Search Results (9)

Oil prices are volatile. How does this affect Japanese and South Korean firms? Since they import almost all of their oil, oil price increases may harm their economies. To investigate these issues, this paper examines how oil prices affect sectoral stock returns. Using Hamilton’s method to decompose oil price changes into portions driven by global demand and by oil supply, the results indicate that many sectors in both countries benefit from increases in global aggregate demand that raise oil prices. Many industrial firms in Japan that produce advanced products also benefit from supply-driven oil price changes. The finding that many firms benefit from higher oil prices indicates that blanket subsidies to compensate for oil price increases are unnecessary. Targeted subsidies would be more economical and eco-friendly. Many sectors in Japan and Korea that produce for the domestic economy are harmed by oil price increases. Large oil price swings will continue due to wars, tariffs, geopolitical events, and climate change. These will whipsaw sectors in both countries. To shield their economies from oil price changes, Japan and Korea should invest in technologies to improve wind, solar, and hydro power and should facilitate intra-regional trade in renewables. They should also encourage individual sectors such as airlines, cosmetics, agriculture, hotels, semiconductors, and automobiles to reduce their exposure to fossil fuels and to choose environmentally friendly production methods. In addition, both countries should expedite their targets for achieving carbon neutrality. This paper considers ways to achieve these goals. Full article

In this work, we introduce an innovative approach to managing electricity costs within Germany’s evolving energy market, where dynamic tariffs are becoming increasingly normal. In line with recent German governmental policies, particularly the Energiewende (Energy Transition) and European Union directives on clean energy, this work introduces a risk management strategy based on a combination of the well-known risk measures of the Value at Risk (VaR) and Conditional Value at Risk (CVaR). The goal is to optimize electricity procurement by forecasting hourly prices over a certain horizon and allocating a fixed budget using the aforementioned measures to minimize the financial risk. To generate price predictions, a Gaussian process regression model is used. The aim of this hybrid approach is to design a model that is easily understandable but allows for a comprehensive evaluation of potential financial exposure. It enables consumers to adjust their consumption patterns or market traders to invest and allows more cost-effective and risk-aware decision-making. The potential of our approach is shown in a case study based on the German market. Moreover, by discussing the political and economical implications, we show how the implementation of our method can contribute to the realization of a sustainable, flexible, and efficient energy market, as outlined in Germany’s Renewable Energy Act. Full article

Electricity retailers in an electricity market use over-the-counter (OTC) contracts, or bilateral, and spot market purchases to meet the energy demands of their users. In some markets, OTC contracts face issues with price discrimination and accessibility. This study reveals some inefficiencies of OTC contracts in Colombia that expose regulated users—approximately 70% of the national demand—to market risk. This risk is aggravated by the current tariff design. To mitigate these inefficiencies, this article proposes the incorporation of a market maker that will improve the liquidity of existing energy futures in the country. These futures are mechanisms that the retailers could implement to hedge their demand and reduce the adverse effects of market risk. The characteristics of the market maker and a quantitative analysis of its impact are developed in this paper. While the characterization of the problem with its solution is developed with Colombian data, the conceptual framework could be extended to other countries that are concerned about how energy users are being affected by increases in tariffs due to high exposure to spot market price volatility. Full article

Background: This study investigated and compared the efficacy, safety, radiation exposure, and financial compensation of two modalities for percutaneous radiologic gastrostomy (PRG): multislice computed tomography biopsy mode (MS-CT BM)-guided and fluoroscopy-guided (FPRG). The aim was to provide insights into optimizing radiologically assisted gastrostomy procedures. Methods: We conducted a retrospective analysis of PRG procedures performed at a single center from January 2018 to January 2024. The procedures were divided into two groups based on the imaging modality used. We compared patient demographics, intervention parameters, complication rates, and procedural times. Financial compensation was evaluated based on the tariff structure for outpatient medical services in Switzerland (TARMED). Statistical differences were determined using Fisher’s exact test and the Mann–Whitney U test. Results: The study cohort included 133 patients: 55 with MS-CT BM-PRG and 78 with FPRG. The cohort comprised 35 women and 98 men, with a mean age of 64.59 years (±11.91). Significant differences were observed between the modalities in effective dose (MS-CT BM-PRG: 10.95 mSv ± 11.43 vs. FPRG: 0.169 mSv ± 0.21, p < 0.001) and procedural times (MS-CT BM-PRG: 41.15 min ± 16.14 vs. FPRG: 28.71 min ± 16.03, p < 0.001). Major complications were significantly more frequent with FPRG (10% vs. 0% in MS-CT BM-PRG, p = 0.039, φ = 0.214). A higher single-digit number of MS-CT BM-guided PRG was required initially to reduce procedure duration by 10 min. Financial comparison revealed that only 4% of MS-CT BM-guided PRGs achieved reimbursement equivalent to the most frequent comparable examination, according to TARMED. Conclusions: Based on our experience from a retrospective, single-center study, the execution of a PRG using MS-CT BM, as opposed to FPRG, is currently justified in challenging cases despite a lower incidence of major complications. However, further well-designed prospective multicenter studies are needed to determine the efficacy, safety, and cost-effectiveness of these two modalities. Full article

