST LINK IN THE VALUE CHAIN: SMALL-SCALE FARMERS

<p><strong>Background: </strong>The fair trade model seeks to redress the imbalance of power in global supply chains. Unlike conventional trade structures, this commercial alternative purport to benefit small farmers and workers in developing countries. In the real world, however, small-scale producers are often excluded from the benefits. <strong>Objective</strong>: To analyzes organic Bolivian quinoa as a Fairtrade product and the impacts and challenges that Bolivian quinoa farmers face in the marketing chain. <strong>Methodology: </strong>A documentary analysis of the production system, application of qualitative techniques with local actors involved in the supply chain of Bolivian quinoa, and field work in regional markets were carried out. <strong>Results</strong>: The economic conditions of smallholder quinoa producers are improving under this certification system. However, global oversupply and increased competition are having a significant impact on retail prices and Bolivian sales to foreign markets. The retail price is more than a third higher than the Fairtrade price, maximizing profits at the expense of fair trade. <strong>Implications</strong>: Organic and Fairtrade certified Bolivian quinoa may not be a suitable product for the Fairtrade model. Being a landlocked country and commercial competition from Peru are the two main challenges for small quinoa producers. <strong>Conclusions</strong>: The Bolivian organic Fairtrade quinoa value chain involves several intermediaries, similar to conventional trade. Organic certification is a time-consuming and costly process because farmers cannot cover the costs. The almost non-existent governance structures imply that most decisions are based on the buyer-driven commodity chain, demonstrating the weak bargaining position of farmers. An alternative certification for small quinoa producers could be the Small Producers' Symbol label.</p>

Black–Scholes 50 Years Later: Has the Outperformance of Passive Option Strategies Finally Faded?

Slightly over fifty years ago, the Black–Scholes option pricing model revolutionized investing by enabling a shift from linear to non-linear payoff structures. Myron Scholes later published two papers documenting the performance of passive option strategies that outperformed the underlying index on a risk–return basis. The options market has evolved considerably over the last fifty years from an open outcry trading structure with options being single-listed to a high-frequency computer-based market. This paper re-evaluates the trilogy of foundational studies to determine whether passive-option-enhanced portfolios still produce superior performance in the current high-frequency options market environment.

Analysis of the dynamics and structure of foreign trade in products of the agro-industrial complex of the Russian Federation

The paper is devoted to the study of the peculiarities of the development of foreign trade activities of the Russian Federation in the period from 1995 to 2022, with special attention paid to the export and import of agricultural products, as strategically important for ensuring the country’s food independence and growth of export potential. The use of methods of analysis and analytical alignment of the time series by the least squares method made it possible to identify increasing trends in the volumes of exports of food and agricultural raw materials and a significant decrease in the growth rate of imports, which ensured the excess of export volumes over imports since 2021, while the role of the agricultural sector in the formation of export potential increased to 28.1 %. The calculation of the rank correlation coefficient showed the presence of minor changes in the product structure of exports and imports. The construction of country ratings based on structural series data on the volumes of exports to Russia and imports from Russia made it possible to determine the composition of the top 3 countries, its change due to the formation of new geopolitical and economic relations, as well as to identify the directions of development of foreign trade relations with interested countries.

The impact of sanctions on the structure of foreign trade in medical devices: Evidence from the medical consumables market

Subject. The article investigates the level of health care and medical industry development in Russia. Objectives. The aim is to assess the impact of sanctions on the structure of foreign trade in medical devices, analysis of import, export and production of medical syringes in Russia for the period 2013–2023. Methods. The study employs the content analysis, comparative analysis. Results. The study found that the volume of consumption of disposable syringes changed slightly, but the sanctions had an impact on the structure of imports. China increased its market share by 32% due to a decrease in supplies from Germany, other European countries, and the United States. The cost structure of imports differs from the structure in physical terms: only three largest manufacturers in Germany import 80 % of needles to Russia. Negative balance of foreign trade is observed - the volume of syringe exports from Russia is only 2% of imports. The volume of disposable syringe production in Russia in 2023 decreased by 26% (to 724 million units). Conclusions. The development of foreign trade in medical devices is hindered by such factors as the raw material problem and imbalance of tax benefits and support measures. To increase the sustainability of the Russian medical industry, it is necessary to localize raw materials and create a register of medical polymers.

Uncovering embodied carbon emissions network between China and major regional economies with consideration of China’s trade structure optimization

Uncovering embodied carbon emissions network between China and major regional economies with consideration of China’s trade structure optimization

Impact of natural resource rents on global trade dynamics in RCEP: Economic and geopolitical interdependencies

This research analyzes the impact of natural resource revenues on global economic trends in the RCEP countries, emphasizing the importance of resource exploitation in the financial development process. The work explores complex interdependencies between resource extraction, geopolitical risk, economic environment, and trade relationships. Energy efficiency, geopolitical risk, and GDP are the control variables. These findings highlight the importance of natural resource rents, GDP, geopolitical risk, and energy conservation on the trade structure of the RCEP trading partners. Quantile regression studies show the negative effect of oil revenues on world trade, thus providing evidence of the multifaceted link between natural resource earnings and trade outcomes. The findings underscore the significance of policymakers and businesses understanding these interrelated links and their implications for global trade relations. The report offers policy directions for RCEP countries to foster sustainable economic development and enhance export competitiveness. These recommendations aim to further the resource sector's growth, financial infrastructure, and managing geopolitical risks.