国际贸易外文文献
国际服务贸易外文文献翻译
国际服务贸易外文翻译文献(含：英文原文及中文译文)文献出处：《World Development》，2015，12（1）：35-44.英文原文The research of international service trade and economic growth theoryChakraborty Kavin1 IntroductionThe study of the relation between international trade and economic growth is one of the most active issues. Since 1980s, the world has been in transition from national economy orientating towards natural resources and manufacturing industry to global and regional economy orientating towards information resources and service industry. After the signature of GA TS in1994, the institutional arrangements on liberalizing service trade result in a world-wide involvement division and exchanges of service trade, and it is undoubtedly that the positive interaction between service trade and investment leads to economic growth. But the theoretical research on service trade lags behind practice.Is it a statistic phenomenon or a universal rule of economic growth? To approach the above two issues from theoretical and empirical perspective is of great value to policy-making.For the proposition of that "International service trade will drive economic growth". Theoretical analysis shows that although service tradeis not a direct interpretative variable to economic growth, it can effect economic growth indirectly through other growing factors and technology upgrade, but the ways and mechanisms are different in different stages. In a certain stage of economic development, service trade (including investment) will have static and dynamic effect on factors supply and technology upgrade in one county, which will lead to the domestic alteration of resources condition structure. It is the enterprises that select industry structure, technology structure and trade structure according to dynamic alteration way of comparative technology structure and trade structure, which will ultimately promote evolution of economic growth gradually. So far as operational mechanism of service trade and investment is concerned, service trade affects factors supply in one country by physical capital accumulating effect, human capital effect, technology upgrade effect, institutional transition effect, employment effect and externality of technology, then influences the upgrade of industrial structure, the upgrade of technological structure and the transition of mode of economic growth. It is obvious that dynamic effect is greater than static effect; that external effect is playing more important role than internal effect; and that technology spillover effect of foreign direct investment in service industry is greater than that of service trade in a narrow sense (including across-border supply, consumption abroad and movement of natural person).For the research of mechanism about how service trade drive economic growth. Firstly, the paper verifies the causality between service trade and economic growths concerning different economic bodies and the representative countries. The results show that there are causalities between international service trade and economic growth in the whole world, in the developed countries, in the US and in china. In the developing countries, service trade is the Granger cause of economic growth; In the whole world and the developing countries, economic growth is the Granger cause of service trade; In the US, service export is the Granger cause of economic growth, and economic growth is the Granger cause of service import. On this basis, it is concluded that the opening of service industry will benefit economic growth in one country. Secondly, in order to explore on how the service trade and investment act on economic growth, empirical studies are employed to explain the case of US and that of China. The results show that the routes by which service trade affects economic growth in the US can be rowed as follows from more significant to less: employment effect, human capital effect, physical capital effect, technology effect, institution effect. The results of empirical analysis of China can be summarized that: the routes by which service export affects economic growth can be rowed as follows: employment effect, physical capital effect, institution effect, human capital effect, technology effect; the routs by which service import affectseconomic growth can be rowed as follows: technology effect, institution effect, employment effect, human capital effect, physical capital effect; the routes by which FDI in service affects economic growth can be rowed as follows: technology effect, human capital effect, institution effect, employment effect, physical capital effect. Moreover, the effect of FDI in service is stronger than service import, and the effect of service import is stronger than service export.According to the empirical test in this paper, the conclusion can be drawn as follows: service trade in a narrow sense will have static and dynamic effects on factor supply in one country through import and export of service, FDI in service industry is one of the most important cross-border transactions and is another important channel which will affect the transition of advantages on factor supply in one country. It should be emphasized that the above-mentioned channels will have different effects on countries at different stages of economic development. Whether the roles can be brought into play or not depends on given restraints. The input output of factors themselves cannot form a clear function, but will interact together and act on economic growth hand in hand through numerous feedback chain.Chinese economy is now undergoing transformation from elementary age to middle age of industrialization. Service trade and investment in current period have both advantages and disadvantages.Based on these judgments, we propose that China should pursue a policy favoring protectionism on management of service trade and adopt relevant countermeasures as follows. Scientific development view should be formed with an eye to harmonizing development of three industries so as to lay a solid industries foundation for service trade; The strategic programming should be stipulated and the market of service trade should be opened gradually; The rule of international transfer of service trade should be mastered and environment of utilizing foreign investment on service industry should be improved.As the characteristics of the world's service-oriented economy have gradually emerged, service trade originating from the upgrading of industrial structure has developed rapidly, and the scale of service trade is rapidly expanding. From the statistical data, the total exports of world service trade rose rapidly from 365 billion U.S. dollars in 1980 to 377.779 billion U.S. dollars in 2008, an increase of 9.35 times. Compared with the trade of goods with a long history, service trade is a new form of trade. With the continuous increase in absolute size and relatively low levels, service trade has become a focus of attention in modern society.2 The impact of overall service trade on economic growthAccording to the WTO General Agreement on Trade in Services (GA TS), which was signed in 1994, trade in services includes Cross- border Supply, Consumption A broad, Commercial Presence, and naturalperson mobility. (Movement of Natural Persn) Four modes. The service trade of these four modes has completely different properties and characteristics. Therefore, it is difficult to establish a unified theoretical framework for service trade to affect economic growth. The corresponding literature is very rare. The only foreign documents are mainly Robinson et al. (2002), who simply regard service trade as a commodity. Trade, without taking into account differences in the four trade models, studied the economic growth effects of service trade liberalization using the Computable General Equilibrium (CGE) model.Using empirical methods to study the literature on the impact of overall service trade on economic growth is more, but such studies are mostly domestic scholars. Research shows that the average contribution of China's overall service trade to economic growth is 18.9%.3 Effect of Service Trade in Different Industries on Economic GrowthAt present, the literature on the impact of industry trade in service trade on economic growth is mostly concentrated in such service sectors as finance, telecommunications, and health care. These studies have basically reached a relatively unanimous conclusion that the opening of the service sector or the increase in productivity can significantly promote economic growth. . For example, studies by Beck et al. (1998), M urinde & Ryan (2003), and Eschenbach (2004) suggest that the opening of the financial sector has, to a certain extent, broken the monopoly of domesticfinancial markets and prompted the orderly competition of financial markets. On the normal development track, productivity has improved, and it has finally led to economic growth in the country. Kim (2000) studied the relationship between the development of service trade in the distribution sector and the growth of total factor productivity (TFP) using Korea's input-output data. The results show that the liberalization of service trade not only significantly promoted its own TFP. The promotion also promoted the improvement of total factor productivity in the related manufacturing sector. The total factor productivity growth brought about by service trade almost covered the entire economic sector.4 Effect of Service Trade on Economic Growth by Different Trading ModesThere are few literatures on specific transaction models and theoretical studies on the impact of trade in services on economic growth. Carr et al. (2001) & M arkusen et al. (2005) theoretically examined the commercial existence model by means of the CGE model. The impact of the trade in services on economic growth shows that the opening up of trade in services is an important source of the increase in economic welfare of a country. From the perspective of economic welfare, the opening up of trade in services is a general trend. Subsequently, the use of CGE models to theoretically examine the impact of service trade on economic growth began to prevail. For example, Rutherford et al. (2005)used the CGE model to evaluate Russia's WTO accession effects, and Ko nan &Maskus (2006) used CGE models. The potential effects of Tunisia's elimination of barriers to trade in services were studied. Their conclusions indicate that the increase in the level of economic welfare in one country can benefit from the opening up of the service market, while the elimination of FDI market access barriers in the service sector is a pattern of four trades. The most important liberalization measures are the main sources of increased welfare in a country. There are a lot of literatures on the relationship between service trade and economic growth in specific models using empirical methods. In the four modes of trade in services, commercial presence is the most important one, and from the point of view of data availability, although statistical data is still not very accurate, commercial existence of service trade is based on service industry FDI as a carrier. To achieve this, researchers can use service industry FDI data to characterize the scale of service trade in this model, and this type of trade model has received more attention. Among them, Markusen (1989) believes that the existence of commercial trade in services has two positive and negative effects. The positive effect is that competition in the service sector has led to an increase in domestic demand for the sector’s production factors, which is conducive to output growth. The effect of market size and negative effects means that the intensified competition in the domestic market of service industries has led to the withdrawal ofdomestic service-oriented enterprises from the market. The study by Markusen (1989) shows that the effect of market size after the opening of the service market far exceeds the crowding-out effect. After offsetting the crowding-out effect, it can still promote the productivity improvement of the non-service sector and further lead to the structure of domestic trade in goods. The changes, those sectors that were previously low in productivity and dependent on imports, will evolve into high-productivity export sectors, which is quite similar to the latest research findings on the interactive development of producer services and manufacturing. Hoekman (2006) and Hoekman (2006) used India as an example to examine the impact of the existence of commercial trade in services in the finance, telecommunications, and transportation sectors on the competitiveness of the goods export sector, and believe that these sectors have been liberalized. The level of soft facilities has been increased, which in turn has greatly reduced the operating costs of the downstream product manufacturing sector, which has increased the export competitiveness. With the inefficiency of the domestic service industry, the unfavorable pattern is reversed with the help of commercial presence of service trade. Feasible choice. Guerrieri et al. (2005) took the EU as the research object and analyzed the role of commercial trade in services for knowledge accumulation and economic growth. The study concluded that the openness of the service market or the relaxation of domesticservice regulations has positively promoted economic growth. It was found that the imported service items may be more able to promote economic growth than the domestic same service items due to high technological content.5 Possible Future Research DirectionsIt is not difficult to find from the above-mentioned documents that since the development of service trade started late, research on the growth of service trade began to rise gradually from the 1980s, and more than 20 years of research in this area is in the ascendant. With the further enhancement of the status of trade in services, the possible directions for future research will generally include the following aspects.From the point of view of research methodology, classification of service trade can be studied. As the theory of goods trade has gradually matured, the development practice of service trade still calls for the birth of the theory of service trade. Helpman and Markusen, international economists, expressed on different occasions that the difficulty in establishing the theoretical system of service trade lies in the fact that there are large differences in various types of service trades, and it is difficult for researchers to overcome the gap between them. Classifying service trade according to certain standards and exploring the impact of various types of service trade on economic growth is a possible direction for future research.From the perspective of the research subjects, it is possible to study China’s service trade and economic growth. China’s GDP has already ranked second in the world. However, the service industry’s added value accounted for only 40% of GDP, which is obviously not commensurate with the status of an economic power. In addition, the trade in services is still relatively small compared to the trade in goods. Under such a realistic background, what is the relationship between China's service trade and economic growth? How will service trade contribute to China's economic growth? What impact will service outsourcing have on China's economy? With China in In the next decade, how will China make service trade an engine of economic growth? From the academic point of view, economists from all countries are paying attention to China’s economic development, and China’s service trade will also be improved. It will become a research hotspot.From the perspective of research topics, it is possible to study the impact of service outsourcing on economic growth. In 2008, the scale of global service outsourcing market has reached 1.5 trillion US dollars. According to the UNCTAD (UNCT AD) speculation, the global service outsourcing market will increase by 30%-40% in the next 5-10 years.The surging service industry outsourcing is a new form of service trade. How does service outsourcing drive economic growth through employment, industrial structure upgrading, and technology spillovers?What are the differences in the impact of contracting and receiving services on economic growth in the service industry? Research on these issues will start with the development of service outsourcing to important theoretical guidance.中文译文国际服务贸易与经济增长理论与实证研究Chakraborty Kavin1 引言国际贸易与经济增长始终是国际经济学最生动的论题之一。
国际经济与贸易外文翻译外文文献英文文献.docx
