Strategic trade policy and signaling costs with differentiated goods

We consider a trade policy model, where the costs of the home firm are private information but can be signaled through the output levels of the firm to a foreign competitor and a home policymaker. We compute the separating equilibrium and the Bayesian Nash equilibrium, and we compare the subsidies, firms’ expected profits and home government’s welfare in both equilibria, for different values of the own price effect parameter.

The Nagasaki-Macao Trade between 1612 and 1618: Carlo Spinola S.J. Procurator of Japan

A nossa dissertação tem como objetivo analisar os compromissos e as obrigações do procurador da Companhia de Jesus no Japão durante os anos em que Carlo Spinola foi escolhido para ocupar tal posição, a segunda em ordem de importância, conforme o jesuíta italiano Francesco Pasio. O ofício de procurador era uma das posições que levavam os missionários da Companhia a lidar diretamente com as autoridades japonesas em Nagasáqui, uma vez que cabia ao procurador receber, verificar e distribuir os bens pertencentes à missão e que eram carregados no navio português de Macau. Além disso, o procurador, juntamente com outros padres superiores, tinha também incumbidas tarefas políticas relativas ao capitão-mor e aos Portugueses no Japão. Spinola assumiu o cargo quando o bakufu começou a mudar a sua atitude em relação à Igreja de Roma, devido a várias causas que, em parte, envolviam também a Companhia de Jesus, com conseqüências negativas para a missão. Para fornecer uma compreensão profunda deste cargo, propomos uma comparação entre o procuradorado de Spinola e outros procuradores no Japão, tendo escolhido em particular o caso do Português João Rodrigues Tçuzu. Além disso, uma vez que o Japão era um caso particular dentro do Padroado Português, parece-nos pertinente efectuar outra comparação e apresentar também o caso - embora mais conciso - do procurador da província brasileira da Companhia de Jesus. Através deste estudo de casos, tentaremos definir o procurador, tanto do ponto de vista prático - ou seja, os seus deveres, os seus compromissos e os seus recursos – como de uma perspectiva moral e filosófica – olhando para a literatura canônica produzida desde os primeiros tempos da Igreja Cristã. Até agora, a históriografia sobre e de autoria jesuítica apenas aborda o cargo de procurador de forma marginal. O nosso trabalho vai preencher essa lacuna. Além disso, o estudo do papel do procurador permite-nos, inevitavelmente, uma melhor compreensão dos mecanismos de participação da Companhia de Jesus no comércio entre Macau e Nagasáqui, desde o seu início – selado por Alessandro Valignano – até ao seu fim – contemporâneo do término do procuradorado de Spínola.

Firms survival and international trade: The impact of exports and imports

Double Degree. A Work Project presented as part of the requirements for the Award of a Masters in Management from Nova School of Business and Economics and Maastricht University.

Getting the carry trade's jackpot

This Working Project studies five portfolios of currency carry trades formed with the G10 currencies. Performance varies among strategies and the most basic one presents the worst results. I also study the equity and Pure FX risk factors which can explain the portfolios’ returns. Equity factors do not explain these returns while the Pure FX do for some of the strategies. Downside risk measures indicate the importance of using regime indicators to avoid losses. I conclude that although using VAR and threshold regression models with a variety of regime indicators do not allow the perception of different regimes, with a defined exogenous threshold on real exchange rates, an indicator of liquidity and the volatilities of the spot exchange rates it is possible to increase the average returns and reduce drawdowns of the carry trades

Drilling deeper: Understanding trade in Angola

The present study analyzes Angola’s trading partners from 2005 to 2015 in order to understand the main drivers of Exports and Imports growth. Departing from a gravity model, foreign GDP growth and real exchange rate fluctuations were interpreted as demand and supply disturbances on Exports. While nominal and real exports both increase with demand expansions, they react differently to supply shocks. Imports are growing at the same rate as Angola’s economy while exchange rate fluctuations capture the wealth effect of Oil price in the economy.