This paper assesses the effects of the duration of membership in the General Agreement on Tariffs and Trade (GATT)/World Trade Organization (WTO) and structural economic vulnerability on trade costs in developing countries. The analysis is performed on an unbalanced panel dataset of 121 countries over the period 1996–2018 and primarily utilizes the two-step system generalized method of moments estimator. It has established several findings. We obtain that longstanding GATT/WTO members enjoy a larger reduction in trade costs than relatively new GATT/WTO members. Concomitantly, a higher degree of structural economic vulnerability leads to higher trade costs. Moreover, the membership duration exerts a higher trade costs reduction effect in countries that are highly “structurally” vulnerable, including those that face high levels of exposure to shocks and high magnitudes of shocks. Finally, longstanding GATT/WTO members that receive higher amounts of development aid (including total development aid flows, Aid for Trade flows, and NonAfT flows) enjoy a larger trade costs reduction than relatively new GATT/WTO members. Full article

Covering the period from 1980 through 2020, with an emphasis on COVID-19, this paper analyzes how trade policy uncertainty and sustainable development policies affected investment in medical innovation. In a twofold difference-in-differences (DiD) approach, using autoregressive distributed lag (ARDL), the paper takes account of exogenous and heterogeneous exposure to trade policy uncertainty and trade policy adjustment in developing nations, which limited tariff increases on imported products. Both long- and short-term effects have been analyzed. Beyond patent applications, margin responses, and exports, the study indicates that eliminating tariff uncertainty boosts innovation. Developing countries have had little effect on the long-term ramifications of sectoral innovation patterns, political shifts, and imported technology. A negative response to the innovation shock and a positive response by R&D corroborate bidirectional and unidirectional causality, respectively. They demonstrate a long-term link between medical innovation, trade policy uncertainty, and R&D spending. As regards sustainable development, GDP growth and HDI have positive, and GINI index and CO₂ emissions, have negative long-run relations with medical innovation. This study contributes to the literature on innovation and policy uncertainty together with sustainable development factors in developed countries, and especially on innovation trends in the medical sector, where there is a current policy ambiguity regarding the influx of foreign technology and its significance. Full article

This study explores the influence of trade policy uncertainty on medical innovation investment in developing nations from 1980 to 2020, with a focus on the period of COVID-19. We used exogenous and heterogeneous exposure to trade-policy-uncertainty resolutions from developing countries’ trade policy adjustments, which reduced tariff hikes on imported goods in a double difference-in-differences method. ARDL with PVAR has been studied for long-run and short-run analyses. The findings revealed that reducing tariff uncertainty boosts innovation beyond patent filings and margin reaction and exports. Long-term impacts of sectoral innovation patterns, governmental changes, and foreign technology entering developing nations have little effect on the findings. This paper also shows a long-term link between medical innovation, trade policy uncertainty, and research-and-development spending. Innovation’s negative response to the innovation shock and research and development’s positive response corroborates bidirectional and unidirectional causality. This study contributes to medical innovation and policy uncertainty in terms of developing countries and, most importantly, in trends of medical innovation, contemporaneous policy uncertainty given the inflow of foreign technology, and the importance of that technology recent times. Full article

Demand on the energy sector has increased significantly due to the incredible evolution of the industry and urbanization. Photovoltaic (PV) technology is rapidly evolving to meet the demands of people in the United Arab Emirates (UAE) by generating more electricity. The UAE has demonstrated that it has the world’s highest rates of sun exposure, indicating a significant efficiency in solar energy development. This might be a way to cut down on fossil fuel consumption and greenhouse gas emissions even further. In this review, we discuss five major aspects of solar energy utilization and projects within the framework of the UAE starting with (i) recent advances in solar scenario and development trends, (ii) electricity production, consumption, and tariffs, (iii) focus on various key aspects of photovoltaic solar installation projects inside the Dubai, Abu Dhabi emirates and other smaller projects in the UAE, (iv) different solar projects outside the UAE, and (v) the solar energy industry, including trading, assembly, manufacturing, installation, and other activities in the UAE. The review finishes with a summary of problems, current developments, and future outlooks. Full article

The debate on the effect of trade liberalization on food security poses solid arguments, both in favor as well as against the issue. This study aims to analyze the linkages between trade liberalization (measured using food import tariff exposure) and food security (measured using nutrition intake) in the case of Indonesia. The national food import tariff is decomposed into district-level import tariff exposure and is analyzed based on sectoral tariffs such as agriculture tariffs and food manufacture import tariffs. The analysis employs panel data of 496 Indonesian districts and postulates an association between trade and food security by using fixed-effect regression. By analyzing the effects of tariff exposure towards food consumption in all districts and grouping the districts into 5 (five) islands, we can contribute to the literature on trade liberalization and food security. First, it is found that import tariff exposure is negatively impacting nutrition intake and each sector has a different effect on each nutrition intake. Furthermore, the impact of manufacturing tariffs on calorie and protein intake is slightly higher than that of agriculture tariffs. Second, it is shown that both sectoral import tariffs’ effects vary across islands in Indonesia. Furthermore, the research is expected to contribute to and become a reference for the government in regulating tariffs and other trade liberalization schemes to support households to be food secure. Full article