国际经济与贸易外文翻译外文文献英文文献.docx外文文献翻译The effects of subjective norms on behaviour in the theory of planned behaviour: A meta-analysisMark Manning*University of Massachusetts, Amherst, Massachusetts, USAA meta-analysis investigated the effects of perceived injunctive (IN) and descriptive (DN) norms on behaviour (BEH) within the theory of planned behaviour (TPB) in a sample of 196 studies. Two related correlation matrices (pairwise and listwise) were synthesized from the data and used to model the TPB relations with path analyses.Convergent evidence indicated that the relation between DN and BEH was stronger than the relation between IN and BEH. Evidence also suggested a significant direct relation between DN and BEH in the context of TPB. A suppressor effect of IN on DN in its relation with BEH was also noted? Moderator analyses indicated that the DN-BEH relation was stronger when there was more time between measures of cognition and behaviour, when behaviours were not socially approved, more socially motive and more pleasant: results were mixed in the case of the IN-BEH relation. Results imply that IN and DN are conceptually different constructs?As social beings, normative pressure inevitably affects our behaviour?Social nonns influence the way we dress, how we vote, what we buy, and a host of other behavioural decisions.Social psychologists have been exploring the influence of social norms on behaviour for decades? From AschM and Milgram s conformity- experiments (Asch, 19S6;Milgram, Bickman, & Berkowitz, 1969) through recent work by Cialdini andcolleagues(Cialdini, Reno. & Kallgren, 1990; Reno, Cialdini, & Kallgren, 1993), a substantial body of evidence has demonstrated that people conform to the judgments and behaviours of others.In experiments conducted by Cialdini and his colleagues (Cialdini et al., 1990; Reno et al., 1993), participants inferred behavioural norms for littering from environmental cues and acted in accord with these norms. The results highlight the fact that perceptions of norms, ratber than actual norms, can affect behaviour? Tlie relation between perceived norms and behaviour has receivedmuch empirical support (Borsari & Carey, 2003; Campo, Brossard. Fnizer. Marchell, Lewis, & Talbot, 2003; Gomberg, Schneider, & Dejong, 2(K)I; Grube, Morgan, & MeGree, 1986; Okun, Karoly, & Lutz,2002; Riniai & Real. 2005). However, one ofthc most influential models for predicting behaviour, the thcor>*of planned behaviour (TPB; Ajzcn, 1991), posits that rather than a direct relation between norm and behaviour, perceived nortns influence behaviour indirectly by way of behavioural intentions. Investigating the perceived norm-behaviour relation in tlic context of this theory offers insight not only into the strength of the relation, but also into the extent to which perceived norms may directly influence behaviour counter to theoretical expectations.The present study used mcta-analytic path analyses to examine, the relation between two types of perceived norms (injunctive (IN) and descriptive (DN) norms; described below) and behaviour in the context of the TPB (Ajzcn. 1991). The investigation explored the direct effects of IN and DN on behaviour as well as factors that may moderate the effect of subjective norms (SN) on behaviour?The theory of planned behaviourAccording to the TPB, the immediate antecedent of behaviour is the intention to pertbrm the behaviour (Figure 1). This behavioural intention is in turn a function of three major determinants: attitude towards the behaviour, perceived SN pertaining to the behaviour, and perceived degree of control over engaging in and ctJmpleting the behaviour (perceived behavioural control).The formation of attitudes (ATT), SN and perceived behavioural control (PBC) are respectively functions of behavioural beliefs, normative beliefs and control beliefs that a person holds with regards to the behaviour? Concerning ATT, the set of accessible beliefs that a person holds about the outcome of a behaviour will determine the evaluation of the behaviour, and thus influence the strength and direction of the ATT towards the behaviour.SN are a function of the normative beliefs that people relevant to the individual are perceived as having towards tbe behaviour coupled with the motivation of the individual to comply with the expected notins of these relevant persons? PBC is a function of the perceived factors that will influence the ability to engage in the behaviour coupled with the perception as to whether or not these factors will be present.In short, the TPB holds that favourable ATT, SN. And perceptions of control will lead to favourable intentions to engage in a given behaviour. Actual control over engaging in the behaviouris itself an important determinant? To the extent that individuals realistically appraise the amount of control that they have over the behaviour, the measure of PBC; can serve as a proxy for actual control. Perceived control is expected to have amoderating effect such that intentions will be reflected in actual behaviour to the extent that perceived control is high.The TPB has been applied successfully to a wide range of behaviours accounting for a sizable amount of variance (Armitage & Ckmner, 2001: Bamberg, Ajzen, & Schmidt,2003; Hardeman. Johnston. Johnston, Bonetti, Wareham, & Kinmonth. 2002; Povey.Wellens, & Conner, 2001; Rise. Thompson. & Verplanken, 2003). Regarding the SN construct, the theory holds that the effect of SN on behaviour is fully mediated by behavioural intentions? In other words, SN are not expected to have a direct effect (DE)on behaviour but instead influetice behaviours indirectly through their effect on intentions.Descriptive and injunctive normsTwo types of SN can be distinguished. IN are social pressures to engage in a behaviour based on the perception of what other people want you to do whereas DN are social pressures based on the observed or inferred behaviour of others? Tliis distinction has been empirically supported (Cialdini et al .,1990; Deutsch & Gerard.1955; Grube et al., 1986; Larimer & Neighbours, 2005; Larimer. Turner, Mallett. & Geisner, 2004; Reno et al.,1993; Rhodes & Courneya, 2003; White, Terry, & Hogg, 1994). Within the TPB, the SN construct was originally conceptualized as an injunctive norm (Ajzen, 1991). More recently, however, Ajzen and Fishbein (200S) have recommended including both types of normative measures in constructing planned behaviour stirveys? DN and IN will therefore be considered separately in the analyses to follow. Subjective norms-behaviour relationIn reviewing the SN construct in the planned behaviour context, Conner and Armitage(1998) have noted the lack of predictive power of the IN construct when predicting intention.Due to the paucity- of studies including DN in the planned behaviour context,conclusions regarding DN in this context are sparser. Recently, several investigators have included DN as predictors of intentions in the planned behaviour model (PBM;Fekadu &Kraft, 2002; MCiMUlan & Conner, 2(K)3; Okun et al.. 2002: Sheeran & Orbell, 1999b). Rivis and Sbeeran (2003) conducted a meta-analysis of DN in the planned behaviour context. Their analysis, based on 18 studies, demonstrated a significant relationship between DN and intention when controlling for otlier variables in the TPB.In that, these previous studies have investigated theeffects of SN on intentions, to date,no planned behaviour mcta-ana lysis has explored the potential for differences in the effects of SN on behaviour in the planned behaviour context.Deutsch and Gerard (1955) have suggested that DN and IN refer to different sources of motivation. Regarding DN, it has been shown that perceptions of behaviours of others lead one to behave in similar manners (Asch, 1956;Milgram et al., 1969). Descriptive normative information functions as a heuristic with regards to behavioural decisions offering cues as to what is appropriate behaviour iii a given situation (Cialdini et al., 1990; van Knippenberg, 2000). IN on the other iiand operate more through the role of motivation to comply with social sanctions (Ajzen, 1991;Lapinski & Rimal, 2005). To the extent that individuals are motivated to comply with perceived behavioural expectations of relevant referents, they avoid social sanctions?Though several studies have looked at the effect of one or botli types of norms on particular behaviours, there has yet to be a single meta-analytical review that compares the relationshipbetween the two types of norms and behaviours across a spectrum of behaviours. Consequently, on a general level it is unknown whether one type of norm has a stronger effect on behaviour than the other it may be hypothesized that DN have a stronger effect on behaviour than IN because DN are activated in the immediate behavioural situation. Furthermore, processing of DN for behavioural decisions may require less cognitive effort relative to the processing of IN, in that DN may rely more on heuristic than systematic informatioprocessing?Perhaps, this advantage contributes to efficient behavioural decision?making in line with descriptive normative information. In fact, researchers have shown that conditions that facilitate the use of heuristic information-processing lead participants to act more in line with DN (Hertel, Neuhof, Theucr, & Kerr, 2000). It is expected therefore, that DN will have a stronger effect on behaviour relative to IN.Direct effect ofSN on behaviourThe TPB posits that the relationship between SN and behaviour is fully mediated by behavioural intentions (Ajzen, 1991; Ajzen & Fishbein, 1973)? However, a number of planned behaviour studies that have included normative constructs as a behavioural predictor have found direct effects of SN on behaviour (Christian & Abrams, 2004 -Study 2; Christian & Arm 让age, 2002; Christian, Armitage, & Abrams, 2003; Okun et al.,2002; Trafimow & Finlay, 2001). In most research with the TPB, the effect of the normative component on intentions has received most attention (Armitage & Conner,2001; Rivis & Sheeran, 2003) while the potential for a DE of SN onbehaviour has received little empirical or meta-analytical scrutiny.One reason to explore, the potential for a DE may be the hypothetical nature under which most people report cognitionspertaining to behaviour in planned behaviour studies? Hypothetical contexts may not accurately reflect the relations between cognitions and behaviours that are evident in real behavioural contexts (Ajzen, Brown, & Carvajal, 2004). Furthermore, when an individual reports an intention to engage in a particular behaviour in one instance, that behavioural intention may be subject to change from the instance it is formed to the moment when an opportunity for behavioural engagement arises (Ajzen, 1991).For example, in the classic linn (1965) study, hotel managers expressed little intent to allow Chinese couples to stay in their hotels, however allowed them to do so when the instance arose? It is less likely that perceptions of norms related to the behaviour will change over time. Consequently, there is the potential for reported normative perceptions to have stronger relations with behaviour compared with relations between reported behavioural intentions and behaviour. This may be reflected in the presence of a DE of SN on the particular behaviour. The present meta-analjtical synthesis provides the opportunity* to gauge the potential for a direct relation between SN and behaviour in the context of the TPB.Variation in the magnitude of the SN^ehaviour relationship The possibility of a DE of SN on behaviour within the TPB implies that there are two ways in which SN can affect behaviour. There can be the theoretically posited indirect effect on behaviour mediated through intentions, and there may be a DE on behaviour. The total effect therefore is the sum of these two effects? In accord with the prediction that DN have a stronger relation with behaviours compared to the IN-behaviour relation, it is expected that the total effect of DN on behaviour is greater than the total effect of IN on behaviour. In addition to predicteddifferences between DN and IN in their effects on behaviour, there is the potential for differences in the magnitude of the effect within each type of norm. Compatibility* between measures of cognition and behaviour and the time between measurement of cognitions and behaviour are expected to lead to differences in the magnitudes of the effects of SN on behaviour. Additionally, the potential moderating effect of three further variables will be explored;the level of social approval of the behaviour, the extent to which social motives underlie behaviour, and the extent to which a behaviour is uselial versus pleasant may all contribute to variance in the relationship between norms and behaviour.CompatibilityElements of a particular behaviour can be defined in terms of the behavioural target, the action involved in the behaviour, the context in which the behaviour is performed, and the time at wliich it is performed. The relationship between cognitive predictors of a particular behaviour and engagement in the behaviour will be stronger if behavioural elements and cognitive assessment of the behaviour are compatible (Ajzen, 1996; Ajzen & Fishbein. 1977). That is to say., for instance, that if an investigator would tike to pretlict someone's propensity* to exercise 3 days a week for half an hour, measures should assess cognitions regarding exercising 3 days a week for half an hour rather than cognitions to be healthy, or some other general cognition regarding exercise?Tenned the ”principle of compatibility0, it holds that measurements of planned behaviour variables must be compatible with the target behaviour in terms of target, action, context, and time. Given the effect of compatibility and the magnitude of the correlations betweenplanned behaviour variables and behavioural measures, it is expected that studies where the cognitive and behavioural measures are fully compatible will feature stronger relations between SN and behaviour. It is also expected that among studies where measures are more compatible, the intention mediated relation between SN and behaviour will be stronger than any unmediated relation, in line with theoretical dictates, whereas among studies that are less compatible there will potentially be greater direct effects of SN on behaviour.Time interval between measures of SN and behaviourAccording to Ajzen ( 1991 ). cognitive precursors of behaviour that are measured closer to the target behaviour should be more predictive of behavioural engagement. Due to motivational considerations, measures of the intention to engage in a particular behaviour will vary as a function of proximity to behavioural engagement (Bandura & Schunk. 1981; Kamiol & Ross, 1996; Steel & Konig, 2006) in that tlie ftirther in the future is the potential behavioural engagement, the less predictive are intentions to engage in this behaviour. As Ibe relation between stated intentions and actual behaviour decreases over time, the potential exists for SN to be relatively more predictive of behaviour. This potential is evident in light of the argument outlined above wherein SN pertaining to a behaviour are less likely to change over time compared to behavioural intentions. As such, it is expected that as the time between measurement of cognitions and behaviour increases, SN will be reflected to a greater extent in actual behaviour.Furthermore, as the relation between intentions and behaviour diminishes, it is likely that the DE of SN on behaviour will be stronger as more time passes between measures of cognition and behaviour.。
WTO,国际贸易,争端,英文文献
Shell to Evaluate Pennsylvania Site for Potential Ethane Cracker
Shell Chemical says it has signed a land option agrœment with Horsehead Corp. (Pittsburgh) to evaluate a site in Monaca, PA for its planned petrochemical complex based on shale gas (C\V,]une 6/13, 2011, p.j). The company last year said it pians to buiid a world-scale efhylene plant atop Marcellus Shale natural gas deposits in the U.S. Northeast. The cracker would have ethylene capacity of about 1.3 million m.t./year. Polyethylene (PE) will be the main downstream product and the company is also considering an ethylene glycol (EG) plant. Much of the PE and EG production wouid be used by industries in the northeast, Shell says. "This is an important step for the project, and we look forward to working with the communities in Pennsyivania, and gas producers across Appalachia, as we continue our efforts to develop a petrochemical complex," says Dan Carlson, general manager/new business development at Shell. The next environmental steps include additional analysis of the preferred Pennsylvania site, further engineering design studies, assessment of the iocai ethane supply, and continued evaluation of the economic viability of the project, Sheii says. Monaca is iocated about 28 miles north of Pittsburgh on the banks of the Ohio River. Shell says it looked at various factors to select the preferred site, including access to liquids-rich natural gas resources, water, road and rail transportation infrastructure, power grids, economics, and sufficient acreage to accommodate facilities for a worldscale petrochemical complex and potential future expansions. Horsehead, a producer of speciaity zinc and zinc-based products, is moving its zinc production operations to a new plant under construction in North Carolina. The company expects to start zinc production during the third quarter of 2013. Shell's option, if exercised, would require Horsehead to vacate its Monaca site by April 30, 2014
国际经济与贸易-英文文献