The emergence of product certification systems as trade barriers

This paper addresses the growing difficulties automobile manufacturers face within their after sales business: an increasing number of trade obstacles set up by import countries discriminates against the foreign suppliers and impedes the international sales of genuine parts. The purpose of the study is to explore the emergence of trade restrictive product certification systems, which affect spare parts exports of automobile manufacturers. The methodology used includes review of the literature and an empirical study based on qualitative interviews with representatives of major stakeholders of the automotive after sales business. Relevant key drivers, which initiate the introduction of technical regulations in importing countries, are identified and analysed to evaluate their effect on the emerging trade policy. The analysis of the key drivers outlines that several interacting components, such as the global competitiveness of the country, macroeconomic and microeconomic factors, and certain country-specific variables induce trade restrictive product certification systems. The findings allow for an early detection of the emergence of product certification systems and provide a means to early recognise the risks and opportunities for the sales of automotive spare parts in the automakers’ target markets. This allows the manufacturers to react immediately and adapt in time to the upcoming changes.

High Altitude Increases Alteration in Maximal Torque but Not in Rapid Torque Development in Knee Extensors after Repeated Treadmill Sprinting.

We assessed knee extensor neuromuscular adjustments following repeated treadmill sprints in different normobaric hypoxia conditions, with special reference to rapid muscle torque production capacity. Thirteen team- and racquet-sport athletes undertook 8 × 5-s "all-out" sprints (passive recovery = 25 s) on a non-motorized treadmill in normoxia (NM; FiO2 = 20.9%), at low (LA; FiO2 = 16.8%) and high (HA; FiO2 = 13.3%) normobaric hypoxia (simulated altitudes of ~1800 m and ~3600 m, respectively). Explosive (~1 s; "fast" instruction) and maximal (~5 s; "hard" instruction) voluntary isometric contractions (MVC) of the knee extensors (KE), with concurrent electromyographic (EMG) activity recordings of the vastus lateralis (VL) and rectus femoris (RF) muscles, were performed before and 1-min post-exercise. Rate of torque development (RTD) and EMG (i.e., Root Mean Square or RMS) rise from 0 to 30, -50, -100, and -200 ms were recorded, and were also normalized to maximal torque and EMG values, respectively. Distance covered during the first 5-s sprint was similar (P > 0.05) in all conditions. A larger (P < 0.05) sprint decrement score and a shorter (P < 0.05) cumulated distance covered over the eight sprints occurred in HA (-8 ± 4% and 178 ± 11 m) but not in LA (-7 ± 3% and 181 ± 10 m) compared to NM (-5 ± 2% and 183 ± 9 m). Compared to NM (-9 ± 7%), a larger (P < 0.05) reduction in MVC torque occurred post-exercise in HA (-14 ± 9%) but not in LA (-12 ± 7%), with no difference between NM and LA (P > 0.05). Irrespectively of condition (P > 0.05), peak RTD (-6 ± 11%; P < 0.05), and normalized peak RMS activity for VL (-8 ± 11%; P = 0.07) and RF (-14 ± 11%; P < 0.01) muscles were reduced post-exercise, whereas reductions (P < 0.05) in absolute RTD occurred within the 0-100 (-8 ± 9%) and 0-200 ms (-10 ± 8%) epochs after contraction onset. After normalization to MVC torque, there was no difference in RTD values. Additionally, the EMG rise for VL muscle was similar (P > 0.05), whereas it increased (P < 0.05) for RF muscle during all epochs post-exercise, independently of the conditions. In summary, alteration in repeated-sprint ability and post-exercise MVC decrease were greater at high altitude than in normoxia or at low altitude. However, the post-exercise alterations in RTD were similar between normoxia and low-to-high hypoxia.

Centro de Negocios Trade Point

Archivo Fotográfico

From Fordism to neoconservatism : free trade and Canadian industrial policy in an era of globalism /

