The present paper investigates the effect of China＇s share of US imports on the aggregatelevel exchange rate pass-through to US import prices over the period from January 1999 to December 2008. The paper also focuses...The present paper investigates the effect of China＇s share of US imports on the aggregatelevel exchange rate pass-through to US import prices over the period from January 1999 to December 2008. The paper also focuses on the post-reform period, after 2005, allowing greater ftexibility of the RMB to explore the change in the role of the Chinese import share in determining the trend in the US exchange rate pass-through. Evidence reveals that China＇s share of US imports has a negative effect on the exchange rate pass-through. However, this negative effect has been moderated to a negligible level since China＇s exchange rate reform. An important implication is that the exchange rate flexibility of the RMB has been raised to a significant level may no longer cause distortion in the US competitive environment and prevent the USA from adjusting current accounts.展开更多
This study investigates the extent of the influence of imported fishmeal price changes on the market price of pisciculture products. To date, there have been only a few insufficient researches on this topic in Japan. ...This study investigates the extent of the influence of imported fishmeal price changes on the market price of pisciculture products. To date, there have been only a few insufficient researches on this topic in Japan. This paper aims to reveal the causality relationship between the market price of imported fishmeal and the market price of pisciculture products using the granger causality test, and to simulate the market price of pisciculture products using impulse response functions as the price of imported fishmeal increases. The results of the granger causality test and impulse response function analyses were as follows： （1） there is a market linkage from the price of imported fishmeal to the market price of sea bream, but no causality with the market price yellowtail; and （2） this has a positive impact on the market price of sea bream when the price of imported fishmeal changes. Moreover, spillover effects were noticed in this simple scenario （at a market price of 800 yen/kg and one unit shock of 1 yen） of about 3 yen/kg.展开更多
China’s crude oil imports hit a record high in the first half of 2016 despite an economic slowdown,and analysts largely attributed the surge to low prices,not strategic maneuvering.The country imported 186.5 million ...China’s crude oil imports hit a record high in the first half of 2016 despite an economic slowdown,and analysts largely attributed the surge to low prices,not strategic maneuvering.The country imported 186.5 million tons of crude oil in the first half of the year,23.15 million展开更多
This paper provides a review on China＇s meat trade for the 2000–2012 period and discusses its future development, with reference to China＇s grain trade. With marginal decreases in meat exports and slight increases ...This paper provides a review on China＇s meat trade for the 2000–2012 period and discusses its future development, with reference to China＇s grain trade. With marginal decreases in meat exports and slight increases in their imports, China＇s net imports of major meat products（including pork, beef, mutton and poultry but excluding meat offal） were just below 1 million tons in 2012, dwarfed by China＇s net imports of grains which reached 66.7 million tons in the same year. This slow growth in meat trade seems to contradict earlier expectations on increasing meat demand and imports, based upon projected shifts in consumption patterns driven by rapid per capita income growth. Several plausible explanations of this paradoxical trade pattern are offered, including mass imports of feed grains, persistent（but shrinking） gaps between Chinese and international meat prices, tariff barriers, and non-tariff measures. In the near future China may not be able to maintain such a lower profile on the world meat markets, as per capita income is projected to continue to rise and domestic production cost advantages erode due to rising labor costs. A model-based projection exercise indicates that under plausible assumptions China＇s meat imports may rise sharply by 2030.展开更多
There is an increasing demand for feed as the industrialization of hog production in China. Land scarcity limits China＇s ability to continue increasing its hog production without feed imports, particularly soybean, a...There is an increasing demand for feed as the industrialization of hog production in China. Land scarcity limits China＇s ability to continue increasing its hog production without feed imports, particularly soybean, and the feed markets are increasingly integrated into the global market. This study performs an analysis of price transmission between the hog price in China and feed prices, specifically domestic maize price and international soybean price, from January 2000 to April 2014. We identified a long-term stable equilibrium relationship between the three markets. However, further analyses show that there is no significant Granger causality between hog and feed market, and the long-run equilibrium partially results from Granger causality between the international soybean market and domestic maize market. This suggests that the domestic hog market has been distorted by different policies. The results also indicate that the efficiency of price transmission is very low and it takes about 11 months to correct one-half of any long-run disequilibrium for the hog market in China. Therefore, to stabilize hog price in China, only market intervention to regulate the maize and soybean markets would be insufficient and comprehensive measures need to be taken into account such as hog production modernization, agricultural insurance, epidemic surveillance etc.展开更多
