ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1992.tb00542.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

ABSTRACTWhile economists often stress the importance of increasing developing countries' production and exports of manufactures, there are major inconsistencies in the definitions of ‘manufactures’ employed by national and international agencies. Specifically, developed and developing countries' production data is generally compiled using a far broader definition of manufactures than is employed for trade statistics. This limits the analytical utility of the output and trade data since they are not on a comparable base. An additional problem is that international agencies also employ different definitions of manufactures when compiling trade statistics. For some countries these definitional changes produce major differences in the value and share of manufactures exports and imports.This study attempts to assess the analytical implications of six alternative definitions by comparing results when each is used to tabulate the ‘manufactures’ exports of 72 developing countries. The results show that the different definitions result in a discrepancy of $60 billion in developing countries manufactures exports. Sensitivity tests show that five or six products are responsible for the major discrepancies, with the key item being refined petroleum (SITC 332). These items are included in the UNIDO (trade) and most agencies output definitions, but are excluded from the trade definition used by UNCTAD, World Bank, and GATT.The influence of the alternative definitions on some established country classifications, including UNCTAD's ‘major exporters of manufactures’, are examined. The results show that this country classification is out of date due to major shifts in the relative importance of individual exporters in the 1980s. However, even with the most recent trade statistics there would be important differences in ‘major’ or ‘fast growing’ exporters under alternative definitions of

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1992.tb00543.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1992.tb00544.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

ABSTRACTThis paper presents a model of a risk averse multinational firm under exchange rate risk. The firm, which owns and controls assets in two countries, is engaged in production, sales and forward contracting whenever forward markets exist. First, we investigate the effects of exchange rate uncertainty without any risk sharing markets. It is shown that the firm internalizes missing hedging markets by increasing foreign production and lowering foreign sales. Therefore the firm hedges by repatriating foreign profits in the form of goods. Second, the implications of the existence of forward markets of global market decisions are discussed. It is shown that a separation theorem holds. This does not imply that the multinational firm shifts all the risk into the forward exchange market.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1992.tb00545.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1992.tb00546.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY