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◦ Not all parallel price increases are the result of unlawful coordination and could as well be the product of competition. The case study of the steel industry in Greece reminds us of this important fact and, in doing so, provides a rigorous analysis to distinguish competition from collusion.
◦ In the steel market in Greece, there was some striking evidence of price parallelism whereby the three main producers changed their prices more or less simultaneously. In response, the Hellenic Competition Commission pursued an investigation to determine if they were colluding, either explicitly or tacitly.
◦ In spite of the suspicious patterns, the evidence put forth in the case study supports competition. It is explained how common price movements are likely the result of common information. Every morning, all three suppliers had available to them international and regional price levels for each product type. This information allowed them to determine the maximum price that a Greek producer would be able to sell in the domestic market given the prices that Greek importers could purchase steel from other countries. This import price acted as a reference price which was common knowledge to all Greek producers and drove changes in the competitive domestic list prices.
◦ Complementing this argument with a rich empirical analysis, the case study concludes the observed price patterns are likely explained as an outcome of competitive behavior.
Chapter 6 turns to the consumption of patent medicines and toiletries and their impact on the Colombian market. By following their distribution, it explores the mechanisms and strategies employed by foreign manufacturers to infiltrate the market and gain widespread attention. It also shows how producers of patent medicines were the first to introduce modern advertising techniques to Colombians. As a result of such advertising, popular sectors were gradually incorporated into the world of foreign nostrums and toiletries, embracing the ideas that these commodities promoted and enforced. In spite of this, as the chapter demonstrates, Colombian men and women still transformed and domesticated their uses and their meanings in interesting and often unpredictable ways.
Chapter 2 explores the complex dynamics of Colombia’s post-1850 import trade. It traces how foreign objects – textiles, machetes, toiletries, food, and chinaware, among many other goods – circulated throughout the national geography: the routes they traveled and the places they visited. The chapter also explores the many places in which peasants, bogas, formerly enslaved people, and small landholders came together to give meaning to the multiple and diverse spaces of exchange.
Based on the recorded experiences of foreign merchants and local shopkeepers, literature, and visual sources, Chapter 3 delves into how the tastes and preferences of Colombia’s Plebeian consumers influenced the production of textiles abroad. It shows how their demands for specific colors, designs, and shapes were communicated through a chain of intermediaries to manufacturers in the United States and England, who risked having their merchandise returned and losing customers if they failed to comply. The chapter emphasizes that terms of trade were never solely determined by US or European interests; the preferences of everyday Colombian men and women actively shaped the republic’s marketplace.
This article examines imports by Swedish firms and the utilization of the tariff preferences offered by the EU–South Korea Free Trade Agreement. To benefit from tariff preferences, the importer must make a formal request to use the preferences and also document the origin of the imported products (with a certificate of origin provided by the foreign exporter). This may be costly, and some importers choose to pay import tariffs even when tariff preferences are available. Hence, the preferences are not fully utilized. Using a detailed firm–transaction level data set on Swedish imports from South Korea, we analyse the determinants of preference utilization and how firms learn to use preferences. The results show that preference utilization is strongly correlated with potential duty savings, which depend on the preference margin and the size of the import transaction. From a learning perspective, we find that preference utilization is closely related to the number of import transactions undertaken by the firm, suggesting a learning-by-doing mechanism. The length of time the firm has been involved in importing activities plays a smaller role.
This paper compares how ideas of power, rank, and status were communicated in Etruria and Anatolia in the Orientalizing period by the use of material items and images. By employing and exhibiting specific objects, elites used a non-verbal language to communicate with each other across frontiers in the Mediterranean area as well as to show their wealth and their sophistication in their own surroundings. Trade networks have been discovered, analyzed, and exhibited on various occasions in the last decade. However, we now have to deal with the significance of the selection, collection, and use of certain luxury items to the ostentation of accumulated wealth that are better known from the courtly societies of the Near and Middle East. The desire for possessing these items can be perceived in personal or private as well as social terms. As many of the items belong to the sphere of banqueting, it is mandatory to link the two worlds in question vis-à-vis this praxis of consumption and social events.
