Mogi keizai nenpō = The Mogi economic year book /

Title from cover.

Economic summits, 1981-89.

"May 1990."

Rethinking regionalism: Europe and East Asia in comparative historical perspective

Regionally based processes of political and economic integration, security co-operation, and even social identification have become increasingly important and prominent parts of the international system. Nowhere have such processes gone further than in Western Europe. Somewhat surprisingly, similar patterns of regional integration have been steadily developing in East Asia - a region many observers consider unlikely to replicate the European experience. This paper uses an historically grounded comparative approach to examine the historical preconditions that underpinned the formation of the European Union, and then contrasts them with the situation in East Asia today. While the overall geopolitical and specific national contexts are very different, such an analysis highlights surprising similarities and differences, particularly in the role played by the United States in both periods. A comparative analysis allows us to understand and rethink the incentives for, and constraints on, regional integrative processes.

The importance of institutions in expansionary fiscal consolidations. A critical assessment of non-Keynesian effects

The short-term effects of fiscal consolidation have attracted an increasing attention from both the academia and policy makers in the recent years. Authors in the literature on non- Keynesian effects usually put the emphasis on the need for the devaluation of the national currency, the accommodating reaction of the monetary authority and the favourable international economic conditions as the necessary accompanying tools of fiscal consolidation, in order to realise short-term expansionary effects. Some also add the necessity of large-scale adjustment; while others support the view that a high and increasing debt ratio or increasing government spending, by triggering an unavoidable adjustment, is the key to experiencing short-term expansionary effects. The composition of adjustment also became a crucial explanation for non-Keynesian effects. However, as the following critical assessment of the literature on expansionary fiscal consolidations will reveal, institutional conditions, such as the importance of the depth of financial intermediation and the influencing role of labour market structure, can prove to be crucial in the occurrence of the desired expansionary short-term effects.

Governance in the European Union - Applying the "trilemma of global politics"

The European Union with its sophisticated institutional system is the most important regional integration on Earth. This tight form of economic integration converges to the level that Dani Rodrik calls hyperglobalization in his model, the political trilemma of globalisation. In our paper we develop the mentioned model and then we apply it to the case of the European Integration. We argue that if we want to maintain the deep integration among member states in the EU we have to pass more and more functions of the nation states to the federation level. In case of the EMU that means that federal fiscal policy is needed which could lead to multi-speed Europe considering new member states’ reluctance to give up their specific institutions.

Gazdasági kormányzás a gazdasági és monetáris unióban - a globális politika lehetetlen szentháromsága szemszögéből (Economic governance in the economic and monetary union – applying the trilemma of global politics)

Az Európai Unió a világgazdaság egyik legfontosabb integrációja. A benne megvalósuló gazdasági integráció szorossága megfelel annak a szintnek, amit Rodrik hiperglobalizációnak nevez. Az elmélet szerint a politika szintjén egyszerre nem megvalósítható a demokratikus politikai döntéshozatal, a teljes világgazdasági integráció, illetve a nemzetállam. A trilemma a globalizáció útjában álló intézményi különbségeken alapszik. Megoldása három módon lehetséges: a demokrácia kiiktatásával a megoldás az arany kényszerzubbony, ahol a piaci mechanizmusok veszik át az állami gazdaságpolitika szerepét; a globális kormányzás megvalósulása esetén a szuverén nemzetállamok tűnnek el a nemzetközi rendszerből; végül a Bretton Woods kompromisszum esetében a globalizáció útjába állítunk akadályokat. Írásunkban a modellt az európai integrációra, egészen pontosan a Gazdasági és Monetáris Unióra alkalmazzuk. Érvelésünk szerint, ha fent kívánjuk tartani az integráció szorosságát, erősíteni kell az integráció szintjén a gazdasági kormányzást, ami pedig csak a tagállami szuverenitás rovására mehet. Ez, mely a GMU esetében leginkább a fiskális föderáció erősítését jelenti ugyanakkor, megnövelve az integráció költségeit, egy többsebességes Európa kialakulása irányába hathat. _____ The European Union with its sophisticated institutional system is the most important regional integration on Earth. This tight form of economic integration converges to the level that Dani Rodrik calls hyperglobalization in his model, the political trilemma of globalisation. In this model Rodrik assumes that from the three desired element of world politics (deep economic integration, the nation state, and democratic politics) only two can be chosen. We can either choose deep integration and the nation state but then we have to abandon democracy; or we can choose deep integration and democracy, but then we have to forfeit the nation state; or we have to circumscribe globalisation to maintain democracy and the nation state. In our paper we develop the mentioned model and then we apply it to the case of the European integration. We argue that if we want to maintain the deep integration among member states in the EU we have to pass more and more functions of the nation states to the federation level. In case of the EMU that means that federal fiscal policy is needed which could lead to multi-speed Europe considering new member states reluctance to give up their specific institutions.

