Among non-oil exports and in trade arena, drug has always been strategic importance and most government especially industrialized countries pay special attention to its production and trade issues. Thus, having a comprehensive view from economic perspective to this section is essential for suggesting intervention. This was a descriptive-analytical and panel study. In this study, gravity model i...

In this paper, we first describe the characteristics of the World Trade Organization (WTO) that are the basis of the framework of the multilateral trading system. We then provide an overview of concepts of fairness in trade agreements. Thereafter, we offer a critique of the efficiency criterion in assessing multilateral trade agreements, taking issue with T.N. Srinivasan’s (2006) analysis and t...

In this paper, we first describe the characteristics of the World Trade Organization (WTO) that are the basis of the framework of the multilateral trading system. We then provide an overview of concepts of fairness in trade agreements. Thereafter, we offer a critique of the efficiency criterion in assessing multilateral trade agreements, taking issue with T.N. Srinivasan’s (2006) analysis and t...

In agreement problems, agents must assign options to variables, typically via negotiation, in order to gain reward. For an assignment to occur, agents with different individual preferences must agree on an option. We provide a formalism for agreement problems and negotiation, which encompasses important real-world problems faced by people daily, e.g., selecting a meeting time, deciding on a loc...

International trade has been playing an extremely significant role in China over the last 20 years. This paper is aimed to investigate and understand the relationship between China’s macro-economy and oil price from this new perspective. We find strong evidence that the increase of China’s price level resulting from oil price shocks is statistically less than that of its main trade partners’. T...

in the era of globalization, particularly, since early 1990s, economies around the world have been affected considerably by co-movements in one or more countries. in the literature this phenomenon is recognized as synchronization in business cycles, while joint policies being conducted by trading partners can modify such effects properly. the objective of this paper has been to evaluate a possi...

Beyond the sheer level of relief it provided, the London Debt Agreement shows some »qualitative« dimensions, the lack of which makes present-day restructurings so protracted and painful. They include a conditioning of debt service upon trade surpluses, the possible recourse to arbitration, and the comprehensive character of the negotiation, which included most types of claims on the German econ...

This paper looks at speculative behavior in the international oil market. Much of the blame for oil-market turbulence has been placed on speculators, particularly hedge funds. Speculative capital has been characterized as “hot money,” with capital flows driven by “herding,” “flocking,” and “contagion.” Policies to deal with volatility by weakening, or even disabling speculation, have been based...

Crude oil plays an increasingly significant role in world economic development and also in the generation of wealth since nearly two-thirds of the world’s energy consumption comes from crude oil and natural gas. Worldwide consumption of crude oil exceeds $500 billion—roughly 10% of US GDP and crude oil is also the world’s largest and most actively traded commodity, accounting for about 10% of t...