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Register a new userThe Design and Operation of Rules of Origin in Greater Arab Free Trade Area: Challenges of Implementation and Reform
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Rules of origin (ROO) are pivotal element of the Greater Arab Free Trade Area (GAFTA). ROO are basically established to ensure that only eligible products receive preferential tariff treatment. Taking into consideration the profound implications of ROO for enhancing trade flows and facilitating the success of regional integration, this article sheds light on the way that ROO in GAFTA are designed and implemented. Moreover, the article examines the extent to which ROO still represents an obstacle to the full implementation of GAFTA. In addition, the article provides ways to overcome the most important shortcomings of ROO text in the agreement and ultimately offering possible solutions to those issues.
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We seek to investigate the effect of oil price on UAE goods trade deficit with the U.S. The current increase in the price of oil and the absence of significant studies in the UAE economy are the main motives behind the current study. Our paper focuses on a small portion of UAE trade, which is 11% of the UAE foreign trade, however, it is a significant part since the U.S. is a major trade partner with the UAE. The current paper concludes that oil price has a significant positive influence on real imports. At the same time, oil price does not have a significant effect on real exports. As a result, any increase in the price of oil increases goods trade deficit of the UAE economy. The policy implication of the current paper is that the revenue of oil sales is not used to encourage UAE real exports.
Tradable mobility credit (TMC) schemes are an approach to travel demand management that have received significant attention in the transportation domain in recent years as a promising means to mitigate the adverse environmental, economic and social effects of urban traffic congestion. In TMC schemes, a regulator provides an initial endowment of mobility credits (or tokens) to all potential travelers. In order to use the transportation system, travelers need to spend a certain amount of tokens (tariff) that could vary with their choice of mode, route, departure time etc. The tokens can be bought and sold in a market that is managed by and operated by a regulator at a price that is dynamically determined by the demand and supply of tokens. This paper proposes and analyzes alternative market models for a TMC system (focusing on market design aspects such as allocation/expiration of credits, rules governing trading, transaction costs, regulator intervention, price dynamics), and develops a methodology to explicitly model the disaggregate behavior of individuals within the market. Extensive simulation experiments are conducted within a departure time context for the morning commute problem to compare the performance of the alternative designs relative to congestion pricing and a no control scenario. The simulation experiments employ a day to day assignment framework wherein transportation demand is modeled using a logit-mixture model and supply is modeled using a standard bottleneck model. The paper addresses a growing and imminent need to develop methodologies to realistically model TMCs that are suited for real-world deployments and can help us better understand the performance of these systems and the impact in particular, of market dynamics.
The long-lasting socio-economic impact of the global financial crisis has questioned the adequacy of traditional tools in explaining periods of financial distress, as well as the adequacy of the existing policy response. In particular, the effect of complex interconnections among financial institutions on financial stability has been widely recognized. A recent debate focused on the effects of unconventional policies aimed at achieving both price and financial stability. In particular, Quantitative Easing (QE, i.e., the large-scale asset purchase programme conducted by a central bank upon the creation of new money) has been recently implemented by the European Central Bank (ECB). In this context, two questions deserve more attention in the literature. First, to what extent, by injecting liquidity, the QE may alter the bank-firm lending level and stimulate the real economy. Second, to what extent the QE may also alter the pattern of intra-financial exposures among financial actors (including banks, investment funds, insurance corporations, and pension funds) and what are the implications in terms of financial stability. Here, we address these two questions by developing a methodology to map the macro-network of financial exposures among institutional sectors across financial instruments (e.g., equity, bonds, and loans) and we illustrate our approach on recently available data (i.e., data on loans and private and public securities purchased within the QE). We then test the effect of the implementation of ECBs QE on the time evolution of the financial linkages in the macro-network of the euro area, as well as the effect on macroeconomic variables, such as output and prices.
The Cooperation Council for the Arab States of the Gulf (GCC) is generally regarded as a success story for economic integration in Arab countries. The idea of regional integration gained ground by signing the GCC Charter. It envisioned a closer economic relationship between member states.Although economic integration among GCC member states is an ambitious step in the right direction, there are gaps and challenges ahead. The best way to address the gaps and challenges that exist in formulating integration processes in the GCC is to start with a clear set of rules and put the necessary mechanisms in place. Integration attempts must also exhibit a high level of commitment in order to deflect dynamics of disintegration that have all too often frustrated meaningful integration in Arab countries. If the GCC can address these issues, it could become an economic powerhouse within Arab countries and even Asia.
Travellers in autonomous vehicles (AVs) need not to walk to the destination any more after parking like those in conventional human-driven vehicles (HVs). Instead, they can drop off directly at the destination and AVs can cruise for parking autonomously. It is a revolutionary change that such parking autonomy of AVs may increase the potential parking span substantially and affect the spatial parking equilibrium. Given this, from urban planners perspective, it is of great necessity to reconsider the planning of parking supply along the city. To this end, this paper is the first to examine the spatial parking equilibrium considering the mix of AVs and HVs with parking cruising effect. It is found that the equilibrium solution of travellers parking location choices can be biased due to the ignorance of cruising effects. On top of that, the optimal parking span of AVs at given parking supply should be no less than that at equilibrium. Besides, the optimal parking planning to minimize the total parking cost is also explored in a bi-level parking planning design problem (PPDP). While the optimal differentiated pricing allows the system to achieve optimal parking distribution, this study suggests that it is beneficial to encourage AVs to cruise further to park by reserving less than enough parking areas for AVs.
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