The Essays in International Trade and Finance

The first chapter provides the first evidence on the gross capital flows reactions to the financial sector reform. I establish four new stylized facts. First, the reform is associated with an average increase of 0.03pp in both gross capital flows. Second, immediately after the reform both flows decrease, in the long term they stabilize at a higher than the pre-liberalization levels. Third, the short term dynamics is governed by debt flows, while the long term dynamics are driven by all of the components. Finally, only a complex reform leads to a positive effect. The results are robust to a wide range of robustness checks. In the second chapter we develop a novel theory to explain the recent phenomenon of reshoring, i.e. firms moving back their previously offshored business activities. We firstly provide the evidence for the importance of the quality behind the reshoring decision and then, building on Antoniades (2015) we develop a dynamic heterogeneous firms model with quality choice and offshoring. In the dynamic setting the location decision entails a tradeoff between payroll and quality-related costs. In equilibrium reshoring arises as some firms initially offshore, exploit the increase in profits due to lower wages and finally return to the domestic country in order to further increase the quality. The third chapter provides the new evidence suggesting that selling through global production networks might lead to export upgrade. I relate the sector-level GVCs participation indicators derived from the international Input-Output Tables to the data on the unit values of exports at the product-exporter level. We find a strong association between the export prices and forward participation, in particular for the developing countries. We document also a less robust negative relationship between the GVCs backward participation and unit values of exports.

Implications of Blockchain-Based Smart Contracts on Contract Law

Smart contracts are the most advanced blockchain applications. They can also be used in the contractual domain for the encoding and automatic execution of contract terms. Smart contracts already existed before the blockchain, but they take advantage of the characteristics of that technology. Namely, the decentralised and immutable characters of the blockchain determine that no single contracting party can control, modify, or interrupt the execution of smart contracts. As every new phenomenon, blockchain-based smart contracts have attracted the attention of institutions. For example, in its Resolution of 3 October 2018 on distributed ledger technologies and blockchain, the European Parliament has stressed the need to undertake an in-depth assessment of the legal implications,starting from the analysis of existing legal frameworks. Indeed, the present research thesis aims to verify how blockchain-based smart contracts fit into contract law. To this end, the analysis starts from the most discussed and relevant aspects and develops further considerations. Before that, it provides a detailed description and clarifications about the characteristics, the functioning, and the development of the technology, which is an essential starting point for a high-level quality legal analysis. It takes into considerations already existing rules concerning the use of technology in the life cycle of contracts, from vending machines to computable contracts, and verifies its applicability to blockchain-based smart contracts. The work does not limit to consider the mere technology, but some concrete scenarios of adoption of blockchain-based smart contracts in the contractual domain. Starting from the latter, it focuses on the implications of blockchain-based smart contracts on contract formation, contract performance, and applicable law and jurisdiction.

La distribución tradicional y online: la distribución dual

El 10 de mayo de 2022 se publicó el Reglamento (UE) 720/2022 relativo a la aplicación del apartado 3 del artículo 101 del TFUE a determinadas categorías de acuerdos verticales y prácticas concertadas. Entre las novedades más significativas introducidas por el Reglamento se encuentra la regulación de la distribución dual. La distribución dual es una situación en la que un fabricante decide distribuir sus productos directamente (utilizando sus propios distribuidores) y, al mismo tiempo, contratar a distribuidores independientes (que no tienen ninguna relación de propiedad con el fabricante). En efecto, en la distribución dual, el fabricante compite a dos niveles: por un lado, a nivel de fabricante -compite con otras empresas que fabrican productos potencialmente sustitutivos- y, por otro, a nivel de distribución -compite con distribuidores independientes en la venta de sus productos-. Es en este último nivel donde existe el riesgo de restringir la competencia cuando el fabricante impone restricciones (por ejemplo, precios mínimos u otras condiciones de venta) a sus distribuidores independientes. En consecuencia, en el presente trabajo se estudia, en primer lugar, la naturaleza del contrato de distribución tanto en el derecho español como en el derecho comparado. En segundo lugar, se analizan las principales cuestiones relacionadas con el modelo de distribución online, en primer lugar, se realiza un estudio exhaustivo de las plataformas digitales o marketplaces, analizando sus características, sus tipos y las partes que intervienen en ellas, en segundo lugar, se examina la posibilidad de calificar el contrato entre las plataformas digitales y el vendedor o prestador de servicios como contrato de distribución, analizando su contenido contractual y su encaje en el Reglamento (UE) 2019/1150. Finalmente, se concluye con una profundización en el sistema de distribución dual, así como un estudio de los intercambios de información que tienen lugar en un sistema de distribución dual.