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on International Trade |
| By: | Kossi Messanh Agbekponou (SMART - Structures et Marché Agricoles, Ressources et Territoires - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Ilaria Fusacchia (ROMA TRE - Università degli Studi Roma Tre = Roma Tre University) |
| Abstract: | Value creation forms the basis for the construction of global value chains (GVCs) and has received significant scholarly attention, yet the issue of value capture or power distribution along supply chains, "within" industries, is still unresolved. A recent framework of property rights (Antràs and Chor, 2013; Alfaro et al., 2019) highlights how final firms exert power over their suppliers to optimally organize their sequential production process. In such an environment, how can suppliers act strategically to counterbalance the power of the final firm? We contribute, theoretically and empirically, to a better understanding of the extent to which the division of surplus in the agri-food sector is affected by suppliers' positioning in GVCs. We argue that: (1) further upstream position of exports and further downstream position of imports, and consequently specialization of the production process along agri-food GVCs increase the bargaining power of suppliers; (2) these effects are more pronounced in more upstream position of suppliers production process in GVCs; (3) suppliers that specialize in the most downstream stages increase their bargaining power by importing further upstream and exporting further downstream, and thus performing more stages in GVCs; and (4) the mechanism is that the effects observed on surplus, whether in terms of upstream or downstream position of the production process, are mainly due to the upgrading of the product mix. Using the matched French Customs-AMADEUS 2002-2017 data, we build on the bilateral stochastic frontier model to measure the two-sided division of surplus of upstream/midstream suppliers and their export destination markets. We link this dataset to the U.S. inputoutput table converted to the NACE Rev.2 level, which identifies agri-food industries at a very detailed level, and compute upstreamness indicators for each industry and firms' exports and imports, following recent approaches in the literature. Our hypotheses (1), (2) and (4) are strongly supported, while hypothesis (3) is only weakly supported. |
| Keywords: | Bargaining, Division of surplus, Global value chains, Property rights theory, Upstreamness, Firm boundaries, Agri-food industry |
| Date: | 2023–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04321670&r=int |
| By: | Bradley, Sebastien (Drexel University); Carril-Caccia, Federico (University of Granada); Yotov, Yoto (Drexel University) |
| Abstract: | We study the relationship between corporate income taxes and mergers and acquisitions (M&As). To this end, we compile and deploy a dataset consisting of all cross-border and domestic M&A deals for 118 source (acquirer) and 122 destination (target) countries and 84 sectors over the period 1995-2019. From a methodological perspective, we implement leading methods from the empirical gravity literature on trade, foreign direct investment, and migration, and we demonstrate their importance for estimating the impact of corporate income taxes on cross-border versus domestic M&A activity. Our main finding is that a one percentage point increase in target country corporate income tax rates decreases the number of cross-border acquisitions by about 0.8 percent relative to domestic M&As. This result is robust to various sensitivity checks and is comparable to previously published estimates. Nevertheless, our stepwise estimation strategy exemplifies the importance of individual empirical refinements. These should serve as the basis for future work investigating the effects of taxation on bilateral flows. |
| Keywords: | Corporate income taxes; Mergers and acquisitions; Gravity method |
| JEL: | F10 F14 F21 F23 H25 H87 |
| Date: | 2023–12–20 |
| URL: | http://d.repec.org/n?u=RePEc:ris:drxlwp:2023_008&r=int |
| By: | Bratanova, Alexandra; Cameron, Alicia; Thavat, Maylee; Fyfield, Amelia; Hajkowicz, Stefan |