A horizontális és vertikális ágazaton belüli agrárkereskedelem meghatározó tényezői az EU új tagországaiban (Determinants of horizontal and vertical intra-industry agri-food trade in the new EU member-states)

Az ágazaton belüli kereskedelem egyre komolyabb szerepet tölt be a nemzetközi kereskedelemben, mind ez idáig azonban kevés mezőgazdasági témájú elemzés készült e témában. A cikk célja a horizontális és vertikális ágazaton belüli agrárkereskedelem meghatározó tényezőinek azonosítása az új tagországok és az EU–27 közötti kereskedelemben 1999–2010 között. Ehhez a szerző statikus és dinamikus panelmódszereket alkalmaz különböző specifikációkkal. Eredményei szerint a tényezőellátottság a horizontális ágazaton belüli kereskedelemmel negatív, míg a vertikálissal pozitív kapcsolatban áll. Az országok mérete az ágazaton belüli kereskedelem mindkét oldalával pozitívan, míg a távolság negatívan korrelál. Az eredmények azt is kimutatják, hogy az ágazaton belüli kereskedelem mértéke nagyobb, ha egy új tagország a kelet-közép-európai régióba exportál, és az is világossá vált, hogy az EU-csatlakozás pozitívan hatott az ágazaton belüli kereskedelemre, jelezve a gazdasági integráció kereskedelemösztönző szerepét. _____ Intra-industry trade (IIT) has a growing role in international trade, although the number of papers on its agricultural aspects is limited. This article identifies the determinants of horizontal and vertical intra-industry agri-food trade between new member-states (NMS) and the EU27 in 1999-2010, by applying to panel data static and dynamic models with different specifications. The results show that factor endowments are negatively related to agri-food horizontal intra-industry trade (HIIT), but positively to vertical intra-industry trade (VIIT). Economic size is positively and significantly related to both, while distance and IIT are found to be negatively related. This also suggests that HIIT and VIIT are greater if an NMS exports agri-food products to another NMS, while EU accession has had positive and significant impacts on both HIIT and VIIT, which suggests that economic integration fosters IIT.

Patterns and Drivers of the Agri-Food Intra-Industry Trade of European Union Countries

This paper investigates the drivers of agri-food intra-industry trade (IIT) indices in the European Union (EU-27) member states during the period from 2000–2011. The increased proportion of IIT in matched two-way agri-food trade of the EU-27 member states is consistent with economic integration and economic growth. When export prices were at least 15% higher than the import prices, high-vertical IIT, increased for most member states. This finding suggests that quality improvements occurred when comparing agri-food exports to similar imports of agri-food products. The IIT indices for both horizontal and vertical IIT are positively associated with higher economic development levels, new EU membership and EU enlargement. Additionally, as higher levels of economic development decreases, the size of the economy and marginal IIT increases the effects of agri-food trade liberalization on the costs of the labor market adjustment. Understanding how improvements in agri-food trade quality impact agribusiness and managerial competitiveness reveal significant policy implications.

Structure of international cooperation in trade, investment and environment

This dissertation analyzes the obstacles against further cooperation in international economic relations. The first essay explains the gradual nature of trade liberalization. I show that existence of asymmetric information between governments provides a sufficient reason for gradualism to exist. Governments prefer starting small to reduce the cost of partner’s betrayal when there is sufficient degree of information asymmetry regarding the partner’s type. Learning about partner’s incentive structure enhances expectations, encouraging governments to increase their current level of cooperation. Specifically, the uninformed government’s subjective belief for the trading partner being good is improved as the partner acts cooperatively. This updated belief, in turn, lowers the subjective probability of future betrayal, enabling further progress in cooperation. The second essay analyzes the relationship between two countries facing two policy dilemmas in an environment with two way goods and capital flows. When issues are independent and countries are symmetric, signing separate agreements for tariffs (Free Trade Agreements-FTA) and for taxes (Tax Treaties-TT) provides the identical level of enforcement as signing a linked agreement. However, linkage can still improve the joint welfare by transferring the slack enforcement power in a case of asymmetric issues or countries. I report non-results in two cases where the policy issues are interconnected due to technological spillover effect of FDI. Moreover, I show that linking the agreements actually reduces enforcement when agreements are linked under a limited punishment rule and policy variables are strategic substitutes. The third essay investigates the welfare/enforcement consequences of linking trade and environmental agreements. In the standard literature, linking the agreements generate non-trivial results only when there is structural relation between the issues. I focus on institutional design of the linkage and show that even if environmental aspects of international trade are negligible linking the agreements might still have some interesting welfare implications under current GATT Rules. Specifically, when traded goods are substitutes in consumption, linking the environmental agreement with trade agreement under the Withdrawal of Equivalent Concession Rule (Article XXVIII) will reduce the enforcement. However, enforcement in environmental issue increases when the same rule is implemented in the absence of linkage.

