Is there a Role for International Trade Costs in Monetary Policy?

2010 ◽  
Author(s):  
Hakan Yilmazkuday
Keyword(s):  
Monetary Policy ◽  
International Trade ◽  
Trade Costs

Monetary Policy and Oil Prices

2011 ◽  
Vol 11 (3) ◽  
pp. 1850232
Author(s):  
Mehdi S. Monadjemi
Keyword(s):  
Monetary Policy ◽  
International Trade ◽  
Exchange Rate ◽  
Inflation Targeting ◽  
Commodity Prices ◽  
Oil Prices ◽  
Central Banks ◽  
Trade Shocks ◽  
The Exchange Rate

Because of volatility, commodity prices are excluded from the CPI when inflation targeting is exercised. Rising commodity prices contribute to inflation but central banks show no reaction since the CPI does not register rise in prices. Frankel (2006) argues that monetary policy should consider the price of important export commodities such as oil, in oil exporting countries. He maintains that by doing so, central banks are able to benefit from the fluctuations of the exchange rate in the presence of a negative international trade shocks. Central banks cannot benefit from the fluctuation of the exchange rate if inflation targeting is the strategy for conducting monetary policy.

scholarly journals Customs brokers as intermediaries in international trade

2020 ◽  
Author(s):  
Hege Medin
Keyword(s):  
International Trade ◽  
Panel Data ◽  
Theoretical Models ◽  
Trade Costs ◽  
Econometric Analysis ◽  
Fixed Costs ◽  
Similar Role ◽  
Product Level ◽  
Producer Country

Abstract Recent studies suggest that intermediaries like merchants facilitate international trade by reducing fixed trade costs for producers that trade through them instead of exporting or importing directly. This study argues that customs brokers–a type of intermediary rarely studied in economics before–play a similar role by reducing fixed costs of clearing goods through customs for firms that use them instead of self-declaring. Using panel data of Norwegian trade transactions, the paper shows that the majority of manufacturing producers participating in international trade use such brokers, and that the brokers typically handle large trade values on behalf of several different produces. In an econometric analysis, the author finds that the share of a producer’s market specific trade that is self-declared rather than handled by brokers increases with the traded value. This is in line with predictions from theoretical models on trade intermediaries and holds after controlling for observed as well as unobserved factors at the producer, country and product level. Results are similar for exporting and importing, indicating that brokers facilitate both modes of trade.

Trade costs and the role of international trade intermediaries

2018 ◽  
pp. 337-367 ◽  
Author(s):  
Bernardo S. Blum ◽  
Sebastian Claro ◽  
Ignatius J. Horstmann
Keyword(s):  
International Trade ◽  
Trade Costs

International Trade, Factor Mobility, and Trade Costs

1995 ◽  
Vol 105 (433) ◽  
pp. 1488 ◽  
Author(s):  
Victor D. Norman ◽  
Anthony J. Venables
Keyword(s):  
International Trade ◽  
Trade Costs ◽  
Factor Mobility

Computer-Assisted E-Customs Transactions

2015 ◽  
Vol 11 (1) ◽  
pp. 21-38 ◽  
Author(s):  
Julian Krumeich ◽  
Timo Bredehöft ◽  
Dirk Werth ◽  
Peter Loos
Keyword(s):  
International Trade ◽  
United Nations ◽  
Status Quo ◽  
Trade Costs ◽  
Computer Assisted ◽  
The World ◽  
Transaction Services ◽  
Export System

E-government aims to ease administrative processes based on an electronic handling. While larger enterprises can often benefit from electronically integrated governmental transaction services, small and medium-sized enterprises (SME) regularly face certain obstacles. For instance, this can be observed in the context of e-customs transactions. According to a United Nations study, an inefficient customs clearance is responsible for 7% of international trade costs. Hence, governments across the world aimed to reduce administrative burdens by introducing electronic customs systems. The paper at hand examines existing approaches of electronically declaring exports to e-customs systems focusing the German ATLAS system. Based on an evaluation regarding the appropriateness of existing approaches from the perspective of SME, the paper concludes that none of them sufficiently meets their specific requirements. To tackle this status-quo, the paper presents the concept of computer-assisted e-customs transactions as well as the EXPORT system, which is a prototypical implementation of the proposed concept.

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