Thinking about the Subprime CrisisOver the past decade, China and other emerging markets accumulated foreign currency reserves to insure against the economic and political vagaries of financial globalization. They were wise to do so. Countries with larger reserves are weathering the storm relatively better than those who have bought less insurance.Although purchasing insurance policy might have been sensible from the perspective of each country, collectively these currency interventions prepared the ground for the global crisis. Emerging markets, most notably China, helped to create the macroeconomic backdrop for the current financial crisis by subsidizing interest rates and consumption in the US. Niall Ferguson and I coined the term “Chimerica” to describe this historically unique financial symbiosis that had developed between China and America.This paradox could mark the end of another attempt to make the world safe for global finance; just as the Asian crisis marked the end of financial globalization 2.0 (financial globalization 1.0 took place in the late 19th century).Financial globalization 2.0 started in the 1980s and lasted to 1997-1998. It was based on the idea that removing restrictions on capital account transactions would enable emerging markets to tap into the pool of global savings and importmuch-needed capital for development. Financial globalization 2.0 ended painfully with the Asian crisis when it became clear that private capital flows were volatile and could seriously complicate economic management in difficult times.What followed was financial globalization 3.0. Emerging markets heeded Martin Feldstein’s advice and took out an insurance policy against the vagaries of financial globalization. By running current account surpluses, intervening in foreign exchange markets and building up currency reserves, Asian and other emerging economies were sustaining export led growth and buying insurance against future financial instability. These policies turned developing markets into net capital exporters to the developed world, mainly to the US. Between 1990 and 1998, during what I have termed financial globalization 2.0, emerging and developing economies (according to the International Monetary Fund classification) were running an average current accountdeficit of about 1.7 per cent of their gross domestic product. Between 1999 and 2008, during financial globalization 3.0, this deficit turned into a surplus of 2.5 per cent of GDP.Just like its predecessor, financial globalization 3.0 seemed a success story for a while, generating financial stability and high rates of economic growth. Yet the accumulation of large war chests of foreign reserves through currency intervention carried negative externalities.The arrangement opened a Pandora’s Box of financial distortions that eventually came to haunt the global economy. The glut of savings from emerging markets has been a key factor in the decline in US and global real-long term interest rates, despite the parallel decline in US savings.Lower interest rates in turn have enabled American households to increase consumption levels and worsened the imbalance between savings and investment. And because foreign savings were predominantly channeled through government (or central bank) hands into safe assets such as treasuries, private investors turned elsewhere to look for higher yields. This led to a reprising of financial risks and unleashed the ingenuity of financial engineers who developed new financial products for the low interest rate world, such as securitized debt instruments.This is not to say that reserve accumulation was the only cause for the current crisis. Yet the core issue remained the Chinese willingness to fund America’s consumption and borrowing habit. Without this support, interest rates in the US would almost certainly have been substantially higher, acting as a circuit breaker for the developing debt-consumption bubble.Beijing and others cannot be blamed for reckless lending into the housing bubble or leverage in western financial institutions, but it is clear that a vast amount of capital was flowing from a developing country with a per capita income of one tenth of the western world to one of the richest economies in the world. Water was flowing uphill in unprecedented amounts.Individual policies meant to insure against financial instability and sustain export-led growth have collectively distorted global interest rates, helped to sustainexcess demand and contributed to the misprision of financial risks. Moreover, it is unlikely that emerging markets’ behavior will change.From the perspective of emerging markets, the academic debate as to whether reserve levels have grown excessive has been answered almost overnight in the current crisis. It is clear to policy makers from Buenos Aires to Budapest and Beijing that one can’t have too many reserves in a world of volatile capital flows. Emerging markets are as unlikely today as they were during the past decade to embrace the instability of global capital flows and accept large swings in exchange rates.Have we therefore come to a crossroads for financial globalization 3.0 There were many economic reasons to doubt that a financial globalization model premised on large scale capital flows from poor to rich economies was a fundamentally smart idea.Moreover, the past years have shown that capital outflows from emerging markets, including China’s reserves accumulation within the constellation we called Chimerica, have themselves contributed to the build-up of macroeconomic imbalances and financial risks that brought the global economy to its knees.After the dust has settled, members of the economics profession will have to think hard about what the right policy advice drawn from financial globalizations 2.0 and 3.0 should be.对金融危机的思考在过去十年间，中国和其他新兴市场积累的大量外汇储备保证了全球金融全球化不发生经济和政治上的异常，这些国家也乐意这么做。
国贸专业外文参考文献
Conference DraftTHE AVOCADO DISPUTE AND OTHER TECHNICAL BARRIERS TOAGRICULTURAL TRADE UNDER NAFTADavid Orden and Eduardo Romano*Recent attention to agricultural trade policy has turned to issues of technical barriers,particularly sanitary and phytosanitary (SPS) regulations, that constrain movement of products across international borders. It is intuitive that there are public good arguments that make some SPS restrictions necessary to insure a safe food supply and protect domestic animal herds and plant stocks from pests and diseases. In other cases, regulations rationalized on technical grounds seem to lack firm scientific foundations and appear, at least to potential beneficiaries of expanded trade, to be imposed primarily to shield domestic producers from competition. That such controversies arise is not surprising. Their likelihood is suggested by the economic theory of regulation, sometimes referred to as “capture” theory. Applied to technical trade barriers, the theory suggests that when there is doubt about the merit of a technical restriction, domestic interest groups will often succeed in obtaining protective decisions from domestic regulatory agencies.Both NAFTA and the WTO address issues of SPS and other technical trade barriers.Under NAFTA, it was agreed that each country retains the right to adopt SPS measures to protect human, animal, and plant life and health, that each country has the right to establish appropriate levels of protection, and that SPS measures must be based on scientific evidence, be______________* Professor and graduate research assistant, respectively, Department of Agricultural and Applied Economics, Virginia Polytechnic Institute and State University, Blacksburg, Virginia 24061 (email: orden@). Invited paper presented at the conference on NAFTA and Agriculture: Is the Experiment Working, San Antonio, Texas, November 1996. We thank Donna Roberts and Suzanne Thornsbury for helpful comments.。
世界贸易和国际贸易外文文献及中文翻译
World Trade and International TradeIn today’s complex economic world, neither individuals nor nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of world trade and economic activity. As a result of this trade and activity, international finance and banking have evolved.For example, the United States is a major consumer of coffee, yet it does not have the climate to grow any or its own. Consequently, the United States must import coffee from countries (such as Brazil, Colombia and Guatemala) that grow coffee efficiently. On the other hand, the United States has large industrial plants capable of producing a variety of goods, such as chemicals and airplanes, which can be sold to nations that need them. If nations traded item for item, such as one automobile for 10,000 bags of coffee, foreign trade would be extremely cumbersome and restrictive. So instead of batter, which is trade of goods without an exchange of money, the United State receives money in payment for what it sells. It pays for Brazilian coffee with dollars, which Brazil can then use to buy wool from Australia, which in turn can buy textiles Great Britain, which can then buy tobacco from the United State.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above is that no nation has all of the commodities that it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa and petroleum is recovered in the Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.Third, one nation can sell some items at a lower cost than other countries. Japan has been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce them domestically. According to economic theory, Japan should produce and export those items from which it derives a comparative advantage. It should also buy and import what it needs from those countries that have a comparative advantage in the desired items.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large numbers of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.For most nations, exports and imports are the most important international activity. When nations export more than they import, they are said to have a favorable balance of trade. When they import more than they export, an unfavorable balance of trade exists. Nations try to maintain a favorable balance of trade, which assures them of the means to buy necessary imports.International trade is the exchange ofgoods and services produced in one country for goods and services produced in another country. There are several reasons for it.The distribution lf natural resources around the world is somewhat haphazard: some nations possess natural deposits in excess of their own requirements while other nations have none. For example, Britain has large reserves of coal but lacks many minerals such as nickel, copper, aluminum etc, whereas the Arab states have vast oil deposits but little else. In the cultivation of natural products climates whereas others, such as citrus fruits, require a Mediterranean climate. Moreover, some nations are unable to produce sufficient of a particular product to satisfy a large home demand, for example, Britain and wheat. These are the reasons why international trade first began.With the development of manufacturing and technology, there arose another incentive for nations to exchange their products. It was found that it made economic sense for a nation to specialize in certain activities and produce those goods for which it had the most advantages, and to exchange those goods for the products of other nations which and advantages in different fields. This trade is based on the principle of comparative advantage.The theory of comparative advantage, also called the comparative cost theory, was developed by David Ricardo, and other economists in the nineteenth century. It points out that trade between countries can be profitable for all, even if one of the countries can produce every commodity more cheaply. As long as there are minor, relative differences in the efficiency of producing a commodity even the poof country can have a comparative advantage in producing it. The paradox is best illustrated by this traditional example: the best lawyer in town is also the best typist in town. Since this lawyer cannot afford to give up precious time from legal and typing matters. But the typist’s comparative disadvantage is least in typing. Therefore, the typist has a relative comparative advantage in typing.This principle is the basis of specialization into trades and occupations. At the same time, complete specialization may never occur even when it is economically advantageous. For strategic or domestic reasons, a country may continue to produce goods for which it does not have an advantage. The benefits lf specialization may also be affecting by transport costs: goods and raw materials have to be transported around the world and the cost of the transport narrows the limits between which it will prove profitable to trade. Another impediment to the free flow of goods between nations is the possible introduction of artificial barriers to trade, such as tariffs or quotas.In addition to visible trade, which involves the import and export lf goods and merchandise, there is also invisible trade, which involves the exchange of services between nations.Nations such as Greece and Norway have large marine fleets and provide transportation service. This is a kind of invisible trade. When an exporter arranges shipment, he rents space in the cargo compartment or a ship.The prudent e xporter purchases insurance for his cargo’s voyage. While at sea, a cargo is vulnerable to many dangers. Thus, insurance is another service in which some nations specialize. Great Britain, becauseof the development of Lloyd’s of London, is a leading expor ter of this service, earning fees for insuring other nations’ foreign trade.Some nations possess little in the way of exporter commodities or manufactured goods, but they have a mild and sunny climate. During the winter, the Bahamas attract large numbers of countries, who spend money for hotel accommodations, meals, taxis, and so on. Tourism, therefore, is another form of invisible trade.Invisible trade can be as important to some nations as the export of raw materials or commodities is to other. In both cases, the nations as the export of raw materials or commodities is to other. In both cases, the nations earn money to buy necessities.International trade today little resembles European commerce as it existed between the 16th century and the 19th century. Trade in earlier times was conducted largely between a mother country and its colonies. It was conducted according to strict mercantilist principles. The colonies were supposed to supply the mother country with raw materials, and they were expected to buy all finished goods from the mother country. Other forms of trade were forbidden to the colonies, but many of them evaded these restrictions.A result of the Industrial Revolution, which began in England in the 18th century, was the transformation of trade from a colonial exchange into a many sided international institution. Cottage industries gave way to mass production in factories. Railroads and steamships lowered the cost of transportation at the same time that new markets were being sought for the expanding output of goods.The Industrial Revolution also brought an end to mercantilist policies. The laissez-faire attitudes that emerged in their stead permitted businessmen to manufacture what they pleased and to trade freely with other nations. Trade was also stimulated by the growth of banking facilities, insurance companies, and improved commercial shipping and communications.The repeal of the Corn Laws by Great Britain in 1846 ended Britain’s longstanding policy of protectionism. During the 19th century, many European nations made commercial agreements with each other easing their tariff rates. Lower tariffs and the growth of population and industry caused trade to soar in the 19th century.In the 20th century two world wars and a major depression caused severe disturbances in international trade. Nations, sensing a threat to their domestic economies, sought to protect themselves from further disturbances by erecting various barriers to trade.The situation became even worse after Great Britain abandoned the gold standard. The nations that were closely related to Britain, including most of the members of the Commonwealth of gold standard. As the means of making international payments broke down and trade restrictions increased, some countries had to resort to barter to obtain foreign goods.International trade was in such severe straits during the depression that a World Economic Conference was held in 1933. This conference, however, was unable to halt a rash of currency devaluations, tariff increases, and quota arrangements.In 1934, U.S. Secretary of State Cordell Hull persuaded Congress to pass the Reciprocal Trade Agreements Act. This law authorized the President to negotiate tariff cuts with other nations. The Reciprocal Trade Act provided for protection of U.S. industries in the event foreign imports increased to such a degree that U.S. businesses were injured. This protection included peril point and escape clauses under which tariff cuts could by refused of rescinded if a U.S. industry suffered economic hardship. Despite the protectionist clauses in the act, U.S. tariffs were substantially reduced.Shortly before the end of World War Ⅱ, members of the United Nations met at Bratton Woods, N.H. to discuss ways of reducing the financial barriers to international trade. The International Monetary Fund was established as a result of the conference. The fund was designed to encourage the growth of international trade by stabilizing currencies and their rate of foreign exchange.In the early postwar period, more than 20 nations met in Geneva, Switzerland, to negotiate tariff reductions. When any two nations reached an agreement to reduce tariffs on a product, the benefits were extended to all participating nations. This was an application of the so-called most favored nation clause.The Geneva tariff agreements were written into the General Agreement on Tariffs and Trade (GATT). GATT also established standards for the conduct of international trade. Fox example, the agreement prohibits nations from placing quotas of limits on imports, except under very special circumstances.After World War Ⅱ a number of free trade areas were formed to solve trade problems on a regional basis. Tariffs on goods moving within these areas were to be abolished. Some of the groups also erected a single tariff on the goods of outsiders coming into their common area. Such groups are called customs unions. The goal of all trade blocs was to merge small political units into large geographic entities in which goods could be freely manufactured and sold. A large market area greatly stimulates economic growth and prosperity. These trade blocs are: Benelux, The European Coal and Steel Community (ECSC), the European Economic Community (EEC or Common Market), the European Free Trade Association (EFTA), the Council for Mutual Economic Assistance (COMECOM), the Latin American Free Trade Association (LAFTA), the Central American Common Market (CACM), the Caribbean Free Trade Area (CARIFTA), the Caribbean Community and Common Market (CARICOM).世界贸易和国际贸易在当今复杂的经济世界个人和国家都不是自给自足。