This chapter presents the first annual estimates of Liberia’s economic performance based on archival data since its declaration of independence in 1847 until 2000. A lack of easily accessible data has been one of the main reasons why Liberia has appeared so infrequently in comparative work in African economic history. The collection of data was a central component of imperial governance, and historians have relied on the legacy of those efforts; independent states had both different incentives and, often, lower capacity. However, this chapter shows that it is possible to reconstruct through qualitative records annual estimates of trade and government finances dating back to Liberia’s foundation. These estimates then form the foundation for the first series of historical national accounts which can be used to compare Liberia to other countries. They show the Liberian economy during the late nineteenth and early twentieth centuries, when many other African economies were growing. A period of rapid economic growth began during the 1930s, which continued for much of the next half century before a catastrophic reversal from 1980. This chapter sets the stage for the more thematic chapters to follow.
The tariff preferences in FTAs do not apply automatically to all imports. Instead, importers can request to use the tariff preferences, but must then show that the imported goods fulfil the formal requirements (e.g. rules of origin) of the FTA. This is costly, which is a likely reason why tariff preferences are not always used. This research note examines preference utilization under the FTA between the EU and South Korea, which was formally ratified in 2015 (but had been provisionally applied from 2011). We use firm and transaction level data for Swedish imports from South Korea during November 2016 to answer the question ‘Who uses the EU's FTAs?’ With information on firm size, product category, import mode (direct imports or customs warehousing), preference margin, potential duty savings, and transaction size, we provide a detailed picture of when firms choose to utilize the tariff preferences. The results suggest that the differences across importers are not primarily related to firm size, as is sometimes suggested in extant literature. We also find that it is the size of the import transaction rather than the size of the preference margin that determines preference utilization.
Bilateral trade agreements between Japan and major wine-exporting countries have resulted in tariff eliminations in Japan. This raises questions about how tariffs affect the competitiveness of wine-exporting countries. The generalized dynamic Rotterdam model was used in estimating Japanese wine demand by source. Estimates were then used to project the impact of tariffs on imports of Australian, Chilean, French, German, Italian, Spanish, and U.S. wine. Tariff reductions primarily benefit affected countries, with limited adverse effects on competing countries. The elimination of tariffs on U.S. wine should offset any losses from competing trade agreements.
While France leads the way in the Chinese import market of wine, China is France's third largest wine export market by value. In this article, I analyze the determinants of France's wine exports to China, differentiated by French wine growing regions. I estimate a simple demand using a dataset on wine shipments of 100 different types of French bottled wines to China between 1998 and 2015. I find a wide range of income and price effects across French regions—a range not unlike those found by studies spanning multiple countries. Bordeaux wines exhibit the largest Chinese income elasticity. However, other French regions appear to catch up. Price elasticity, meanwhile, is particularly low for highly reputable wines, but quite high for wines targeting middle-class customers and wines from regions traditionally known for white wines. (JEL Classifications: F10, F14, L66, Q17)
Tracks the life cycle of powered land transport in Australia, and the dominant role taken by the automobile. It follows the growth of cars in service to saturation, the similar growth and saturation of the market for new cars. It describes the huge change in the structure of the market, with the replacement of the traditional large Australian car by more modern small cars and SUVs, driven by the immense changes in Australian society. It tracks the surge of imports, as government policy switched from protecting the national market to opening it to outside competition, and reviews pricing and the controlling effect of the tied distribution channels.
Identifies the emergence, growth, development and failure of the supplier sector in Australia, including much of it being taken over by the global giants of the sector. Responsible, as elsewhere, for 80 per cent of the content and value of the complete car, it was never able to achieve enough local scale and was perpetually threatened by competition from imports.
