Premium Essay


In: Business and Management

Submitted By sousou
Words 6642
Pages 27
Why has world trade grown faster than world output?

By Mark Dean of the Bank’s International Economic Analysis Division and Maria Sebastia-Barriel of the Bank’s Structural Economic Analysis Division. Between 1980 and 2002, world trade has more than tripled while world output has ‘only’ doubled. The rise in trade relative to output is common across countries and regions, although the relative growth in trade and output varies greatly. This article attempts to explain why the ratio of world trade to output has increased over recent decades. It provides a brief review of the key determinants of trade growth and identifies proxies that will enable us to quantify the relative importance of the different channels. We estimate this across a panel of ten developed countries. This will allow us to understand better the path of world trade and thus the demand for UK exports. Furthermore this approach will help us to distinguish between long-run trends in trade growth and cyclical movements around it.

In the past few decades there has been an increasing integration of the world economy through the increase of international trade. The volume of world trade(1) has increased significantly relative to world output between 1980 and 2002 (see Chart 1). Some of this increase can be accounted for by the fact that traded goods have become cheaper over time relative to those goods that are not traded. However, even in nominal terms the trade to GDP ratio has increased over this period. This means other factors may also be contributing to the phenomenon. Chart 1 World imports as a ratio of world GDP: nominal and real
Per cent 30 28 Real trade to GDP ratio 26 24 22 Nominal trade to GDP ratio 20 18 16 14 12 10 0

The upward trend in the trade to output ratio is evident since the end of the Second World War, and seems to have accelerated in the past 20 years. Prior to…...

Similar Documents

Premium Essay

Fairness Opinion

...the alleged grounds for the independence of investment bankers. The Part first considers in detail the causes of conflicts of interest: the fee structure for compensating investment banks and the incentives that structure creates, the banks' desire to retain and attract clients, and psychological and social factors. Lastly, this Part argues that investment banks' reputational concerns and internal procedures will not eliminate these conflicts of interest. transaction, and the effect of this information on the stock price. Cf Fischel, The AppraisalRemedy in CorporateLaw, 1983 AM. B. FOUND. R. J. 875, 893-94 (describing econometric market model for reconstructing market price while excluding effects of a prospective corporate control transacion). 60. Many have expressed the view that fairness opinions often do nothing more than rubberHire FoRBEs, July 29, 1985, at 52; stamp management decisions. See, eg.. McGough, Fairnessfor Weiss, supra note 24, at 255; Note, supra note 12, at 127-28; Stein, Investment Banking's Dirty Little Secret, N.Y. Times, June 8, 1986, § 3, at 2, col. 3; Longstreth, supra note 42, at 3, cols. 3-4; see also Fischel, supra note 14, at 1453 (some experts always willing to opine that price significantly higher than share price is fair). Thus, the contribution of this part lies not in the novelty of its claim that a conflict-of-interest problem exists but rather in its systematic analysis of the factors producing this problem. HeinOnline -- 1989......

Words: 14271 - Pages: 58

Premium Essay

Icp Dss

...privileges and or $500 000 in fines per incident A small Business can follow these steps to help them to get certified: firewall: this provide a layer of security between my network environment and the internet by managing the flow of inbound and outbound flow of information to the host , uses different security postures based on the requirements of the business , unwanted traffic is eliminated also mention a web application firewall that inspect the web traffic in real time and blocks many attacks Antivirus: its critical necessary to have an antivirus that help prevent the spread of viruses ,malwares works or other malicious applications , inside your network creating an outside door for intruders to sensible data or even monetary transacions needs to ne a higly optimized engine that offers a fast light and proactive protection neds to eb able to identify malicious code on execution for bad intents also be able to scan emails , open ports , and portable data storage items looking for the threats Intrusion detention : every years intruders get smarter and attacks increase years after years , big companies invers millios of dollars every year in security , the belive is that while more strong is the implementation of security harder it is but all comes down to managing , decition making anfd risk support Contimuous audit: helps with the system integrity to catch loops and holes on the security system it helps to evolve the security making it more efficient Patch......

Words: 524 - Pages: 3

Free Essay

Oracion Como Arma

... poco a poco va acabando tu vida espiritual. Son palabras que simplemente las sopla el enemigo a tu oído, ahora estos pensamienos que el enemigo pone en la mente por que el campo de trabajo del enemigo es en la mente. Pero Dios trabaja en el corazón. El enemigo pone pensamientos contrarios que son en contra con la voluntad de Dios. Pero el momento que el enemigo ponga pensamientos de estos en tu mente en tu oído, levántate en el Nombre del Señor y ora. Usa la oracion como un arma y diga pensamiento te pongo cautio en el Nombre de Jesucristo. En el cielo hay una gran cantidad de bendiciones, milagros y prodigios que están en la espera de que alguien se arrodille y las reclame en oracion. Esto es de Oferta y Demanda, para que exista esa transacion se neceistan 2 el que necesita y pide y el que tiene la cantidad y presta. Por mas que andes alrededor de un banco, no vas a recibir el dinero que necesitas, se necesita que entres que apliques. Lo mismo es en el cielo hay milagros para usted y cosas grandes pero necesitas entrar en oracion y decir yo la quiero, yo la necesito y usar la oracion para lograr esta transacción divina. La Biblia dice que si nada has recibido es porque habéis pedido. Pedid y se os dara, Dios tiene grandes para esta iglesia pero no lo hemos reclamado. Según la ciencia el ser humano es extremamente vulnerable a la anciedad por cambios en nuestras vidas, estos hacen realce a la inseguridad, la preocupación, desesperanza y pueden hasta perder la salud.......

Words: 1880 - Pages: 8