国际贸易参考文献英文
国际贸易参考文献英文English:For references on international trade, there are several key texts that scholars and practitioners often use. "International Trade: Theory and Policy" by Paul Krugman and Maurice Obstfeld is a well-regarded textbook that provides an in-depth understanding of the theories and policies surrounding international trade. Another important reference is "World Trade Statistical Review" by the World Trade Organization, which provides comprehensive data and analysis on global trade patterns and trends. "The Law and Policy of the World Trade Organization" by Peter Van Den Bossche is an essential text for understanding the legal framework and workings of the WTO, while "The Competitive Advantage of Nations" by Michael E. Porter offers insights into the role of national competitiveness in international trade. These references cover a wide range of topics and provide valuable insights into the complexities of international trade.中文翻译:对于国际贸易的参考文献，有几本关键的书籍是学者和实践者经常使用的。
国际经济与贸易 外文翻译 外文文献 英文文献 电子商务的竞争优势及发展前景
英文原版：Electronic Commerce Competitive AdvantageAnd Prospects For DevelopmentGaoJing .Electronic business world，2009（03）As the human society soon entered in the 21st century, a great swell of world information swept into human society swiftly and violently. The information technology revolution becomes the modern science technological revolution the core and the mainstream, the information resource and the energy, the material becomes the national economy and the social development three grand strategy resources, who has the information resource, who has grasped the competition and the development initiative. Emerges vigorously the informationization tide, sped up the world industrial structure adjustment and the reorganization, urges the world economics to transform from the industry economy to the information economy, has the profound influence to human society's production method and the life style, is also changing the people tradition type of trading. Today, electronic commerce, specially based on Internet electronic commerce, because was reducing the expenses, to develop the market and so on various superiority to bring to more and more person's attentions. Electronic commerce is refers to the computer and in the communication network foundation, realizes the commercial exchange and the commercial work activity entire process using the electronic tool. It has emerged since the early 90s, from services and so in-line shopping expanded to bank, securities business aspects and so on operation, becomes one kind through the networking application, fast and carries on each kind of business dealing effectively the newest method. Some people estimated that to 2000, electronic commerce will become in the Internet application a most essential part. Electronic commerce not only causes the commercial revolution, also has provided the new turning point for the information industries, to global scale's economy, cultural even politics will have the profound influence.First, electronic commerce competitive advantage Electronic commerce has provided the global trade environment for the enterprise, has established the new commercial channel, raised the commercial activity level and the grade of service greatly. On enhancement enterprise competitive power's various links, it has the incomparable function: (one) electronic commerce can enhance the commercial activity efficiency electronic commerce to cause to limit production to market ability is more easy to do, the enterprise through the network demonstrated that own product, the service and the payment terms and so on, customer according to his need, issues the order form, the enterprise Production department basis network order information prompt arrangement or the adjustment scale of production and the variety, thus realizes the small batch, the multi-varieties, zero stock, the immediate manufacture and the delivery ideal pattern. Meanwhile may also reduce the artificial negligence, avoids loss which and waste possibly occurs. (two) electronic commerce can improve the work quality, expanded market electronic commerce to increase the customer andsupplier's relation. The bilateral space's barrier already vanished, the system network causes the customer and the supplier can understand the opposite party most recent data, moreover may provide 365/7/24 pattern service, strengthens the market competition status. (three) electronic commerce may reduce the cost, is advantageous in enhances profit of enterprise to reduce the transaction cost, has saved the latent expenditure, if the email has saved the correspondence postage, the electron data exchange greatly has saved management and the personnel link's expenses. In addition, electronic commerce may optimize the enterprise to supply the chain. Reduces the supply cost. Statistics indicated that under the traditional commerce pattern, the commodity approximately composes the private costs from ordering to the selling process's in physical distribution expense 18%~20%, after the partial enterprises use the electronic commerce optimization supply chain, reduces 10%~12% this expense proportion.Second, overseas electronic commerce prospects for development In overseas Internet and the Web development's early stage, electronic commerce already appeared. For these years, along with in-ternet high speed development and relevant technology's day-by-day consummation, various countries' government took electronics trade's development in our country information infrastructural facilities the important work, intended to through the network construction and the application, won the market superiority, developed the global trade. For example: The US government continuously close attention electronics trade technology's development, and has established the US Business association in the Silicon Valley; European Union in 1995 proposed constructs Europe information society the plan; The Japanese government invested 320,000,000 US dollar impetus electronics trade in 1996 the master plan; The APEC subordinate's telecommunication work team has begun at present also to carry out every year two time electronic commerce impetus deliberation plan. The report which according to April, 1998 US Department of commercial affairs announced - - "Rose Digital Economy" the statistics, at the end of 1997 US and the Canadian on-line shopping population increased a half year ago 470,000 people to 1,000,000 people, the electronic commerce transaction income by every 100 day of 1 time of speed growth, to 2002, the US and Canada electronic commerce transaction income will achieve 3 100,000,000 US dollars; According to the IDC (IDC) forecast that to 2001, the Western Europe on-line transaction's profit might increase from last year's 100,000,000 US dollars to 3,000,000,000 US dollars. The electronic commerce broad prospects for development also cause each big computer manufacturer to step in this domain in abundance, like Microsoft, Sun, HP and so on one after another have promoted the safe electronic commerce solution. in June, 1997, two big credit cards organized Visa and the MasterCard unit exploitation security electron transaction (SET) the agreement promoted the electronic commerce development. Simultaneously many famous software companies already invested into the electronic commerce related support SET agreement software development. electronic commerce technology although now is also at the start stage, but Internet on-line already had many success application example, perhaps most influential is known as the world biggest bookstore's on-line hypothesized bookstore supermarket -- Amazon Bookstore (忽略此处). Besides more convenient, accesses the net this bookstore supermarket person not to be able to feel that it with has differently what to genuine bookstore purchase books. Moreover, but also has the Electronic bank, the electron to go, the electronic authentication, the electronic information consultation and so on.Third, China electronic commerce prospects for development Electronic commerce is application domain union and so on enterprise informationization and financial informationization inevitable products. The developing country must speed up the construction electronic commerce the speed, specially looked like China like this already to advance into the world trade 10 strong developing countries, if did not speed up the electronic commerce advancement, will not participate in the electronic commerce rule the formulation, the national benefit will suffer injury. At present, Chinese society various domains and so on professions economy, trade, finance already realized particularly to the informationization advancement's urgency, starts to take the measure, enlarges the manpower financial resource the investment, has created the good market condition for electronic commerce's development. However, must note is not very also high in the Chinese various trades and occupations informationization degree, in the information infrastructural facilities also quite weak foundation, the barrier which electronic commerce's development must overcome mainly has: (does 1) regarding the electronic commerce activity, how formulate one to conform to the network characteristic and the prospects for development reasonable tax revenue system. Very obvious, the present tax revenue system does not conform to the electronic commerce and the online retail trade's new characteristic, but if continues to carry out the old tax revenue system, then emerging electronic commerce will be unable to withstand the load inevitably. The US once passed Inter-net in October 21, 1998 to force 3 year tax holiday bill for this reason, simultaneously stipulated that will assign a just related network tax revenue by a related electronic commerce's Advisory commission in 18 months the plan. (2), if each country according to own trading mode operation electronic commerce, will be only able to carry on the domestic trade, but is impossible to realize the global electronic commerce. Therefore, must have a global standard and the rule, guarantees the electronic commerce the smooth implementation. (3) did business can avoid having the dispute, when had the dispute, how to solve? At present did not have one maturely, the unification law to carry on the arbitration. (4) intellectual property rights question in electronic commerce activity especially important. How to prevent the right infringement commodity or counterfeit the commodity the sale, also how attacks the abuse of authority is powerfully all quarters must consider. (5) electronic commerce involves economic society's many aspects, various departments, how should various links coordinate to correspondingly solve. (6) entire society to electronic commerce understanding question. Only then solves these problems, can in the Chinese smoothly promotion and popular electronic commerce. Electronic commerce in the development initial period, already had demonstrated the very strong vitality. China must comply with this tendency, takes seriously take the electronics trade as the characteristic type of trading transformation, enlarges the government to supportdynamics, formulates China's electronics trade development strategy promptly, realizes China take the information technology industry as the forerunner, leads professions and so on commodity production, circulation, capital, technology, service to achieve a quicker development. At present, the Control section, the bank, the business, the customer to reach the mutual recognition and the tacit understanding to the electronic commerce, along with the Chinese network construction in the coverage and the quality unceasing enhancement, surfer expense's unceasing reduction, related policies and regulations' formulation releasing one after another, China electronic commerce will have a bigger development.中文翻译：电子商务的竞争优势及发展前景在人类社会即将进入21世纪之时，一场席卷全球的信息浪潮迅猛而来。
关于国际贸易的英语名著
关于国际贸易的英语名著关于国际贸易，有许多经典的英文著作提供了深入的理论分析和实践指导。
这些著作不仅对国际贸易的学术研究具有重要影响，也为从业者和政策制定者提供了宝贵的参考。
以下是一些在国际贸易领域被广泛认可的英文名著：1."The Wealth of Nations" by Adam Smith亚当·斯密的这部作品被视为现代经济学的奠基之作。
其中对自由贸易的讨论为国际贸易理论的发展奠定了基础。
2."Principles of Political Economy and Taxation" by David Ricardo大卫·李嘉图在这本书中提出了比较优势理论，这是国际贸易理论的一个核心概念。
3."Globalization and Its Discontents" by JosephE. Stiglitz约瑟夫·斯蒂格利茨在这本书中批评了全球化进程中的一些问题，特别是对发展中国家的影响，为国际贸易的公平性和可持续性提供了深刻见解。
4."The Travels of a T-Shirt in the Global Economy" by Pietra Rivoli皮特拉·里沃利通过一件T恤的全球旅程，揭示了国际贸易的复杂性和全球经济的互联互通。
5."The Choice: A Fable of Free Trade and Protectionism" by Russell Roberts罗素·罗伯茨在这部小说中以寓言的形式探讨了自由贸易与保护主义的主题。
6."International Economics: Theory and Policy" by Paul Krugman and Maurice Obstfeld保罗·克鲁格曼和莫里斯·奥布斯特费尔德共同著述的这本教科书广泛用于国际经济学的高等教育，全面介绍了国际贸易的理论和政策。
国际贸易外文文献
目录一、外文文献译文（1）2008：狂乱之旅 (1)二、外文文献原文（1）2008: A Wild Ride (6)三、外文文献译文（2）2008年下半年场外衍生产品市场活动 (13)四、外文文献原文（2）OTC derivatives market activity in the second half of 2008 (16)2008：狂乱之旅对全球期货和期权行业而言，2008年是惊心动魄的一年。
一些主要的市场参与者，有些甚至曾经是市场上规模最大的公司之一，现在已经消失；同时，市场参与者面临的交易对手信用风险加剧，市场状况令人担忧。
特别是在2008年9月雷曼兄弟宣布破产后，市场波动加剧，流动性随之降低，期货和期权市场上一些全球交易规模最大和最富盛名的交易品种的交易量也产生了毋庸置疑的下跌。
尽管市场动荡不安，但期货和期权交易量的总趋势仍然是向上增长的。
美国期货业协会追踪的遍布全球的69个交易所交易的期货及期权的总交易量同比上涨13.7%。
虽然美国处于信用危机的风暴中心，受创最为严重，但是美国交易所2008年期货和期权交易量仍然同比增长14.0%，欧洲和亚洲的交易量增加得更快。
毫无疑问，交易量在多年高速增长后，增速已逐步放缓。
2008年全球期货和期权交易量同比增长13.7%，远低于2007年30.9%和2006年18.9%的增幅。
The Big ChillAfter shooting upward for several years, the growth in global futures and options trading decelerated sharply in 2008.更重要的是，相对温和的数据掩盖了不同类别交易品种交易量变化趋势的差异性。
以美国为例，美国期货市场的交易量仅仅同比增长了 4.4%。
与此截然相反的是，尽管市场波动异常剧烈，美国期权交易所的交易量仍然同比大涨25.1%。
世界贸易和国际贸易外文文献及中文翻译
