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Wintersemester 2017/18Summer Term 2017
1/21/2018 : 2:18 am : +0100

Seminar in International Economics in Winter Term 2017/18

 

The seminar is part of the activities of FIW, the Centre of Competence in International Economics. Regular lecture series on current issues in international economics.

Location: wiiw, the Vienna Institute for International Economic Studies, Rahlgasse 3, 1060 Vienna.

The Heterogeneous Impact of Brexit: Early Indications from the FTSE

Tuesday, 14 November 2017, 11.00 a.m. – 12.30 pm

wiiw, Rahlgasse 3, 1060 Vienna

 

The Heterogeneous Impact of Brexit:

Early Indications from the FTSE

 

 

Abstract

 

The UK's decision to leave the EU is surrounded by several studies simulating its potential e?ects. We take an alternative approach by examining how news of Brexit a?ected expectations as embodied in stock returns using a two-part estimation process. While most firms' prices fell following news of the referendum's result, there was considerable heterogeneity in their relative changes. We show that this heterogeneity can be explained by the firm's global value chain, with heavily European firms doing relatively worse. For firms with few imported intermediates, this was partially o?set by a greater Sterling depreciation. These changes were primarily in the first two days and highly persistent. Understanding these movements gives a better understanding of Brexit's potential e?ects.

 

Keywords:    Global Value Chain; Event Study; Brexit.

JEL CodesF15; F23; G14

 

We kindly ask you to register for the event. Participation is free of charge.

 

This seminar series is an activity in the framework of FIW ('Forschungsschwerpunkt Internationale Wirtschaft'), which is a project designed to build a centre of excellence in research on International Economics, funded by the Austrian Ministry of Science, Research and Economy (BMWFW).

 

The seminar programme is regularly updated. Please visit the wiiw or FIW website for the current version of the programme. Papers and presentation slides, as far as available, are posted on our webpage after the respective seminars.

 

 

 

 

Evolve to survive: Firm adjustment to customs-driven administrative barriers

Monday, 23 October 2017, 3.00 – 4.30 pm
wiiw, Rahlgasse 3, 1060 Vienna

 

 

Evolve to survive:
Firm adjustment to customs-driven administrative barriers

 

Evgenii Monastyrenko

Paris School of Economics

 

The presentation is based on a paper co-authored with Cristina Daniela Herghelegiu (Paris School of Economics).

 

 

Abstract

 

Over the last decades, tariffs have been substantially reduced through multilateral and regional negotiations. The research and policy agendas have shifted towards less standard trade barriers. Exporters all over the world must comply with complex regulations, prepare the necessary paperwork, have their shipments inspected and be subject to lengthy customs clearance. Uncertainty associated with the time delays induced by customs clearance and uncertainty in delivery conditions may negatively affect trade.

 

This paper explores the role of uncertainty in trade associated with both customs-specific time delays and delivery conditions. We employ a highly detailed dataset on the export from Russia, over the 2011-2015 period. By exploiting the customs clearance process in Russia, we identify the causal impact of customs-driven administrative barriers on the extensive and intensive margins of export flows. We show that time delays induced by customs clearance negatively affect exports, even after controlling for other potentially confounding factors. Overall, we observe significant heterogeneity in stringency of customs-related administrative barriers across customs control points at the border. We further explore the role of Incoterms, which are used as a tool to delimit the risks associated with transportation and delivery of goods. We show that the more risks are passed to the buyers, the higher the export value is. Meanwhile, in the cases where exporters take full control over export clearance, the export margins are significantly higher.

 

Keywords:    Customs, Administrative barriers, Uncertainty, Export margins.

JEL CodesF10, F13, F14.

 

 

We kindly ask you to register for the event. Participation is free of charge.

 

This seminar series is an activity in the framework of FIW ('Forschungsschwerpunkt Internationale Wirtschaft'), which is a project designed to build a centre of excellence in research on International Economics, funded by the Austrian Ministry of Science, Research and Economy (BMWFW).

 

The seminar programme is regularly updated. Please visit the wiiw or FIW website for the current version of the programme. Papers and presentation slides, as far as available, are posted on our webpage after the respective seminars.