| Abstract: | We demonstrate a use case of Multiple Criteria Decision Analysis (MCDA) in collaboration with industry stakeholders in forums as a way in which governments can undertake a 'soft' industry policy in international trade given the complex and changing global environment, and facilitate, rather than steer, the prioritisation of sector-specific facilitation. International trade is increasingly a balancing act with multiple competing objectives including security with open competition, economic growth with inclusion, and social and environmental protection. Post-pandemic, government efforts to stimulate export-led recovery and refine trade priorities within the rule bound by members of the World Trade Organisation are set to ramp up. To assist governments, guide their limited resources we advocate for the use of MCDA to assist with greater trade policy transparency and enable strategic decision making between multiple stakeholders While MCDA is often used in areas such as healthcare and environmental resourcing, it is not widely used in international trade. We demonstrate the use of MCDA to determine potential trade priorities in the healthcare sector under the Indonesia-Australia Comprehensive Economic Partnership Agreement. MCDA was applied in real-time during online workshops hosted by Australia's Department of Foreign Affairs and Trade with 38 industry stakeholders. The pilot determined clear priorities for trade promotion in a transparent process. These are discussed along with the potential to further develop and apply MCDA and the limitations of the analysis for effective use in international trade. |
| Keywords: | multiple criteria decision analysis; international trade; Australia; Indonesia; healthcare |
| JEL: | F1 F14 F15 F63 I10 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119407&r=int |
| By: | Charlotte Emlinger (CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique); Karine Latouche (SMART - Structures et Marché Agricoles, Ressources et Territoires - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement) |
| Abstract: | This article deals with the effects of firms' quality policies on export performance. We rely on the presence of quality management personnel to assess the level of commitment of firms on issues related to reliability and safety of products, using French administrative employee-firm-level data. We merge these data with French customs data providing the value and quantity of exports, for each firm, by product and destination. We show that firms with quality management employees have a better markets penetration and export higher volumes, especially on markets with high standards requirement (higher number of sanitary and phytosanitary or technical measures). Overall, our paper highlights the role of "quality investment" of agri-food firms in export performance, underlining that product quality is not limited to product differentiation perceived by final consumers. Product traceability and reliability is an essential factor in firms' competitiveness, especially in the perspective of the global value chains. |
| Keywords: | Non-tariff-Measures, Quality management, Export competitiveness |
| Date: | 2023–12–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04330744&r=int |
| By: | Kossi Messanh Agbekponou (SMART - Structures et Marché Agricoles, Ressources et Territoires - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Ilaria Fusacchia (ROMA TRE - Università degli Studi Roma Tre = Roma Tre University) |
| Abstract: | Value creation forms the basis for the construction of global value chains (GVCs) and has received significant scholarly attention, yet the issue of value capture or power distribution along supply chains, "within" industries, is still unresolved. A recent framework of property rights (Antràs and Chor, 2013; Alfaro et al., 2019) highlights how final firms exert power over their suppliers to optimally organize their sequential production process. In such an environment, how can suppliers act strategically to counterbalance the power of the final firm? We contribute, theoretically and empirically, to a better understanding of the extent to which the division of surplus in the agri-food sector is affected by suppliers' positioning in GVCs. We argue that: (1) further upstream position of exports and further downstream position of imports, and consequently specialization of the production process along agri-food GVCs increase the bargaining power of suppliers; (2) these effects are more pronounced in more upstream position of suppliers production process in GVCs; (3) suppliers that specialize in the most downstream stages increase their bargaining power by importing further upstream and exporting further downstream, and thus performing more stages in GVCs; and (4) the mechanism is that the effects observed on surplus, whether in terms of upstream or downstream position of the production process, are mainly due to the upgrading of the product mix. Using the matched French Customs-AMADEUS 2002-2017 data, we build on the bilateral stochastic frontier model to measure the two-sided division of surplus of upstream/midstream suppliers and their export destination markets. We link this dataset to the U.S. inputoutput table converted to the NACE Rev.2 level, which identifies agri-food industries at a very detailed level, and compute upstreamness indicators for each industry and firms' exports and imports, following recent approaches in the literature. Our hypotheses (1), (2) and (4) are strongly supported, while hypothesis (3) is only weakly supported. |