世界贸易和国际贸易外文文献及中文翻译World Trade and International TradeIn today’s complex economic world, neither individuals nor nations areself-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of world trade and economic activity. As a result of this trade and activity, internationalfinance and banking have evolved.For example, the United States is a major consumer of coffee, yet it does not have the climate to grow any or its own. Consequently, the United States must import coffee from countries (such as Brazil, Colombia and Guatemala)that grow coffee efficiently. On the other hand, the United States has large industrial plants capable of producing a variety of goods, such as chemicals and airplanes, which can be sold to nations that need them. If nations traded item for item, such as one automobile for 10,000 bags of coffee, foreign trade would be extremely cumbersome and restrictive. So instead of batter, which is trade of goods without an exchange of money, the United State receives moneyin payment for what it sells. It pays for Brazilian coffee with dollars, which Brazil can then use to buy wool from Australia, which in turn can buy textiles Great Britain, which can then buy tobacco from the United State.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above is that no nation has all of the commodities that it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa and petroleum is recovered in the Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough ofa particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.Third, one nation can sell some items at a lower cost than other countries. Japan has been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce themdomestically. According to economic theory, Japan should produce and export those items from which it derives a comparative advantage. It should also buy and import what it needs from those countries that have a comparative advantage in the desired items.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large numbers of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.For most nations, exports and imports are the most important international activity. When nations export more than they import, they are said to have a favorable balance of trade. When they import more than they export, an unfavorable balance of trade exists. Nations try to maintain a favorable balance of trade, which assures them of the means to buy necessaryimports.International trade is the exchange ofgoods and services produced in one country for goods and services produced in another country. There are several reasons for it.The distribution lf natural resources around the world is somewhat haphazard: some nations possess natural deposits in excess of their own requirements while other nations have none. For example, Britain has large reserves of coal but lacks many minerals such as nickel, copper, aluminum etc, whereas the Arab states have vast oil deposits but little else. In the cultivation of natural products climates whereas others, such as citrus fruits, require a Mediterranean climate. Moreover, some nations are unable to produce sufficient of a particular product to satisfy a large home demand, for example, Britain and wheat. These are the reasons why international trade first began.With the development of manufacturing and technology, there arose another incentive for nations to exchange their products. It was found that it made economic sense for a nation to specialize in certain activities and produce those goods for which it had the most advantages, and to exchange those goods for the products of other nations which and advantages in different fields.This trade is based on the principle of comparative advantage.The theory of comparative advantage, also called the comparative cost theory, was developed by David Ricardo, and other economists in the nineteenth century. It points out that trade between countries can be profitable for all,even if one of the countries can produce every commodity more cheaply. As long as there are minor, relative differences in the efficiency of producing a commodity even the poof country can have a comparative advantage in producing it. The paradox is best illustrated by this traditional example: the best lawyer in town is also the best typist in town. Since this lawyer cannotafford to give up precious time from legal and typing matters. But thetypist’s comparative disadvantage is least in typing. Therefore, the typist has a relative comparative advantage in typing.This principle is the basis of specialization into trades and occupations. At the same time, complete specialization may never occur even when it is economically advantageous. For strategic or domestic reasons, a country may continue to produce goods for which it does not have an advantage. Thebenefits lf specialization may also be affecting by transport costs: goods and raw materials have to be transported around the world and the cost of the transport narrows the limits between which it will prove profitable to trade. Another impediment to the free flow of goods between nations is the possible introduction of artificial barriers to trade, such as tariffs or quotas.In addition to visible trade, which involves the import and export lf goods and merchandise, there is also invisible trade, which involves the exchange of services between nations.Nations such as Greece and Norway have large marine fleets and provide transportation service. This is a kind of invisible trade. When an exporter arranges shipment, he rents space in the cargo compartment or a ship.The prudent exporter purchases insurance for his cargo’s voyage. While at sea, a cargo is vulnerable to many dangers. Thus, insurance is another service in which some nations specialize. Great Britain, becauseof the development of Lloyd’s of L ondon, is a leading exporter of this service, earning fees for insuring other nations’ foreign trade.Some nations possess little in the way of exporter commodities or manufactured goods, but they have a mild and sunny climate. During the winter, the Bahamas attract large numbers of countries, who spend money for hotel accommodations, meals, taxis, and so on. Tourism, therefore, is another form of invisible trade.Invisible trade can be as important to some nations as the export of raw materials or commodities is to other. In both cases, the nations as the export of raw materials or commodities is to other. In both cases, the nations earn money to buy necessities.International trade today little resembles European commerce as it existed between the 16th century and the 19th century. Trade in earlier times was conducted largely between a mother country and its colonies. It was conducted according to strict mercantilist principles. The colonies were supposed to supply the mother country with raw materials, and they were expected to buyall finished goods from the mother country. Other forms of trade were forbidden to the colonies, but many of them evaded these restrictions.A result of the Industrial Revolution, which began in England in the 18th century, was the transformation of trade from a colonial exchange into a many sided international institution. Cottage industries gave way to mass production in factories. Railroads and steamships lowered the cost of transportation at the same time that new markets were being sought for the expanding output of goods.The Industrial Revolution also brought an end to mercantilist policies. The laissez-faire attitudes that emerged in their stead permitted businessmen to manufacture what they pleased and to trade freely with other nations. Trade was also stimulated by the growth of banking facilities, insurance companies, and improved commercial shipping and communications.The repeal of the Corn Laws by Great Britain in 1846 ended Britain’s longstanding policy of protectionism. During the 19th century, many European nations made commercial agreements with each other easing their tariff rates. Lower tariffs and the growth of population and industry caused trade to soarin the 19th century.In the 20th century two world wars and a major depression caused severe disturbances in international trade. Nations, sensing a threat to their domestic economies, sought to protect themselves from further disturbances by erecting various barriers to trade.The situation became even worse after Great Britain abandoned the gold standard. The nations that were closely related to Britain, including most of the members of the Commonwealth of gold standard. As the means of makinginternational payments broke down and trade restrictions increased, some countries had to resort to barter to obtain foreign goods.International trade was in such severe straits during the depression that a World Economic Conference was held in 1933. This conference, however, was unable to halt a rash of currency devaluations, tariff increases, and quota arrangements.In 1934, U.S. Secretary of State Cordell Hull persuaded Congress to pass the Reciprocal Trade Agreements Act. This law authorized the President to negotiate tariff cuts with other nations. The Reciprocal Trade Act providedfor protection of U.S. industries in the event foreign imports increased to such a degree that U.S. businesses were injured. This protection includedperil point and escape clauses under which tariff cuts could by refused of rescinded if a U.S. industry suffered economic hardship. Despite the protectionist clauses in the act, U.S. tariffs were substantially reduced.Shortly before the end of World War Ⅱ, members of the United Nations met at Bratton Woods, N.H. to discuss ways of reducing the financial barriers to international trade. The International Monetary Fund was established as a result of the conference. The fund was designed to encourage the growth of international trade by stabilizing currencies and their rate of foreign exchange.In the early postwar period, more than 20 nations met in Geneva, Switzerland, to negotiate tariff reductions. When any two nations reached an agreement to reduce tariffs on a product, the benefits were extended to all participating nations. This was an application of the so-called most favored nation clause.The Geneva tariff agreements were written into the General Agreement on Tariffs and Trade (GATT). GATT also established standards for the conduct of international trade. Fox example, the agreement prohibits nations from placing quotas of limits on imports, except under very special circumstances.After World War Ⅱ a number of free trade areas were formed to solve trade problems on a regional basis. Tariffs on goods moving within these areas were to be abolished. Some of the groups also erected a single tariff on the goods of outsiders coming into their common area. Such groups are called customs unions. The goal of all trade blocs was to merge small political units intolarge geographic entities in which goods could be freely manufactured and sold.A large market area greatly stimulates economic growth and prosperity. These trade blocs are: Benelux, The European Coal and Steel Community (ECSC), the European Economic Community (EEC or Common Market), the European Free Trade Association (EFTA), the Council for Mutual Economic Assistance (COMECOM), the Latin American Free Trade Association (LAFTA), the Central American Common Market (CACM), the Caribbean Free Trade Area (CARIFTA), the Caribbean Community and Common Market (CARICOM).世界贸易和国际贸易在当今复杂的经济世界个人和国家都不是自给自足。
国际贸易英文文献
国际贸易英文文献Strategic transformations in Danish and Swedish big business in an era of globalisation, 1973-2008The Danish and Swedish contextIn the difficult inter-war period, a state-supported, protected home market orientation had helped stabilise both Denmark’s and Sweden’s economies, but after WorldWar II priorities changed. Gradually and in accordance with the international economic development, restrictions on foreign trade were removed, and Danish and Swedish industry was exposed to international competition. As a consequence, several home market oriented industries –such as the textile and the shoe industry –were more or less outperformed, while in Sweden the engineering industry soon became the dominant leader of Swedish industry, with companies such as V olvo, Ericsson, Electrolux, ASEA and SKF. In the Danish case, the SMEs continued to be dominant but in combination with expanding export oriented industrial manufacturers such as Lego, Danfoss, Carlsberg and the shipping conglomerates ok and A.P. moller-Marsk.In Sweden and Denmark stable economic growth continued into the 1970s, but due to the problems during the oil crises, the economies came into fundamental structural troubles for the first time since World War II. In the beginning this was counteracted by traditional Keynesian policy measures. However, because of large budget deficits, inflation and increasing wages, both the Danish economy from 1974 and the Swedish economy from 1976 encountered severe problems. T owards the late 1970s Denmark’s and Sweden’s economic policies were thusincreasingly questioned. It was clear that Keynesian policy could not solve all economic problems. Expansive fiscal policies in terms of continued deficits on the state budget could not compensate for the loss of both national and international markets and step by step the Keynesian economic policy was abandoned.The increased budget deficit also made it difficult for the state to support employment and regional development. These kinds of heavy governmental activities were also hardly acceptable under the more market oriented policy that developed first in Great Britain and the USA, but in the 1980s also in Denmark and Sweden (Iversen & Andersen, 2008, pp. 313–315; Sjo¨ gren, 2008, pp. 46–54).These changes in political priorities were especially noticeable in the financial market. After being the most state regulated and coordinated sector of the economy since the 1950s, then between 1980 and 1985 the Danish and Swedish financial markets underwent an extensive deregulation resulting in increased competition. Lending from banks and other credit institutes was no longer regulated, and neither were interest rates. The bond market was also opened as the issuance of new bond loans was deregulated in Sweden in 1983. When the control of foreign capital flows was liberalised in the late 1980s the last extraordinary restriction was now gone. Together with the establishment of the new money market with options and derivates, this opened up to a much larger credit market and the possibility for companies to finance investments and increase business domestically as well as abroad (Larsson, 1998, pp. 205–207).Another important part of the regulatory changes in theearly 1980s were new rules for the Copenhagen and Stockholm stock exchanges. Introduction on the stock exchange was made mucheasier, which enabled small and medium sized companies as well as newly established companies to enter the stock exchange. This resulted in a sharp increase in turnover at the stock exchange, encompassing both newly established companies and the traditional big enterprises. This helped undermine the bank oriented financial system that had been established in the late nineteenth century. However, the strong connections between the largest industrial companies and the dominating domestic commercial banks prevailed in the 1980s and 1990s.The change in political priorities was also seen in the handling of state-owned companies. In Sweden, the general economic crisis of the 1970s resulted in the takeover of several large companies by the state. Even the liberal and conservative parties –who were in cabinet towards the end of the 1970s –supported this policy.But with the return of the social democrats to government, this part of state ownership was questioned and a slow privatisation began. The introduction of Sweden’s new economic market oriented regime was certain in 1995, when the country became a member of the European Union.In contrast to Sweden, the economic crisis of the 1970s had not led to any increase in Danish state ownership. The separation between private industrial ownership and public state functions was deeply rooted in Danish capitalism. Denmark became a member of the European Community on 1 January 1973 even though the membership had few political–economic consequences until the early 1980s when a new dynamic phase in European integration began.With a growing international market and less restrictive national regulation –especially on the financial market –it became possible for the largest Danish and Swedish companies to increase their investments in foreign markets. In the Swedish case several were members of the two dominating banking groups. As a consequence, the share of these groups in total industrial employment increased to over 50% in the late 1980s (Lindgren, 2011). In Denmark the ratio between the revenue of the 10 largest corporations and GDP was 0.47 in 2006, while the ratio was only 0.23 in 1994 and 0.11 in 1982. These statistics illustrate the importance of large companies in the industrial sector in both countries. In Denmark, the growth of these largest internationalised corporations took place simultaneously with a continued importance of small and medium sized enterprises. The Swedish industrial structure was, on the other hand, marked by comparatively few medium sized companies and a bulk of small-scale companies with one or only a few employees. In the 2008 FT Global 500 ranking, Denmark had two companies while Sweden had six. This can be compared with 10 in Italy and 26 in the United Kingdom. Both these countries are more than six times larger –in population –than Sweden, which highlights the role of big business in Sweden.A new category of Danish and Swedish companies managed to establish themselves as global enterprises in the 1980s and 1990s. For example, the Swedish giants IKEA and H&M increased their positions with the help of comparatively cheap products and new ways of organising distribution, while the global Danish Business History 123 Downloaded By: [2011 DRAA SSH Free Trial Consortium] At: 13:29 16 June 2011 brewing company Carlsberg and the leading North European dairy ARLA Foods grewprimarily through cross-border mergers and acquisitions. Since these companies were established in non-traditional areas for Danish and Swedish big business and also based on international production networks, they stand out as representatives for the new type of enterprise that could benefit from Denmark’s and Sweden’s new economic policy and integration in the global economy. This article concerns the strategic development and growth ofthis new type of enterprise, considered in the light of economic integration and the new political regime.Analysis of changing growth strategies and ownership regimes, 1973–2008 Sample selection, sources and definitions The following analysis is focused on the changing growth strategies of the 25 largest Swedish and Danish non-financial corporations measured by revenue. The analysis provides for an inclusive approach. The original Harvard Program and Whittington and Mayer’s (2000) study concerned manufacturing enterprises, and this approach made sense in the 1960s and 1970s when the relative importance of the service sector was less significant.5 We define Danish and Swedish corporations in a similarly inclusive way as any corporation registered in the country at the given time. This approach also contrasts the samples of Whittington and Mayer and the Dutch chapter in this special issue.We have decided to include foreign-owned corporations, as the increasing economic integration process also encompasses new non-national ownership