The role of the terms of trade in the trade channel of transmission of oil price shocks

This paper highlights the role of the terms of trade in the trade channel of propagation of oil price shocks both empirically and theoretically. Empirically, I show that oil price shocks have a large, persistent and statistically significant impact on the US terms of trade. Theoretically, I add oil in the model by Corsetti and Pesenti (2005) and analyse under what conditions the terms of trade plays a relevant role in the international transmission of oil price shocks. With nominal price rigidities and full exchange rate pass-through positive oil price shocks depreciate the currency of the oil importing country. The subsequent negative wealth effect adds to the recessive effect of the supply channel and may trongly reduce the consumption in the oil importing country economy. Without exchange rate pass-through oil shocks transmit to the economy only through the supply channel. The model suggests that a change in the exchange rate pass-through might contribute to explain the evidence of a weaker impact of oil price shocks on the macroeconomic activity in recent times.

Background paper on the international seafood trade and poverty

(121 p.)

FFA Fisheries Trade Briefing, Vol. 1, Issue 8 & 9, pp. 1-12, July-August 2008

Contents: Fisheries Subsidies. Status of fisheries subsidies talks at the WTO. Preferential Free Trade Agreements. Collapse of Doha Round results in rise of FTAs Update on EU Generalised System of Preferences regime Fisheries Trade-related Regulation. Soltai encounters quality problems. Update on Fiji seafood export ban to the EU. EU sanitary inspections in other developing countries Tuna Markets. Developments in the US debate on the mercury content of tuna. Other developments in the US market. Japanese tuna fisheries and seafood markets. Greenpeace tuna campaign moves to the UK. Thai Union predicts growth for 2008. (PDF contains 12 pages)

The African slave trade and its remedy

Esta edição é revista e aumentada, com mais do dobro de páginas da edição primitiva, de 1839, que continha 240 páginas. Buxton, presidente da Sociedade para a Extinção do Tráfico de Escravos, apresenta um detalhadíssimo estudo do comércio de negros, desde a África Central e ambas as costas do Continente, até o Brasil, os Estados Unidos, Cuba, etc. Há estimativas de mortalidade em todos os estágios do cativeiro. A maior parte das referências são sobre Cuba e o Brasil. É um clássico pioneiro dos estudos sobre escravidão.

Rights of Portugal, in reference to Great Britain and the question of the slave trade, or, the manifesto and protest of the weak, against the ingratitude, oppression, and violence of the strong ...

Enquanto os políticos e diplomatas polemizavam e agiam, Thomas Buxton publicava, depois de viajar ao Brasil e ao Caribe, o mais completo levantamento sobre o tráfico negreiro jamais feito até então.

International trade in live, ornamental "fish" in the US & Florida

The importance of international markets as a source of live, ornamental “fish” supply is growing due to more stringent wild-harvest regulations in Florida. In addition, foreign markets are increasing in importance as a source of demand for Florida purveyors of live, ornamental “fish”. Florida plays an important role in this growing international market. Trends in imports and exports of live, ornamental “fish” are described for two primary data sets: U.S. Customs and U.S. Fish and Wildlife Service. These trends are described primarily for the 1994-98 period for Florida and the United States. Florida imports and exports are described for the two major ports: Miami and Tampa. The most important trading countries are also described. This information will help Florida purveyors of live, ornamental “fish” better understand the international markets upon which they have become more dependent. (PDF has 18 pages)

Two-phase Flow in Fuel Cells in Short-term Microgravity Condition

A visual observation of liquid-gas two-phase flow in anode channels of a direct methanol proton exchange membrane fuel cells in microgravity has been carried out in a drop tower. The anode flow bed consisted of 2 manifolds and 11 parallel straight channels. The length, width and depth of single channel with rectangular cross section was 48.0 mm, 2.5 mm and 2.0 mm, respectively. The experimental results indicated that the size of bubbles in microgravity condition is bigger than that in normal gravity. The longer the time, the bigger the bubbles. The velocity of bubbles rising is slower than that in normal gravity because buoyancy lift is very weak in microgravity. The flow pattern in anode channels could change from bubbly flow in normal gravity to slug flow in microgravity. The gas slugs blocked supply of reactants from channels to anode catalyst layer through gas diffusion layer. When the weakened mass transfer causes concentration polarization, the output performance of fuel cells declines.

Dealing with Energy-QoE Trade-Offs in Mobile Video

Scalable video coding allows an efficient provision of video services at different quality levels with different energy demands. According to the specific type of service and network scenario, end users and/or operators may decide to choose among different energy versus quality combinations. In order to deal with the resulting trade-off, in this paper we analyze the number of video layers that are worth to be received taking into account the energy constraints. A single-objective optimization is proposed based on dynamically selecting the number of layers, which is able to minimize the energy consumption with the constraint of a minimal quality threshold to be reached. However, this approach cannot reflect the fact that the same increment of energy consumption may result in different increments of visual quality. Thus, a multiobjective optimization is proposed and a utility function is defined in order to weight the energy consumption and the visual quality criteria. Finally, since the optimization solving mechanism is computationally expensive to be implemented in mobile devices, a heuristic algorithm is proposed. This way, significant energy consumption reduction will be achieved while keeping reasonable quality levels.