| Keywords: | Bargaining, Division of surplus, Global value chains, Property rights theory, Upstreamness, Firm boundaries, Agri-food industry |
| Date: | 2023–12–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04321612&r=int |
| By: | Keith Head (UBC - University of British Columbia, CEPR - Center for Economic Policy Research - CEPR); Thierry Mayer (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique, CEPR - Center for Economic Policy Research - CEPR); Marc Melitz (Department of Economics, Harvard University - Harvard University, NBER - National Bureau of Economic Research [New York] - NBER - The National Bureau of Economic Research, CEPR - Center for Economic Policy Research - CEPR) |
| Abstract: | Rules of origin (RoOs) are a common feature of regional trade agreements that fall short of full custom unions. Two of the most important trade agreements, the North American Free Trade Agreement (NAFTA) and the European Union (EU), recently enacted major changes to those rules. The 2020 USMCA agreement replacing NAFTA made those rules much stricter. Meanwhile, following its exit from the EU customs union, Britain and the remaining EU27 had to draw up new rules of origin for the EU-UK Trade and Cooperation Agreement (TCA). This chapter quantifies the main trade-offs involved in setting the strictness of RoOs in the context of the automobile industry. A more stringent agreement can raise or lower regional parts production, but it inevitably raises prices. Fitting our model to data on the use of NAFTA-origin parts in cars assembled within the region, we calibrate the key parameters that govern the responses to stricter RoOs. We then apply the calibrated model to evaluate the switch from NAFTA to the USMCA as well as other counterfactuals of interest. |
| Date: | 2023–11–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04345742&r=int |
| By: | Helen Dempster (Center for Global Development); Jenniffer Dew (International Organization for Migration); Sam Huckstep (Center for Global Development); Martina Castiglioni (International Organization for Migration); Cassandra Zimmer (Center for Global Development) |
| Abstract: | The Global Compact for Safe, Orderly, and Regular Migration (GCM) calls on countries of destination to both expand regular migration pathways and take steps to increase the development impact of these pathways. Migration can have a positive impact on the economic development of migrants themselves, their families, their countries of origin, and their country of destination, if aspects such as integration, remittances, and skill transfers are prioritized. This paper, produced by the Center for Global Development (CGD) and the UK office of the International Organization for Migration (IOM), outlines lessons for the UK Government to implement if they are to increase the development potential of both their existing and new immigration pathways, particularly in the agriculture, nursing, and green technology sectors |
| Date: | 2022–04–21 |
| URL: | http://d.repec.org/n?u=RePEc:cgd:ppaper:258&r=int |
| By: | Robert Waschik; James Giesecke; Craig Emerson |
| Abstract: | Much of APEC's development has been driven by the so-called Bogor Goals (1994): 1: Free and open trade and investment in the Asia-Pacific no later than 2010 in the case of industrialised economies and 2020 in the case of developing economies; 2: Expansion and acceleration of trade and investment facilitation programs; and 3: Intensified development cooperation to attain sustainable growth, equitable development, and national stability. This working paper focuses on the adoption of trade facilitation measures by a subset of APEC members, comprising all 21 APEC economies other than China, Hong Kong, Russia and the United States. Hereafter, we refer to this grouping as "APEC-exCRU". Our motivation for examining trade policy reform in APEC-exCRU is to explore the magnitudes of gains available to APEC members in situations in which geostrategic competition might preclude participation by China, Russia and the US. To provide context for the magnitude of the potential gains from trade facilitation reforms, we also undertake simulations in which regions within APEC-exCRU eliminate tariffs. |
| Keywords: | APEC, Trade Policy Reform, CGE modelling, |
| JEL: | F13 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:cop:wpaper:g-342&r=int |
| By: | Elhan-Kayalar, Yesim (Asian Development Bank); Kucheryavyy, Konstantin (University of Tokyo); Nose, Manabu (International Monetary Fund); Sawada, Yasuyuki (University of Tokyo); Shangguan, Ruo (Jinan University) |