regimes, which is very much the case of large foreign subsidiaries and in later years also ownership by foreign private equity funds. The assumption is that by registering large corporations in the national context of Denmark and Sweden, these corporationsmirror the specific structure of a corporate landscape. That landscape might be dominated by international subsidiaries –see for instance Binda and I versen’s (2007) similar study of the Spanish development.The analysis covers the period from 1973 to 2008 and we have chosen five benchmark years: 1973, 1983, 1993, 2003 and 2008. This selection makes it possible to compare our results with the findings of Whittington andMayer (2000) and Binda and Iversen (2007). The data consists of a combination of annual reports, the database ‘Mapping Corporate Denmark’ and various written overviews of the corporate annual accounts.The selection of the 25 largest companies has been made from published secondary compilations based on annual reports. The majority of the information concerning specific companies is based on annual reports, which in general are both extensive and reliable. Thus, they contain information about the turnover in national markets as well as different international markets. This information is essential for the analysis of the geographical market structure of the different companies. The companies have been divided into four internationalisation categories defined as follows: home market orientation implies less than 10% activities abroad; partly home market orientation, foreign sales 10–50%; partly internationally oriented, 50–90%; while the foreign revenues of an internationally oriented company exceed 90%.The annual reports are also quite extensive in describing the turnover of the companies for different business activities. From this information calculations have been made to evaluate the size of diversification for each company. Four strategic categories of diversification have been used. The first category contains companies where the core business accounts for at least 95% ofthe firm’s turnover. We have124 M.J. Iversen and M. Larsson Downloaded By: [2011 DRAA SSH Free Trial Consortium] At: 13:29 16 June 2011 defined the critical term ‘single type of business activity’ in accordance with the twodigit ISIC Rev. 3.1 code.7 Dominant business strategy implies a core business accounting for 70–95% of total turnover. Firms with a related or unrelated business have no single business larger than 70% of total turnover. Unrelated implies that there is no relation to the original business area which we have defined as an activity within a different ISIC Rev. one-digit code which separates sectors such as manufacturing, transport and construction.In the cases of company ownership, information in annual reports is fragmented and calculations have been done by using other sources. For the Swedish companies, information has been gathered from annual compilations made by Sundqvist, while the Danish information is based upon the Copenhagen Business School database ‘Mapping Corporate Denmark, 1970–2003’.8 The analysis of ownership is broadly divided into two categories: dispersed and concentrated. Dispersed ownership is defined as no shareholder controlling more than 10% of the voting stocks.9 The concentrated ownership group (companies with single owners above 10% of the voting stocks) is divided into seven sub-categories in which the corporation is catalogued in accordance to the single largest shareholder: Personal, Bank-Financial, State, Firm, Foreign, Cooperative and Foundation.Changing ownership structuresChanging ownership structure in Sweden, 1973–2008Ownership in Swedish industry has previously been analysed basically from a company perspective, but among those few overarching studies which scrutinize different owners from amacro perspective, the studies by Glete (1987, 1994) are probably the most important. In his study from 1994 he defines three major owner groups in the Swedish economy: the banking groups, the large financial families and big private companies engaged in the establishment of large conglomerates. Among these different owners, the Wallenberg family held a special role in the Swedish private economy and their situation has been and is unique. As the controlling owner of the SEB bank, and several investment companies of which Investor is currently the most important, the Wallenberg family has played a decisive role for Swedish big business since the early twentieth century.10 Family groups have been the most important owners among the largest companies, seen over the whole period (Figure 1). The Wallenberg group also holds the strongest position among the family-owned companies. Between four and six of the 25 largest companies each year were controlled by the Wallenberg family, with a voting share of 28–36% on average in the controlled companies. Among these companies we especially find companies from the engineering industry, such as ASEA/ABB, Atlas Copco, Electrolux and Saab-Scania. This gave the family a comparatively strong position in the Swedish economy. However, with the deregulation of the financial market and altered rules on the Stockholm Stock Exchange, it became financially possible for new capitalists to challenge the position of the Wallenbergs.Despite new regulations and a global economy, family ownership has managed to survive. Strong holdings, not only by the Wallenberg’s but also other large family groups, made it possible to maintain family ownership as a foundation for the Swedish economy. The important role of strong owners in Swedish big business is also shown in the relatively fewcompanies with dispersed ownership.Another important trend in the development among Swedish large corporations has been the increasing role of the state as a major owner. Part of the reason for this was the increased nationalisation activity due to the crisis in the 1970s where several private companies encountered economic problems. The problems especially hit the iron and steel industry and the large shipyards, and to avoid liquidations and high regional unemployment rates, the government decided to take over these activities. Thus, two new large state-owned companies were created to run these businesses –Svenska Varv (shipyards) and SSAB (steel) –and they were both among the 25 largest companies in 1983. However, the state-owned sector did not only expand as an effect of the crises. During the first half of the 1980s, state-owned activities were gradually removed from the state budget and instead formed as separate corporations. This was the first step towards a privatisation of the public sector, and thus a part of the general regime change in the 1980s.Another fundamental change in the ownership structure of large Swedish companies is the growing importance of foreign owners. Sweden went from predominantly being a net capital exporter, to becoming an increasingly attractive country for foreign direct investments in the latter half of the 1990s. Several mergers took place which resulted in the dominance of foreign ownership in previously Swedish-owned companies, and global companies were established on the Swedish market. Among these companies we find.。
国际经济与贸易相关的学术文献
国际经济与贸易相关的学术文献国际经济与贸易是一个广泛的领域，涉及到许多不同的主题和问题。
以下是一些与国际经济与贸易相关的学术文献：1.《国际经济学》（International Economics）：这是一本经典的国际经济学教科书，由保罗·克鲁格曼和莫里斯·奥布里恩合著。
该书涵盖了国际贸易、国际货币和金融、国际投资等主题，是学习国际经济学的重要参考书。
2.《世界贸易组织与国际贸易法》（The World Trade Organization and International Trade Law）：这本书由约翰·亨特和布莱克·琼斯合著，涵盖了世界贸易组织的历史、机构、规则和争端解决机制等方面的内容。
该书对于理解国际贸易法和世界贸易组织的作用有很大的帮助。
3.《国际投资法与仲裁》（International Investment Law and Arbitration）：这本书由安德烈亚斯·洛维尼和克里斯托弗·斯科特合著，讨论了国际投资法和仲裁的重要性和实践。
该书涵盖了国际投资协定、投资仲裁、国际投资争端解决等主题。
4.《国际货币体系：历史、理论和政策》（International Monetary Systems: History, Theory and Policy）：这本书由安德鲁·沃尔特和安德鲁·杨合著，讨论了国际货币体系的历史、理论和政策。
该书涵盖了金本位制、布雷顿森林体系、现代浮动汇率制度等主题。
5.《全球化与发展：理论、政策和实践》（Globalization and Development: Theory, Policy and Practice）：这本书由尤金·卡彭特和拉尔夫·达兹合著，讨论了全球化对发展的影响和挑战。
该书涵盖了全球化的定义、影响、政策和实践等方面。
这些文献提供了关于国际经济与贸易的重要信息和理论，对于学习和研究国际经济与贸易非常有用。
关于国际贸易的英语文章
关于国际贸易的英语文章随着我国经济和对外贸易的同步快速增长，国际贸易活动也日益增多。
下面是店铺带来的关于国际贸易的英语文章，欢迎阅读!关于国际贸易的英语文章1ON THE JOB： FACING BUSINESS CHALLENGES AT BLACK & DECKERPower- Tool Maker Has a Remodeling Project of Its Own Nolan Archibald had a bit of a mess on his hands. He had recently been promoted to chairman and CEO of Black & Decker，a multibillion-dollar power-tool manufacturer that was having profit problems and losing market share. Most troublesome，the company was generally annoying many of the wholesalers and retailers it relied on to sell products to consumers and construction professionals.The company had developed a reputation for being arrogant，to put it mildly. In the words of a former Black & Decker employee，referring to Archibald's predecessors： "Management seemed to think it had the answer to every question and would generously impart its wisdom to the masses：' Such an attitude nearly got Black & Decker kicked out of Wal-Mart， the largest retailer in the United States. Not the best plan for selling products， to say the least.In addition， inventory shortages plagued retailers. If a Black & Decker product turned out to be popular with the public，retailers had a pretty good chance of running out of it because Black & Decker put a lot of emphasis on meeting its internal financial goals. The company restrained production toward the end of the year to make sure its inventory levels dropped quite low. This practice made Black & Decker's financial statementslook good， but it was driving retailers away.To make matters worse，Archibald's predecessors had recently purchased General Electric's entire line of small household appliances (at the time， the biggest brand transfer in history)， and although the new line of products provided a strong stream of revenue， it gave Black & Decker yet another distribution headache. Before the acquisition，most Black & Decker products were sold through hardware stores，home-improvement centers，mail-order retailers，and discount stores. To be successful，small appliances had to be sold through department stores as well，and Black & Decker had little experience in this area. Unfortunately the company tried to use the same approach it had used with power tools，which served only to alienate the department stores that had grown used to good treatment from General Electric.How could Nolan Archibald repair the bad reputation that Black & Decker had gained with wholesalers and retailers? How could he combat the pressure from competitors who were trying to push Black & Decker off the shelf? How could he handle the new small appliances， given the company's lack of experience? In short， what steps could he take to ensure Black & Decker's survival and continued success?Meeting Business Challenges at Black & DeckerIt's hard to say which is more impressive： the speed at which Nolan Archibald and his colleagues turned around the corporate culture or the thoroughness of the results. Black & Decker used to be a manufacturer driven by financial measurements; it is now well on its way to being Archibald's vision of a worldwide marketing powerhouse. The company's approach to managing its marketing channels is a central component of the new Black& Decker.The change started with strategic planning， as it should. In Archibald's own words："You analyze the problems that are unique to the company and the industry and then determine what the strengths and weaknesses are. Then you develop a plan to leverage the strengths and correct the weaknesses." Archibald and his colleagues made sure that marketing channels were a part of that strategic plan. Moreover，the new approach manages channels as a vital marketing resource，rather than simply as a pipeline for pumping products to customers.The analysts who have observed Black & Decker's remarkable turnaround point out several aspects of channel management that have been a vital part of the success. The first change was simple but most important：more respect for marketing intermediaries. Black & Decker had a tough act to follow when it acquired General Electric's small-household-appliance line. Known as "Generous Electric" in some circles， GE went out of its way to be a good supplier. This effort included ample support of retailer promotions，deep inventories to prevent product shortages in the stores， and a general level of respect for the people and organizations on the front line. Black & Decker's efforts to improve relations started by emulating this regard for retailers. Out of this new respect flowed assistance. Black & Decker took several important steps to help its channel partners. One of these was implementing a segmented channel strategy that focuses specialized sales assistance on the company's two major groups of customers：industrial or professional customers and retailers. This channel strategy allows Black & Decker to give each kind of intermediary the unique help it needs. Another key step was to train its sales force thoroughly，not only in mastering product performance but also in helping retailers with inventory management，purchasing，and in-store product displays. Also，the promotional budget was beefed up to help pull customers into retail stores.Giving assistance is now mutual. Black & Decker established a number of dealer advisory panels， which retailers can use to give the company feedback on new products customers would like to see. By using its channel as a source of marketing-research information， Black & Decker benefits by getting a better picture of customer needs， and the retailers benefit by being able to deliver the right products.Coordinated physical distribution is another change that helps both the company and its intermediaries. T o better mesh its delivery systems with the needs of distributors and retailers，Black & Decker changed virtually every aspect of its physical distribution. This overhaul included new locations for distribution centers， modified transportation policies， and more powerful systems for managing and coordinating information.Increasing the number of products held in inventory is another important step. Maintaining a deeper inventory gives retailers the confidence that they'll be able to keep up with demand， particularly during the Christmas shopping season，when many tools and small appliances are purchased.Yet another element in Black & Decker's strategic plan is growth through acquisition，which has been tied closely to marketing channel management. The $2.8 billion purchase of Emhart is a good example. Some observers criticized the move，which gave Black & Decker a big presence in hardware. However，the logic was clear after a second look：Some of Emhart's products (like lawn and garden tools， sprinkler systems， locks，and faucets) fit in perfectly with Black & Decker's existing consumer goods channels; other Emhart products mesh well with the industrial channels. The units of Emhart that didn't align with the existing marketing channels were put up for sale.Black & Decker's dramatic turnaround is convincing evidence of the importance of managing marketing channels effectively. Its sales are growing in every channel of distribution it uses. In fact，the company is starting to be praised as a strong marketing organization that helps create demand for its retailers.关于国际贸易的英语文章2ON THE'JOB： FACING BUSINESS CHALLENGES AT IKEAOpening the Door to Sales on Two CoastsWhat's yellow and blue， as large as seven football fields，and filled from floor to ceiling with furniture? The answer， as millions of shoppers from Budapest to Burbank have learned， is an Ikea store. Based in Denmark， Ikea operates more than 139 warehouse-sized furniture stores in 28 countries. The retailer opens between five and ten outlets every year，and no two grand-opening advertising campaigns are exactly alike，because no two audiences are exactly alike. For instance， when Ikea opened stores in Elizabeth， New Jersey; Burbank; California; and Manhattan， New York; Ikea president Anders Moberg knew that the markets for each of these stores were as different as Coney Island hot dogs and avocado salad.Ikea's international success has been anything but an overnight phenomenon. Founder Ingvar Kamprad came up with the company name in 1943 by combining his own initials with the first letter of his farm， Elmtaryd， and the first letter of his native parish，Agunnaryd (similar to a county in the United States)。
关于国际贸易的外文书籍
关于国际贸易的外文书籍国际贸易是当今世界经济中的重要组成部分，对于推动各国经济发展、促进全球经济一体化起到了至关重要的作用。
在了解国际贸易的过程、机制和影响方面，外文书籍是一种重要的资源。
下面我将介绍几本关于国际贸易的外文书籍，供大家参考。
1. "International Trade: Theory and Policy" by Paul Krugman, Maurice Obstfeld, and Marc Melitz这本书是国际贸易理论的经典教材，由诺贝尔经济学奖得主Paul Krugman等联合撰写。
书中通过深入剖析国际贸易模型和政策，介绍了国际贸易的理论基础、政策制定和影响因素等内容。
它为读者提供了了解国际贸易的核心原理和实践的全面视角。
2. "International Trade: A Feasible Approach" by Patrick Low这本书将国际贸易问题置于全球整体的背景下，探讨了国际贸易的发展动力、规则和政策等方面的问题。
作者Patrick Low是世界贸易组织前首席经济学家，他的观点具有独到的洞察力和实践经验。
这本书对于了解国际贸易的实际运行机制和相关政策具有很强的实用性。
3. "The World Trade Organization: A Very Short Introduction" by Amrita Narlikar这本书是关于世界贸易组织（WTO）的简介，可以帮助读者快速了解WTO的发展历程、功能以及对国际贸易的影响。
作者AmritaNarlikar是一位国际政治学家，她在书中详细介绍了WTO的角色和运作方式，并分析了WTO面临的挑战和争议。
这本书对于理解国际贸易规则的制定和实施具有重要意义。
4. "The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger" by Marc Levinson 这本书通过讲述集装箱的发明和应用对国际贸易的影响，揭示了国际贸易和物流运输之间的紧密联系。
国际贸易的论文国际贸易英语论文