This paper discusses the determinants of meat imports of China. Results indicate that import demand is mostly determined by import price and real GDP. Imported price has a negative effect and real GDP has a positive i...This paper discusses the determinants of meat imports of China. Results indicate that import demand is mostly determined by import price and real GDP. Imported price has a negative effect and real GDP has a positive influence on import quantity. Tariff does not have a significant effect. As GDP and consumption capacity increases, China has a large potential demand for meat imports. Some countries may gain if China＇s economy continues expanding, while others, like the United States, are the most sensitive to the trade policy of China.展开更多
Rice is the main food for over 95 percent of the Sierra Leonean populace. It accounts for the largest portion of the agricultural GDP of the country. On the contrary, its cultivation has been shrinking over the past d...Rice is the main food for over 95 percent of the Sierra Leonean populace. It accounts for the largest portion of the agricultural GDP of the country. On the contrary, its cultivation has been shrinking over the past decades. Consequently, importation now becomes the main source of supplying the grain for local needs since its cultivation or production could no longer meet domestic request. The deterioration in the local cultivation of rice has had severe socio-economic implications such as higher consumer prices and balance of payment burden. Therefore, the main objective of this study is to evaluate the effect of price and other related nonprice policy intervention on rice cultivation in the country. The tools utilized for analyzing the problem comprise, a coefficient of protection analysis as well as a supply response analysis by means of a time series regression (for the period 1980-2011). Major limitations established negatively affecting rice output are price disincentives to cultivators, public expenditure and fertilizer consumption. From the above findings, rice cultivators should be accorded the necessary incentives to keep them more effective in the rice cultivation career. The food policy approach that had over the years depended on huge importation of rice should be reviewed in favor of domestic cultivation. Increasing local cultivation through a meaningful protection of cultivators can independently reduce the price of rice to the advantage of the final consumers. This study also recommends that public funds should be redirected away from rice import toward investments in its domestic cultivation.展开更多
文摘The present paper investigates the effect of China＇s share of US imports on the aggregatelevel exchange rate pass-through to US import prices over the period from January 1999 to December 2008. The paper also focuses on the post-reform period, after 2005, allowing greater ftexibility of the RMB to explore the change in the role of the Chinese import share in determining the trend in the US exchange rate pass-through. Evidence reveals that China＇s share of US imports has a negative effect on the exchange rate pass-through. However, this negative effect has been moderated to a negligible level since China＇s exchange rate reform. An important implication is that the exchange rate flexibility of the RMB has been raised to a significant level may no longer cause distortion in the US competitive environment and prevent the USA from adjusting current accounts.
文摘This study investigates the extent of the influence of imported fishmeal price changes on the market price of pisciculture products. To date, there have been only a few insufficient researches on this topic in Japan. This paper aims to reveal the causality relationship between the market price of imported fishmeal and the market price of pisciculture products using the granger causality test, and to simulate the market price of pisciculture products using impulse response functions as the price of imported fishmeal increases. The results of the granger causality test and impulse response function analyses were as follows： （1） there is a market linkage from the price of imported fishmeal to the market price of sea bream, but no causality with the market price yellowtail; and （2） this has a positive impact on the market price of sea bream when the price of imported fishmeal changes. Moreover, spillover effects were noticed in this simple scenario （at a market price of 800 yen/kg and one unit shock of 1 yen） of about 3 yen/kg.