The oases of Kharga and Dakhla have been linked administratively from ancient times into the present. This chapter presents a study of the two main physical routes that connected the two oases: the Darb al-Ghubari and the Darb Ain Amur. Cairns, tracks, rock art, inscriptions, ceramics, and other small finds serve to identify the tracks and stopping points along the way. These paths, particularly the Darb Ain Amur, evolved over time, reflecting the changing environment and modes of transport that were used to make the journey from pharaonic to Roman times.
This chapter aims to contribute to the study of the network of commerce between the Great Oasis,the Nile Valley, and the Mediterranean basin during the Roman and Late Roman periods. In particular, it describes the fragments of Egyptian and imported amphoras that have been identified during the course of the analysis of the ceramics from the survey (2012 and 2013) and excavations (2004-13) conducted at Trimithis/Amheida (Dakhla Oasis) by the team sponsored first by Columbia University and then by New York University. The study of these transport containers, which are quite rare in the oases, sheds new light on possible patterns of use and consumption in the different areas of Trimithis, as well as how the polis fits into this range of contacts which interested the oasis during the first to fourth century AD.
Export tax reform in Argentina could improve its competitiveness in China’s soybean market, displacing exports from competing countries like Brazil and the United States. We examined the factors that determine China’s demand for imported soybean products and how export taxes could affect exporting countries. Using import demand and vector autoregression estimates, we conducted simulations of China’s import demand assuming the elimination of export taxes in Argentina. Results indicated that Argentine soybean products could realize gains in the Chinese market, but only in the short run. Projected import demand changes in the long run were insignificant for all exporting countries.
This essay aims to introduce an issue of the RHE-JILAEH dedicated to the reconstruction of historical trade statistics of Latin American countries. It comments on the early perceptions of the quality and utility of historical trade statistics and on the way in which more recent analyses have overcome the distrust that prevailed until the last third of the 20th century. It then summarises the different criteria and methodologies that have been used to assess the accuracy and reliability of trade statistics in order to make them useful for the purpose of reconstructing new, more complete and precise trade series or re-estimating those available. The introduction ends with a brief description of the contents of this volume.
This article presents, for the first time, a continuous series of value of Honduran exports and imports for the period 1880-1930, extending the series previously available from Notten (2012). The new series were constructed based on the official statistics of the main trading partners of Honduras (United States, Great Britain, Germany and France) corrected from Honduran and complementary sources. The correction criteria applied are based on the results of a previous reliability validation exercise. The data obtained allow to delimit a new chronology of the foreign trade of Honduras where the “export age” began before the banana export boom that took place between 1903 and 1930.
In 1821 Mexico achieved its independence from Spain. What happened in the following 50 years has become a field of dispute for economic historians. The lack of reliable quantitative information in many fields of economic activity has led to contrasting interpretations, none of which has been accepted as definitive. The aim of this paper is to reconstruct the yearly values of Mexico’s foreign trade in that period, with the purpose of providing elements to start filling this significant gap in Mexico’s historiography. It relies on official trade statistics and consular reports from Mexico’s main trading partners. It provides new series of imports and (commodity and specie) exports, and a provisional view of the balance of trade for most of the 1821-1870 period.
Historiography has payed less attention to imports than exports from the last quarter of the nineteenth century to the beginning of World War I. On the one hand, this is explained by the crucial and more visible part that exports played in fostering economic growth. On the other, the reason why imports have been less studied is the high level of disaggregation of the data available. In this paper, we analyse the official Argentine statistics as the main source for a reconstruction of imports. Then, we recalculate the balance of trade using our corrected export series. Additionally, we propose a research agenda based on gaps in the specialised literature and the possibilities given by the use of the official statistics.
Withdrawal from the Trans-Pacific Partnership (TPP) could be costly for U.S. beef exports to Japan given existing trade agreements such as the Japan-Australia Economic Partnership Agreement (JAEPA). We estimate the demand for imported beef in Japan by source and product and assess the impact of tariff reductions on exporting countries. Our results suggest JAEPA will result in considerable increases in Australian beef exports to Japan, largely at the expense of the U.S. beef. However, similar tariff reductions for U.S. beef could eliminate these negative effects and even result in a net increase in beef imports from both countries.