| Abstract: | This paper provides new evidence of the effects of road construction on both domestic and international trade flows in the People’s Republic of China (PRC) using customs data and information on transport investments in the region, including those supported by multilateral development banks. We find that road construction helped to reduce trade costs significantly from 2000 to 2011, supporting the catch-up of inland regions in the PRC to its coastal cities. The ad valorem rate of internal trade costs decreases by 20%, and the ad valorem rate of international trade costs decreases, on average, by 15.3%, with substantial heterogeneity of effects across sectors. Using satellite and customs data, we also document that the construction of the Kunming–Bangkok Expressway led to local economic growth and higher regional specialization in accordance with comparative advantage, suggesting the role of the road construction in facilitating market integration across borders in the Greater Mekong Subregion. |
| Keywords: | development impact; infrastructure; economic growth; trade; job creation; regional specialization; market integration |
| JEL: | F10 F13 R40 R41 |
| Date: | 2023–12–20 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbewp:0710&r=int |
| By: | Sebastian G. Kessing |
| Abstract: | A global monopoly supplier country of necessary inputs for the provision of global public goods has an incentive to subsidize these exports. The strategic interdependence in the global public good context reverses the ”large country” incentives to manipulate the terms-of-trade. It is optimal for a monopoly supplier country to deliberately worsen its terms of trade. The existence of a global monopoly supplier increases global public good supply relative to a competitive setting. Import-dependent countries may also benefit from a monopoly supplier. While they are strategically exploited to increase their contributions to the global public good, they do so at lower costs, and they benefit from increased contributions by the other importer countries. |
| Keywords: | global public goods, market power, climate policy, terms-of-trade, Inflation Reduction Act, Net Zero Industry Act |
| JEL: | H41 D60 Q54 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10834&r=int |
| By: | Rafael Andersson Lipcsey |
| Abstract: | As AI adoption accelerates, research on its economic impacts becomes a salient source to consider for stakeholders of AI policy. Such research is however still in its infancy, and one in need of review. This paper aims to accomplish just that and is structured around two main themes. Firstly, the path towards transformative AI, and secondly the wealth created by it. It is found that sectors most embedded into global value chains will drive economic impacts, hence special attention is paid to the international trade perspective. When it comes to the path towards transformative AI, research is heterogenous in its predictions, with some predicting rapid, unhindered adoption, and others taking a more conservative view based on potential bottlenecks and comparisons to past disruptive technologies. As for wealth creation, while some agreement is to be found in AI's growth boosting abilities, predictions on timelines are lacking. Consensus exists however around the dispersion of AI induced wealth, which is heavily biased towards developed countries due to phenomena such as anchoring and reduced bargaining power of developing countries. Finally, a shortcoming of economic growth models in failing to consider AI risk is discovered. Based on the review, a calculated, and slower adoption rate of AI technologies is recommended. |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2312.06679&r=int |
| By: | Yose R. Damuri (Centre for Strategic and International Studies, Indonesia); Deni Friawan (Centre for Strategic and International Studies, Indonesia) |
| Abstract: | The conclusion of the Regional Comprehensive Economic Partnership (RCEP) is very important for Indonesia as it may bring many benefits to the country. This paper is an attempt to see the role of domestic political-economy dynamics in facilitating and constraining Indonesia's decision to join, ratify, and implement a free trade agreement (FTA). It also seekssome understanding on whether an FTA can bring significant market liberalisation. This paper focuses on two areas of observation. First, it discusses the current progress of the legislative process and public acceptance of the RCEP agreement in Indonesia and how the process is influenced by the political economy dynamics of the country. Second, the paper also looks at the potential impacts of the agreement on Indonesia's current reform agenda, especially the recently passed Jobs Creation Law (Law No. 11/2020). For these observations, we conduct a content analysis on RCEP-related news published in two newspapers in Indonesia, namely Kompas and the Jakarta Post. In addition to content analysis, we also conducted interviews with stakeholders, including parliament members and government officials from the Ministry of Trade who have been actively involved in RCEP negotiations and the ratification process. The paper provides some remarks and recommendations for the future agenda of RCEP ratification and implementation in Indonesia |
