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.

Income risk of EU coal-fired power plants after Kyoto

Coal-fired power plants may enjoy a significant advantage relative to gas plants in terms of cheaper fuel cost. Still, this advantage may erode or even turn into disadvantage depending on CO2 emission allowance price. This price will presumably rise in both the Kyoto Protocol commitment period (2008-2012) and the first post-Kyoto years. Thus, in a carbon-constrained environment, coal plants face financial risks arising in their profit margins, which in turn hinge on their so-called "clean dark spread". These risks are further reinforced when the price of the output electricity is determined by natural gas-fired plants' marginal costs, which differ from coal plants' costs. We aim to assess the risks in coal plants' margins. We adopt parameter values estimated from empirical data. These in turn are derived from natural gas and electricity markets alongside the EU ETS market where emission allowances are traded. Monte Carlo simulation allows to compute the expected value and risk profile of coal-based electricity generation. We focus on the clean dark spread in both time periods under different future scenarios in the allowance market. Specifically, bottom 5% and 10% percentiles are derived. According to our results, certain future paths of the allowance price may impose significant risks on the clean dark spread obtained by coal plants.

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 Characteristics of Semi-Cokes --The Solid Residues from Coal Partial Gasification

In this paper the proximate analysis and ultimate analysis of sulfur in different semi-cokes generated from Rizhao bituminous coal and Beijing anthracite under different temperatures is done. Also the tendency of the contents of volatile, ash, fixed carbon and sulfur in different semi-cokes along with the different preparation temperatures is studied. Then the combustion experiment of semi-cokes in the drop-tube furnace system was carried out, and the kinetic parameters of different semi-cokes ware calculated.

Chemical equilibrium analysis and CFD simulation of coal combustion and NOx formation

A full two-fluid model of reacting gas-particle flows with an algebraic unified second-order moment (AUSM) turbulence-chemistry model is used to simulate Beijing coal combustion and NOx formation. The sub-models are the k-epsilon-kp two-phase turbulence model, the EBU-Arrhenius volatile and CO combustion model, the six-flux radiation model, coal devolatilization model and char combustion model. The blocking effect on NOx formation is discussed. In addition, the chemical equilibrium analysis is used to predict NOx concentration at different temperature. Results of CID simulation and chemical equilibrium analysis show that, optimizing air dynamic parameters can delay the NOx formation and decrease NOx emission, but it is effective only in a restricted range. In order to decrease NOx emission near to zero, the re-burning or other chemical methods must be used.

Release of Sulfur and Chlorine during Cofiring RDF and Coal in an Internally Circulating Fluidized Bed

An internally circulating fluidized bed (ICFB) was applied to investigate the behavior of chlorine and sulfur during cofiring RDF and coal. The pollutant emissions in the flue gas were measured by Fourier transform infrared (FTIR) spectrometry (Gasmet DX-3000). In the tests, the concentrations of the species CO, CO2, HCl, and SO2 were measured online. Results indicated when cofiring RDF and char, due to the higher content of chlorine in RDF, the formation of HCl significantly increases. The concentration of SO2 is relatively low because alkaline metal in the fuel ash can absorb SO2. The concentration of CO emission during firing pure RDF is relatively higher and fluctuates sharply. With the CaO addition, the sulfur absorption by calcium quickly increases, and the desulfuration ratio is bigger than the dechlorination ratio. The chemical equilibrium method is applied to predict the behavior of chlorine. Results show that gaseous HCl emission increases with increasing RDF fraction, and gaseous KCl and NaCl formation might occur.

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)

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.

The Indonesian ornamental fish trade: case studies and options for improving livelihoods while promoting sustainability in Banggai and Banyuwangi

The four main objectives of this case study are: 1. Understanding market chains: an overview of the market chain from Indonesian reefs to international retail, with greater detail for case study sites. 2. Identifying poor people in the market chains: including people involved in the chain of custody and others who may be indirectly involved or impacted. 3. Understanding the influence of the marine ornamentals trade on the livelihoods of poor people: the case study looks specifically for underlying as well as obvious factors contributing to poverty reduction, and identify examples of better practice for poverty reduction in the marine ornamentals trade, including examples of positive livelihood outcomes from participation of poor people. 4. Identifying recommendations to improve poor people’s livelihoods. (PDF contains 286 pages)

Synthesis report with pro-poor trade research findings and policy recommandations

The purpose of the project was to investigate international trade in fisheries products and its relationship to poverty alleviation and livelihoods of poor aquatic resource users in developing countries in Asia, and to identify options to improve the effectiveness of poverty reduction through international seafood trade. The project directly addressed the EC-PREP priority area of trade and development, and indirectly provided valuable insight to two other priority areas: food security and sustainable rural development; and institutional capacity building. [PDF contains 60 pages.]

Marine ornamentals trade in the Philippines and options for its poor stakeholders

The objective of this project in the Philippines is to promote the development of policy changes and other actions related to the trade in ornamental fish with Europe which support poor people’s livelihoods. [PDF contains 118 pages.]