Search results for "Commodity"

Integration of foreign trade and maritime transport statistics in Spain

2010

This article aims to contribute to improving maritime trade data by analysing the possibility of integrating in a single enlarged databank two different databases: the Spanish foreign trade and maritime transport datasets. The methodology adopted consisted of studying the primary sources providing data compiled in the foreign trade and maritime traffic databases, analysing the electronic processes used by informants and data collectors and examining the linkages between the different electronic messages involved. Once the links between the trade and sea transport documents and electronic messages were found, a solution for integrating both databases was envisaged. The main outcome is a new …

Commodity Tax Competition and Industry Location Under the Destination- and the Origin-Principle

2007

We develop a model of commodity tax competition with monopolistically competitive internationally mobile firms, transport costs, and asymmetric country sizes. We investigate the impacts of non-cooperative tax setting, as well as of tax harmonization and changes in the tax principle, in both the short and the long run. The origin principle, when compared to the destination principle, is shown to exacerbate tax competition and to erode tax revenues, yet leads to a more equal spatial distribution of economic activity. This suggests that federations which care about spatial inequality, like the European Union, face a non-trivial choice for their tax principle that goes beyond the standard consi…

Spillovers from the oil sector to the housing market cycle

2017

We assess the spillovers from the oil sector to the housing market cycle using quarterly data for 20 net oil-exporting and -importing industrial countries, and employing continuous- and discrete-time duration models. We do not uncover a statistically significant difference in the average duration of booms and normal times in the housing markets of those net oil-importers and net oil-exporters. Similarly, the degree of exposure to commodity price fluctuations does not seem to significantly affect the housing market cycle. However, we find that housing booms are shorter when oil prices increase than housing busts when oil prices decrease. We also show that the net oil-importers are more vulne…

Commodity market based hedging against stock market risk in times of financial crisis: The case of crude oil and gold

2018

Based on daily data from 1989-2016 we find that the correlations between some relevant commodity market futures and equity returns in the aggregate U.S. market, and specifically in the energy sector stocks have changed strongly during the stock market crisis periods. The correlation between crude oil futures and aggregate U.S. equities increases in crisis periods, whereas in case of gold futures the correlation becomes negative, which supports the safe haven hypothesis of gold. For energy sector equities, the dynamics of hedge ratios does not support using either crude oil or gold futures for cross-hedging during stock market crises.

Global connectivity between commodity prices and national stock markets: A time‐varying MIDAS analysis

2021

Paradigms on landfill mining: From dump site scavenging to ecosystem services revitalization

2017

For the next century to come, one of the biggest challenges is to provide the mankind with relevant and sufficient resources. Recovery of secondary resources plays a significant role. Industrial processes developed to regain minerals for commodity production in a circular economy become ever more important in the European Union and worldwide. Landfill mining (LFM) constitutes an important technological toolset of processes that regain resources and redistribute them with an accompanying reduction of hazardous influence of environmental contamination and other threats for human health hidden in former dump sites and landfills. This review paper is devoted to LFM problems, historical developm…

Primary commodity prices: co-movements, common factors and fundamentals

2011

The behavior of commodities is critical for developing and developed countries alike. This paper contributes to the empirical evidence on the co-movement and determinants of commodity prices. Using nonstationary panel methods, the authors document a statistically significant degree of co-movement due to a common factor. Within a Factor Augmented VAR approach, real interest rate and uncertainty, as postulated by a simple asset pricing model, are both found to be negatively related to this common factor. This evidence is robust to the inclusion of demand and supply shocks, which both positively impact on co-movement of commodity prices.

Testing the long-run relationship between health expenditures and GDP in the presence of structural change: the case of Spain

2007

This article examines the long-run relationship between per capita US$ PPP health expenditures (HE) and per capita US$ PPP national income (GDP), using Spanish data over the period 1960 to 2001. We extend previous analyses by addressing the question of whether this relationship is stable over time, allowing for structural changes at an unknown date. Our empirical results are consistent with the existence of a long-run relationship between both variables, with two structural changes in 1971 and 1991. On the other hand, health would have been characterized as a luxury commodity, even though increasingly less over time.

Performative Regional (dis)Integration: Transnational Markets, Mobile Commodities, and Bordered North–South Differences

2011

Being implicated in an ambivalent play of both border crossing and drawing, global commodity chains are an ideal organizational field to analyze the fundamental paradox of global connectivity. Approaching the contingency of borders from a perspective informed by the performativity approach to markets, this paper starts from the assumption that this paradox is particularly salient in the context of commodity chains which connect the Global South with the Global North. Taking the example of one single agrocommodity, the tomato, and two border regions (Morocco–EU and Mexico–USA), we follow the links and heterogeneous associations which stretch from the border to the fields, supermarket shelves…

A decentralized solution for the constrained minimum cost flow

2010

In this paper we propose a decentralized solution to the problem of network stabilization, under flow constraints ensuring steady—state flow optimality. We propose a stabilizing strategy for network flow control with capacity constraints which drives the buffer levels arbitrarily close to a desired reference. This is a decentralized strategy optimizing the flow via the minimization of a quadratic cost of the control. A second problem characterized by non-fully connected networks is also considered, for which an exact network equilibrium is not possible. Here, the strategy, in the absence of constraints leads to a least square decentralized problem, but, unfortunately, in the presence of con…