国际贸易的论文国际贸易英语论文国际贸易的论文——国际贸易英语论文Introduction:In today's globalized world, international trade plays a vital role in the economic development of nations. As businesses expand beyond domestic boundaries, the ability to communicate and conduct transactions in English becomes increasingly important. This paper aims to explore the significance of English in international trade and its impact on global business.Section 1: Importance of English in International TradeEnglish as the Lingua Franca:English has emerged as the lingua franca of international trade. It serves as a common language for various stakeholders, including exporters, importers, shipping agents, international organizations, and policymakers. The prevalence of English facilitates effective communication, negotiation, and collaboration among these parties.Cross-Border Communication:Proficiency in English enables individuals to overcome language barriers and effectively communicate with international partners. The ability to express ideas, negotiate terms, and understand business requirements in English enhances the efficiency of international trade activities. Clear and accurate communication is essential to building trust and fostering successful trade relationships.Access to Information and Resources:English is the primary language used in international trade literature, market research reports, and industry publications. A strong command of English provides individuals with access to a wealth of information and resources that are crucial for market analysis, identifying potential business opportunities, and staying updated with global trends. Without English proficiency, individuals may face difficulties in leveraging these resources.Section 2: English Skills Required for International TradeBusiness English:Proficiency in business English is essential for international trade professionals. This includes a strong grasp of business vocabulary, grammar, and usage. Business correspondence, such as emails, letters, and contracts, needs to be written clearly and accurately to avoid misinterpretation or misunderstandings. Additionally, the ability to give presentations, negotiate deals, and participate in meetings effectively requires a high level of English proficiency.Intercultural Communication:International trade involves working with individuals from diverse cultural backgrounds. Understanding cultural nuances and norms is crucial to building successful relations and avoiding potential conflicts. English proficiency enables individuals to navigate through cultural differences and promotes effective intercultural communication.Section 3: English Training and Development in International TradeEnglish Language Courses:To meet the growing demand for English proficiency in international trade, many educational institutions and language training centers offer specialized courses focusing on business English. These courses aim to enhance participants' language skills, develop industry-specific vocabulary, and improve presentation and negotiation skills.Corporate Training:Many companies invest in English language training programs for their employees engaged in international trade. These programs are designed to improve employees' English proficiency, enabling them to communicate effectively with international partners and clients. Tailored training programs address specific industry requirements and equip employees with the necessary language skills.Conclusion:English proficiency is a crucial factor in the success of international trade. It facilitates effective communication, enables access to information and resources, and promotes intercultural understanding. Proficiency in business English and intercultural communication skills are necessary for individuals engaged in international trade. To meet the increasing demand for English proficiency, specialized courses and corporate training programs are available to enhance language skills. As international trade continues to grow, the importance of English in this domain will only increase further.。
国际贸易外文翻译外文文献英文文献
Challenges for China—the world’s largest antidumping targetBin JiangDoctoral Student in Business Administration,University of Texas at ArlingtonChina has become the world’sbiggest target for antidumping investigations. WTO statistics indicate that since the early 1990s Chinese export products have attracted around 500 investigations that have resulted in more than 350 antidumping measures. What are the reasons behind the proliferation of these investigations against Chinese export products? And how can the Chinese government and export producers deal with such cases against the country in the future?When a product is exported at a price lower than that normally charged for it in its home market, it is often assumed that the exporter is “dumping” the p roduct in the importing country. Antidumping (AD) is the legal framework countries use to place duties or import surcharges on products determined to have been dumped. The legal definitions are more precise, but basically the “Antidumping Agreement” of the World Trade Organization (WTO) allows governments to take action against dumping where there is a genuine (“material”) injury to the competing domestic industry. In order to take such action, the government must prove that dumping is taking place, calculate the extent of it (how much lower the export price is compared to the exporter’s home market price), and show that dumping is actually causing material injury.Why is China targeted?The reasons for the dramatic increase in antidumping cases against Chinese export products are both complex and diverse. Here we present and discuss four of these reasons.Reason 1: Most Chinese export producers compete on cost because local economic conditions make labor- or resource-intensive Chinese products extremely competitive in international markets. The country’s labor rates are approximately one-twentieth of those typically found in developed countries and one-tenth of those found in developing economies like Mexico and Korea. Moreover, China has an abundance of natural resources such as minerals and raw materials. These indigenous advantages allow Chinese manufacturers to produce traditionally labor- or resource-intensive commodities more economically than their counterparts in other countries. However, such products tend to be relatively homogeneous, affording their manufacturers scant competitive advantage and creating minimal entry barriers. If a particular product succeeds in an international market, other Chinese firms can decide relatively easily to enter that market by producing and exporting similar products. This, in turn, precipitates the sort of price cutting that is characteristic of intensely competitivemarkets, with the result that Chinese exporters find themselves competing against each other in cannibalistic price wars. Local government policies also motivate these internecine price wars.Reason 2: China is still treated as a non-market economy (NME). For NME dumping cases, the benchmark of “normal value” is calculated by using data from a surrogate country, but the WTO’s Antidumping Agreement does not specify any criteria for determining which surrogate country is appropriate. Prior to the economic reform movement, China’s centrally planned economic system dominated all industry sectors. Over the last decade or so, this system has gradually shifted away from the socialist model toward a free market model. Today, the Chinese economy lies somewhere between the two and contains many “bubbles of capital-ism”—defined by Neeley (1992) as sectors in a centrally planned economy in which reforms have progressed to the point that all prices and costs faced by the producers in that sector are determined by the market.However, many importing countries automatically treat Chinese export products as NME cases. In order to receive the market-economy case treatment, it is incumbent on Chinese producers to prove that inputs are bought and sold, and that labor is compensated at prevailing market rates. If they do not or cannot provide sufficient evidence that their products are made in the market-economy mode, the importing country will apply the surrogate country method to calculate the dumping margin of the products.Reason 3: Many Chinese exporters do not have the capability or experience to defend themselves against AD charges, but relinquishing the right of self-defense against the charges simply encourages other countries to launch more AD investigations against China.Another factor behind the large number of AD measures that have been enacted against Chinese exports is Chinese firms’ unwillingness to respond to dumping accusations and their general lack of knowledge about how to do so. Most Chinese export producers are medium or smallsized enterprises that lack the information and capability to deal with international trade disputes.Reason 4: Chinese exports have been growing rapidly, with low-priced “Made in China” commodities significantly affecting less competitive domestic firms in importing countries; this motivates the countries to use AD strategies to protect local industries and prevent successful Chinese products from grabbing market share.To minimize further economic losses from AD cases, the Chinese government and exporters will focus their efforts on activities designed to fix or ameliorate the issues that trigger the investigations. Here we offer some predictions about the nature of these activities.Prediction 1: Chinese industry associations will be strengthened and improved as soon as possible so that firms can agree on baseline export prices for products and end the cannibalistic price wars among Chinese provincial exporters. A result of the economic reforms in China is that the government has relinquished its control of imports and exports to local enterprises and thus no longer dictates uniform export prices. This has created an administrative vacuum for pricing in the Chinese export sector. Exporters realize that pricing unions must be established to fill this administrative vacuum and protect their own interests. Accordingly, industry associations will play a growing role in deciding and monitoring the price levels of exports.Prediction 2: If the pace of economic reform in China is maintained or accelerated, Chinese export producers will become increasingly more aggressive when confronted with AD investigations. Otherwise, responses will continue to be as passive as before. The Chinese government still controls the price-setting mechanism for some important products, such as gas, electricity, processed oil, and railway transportation. So an export producer that uses electricity as a significant input for its products has a relatively weak response to an AD charge because the government rather than the market determines the price on one of its key inputs. According to the agreement between China and the WTO, if a Chinese producer under AD investigation can clearly demonstrate that market economy conditions prevail in its industry with regard to the manufacture, production, and sale of that product, the importing WTO member shall use Chinese prices or costs for that industry to determine price comparability.Prediction 3: More and more Chinese export producers will actively respond to AD investigations. Adverse experiences have taught Chinese businesses that they should not back away from confrontation when they are accused of dumping because failing to contest or appeal cases brings almost inevitable penalties. They have also realized that the best way to minimize AD lawsuit losses is to make every effort not to trigger investigations in the first place. To successfully avoid them, a quick response mechanism composed of government departments, import and export chambers of commerce, local foreign trade authorities, and other relevant organizations must be established. Many Chinese exporters are already coordinating with their relevant industry associations to establish early warning AD systemsthat solve cases before they become lawsuits. Firms are also training themselves to follow market changes closely and identify potential AD cases early on. Because the Chinese textile industry is one of the largest targets on many countries’ dumping lists, the China Chamber of Commerce for Textiles has started to monitor the exports of member firms and maintains regular contact with foreign business offices, overseas law offices, and intermediary organizations to protect Chinese textile exports from AD investigations.Prediction 4: The Chinese government will make full use of its WTO membership to resolve dumping issues by using its legal rights or by instigating retaliatory actions. China has suffered many trade sanctions from Western countries because of the 1989 Tiananmen Square political crisis. Since then, China has been seeking a way to separate politics from foreign trade issues. Attaining WTO membership status on November 12, 2001, provided it with the opportunity to legitimately focus on the protection of its international trade without being accused of political chicanery. The indications are that China is already making use of its new WTO member status. For example, during the four years immediately preceding its entry into the WTO, the government initiated only 11 AD investigations against foreign imports. However, during the first six months following its election to the WTO, China initiated eight investigations. In March 2002, when the US decided to impose an 8 to 30 percent tariff on Chinese imported steel products, China quickly retaliated by imposing a 24 percent additional tariff on US soybean oil.According to Prusa (1999), in recent years new AD users have accounted for half the overall world total of these investigations. In fact, many of the heaviest accusers are countries that did not even have an AD statute a decade ago. It is possible these countries believe that precipitating AD investigations is the only way to defend themselves against other countries using the same process against them. China may have already adopted this perspective. The reasons why Chinese exports are so frequently involved in antidumping cases are quite diverse. The cost leadership strategy mandated by indigenous competitive advantages, cannibalistic price wars between provincial exporters, the treatment of investigations as NME cases, the unwillingness and lack of competency in responding to dumping accusations, and the ever increasing trade friction accompanying the surges in global commerce that have occurred over the last decade or so all help explain why China has been so targeted. It will not be easy to alter these factors in the short term. Moreover, China will still be habitually treated as an NME during the first 15 years of its WTO membership, which may even cause the number of AD cases against it to rise. To avoid further losses, Chinese enterprises and theChinese government will change their behaviors as follows: exporters will work closely with industry associations to avoid price wars; they will respond to AD investigations more actively than in the past; and the government will gradually transfer its role in the economy from market player to market watchdog and will act more aggressively to protect its foreign trade interests than it has been able to do in the past. In summary, although antidumping cases against Chinese exports may keep increasing in the foreseeable future, China will learn to fight back more aggressively and effectively.........忽略此处.......。
国际贸易的英语文章
国际贸易的英语文章随着改革开放，国际贸易专业迅速发展，在一定程度上满足了社会发展的需要。