Dynamics of investment negotiations between China and Japan : the China-Japan-Korea trilateral investment treaty and beyond

The investment agreement relationship between China and Japan is complex. The many intersecting and overlapping agreements can rightly be described as a "noodle bowl of agreements." The 1989 bilateral investment treaty (BIT) between China and Japan still stands. Japan can also free-ride on the negotiation outcome of China's BITs and free trade agreements (FTAs) with other countries by using the most-favored-nation (MFN) provision in the 1989 China-Japan BIT, which does not contain regional economic integration organization (REIO) exception rules. However, because the China-Japan BIT does not have investor-state dispute settlement (ISDS), it may face implementation problems. The China-Japan-Korea trilateral investment treaty (CJK TIT), in force since 2014, made improvements upon the 1989 BIT, but Japan is not entirely satisfied with the outcome. For Japan, pre-establishment national treatment (NT) and prohibition of various types of performance requirements are the most important negotiation items, but the CJK TIT insufficiently addressed those problems. Moreover, because the CJK TIT has MFN provisions with an REIO exception rule, better access to investment markets brought about by future FTAs such as the China-Korea FTA and the EU-China FTA cannot be imported into CJK TIT. Hence, in the long run, Japan needs to pursue an FTA investment chapter with China that covers both MFN and ISDS.

Gravity with multiple tariff schemes

This study contributes to the literature on gravity analysis by explicitly incorporating both most favored nation (MFN) rates and regional trade agreement (RTA) rates. Our gravity equation considers the fact that all exporters do not necessarily utilize RTA schemes, even when exporting to their RTA partners. We apply the tariff line–level data on worldwide trade to this gravity equation. As a result, we find a significantly negative coefficient for the (log) ratio of RTA rates to MFN rates. From the quantitative point of view, we show that in the first year of the Japan–Australia Economic Partnership (i.e., 2015), exports from Australia to Japan are expected to increase by 6% compared with the exports in 2014. Furthermore, it is shown that, based on the subsequent reduction in RTA rates, the magnitude of the trade-creation effect through tariff reductions gradually rises over time.

Firm-level utilization rates of regional trade agreements : importers' perspective

While previous theoretical studies have examined exporters' choice of tariff schemes without considering explicit heterogeneity of importers, an empirical analysis on regional trade agreement (RTA) utilization is, in general, possible by employing trade data covering the importers' side. To better link the empirical analysis with a theoretical model, this study develops a model that sheds light on the role of both importers' and exporters' characteristics in RTA utilization. The model enables us to replicate stylized facts concerning importers' RTA utilization. Based on this model, we derive some propositions on the determinants of RTA utilization rates (i.e., share of imports under RTA schemes out of total imports) at an import firm-product level. Finally, we found that these theoretical predictions are supported by highly detailed import data in Thailand from Australia from 2007 to 2009.

La inspección veterinaria en frontera: implicaciones y responsabilidades legales del veterinario oficial en frontera

A global world. One World. The world globalization is the defining characteristic of the world today and that has encouraged major transformations in the international order since the mid-twentieth century. It is an unstoppable force for change that manifests itself in every aspect of life but more evident in the increasing internationalization and economic integration. However, globalization as a process in which markets, laws and policies are denationalized, tend to the interrelation of populations and individuals for a common good and is eroding the traditional distinction between domestic and foreign affairs. In a globalized world there is not control over economic forces and we are under an increased pressure to manage threats of globalization itself. For all sectors involved in food and agriculture, the trend towards internationalization national market is a source of flexibility and a wider range of options. As a direct consequence of this, the diets are changing and on the shelves of urban markets in the wide world you can find a growing range of products previously unknown from many countries...

Organizaciones regionales y diversidad cultural: la diplomacia de la Unión Europea con el Mercosur entre la sombra de Hollywood y la acción intergubernamental

El objetivo de este artículo es doble: por un lado explorar la habilidad de la Unión Europea para llevar a cabo una política audiovisual dirigida al Mercosur y promover las normas de la Convención sobre la diversidad de las expresiones culturales; por otro, analizar el impacto del modelo de política audiovisual de la UE en el desarrollo de la cooperación audiovisual con el Mercosur y centrarse en los principales vectores que configuran el paisaje audiovisual del Mercosur. El texto pretende destacar cómo y por qué la UE persigue una política audiovisual con esa región, cuáles son los propósitos y los límites de actuación. En este sentido, se preocupa por entender cómo la diplomacia audiovisual de la UE interactúa con otros actores, como las acciones gubernamentales llevadas a cabo desde la propia UE y el Mercosur, así como las prácticas del sector privado (Hollywwod y los grandes conglomerados de medios).