| Keywords: | RCEP ratification process, economic reform, domestic political-economy dynamics, content analysis |
| JEL: | F13 F15 D72 |
| Date: | 2023–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2022-38&r=int |
| By: | Ben Yedder, Nadia; El Weriemmi, Malek; Bakari, Sayef |
| Abstract: | This paper extensively explores the intricate interplay between domestic investments, exports, and the long-term economic growth of Angola. By leveraging a robust dataset spanning from 2002 to 2022, we apply rigorous econometric methods, including cointegration analysis and the Autoregressive Distributed Lag (ARDL) model, to unveil the subtle dynamics among these crucial economic indicators. Contrary to conventional expectations, our analysis uncovers a surprising result: there is no apparent impact of domestic investments and exports on the sustained economic growth of Angola. These findings challenge established economic paradigms and emphasized the imperative need for a thorough reassessment of existing economic policies within the country. |
| Keywords: | Domestic Investment, Exports, Economic Growth, ARDL Model, Angola |
| JEL: | C13 E22 F14 O47 O55 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119480&r=int |
| By: | Piñeiro, Valeria; Piñeiro, Martín; Bianchi, Eduardo; Elverdin, Pablo; Illescas, Nelson; Papendieck, Sabine; Pascuzzi, Nieves; Rodriguez, Augustín Tejeda |
| Abstract: | Food production includes a complex and varied set of agricultural and nonagricultural activities, involving a growing number of sectors and actors that influence the way food is produced, processed, distributed, and consumed. Recently, and especially after the 2021 United Nation Food Systems Summit (UNFSS), it has been proposed that this conglomerate of activities and socioeconomic actors be jointly identified as food systems. National food systems, which exist in each country, are interrelated through trade and other factors with regional food systems and finally with the global food system. The concept of food systems has been adopted as a useful tool for understanding the multiple and complex interrelations between different production, distribution, and trade partners and for adjusting policy analysis and design to this complex world. The discussions and documentation prepared during the UNFSS process brought to public attention not only the utility and complexity of this concept but also some of the shortcomings of current food production practices. The summit also highlighted an urgent need to establish processes for identifying such shortcomings, their relative importance, and possible measures that would lead to the transformation of national food systems and the global food system. |
| Keywords: | food production; agriculture; food systems; trade; agrifood systems; BRAZIL; CHILE; PARAGUAY; URUGUAY; ARGENTINA; LATIN AMERICA; SOUTH AMERICA |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:lacwps:30&r=int |
| By: | Sebastian Heise; David Dam |
| Abstract: | Previous work has shown that the foreign exporter code in the U.S. import data (the Manufacturer ID, or MID) is not always reliable, leading to multiple MIDs referring to the same exporter. While this earlier work has proposed a string match algorithm to group similar MIDs together, this approach is extremely time-consuming due to the need to compare every MID to every other MID in the import data. This project proposes a methodology that constructs restricted sets of potential matches based on economic information. We construct three restricted sets of potential MID matches: i) using only MIDs that set similar prices, ii) using only MIDs that sell to the same buyer, and iii) using only MIDs that ship via the same U.S. port. We also examine the “brute force” approach of comparing all MIDs from the same exporter country, which turned out to be slow but feasible. We combine the matches resulting from the four approaches and generate a time-consistent, “grouped ID” which combines similar MIDs into one. Our new concordance can easily be merged onto the LFTTD and allows researchers to work with this grouped ID going forward. The number of grouped IDs we obtain matches relatively well with external counts of exporters from the World Bank Exporter Dynamics Database. |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:cen:tnotes:23-22&r=int |