Nothing today affects the lives of people in countries throughout the industrialized and developing world as much as international trade. Nowhere is this more true than in Canada. Canada's involvement in international trade has a long history dating back to 1854 when it was a British colony. As a major trading country, Canada has always adopted a proactive industrial policy which has been largely responsible for its relative economic prosperi ty. But, wi th businesses now free to invest and divest under the terms of the CUFTA and the NAFTA, the most fundamental concerns for Canadians, in a borderless world, are what powers will the Canadian government have to shape industrial policy, and to what extent can Canada continue as a viable nationstate if it can no longer control its national economy? These are important concerns because, in world without borders, the adjustment process becomes more volatile and more difficult to manage. The CUFTA and the NAFTA not only create the rules for conducting trade, but they also establish a set of new rules for the Canadian government that will diminish its power. As a member of a new North American trading bloc, Canada will find itself subject to a set of forces requiring analysis beyond participation in a conventional free trade area. Because many of the traditional levers of government will now be subject to external control imposed by these agreements, Canada will not be able to mount certain policies in the future that it has relied on in the past. This reality limits the pro-active role of the Canadian state to use policies and programmes for the country's immediate national development. What this thesis attempts is an examination of the evolution of Canadian industrial policy, in effect, the transi tion from Fordism to Neoconservatism, and an assessment of Canada's future as a nation-state as it tries to find security and improved access in a free trade arrangement. Unless Canada takes steps to neutralize the asymmetry of power between itself and the United States through adjustment programmes, it is the contention of this thesis that its economic future is anything but stable.

Training distribution and the acquisition of maximal isometric elbow flexion strength

Twenty-six sedentary, college-aged females were matched and randomly assigned to one of two groups. The massed group (n=13) completed 15 maximal isometric elbow flexion strength trials in one session, while the distributed group (n=13) performed five such contractions on three successive days. After a two-week and three month rest interval, both groups returned to perfonn another five maximal isometric elbow flexion strength trials to assess retention of any potential strength gains. Elbow flexion torque and surface electromyography (SEMG) of the biceps and triceps were monitored concurrently. There was a significant (P < 0.05) increase in strength in both groups from block one (first five contractions) to block four (first retest) and from block one to block five (second retest). Both groups exhibited a similar linear increasing (P < 0.05) trend in biceps root-mean-square (RMS) SEMG amplitude. A significant (P < 0.05) decrease in triceps RMS SEMG amplitude was found between block one and block four for the distributed group. However, a significant (P < 0.05) increase was then found between block one and five for the massed group, and between blocks four and five for distributed group. These results suggest that there is flexibility in resistive exercise schedules. An increase in neural drive to the agonist muscle continued throughout testing. This was accompanied by a reduction in antagonist co activation that was a short-tenn (two weeks) training effect, dissipated over the longer rest interval (three months).

Benefits, challenges, and limitations of fair trade as a social justice movement

This thesis answers some important questions about how Fair Trade is experienced and perceived by some Northern sellers, consumers, activists, advocates, practitioners, and an importer. As it relates to sellers, I focus only on small scale independent businesses (i.e. I do not include large corporate businesses in my interview sample). Fair Trade works to establish a dignified livelihood for many producers in the South. Some of the most important actors in the Fair Trade movement are the people who buy, sell, and/or advocate for Fair Trade in the North. Fair Trade is largely a consumer movement which relies on the purchase of Fair Trade products. Without consumers purchasing Fair Trade products, retailers providing the products for sale, and activists raising awareness of Fair Trade, the movement, as it is presently constituted, would be non-existent. This qualitative research is based on 19 in-depth i.nterviews with nine interviewees involved with Fair Trade in Canada. I focus on benefits, challenges, and limitations of Fair Trade in the context of their involvement with it. I describe and analyze how people become involved with Fair Trade, what motivates them to do so, what they hope to achieve, and the benefits of being involved. I also describe and analyze how people understand and deal with any challenges and limitations associated with their involvement with Fair Trade. I also explore whether involvement with Fair Trade influences how people think about other products that they purchase and, if so, in what ways. I focus mainly on the commodity of coffee, but my discussion is not limited to this single commodity. Interviewees' experiences with and participation in Fair Trade vary in terms of their level of involvement and interest in the broader Fair Trade movement (as opposed to just participating in the market component). This research reveals that while Fair Trade is a small movement, sellers, consumers, and activists have had much success in the advancement of Fair Trade. While challenges have not deterred interviewees from continuing to participate in Fair Trade, analysis and explanation of such challenges provides the opportunity for Fair Trade practitioners to develop effective solutions in an effort to meet the needs of various Fair Trade actors.