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Future Trade (future + trade)

Distribution by Scientific Domains
Business, Economics, Finance and Accounting60%

Selected Abstracts

Bargaining When Exchange Affects the Value of Future Trade

JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY, Issue 4 2003
Charles J. Hadlock
We examine bargaining in a dynamic context where exchange between two parties affects the potential surplus from future trade. In this setting traders negotiate current contracts anticipating the impact of their agreement on future exchanges. We show that in growing environments these dynamic considerations will often ameliorate bargaining inefficiencies associated with private information and facilitate exchange as both parties cooperate to nurture the relationship. In contrast, we find that in declining environments dynamic considerations will often exacerbate bargaining inefficiencies and hinder trade, as both parties are hesitant to let the relationship mature. These findings have implications for preferences to form long-lived relationships. [source]

COMPARATIVE ADVANTAGE AND AUSTRALIA-CHINA BILATERAL TRADE

ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 1 2008
YU SHENG
Bilateral trade between Australia and China has expanded in recent years. This paper examines the determinants of bilateral trade at the two-digit commodity level using a modified gravity model with explicitly specified revealed comparative advantage incorporated. This methodology allows us to explore how the relative comparative advantage of Australia and China to the world, mirroring their individual pattern of factor endowments, affects the pattern of trade between the two countries and to identify whether there exists a kind of complimentarity international specialisation between the two countries against the backdrop of each country's booming trade with the rest of the world. Key commodities such as agricultural products, iron ore, petroleum, textiles and clothing, and machinery goods are considered to estimate net welfare in terms of added value deriving from bilateral trade. The findings have policy implications for forging future trade and economic cooperation between Australia and China. [source]

UNITED KINGDOM-AUSTRALIAN/NEW ZEALAND TRADE RELATIONS

ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 4 2006
MALCOLM ABBOTT
The United Kingdom has had a long and important history of trade relations with Australia and New Zealand. Although trade declined, both in absolute and relative importance, during the late 1960s and 1970s there still exists a large and significant volume of trade between them, and the relative and absolute decline in this trade does appear to have been halted. In this paper the trading relationship between the United Kingdom on the one hand and New Zealand and Australia on the other is analysed and the prospects of future trade between them is examined. Overall it is expected that the United Kingdom and Australia/New Zealand trade relations will grow in importance rather than decline as they did before 1985. [source]

Bargaining When Exchange Affects the Value of Future Trade

JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY, Issue 4 2003
Charles J. Hadlock
We examine bargaining in a dynamic context where exchange between two parties affects the potential surplus from future trade. In this setting traders negotiate current contracts anticipating the impact of their agreement on future exchanges. We show that in growing environments these dynamic considerations will often ameliorate bargaining inefficiencies associated with private information and facilitate exchange as both parties cooperate to nurture the relationship. In contrast, we find that in declining environments dynamic considerations will often exacerbate bargaining inefficiencies and hinder trade, as both parties are hesitant to let the relationship mature. These findings have implications for preferences to form long-lived relationships. [source]

Information content of extended trading for index futures

THE JOURNAL OF FUTURES MARKETS, Issue 9 2004
Louis T. W. Cheng
The recent extension of trading hours for Hang Seng Index Futures provides an opportunity to examine whether extended futures trading contains useful information about spot returns. Using the weighted price contribution measure, we find that pre-open futures trades are associated with significant price discovery. We extend the model from T. Hiraki, E. D. Maberly, and N. Takezawa (1995) and adjust for the existence of a pre-open trading session and the overnight trading of cross-listed shares in London. Our results indicate that extended trading for index futures contains useful information in explaining subsequent spot returns during the trading day. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:861,886, 2004 [source]