INTERNATIONAL SERVICES MARKET: CURRENT STATE AND STRUCTURE

Welfare State, Market Imperfections, and International Trade

Within a two-sector-two-country model of trade with aggregate scale economies and unionisation, a move to a more generous welfare state in one country increases welfare in that country and can have positive spill-over effects on the other. Furthermore, synchronised expansions of social security are more welfare enhancing than unilateral ones. Our results counter the fears that a race to the bot...

Market Structure in Services and Market Access in Goods

We examine the interaction between trade in goods and market power in domestic trade and distribution sectors. Theory suggests a linkage between service-sector competition and goods trade, one supported by econometrics involving import patterns of 21 OECD countries. This points to significant linkages between effective market-access conditions for goods and the structure of the service sector. ...

The Structure of International Stock Market Returns

The behavior of international stock market returns in terms of rate of return, unconditional volatility, skewness, excess kurtosis, serial dependence and long-memory is examined. A factor analysis approach is employed to identify the underlying dimensions of stock market returns. In our approach, the factors are estimated not from the observed historical returns but from their empirical propert...

Market Structure and Price Adjustment in the Iranian Tea Market

Towards a Service-Oriented Energy Market: Current State and Trend

The energy sector, which has traditionally been an oligarchic closed one, is undergoing major changes at all levels. On the one hand, more and more players are authorized to produce, deal and transport energy (unbundling of the sector), while on the other hand, the traditional energy consumers are now in the position to also produce and trade energy. This new trend can be supported by Service-O...