| By: | Raihan M. Ramadhan (Economic Research Institute for ASEAN and East Asia (ERIA)); Pyan A. Muchtar (Economic Research Institute for ASEAN and East Asia (ERIA)) |
| Abstract: | Despite facing global uncertainties, Indonesia has achieved macroeconomic stability, supported by strong responses in fiscal and monetary policy, as well as robust domestic supply chains. By using its natural resources and following the global trend of green industries, Indonesia aims to become a key player in the global renewable energy market. Sound infrastructure is one of the key requirements to attract high-profile investments, but Indonesia struggles with poor and unequal infrastructure. Cumbersome bureaucracy and restrictiveness towards services trade also hinder the nation from reaching its potential. Strengthening physical, human, and institutional infrastructure will help the country secure investments and boost trade. |
| Date: | 2023–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:pb-2022-07&r=int |
| By: | Helen Dempster (Center for Global Development); Beza Tesfaye (Mercy Corps) |
| Abstract: | Development agencies in high-income countries spend a large amount of both official development assistance (ODA) and other forms of financing on migration programming. While most of this spending is aimed at deterring migration, increasingly more is being focused on facilitating migration: to the high-income country itself; within and between low- and middle-income countries; and supporting people on the move and the diaspora. This paper, written by the Center for Global Development and Mercy Corps, aims to explore why and how development agencies in high-income countries facilitate labor, or economic, migration, and how they have been able to justify and expand their mandate in this area. Based on interviews with nine development agencies, we find that development agencies use a range of arguments to justify their work in this area, including supporting economic development and poverty reduction in partner countries while also meeting labor market demands at home or other countries. Yet expanding a mandate in this area requires substantial cross-government coordination and political buy-in, both of which are difficult to achieve. It also requires the ability to be able to use ODA to facilitate labor migration, which is currently up for debate. As development agencies seek to expand their work on labor migration, it will be necessary to define shared goals and start with pilot projects that focus on low-hanging fruit, while maintaining a focus on development and poverty reduction. |
| Date: | 2022–08–22 |
| URL: | http://d.repec.org/n?u=RePEc:cgd:ppaper:265&r=int |
| By: | Ho Sy-Hoa (VNU - Vietnam National University [Hanoï]); Idir Hafrad; Viet-Dung Tran |
| Abstract: | In this paper, we study the measure of exchange rate pass-through on consumer price for Vietnam using the Nonlinear Autoregressive Dynamic Lag from 2000Q4 to 2018Q2. Our findings can be summarized as follows: (i) we demonstrate the existence of the asymmetric effect of the exchange rate to domestic price in both short run and long run; (ii) the exchange rate pass-through is high; (iii) the impact of exchange rate depreciation on domestic price is stronger than appreciation; (iv) the exchange rate pass-through is higher in the long run than in the short run; and (v) foreign competitor price plays an important role in domestic price movement. |
| Keywords: | Exchange rate pass-through, Asymmetric Exchange Rate, ARDL models, NARDL models, Vietnam |
| Date: | 2022–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04313127&r=int |
| By: | Helen Dempster (Center for Global Development); Ismael Gálvez Iniesta (Universitat de les Illes Balears); Reva Resstack (Center for Global Development); Cassandra Zimmer (Center for Global Development) |
| Abstract: | Interest among high-income countries in using bespoke legal labor migration pathways to offset the negative impacts of aging populations and skills shortages has increased in the last decade. Even when migration is beneficial in the long-run, like all investments, these pathways incur up-font costs. Yet there is little information as to the costs involved in these pathways; how they were covered by government funding, the private sector, and the migrants themselves; and how these costs could be covered in an ethical and sustainable way to enable these bespoke pathways to scale. Based on analysis of a Center for Global Development database of 57 legal labor migration pathways, this paper seeks to answer these questions. It therefore aims to provide support to high-income countries interested in designing, implementing, and scaling legal labor migration pathways. |
| Date: | 2022–06–06 |
| URL: | http://d.repec.org/n?u=RePEc:cgd:ppaper:261&r=int |