文摘China’s crude oil imports hit a record high in the first half of 2016 despite an economic slowdown,and analysts largely attributed the surge to low prices,not strategic maneuvering.The country imported 186.5 million tons of crude oil in the first half of the year,23.15 million
基金financial support from the National Natural Science Foundation of China(71203096 and 71303112)the Doctoral Program of Higher Education,China(20120097120042 and 20123204120017)
文摘This paper provides a review on China＇s meat trade for the 2000–2012 period and discusses its future development, with reference to China＇s grain trade. With marginal decreases in meat exports and slight increases in their imports, China＇s net imports of major meat products（including pork, beef, mutton and poultry but excluding meat offal） were just below 1 million tons in 2012, dwarfed by China＇s net imports of grains which reached 66.7 million tons in the same year. This slow growth in meat trade seems to contradict earlier expectations on increasing meat demand and imports, based upon projected shifts in consumption patterns driven by rapid per capita income growth. Several plausible explanations of this paradoxical trade pattern are offered, including mass imports of feed grains, persistent（but shrinking） gaps between Chinese and international meat prices, tariff barriers, and non-tariff measures. In the near future China may not be able to maintain such a lower profile on the world meat markets, as per capita income is projected to continue to rise and domestic production cost advantages erode due to rising labor costs. A model-based projection exercise indicates that under plausible assumptions China＇s meat imports may rise sharply by 2030.
基金the sponsorship of German Research Foundation(RTG1666)A Project Funded by the Priority Academic Program Development of Jiangsu Higher Education Institutions(PAPD),Chinathe National Natural Science Foundation of China(71173110)
文摘There is an increasing demand for feed as the industrialization of hog production in China. Land scarcity limits China＇s ability to continue increasing its hog production without feed imports, particularly soybean, and the feed markets are increasingly integrated into the global market. This study performs an analysis of price transmission between the hog price in China and feed prices, specifically domestic maize price and international soybean price, from January 2000 to April 2014. We identified a long-term stable equilibrium relationship between the three markets. However, further analyses show that there is no significant Granger causality between hog and feed market, and the long-run equilibrium partially results from Granger causality between the international soybean market and domestic maize market. This suggests that the domestic hog market has been distorted by different policies. The results also indicate that the efficiency of price transmission is very low and it takes about 11 months to correct one-half of any long-run disequilibrium for the hog market in China. Therefore, to stabilize hog price in China, only market intervention to regulate the maize and soybean markets would be insufficient and comprehensive measures need to be taken into account such as hog production modernization, agricultural insurance, epidemic surveillance etc.
文摘This paper discusses the determinants of meat imports of China. Results indicate that import demand is mostly determined by import price and real GDP. Imported price has a negative effect and real GDP has a positive influence on import quantity. Tariff does not have a significant effect. As GDP and consumption capacity increases, China has a large potential demand for meat imports. Some countries may gain if China＇s economy continues expanding, while others, like the United States, are the most sensitive to the trade policy of China.
文摘Rice is the main food for over 95 percent of the Sierra Leonean populace. It accounts for the largest portion of the agricultural GDP of the country. On the contrary, its cultivation has been shrinking over the past decades. Consequently, importation now becomes the main source of supplying the grain for local needs since its cultivation or production could no longer meet domestic request. The deterioration in the local cultivation of rice has had severe socio-economic implications such as higher consumer prices and balance of payment burden. Therefore, the main objective of this study is to evaluate the effect of price and other related nonprice policy intervention on rice cultivation in the country. The tools utilized for analyzing the problem comprise, a coefficient of protection analysis as well as a supply response analysis by means of a time series regression (for the period 1980-2011). Major limitations established negatively affecting rice output are price disincentives to cultivators, public expenditure and fertilizer consumption. From the above findings, rice cultivators should be accorded the necessary incentives to keep them more effective in the rice cultivation career. The food policy approach that had over the years depended on huge importation of rice should be reviewed in favor of domestic cultivation. Increasing local cultivation through a meaningful protection of cultivators can independently reduce the price of rice to the advantage of the final consumers. This study also recommends that public funds should be redirected away from rice import toward investments in its domestic cultivation.