下面是店铺带来的国际贸易的英语文章，欢迎阅读!国际贸易的英语文章1SUPERB AIM (HONG KONG) LTD.WESTERN DISTRICT BILLS CENTER128 BONHAM STRAND E. H.KI.C.ISAACS & CO.,LTD.3840 BANK STREET,BALTIMORE, MARYLAND 21224,U.S.A.Dear Smith,thWe are very pleased to receive your inquiry of May 15 and enclose our illustrated catalogue and pricelist giving the details you ask for. Also by separate post we are sending you some samples and feel confident that when you have examined them you will agree that the goods are both excellent in quality and reasonable in price.On regular purchase in quantities of not less than 300 dozen of individual items we would allow you a discount of 2%. As to the payment terms, we do business on the basis of L/C.We invite your attention to our other products, details of which you will find in the catalogue, and look forward to receiving your first order.Your sincerelySUPERB AIM (HONG KONG) LTD.thWe thank you for your enquiry of September 10 and enclose our quotation for wall paper.1. We have made a good selection of patterns and sent themto you today by separate post.2. Their fine quality, attractive designs and the reasonable prices at which we offer them will convinceyou that these materials are really of good value.3. There is a heavy demand for our supplies from house furnishers in various districts and regions, whichwe are finding difficult to meet, but provided that we receive your order within the next ten days, we will make you a firm offer for delivery by the middle of December at the prices quoted.4. On orders for one hundred rolls or more we allow a special discount of 2%.5. We require payment by L/C to reach us one month before the time of shipment.6. We look forward to receiving your order.1.We should like to invite your Corporation to attend the 1997 International Fair which will be held from April 29 to May 4 at the above address. Full details on the Fair will be sent in a week. We look forward to hearing from you soon, and hope that you will be able to attend.2.Thank you for your letter informing us of Mr. Green’s visit during June 2-7. Unfortunately, Mr. Ed, our manager, is now in Cairo and will not be back until the second half of June. He would, however, be pleased to see Mr. Green any time after his return.We look forward to hearing from you.3.We are much concerned that your sales in recent months have fallen considerably. At first we thought this might be due to a slack market, but on looking into the matter more closely, wefind that the general trend of trade during this period has been upwards.It is possible that you are facing difficulties of which we are not aware. If so, we would like to know what we can do to help. We, therefore, look forward to receiving from you a detailed report on the situation and suggestions as to how we may help in restoring our sales to their former level.4.Thank your for your letter of the 16th of this month. We shall be glad to enter into business relations with your company.In compliance with your request, we are sending you, under separate cover, our latest catalogue and price list covering our export range. Payment should be made by irrevocable and confirmed letter of credit. Should you wish to place an order, please telex or fax us.5.Thank you very much for your invitation to attend the 1997 International Fair. As we are going to open a repair shop in your city at that time， we are sorry that we shall not be able to come.We hope to see you on some future occasion.6.We would like to inform you that we act on a sole agency basis for a number of manufacturers. We specialize in finished cotton goods for the Middle Eastern market. Our activities cover all types of household linen. Until now, we have been working with your textiles department and our collaboration has proved to be mutually beneficial.Please refer to them for any information regarding our company. We are very interested in an exclusive arrangement with your factory for the promotion of your products in Bahrain.We look forward to your early reply.7.In reply to your letter of 21st November, We have pleasure in enclosing a detailed quotation for bathroom showers.Besides those advertised in the newspaper, our illustrated catalogue also enclosed shows various types of bathroom fittings and the sizes available. Most types can be supplied from stock. 45-60 days should be allowed for delivery of those marked with an asterisk.Building contractors in Hong Kong and Taiwan have found our equipment easy to install and attractive in appearance. Naturally all parts are replaceable, and our quotation includes prices of spare parts. We can allow a 2% discount on all orders of US$6,000 in value, and a 3%on orders exceeding US$20,000.Any orders you place with us will be processed promptly.8.I am a senior at the Department of Computer Science，Southeast University，expecting to graduate in July this year.I am writing to inquire about the possibility of being enrolled in your university as a graduate student of September，1994.In the past three years，I have majored in Computer Science.Presently，I am doing my graduation project.Enclosed is the transcript of all the subjects which I have so far completed at my university.I received an excellent score in the College English Test Band-Six(CET-6)sponsored by the Educational Commission of China and therefore my knowledge of English is adequate for me to continue my studies in the U.S.A.Please send me information on admission to your university.As I have no relatives in the U.S.A.，I would also like to know about the procedures for applying for financial aid.Thank you very much.I look forward to hearing from you soon.9.Thank you for your letter of March 20 inviting our corporation to participate in the 1997 International Fair. We are very pleased to accept and will plan to display our electrical appliances as we did in previous years.Mr. Li will be in your city from April 2 to 7 to make specific arrangements and would very much appreciate your assistance.10.Thank you for your fax of 17 January. We are extremely sorry to learn that an error was made in carton 13 of the above order.The missing 9,000 ball pens were sent this morning by Cathay Airways and the documents have already been forwarded you.We greatly regret the inconvenience caused by this and the previous two errors and offer ore sincere apologies. We can assure you that every effect will be made to ensure that similar errors do not occur again.11.We thank you for your fax of September 27, together with your orders G.697 and G.698. G.697 has been added to your Christmas order and G.698 is being made ready for immediate dispatch. We regret that we are still unable to supply "Luxury" champagne glasses, but we are sending you "Bliss", the alternative marked on your order.We were very gratified to learn of the success you are having with our glassware , and we shall be pleased to discuss your request for more favorable terms. When our representative, Mr. Zhao, calls on you in the new year, he will make you an offerwhich we feel sure will meet with your approval.We send you our warmest congratulations on your increased business with us and look forward to further increases to our mutual benefit.12.This is to confirm your telex of 16 January 2004， asking us to make you firm offers for rice and soybeans CFR Singapore.We telexed you this morning offering you 300 metric tons of polished rice at A$2，400 per metric ton, CFR Singapore，for shipment during March/April 2004. This offer is firm，subject to the receipt of your reply before 10 February 2004.Please note that we have quoted our most favorable price and are unable to entertain any counter offer. With regard to soybeans， we advise you that the few lots we have at present are under offer elsewhere. If， however， you were to make us a suitable offer， there is a possibility of our supplying them. As you know，of late，it has been a heavy demand for these commodities and this has resulted in increased prices. You may，however，take advantage of the strengthening market if you send an immediate reply.计算题1. 中国大连粮油进出口公司对英出口罐头一万箱，每箱体积49cm*32cm*19cm。
国际贸易论文中英文外文翻译文献
中英文外文翻译文献进口玩具的安全，消费者保护和世界贸易组织的技术贸易壁垒协定：前景，进展和问题全球贸易、人权和进口的安全人类和动物受进口产品感染的风险不应该被过分夸大。
受污染的二乙二醇感冒药导致100多人死亡，几十人得病，其中多达21人死亡可能与肝素有关。
肝素是一种流行的抗凝剂，它广泛应用于透析和心脏手术中，以达到延缓血液凝块的目的。
据美国食品与药品监督管理局(FDA)调查所知，这个主要的抗血凝药物包含一个伪造成份，美国食品与药品监督管理局采用先进的磁场核磁共振成像的测试来让它模拟真正的药物。
据了解，美国食品及药品监督管理局发现多达20%的产品的活跃成分是假的。
在一个快速全球化的世界中，各国应如何确保进口产品的安全呢？世贸组织成员国能单方面对玩具的制定特点或相关的工艺流程及生产方法采用新条例吗？这些问题是由技术法规和国际贸易法的相关准则以及人权法而产生的。
一方面,技术法规和标准既可以作为一种贸易壁垒，同时对消费者产品偏好、质量期望和价格选择产生负面影响。
技术法规和标准中有关玩具质量和安全的规定即这些规定并没有歧视性的“法理”或“事实”，但这些标准和法规在国际之间的差异也有可能造成贸易障碍。
假定组成世界贸易组织的153个成员决定创造他们自己的玩具安全法规及标准，对于一个中国玩具制造商来说，他有可能就得面对153种法规，并且还要遵守这些法规及标准，而这样会导致他失去规模经济。
在另一方面, 技术法规和标准又让人们越来越认识到健康与安全条例是政府责任的核心。
各国政府有主权权利和责任来保护他们的公民免受伤害。
A/RES/54/165号决议在1999年通过了，联合国大会指出：“虽然世界趋于全球化，但一个国家所扮演的角色有可能影响人权，促进和保护所有人权是国家的首要责任”。
A/RES/54/165号决议的第15条中也强调：“分析全球化对充分享有各项人权的影响是必要的”。
其第16条是关于儿童的健康和安全，联合国公约关于儿童权利（CRC）的第3条中规定：“关于儿童的一切行动，不论是由公私社会福利机构、法院、行政当局或立法机构执行，均应以儿童的最大利益为一种首要考虑。
国际贸易中英文文章
国际贸易中英文文章商务英语专业国际贸易课程一直为很多从事商务英语教学和研究商务英语的人士所关注。
下面是店铺带来的国际贸易中英文文章，欢迎阅读!国际贸易中英文文章1INTERNATIONAL SALES CONTRACTThe Seller agrees to sell and the buyer agrees to buy the undermentioned commodity according to the terms and conditions stated below:(1)Name of Commodity:Haier refrigeratorProduct description:(a) model number:BCD—226STV(b)About the exterior appreance:total volume(L):226power comsumption(kW.h/24h):0.6effective area of freezer:58effective area of variable greenhouse:43effective area of storage room:125dimentions(L*W*H):580*560*1786mm(c)About the function:Fresh kept; automatic thermostat;over-temperature alarm; led display;individual shutdown.Unit Price: $680 (680 dollars)per setQuantity:1000 sets(2)Contract Value：$680,000(six hundred and eighty dollars )(3)Country of Origin: China(4)Port of Shipment: Dalian,China(5)Port of Destination: Newyork,Ameirica(6)Time of Shipment: November 12th, 2009(7)Packing: The goods must be properly packaged, suitable for ocean-going and long-distance land transport, moisture, shock, anti-rust resistance, rough handling, to ensure that the goods will not be damaged by the above reasons, so good to arrive safely. Any loss caused by poor packing should be born by the seller.(8)Marks: The seller must use non-fading paint to print each box number, size, gross weight, net weight, hanging position, "this side up", "Handle with care", "keep dry" and other words.(9) Insurance：The insurance shall be covered by the Seller under the term of CIF for 110% of the invoice value against all risks.(10) Terms of Payment: Letter of Credit.The buyer shall 30 days prior to shipment open an irrevocable credit contained the buyer as the payer and the seller as the beneficiary through U.S. bank. China bank should commit the credit after he received and verificated the following documents.(a)Full set of clean on board ocean Bills of Lading made out to Great World Store and blank endorsed marked freight to collect;(b)Commercial lnvoice;(c) The Inspection Certificate of Quality issued by CCIC of China;(d)Certificate of Origin;(e)Notice of Shipment.(11)Terms of Shipment:(a)The seller must notify the buyer name of the booking vessel and itstransportation routes 40 days before sail, for thebuyer to confirm.(b)The seller must notify the buyer expected time of delivery, contract number, invoice amount, the number and the shipment weight and size of each piece 20 days before shipment.(C) The seller must notify the buyer of goods, quantity, gross weight, invoice amount, name of the vessel, and departure dates by telegraph/telex within 48 hours after shipment.(d) If any piece of cargo to meet or exceed the weight of 10 tons, 15meters long , 10 meters wide, the seller shall 50 days before shipment provide the buyer with five copies of detailed packing drawing, indicating detailed size and weight, so that the buyer can arrange inland transport.(e)Transhipment and Partial shipment are both not allowed.(12) Inspection:(a)The seller must test the quality of goods, specification and quantity fully and accurately, and issue a quality certificate to prove that the delivery is in accordance with the relevant provisions of the contract , but this certificate is not the fianl basis toprove quality of the goods, specifications, performance, and number .The seller should attach the written report contained inspection details and results of tests to the quality manual.(b)After the goods arrive at the port of destination, the buyer must apply to the U.S. Commodity Inspection Bureau for inspecting the quality of goods, specification and quantity , and issue a certificate of inspection. If you find that the quality, specification and quantity do not match with the contract, in addition to which insurance companies or ship shall be responsible for, the buyer has the right to refuse accepting the goods and claim to the seller,within 7 days after arrival at the port of destination .(c) If the inspection certificate can not be settled within the validity period of the contract for some unforeseen reasons, the buyer should telephone the seller to extend the inspection period for 3 days.(13)Claims:(a) Within 3 days from the date of the arrival of the goods at the final destination,if the quality,specification,quantity and packing of the goods are found not in conformity with the stipulations of this contract,the Buyer shall give a notice of claims to the Seller within the above mentioned time limit and have the right to lodge claims .(b)Considering the result from the defect of the goods ,the Buyer has the right to bring the claims for their damages against the Seller. The Seller shall undertake to make the compensation for claims,except those for which the insurrance company should undertake the obligations.(14)Force Majeuer:(a)If any contracting party could not fulfill the contract by resistance of force majeure, the period of time for compliance should be extended accordingly.(b) Hindered side should telegraph the other in the force majeure and termination , and deliever the Certificate issued by the competent bodies of the accident to the other for recognition by registered air mail within 14 days after the accident.(C)IF force majeure event continues more than 120 days, the other party have the right to send written notice by registered air mail, asking a party to terminate the contract,and notification come to effect immediately.(15)Law Application:(a)It will be governed by the law of the People's Republic ofChina under the circumstances that the contract is signed or the goods while the disputes arising are in the People's Republic of China or the defendant is Chinese legal person, otherwise it is governed by United Nations Convention on Contract for the International Sale of Goods.(b)The terms in the contract are based on INCOTERMS 1990 of the International Chamber of Commerce.(16)Arbitration:(a)All disputes in connection with this contract or the execution thereof shall be settled friendly through negotiations.(b)In case no settlement can be reached, the case shall then be submitted for arbitration to China International Economic And Trade Arbitration Commission in accordance with the provisional Rules of Procedures promulgated by the said Arbitration Commission.(c)The arbitration shall take place in Beijing and the decision of the Arbitration Commission shall be final and binding upon both parties; neither party shall seek recourse to a law court nor other authorities to appeal for revision of the decision.(d)Arbitration fee shall be borne by the losing party.(17)Additional terms:This contract shall come to effect since being signed/sealed by both parties.Each party holds one copy.Representative of the sellers: 潘米Representative of the buyers: George sullivan国际贸易中英文文章2国际贸易International Trade世界贸易World Trade对外贸易Foreign Trade国外贸易External Trade海外贸易Oversea Trade区域贸易Inter-regional Trade南北贸易South-North Trade南南贸易South-South Trade国际贸易额Value of International Trade进出口贸易额Value of Exports and Imports国际贸易差额Balance of Trade国际贸易量Quantum of International Trade贸易依存度Degree of Dependence on Foreign Trade 贸易条件Trade Terms出口贸易Export Trade进口贸易Import Trade转口贸易Entrepot Trade过境贸易Transit Trade复出口贸易Re-export Trade复进口贸易Re-import Trade总贸易General Trade专门贸易Special Trade有形商品贸易Tangible Goods Trade无形商品贸易Intangible Goods Trade直接贸易Direct Trade间接贸易Indirect Trade双边贸易Bilateral Trade三角贸易Triangular Trade多边贸易Multilateral Trade现汇贸易Spot Exchange Trade记账贸易Clearing Account Trade易货贸易Barter Trade陆路贸易Trade by Roadway海陆贸易Trade by Seaway空运贸易Trade by Airway邮购贸易Trade by Mail Order关税与贸易总协定(关贸总协定)GATT世界贸易组织WTO国际货币基金组织IMF国际贸易组织ITO世界贸易中心ITC《服务贸易总协定》GATS《关于与贸易相关的知识产权包括对冒牌货贸易的协议》TRIPs 进口税Import Duties普遍优惠制(普惠制)Generalized System of Preference(GSP)出口税Export Duties过境税Transit Duties进口附加税Import Surtaxes反补贴税Counter vailing Duty反倾销税Anti-Dumping Duty差价税Variable Duties滑动关税Sliding Duty从量税Specific Duties从价税Ad Valorem Duties混合税Mixed or Compound Duties选择税Alternative Duties海关税则Customs Tariff通关手续Procedure of Apply to the Customs非关税壁垒Non-Tariff Barriers(NTBS)进口配额Import Quotas绝对配额Absolute Quotas全球配额Global Quotas or Unallocated Quotas国别配额Country Quotas关税配额Tariff Quotas“自动”出口配额制(又称“自动”限制出口)(自限制)“Voluntary”Export Quotas 进口许可证制Import License System外汇管制Foreign Exchange Control进口和出口的国家垄断State Monopoly政府采购政策Discriminatory Government Procurement Policy 国内税Internal Taxes最低限价Minimum Price禁止进口Prohibitive Import进口押金制Advanced Deposit海关估价制度Customs Valuation联邦食品药物管理署FDA出口信贷Export Credit卖方信贷Supplier’s Credit买方信贷Buyer’s Credit出口信贷国家担保Export Credit Guarantee System出口补贴Export Subsidies商品倾销Dumping外汇倾销Exchange Dumping促进出口的组织措施Organizing Measures to Export Promotion自由港Free Port自由贸易区Free Trade Zone出口加工区Export Processing Zone保税区Bonded Area自由边境区Free Perimeter过境区Transit Zone商品名称(品名)Name of Commodity货物描述Description of Goods国际标准化组织International Organization ofStandardization(ISO) 实际品质Actual Quality凭样品Sample凭样品买卖Sale by Sample凭卖方样品买卖Sale by Seller’s Sample品质以卖方样品为准Quality as per Seller’s Sample留样Keep Sample复样Duplicated Sample凭买方样品买卖Sale by Buyer’s Sample凭对等样品买卖Sale by Counter Sample确认样品Confirming Sample商品的规格Specification商品的等级Grade of Goods凭等级买卖Sale by Grade凭标准买卖Sale by Standard良好平均品质Fair Average Quality(FAQ)上好可销品质Good Merchantable Quality(GMQ)凭说明书和图样买卖Sale by Descriptions and Illustrations 品牌Brand商标Trade Mark凭产地名称买卖Sale by Name of Origin最大、最高、最多Maximum(Max.)最小、最低、最少Minimum(Min.)品质公差Quality Tolerance重量单位Weight数量单位Number长度单位Length面积单位Area体积单位Volume容积单位Capacity毛重Gross Weight净重Net Weight以毛作净Gross for Net公量Condition Weight理论重量Theoretical Weight法定重量Legal Weight实物净重Net Weight数量机动幅度Quantity Allowance溢短装条款More or Less Clause增减条款Plus or Minus Clause“约”量Approximate，About散装货Bulk Cargo，Cargo in Bulk 裸装货Nude Cargo运输标记(唛头)Shipping Mark指示性标记(操作标志)Indicative Mark 警告性标志Warning Mark中性包装Neutral Packing适合海运包装Sea-worthy Packing 习惯包装Customary Packing贸易术语Trade Terms托运人shipper交货delivery通常usual费用charges港口port地点place点point所在地premise船只ship和vessel查对checking检验inspection计价货币Money of Account支付货币Money of Payment净价Ney Price佣金Commission折扣Discount，Allowance数量折扣Quantity Discount特别折扣Special Discount单价Unit Price总值Total Amount海洋运输Ocean Transport班轮运输Liner Transport船期表Sailing Schedule班轮运费Liner Freight租船运输Charter Transport定程租船Voyage Charter定期租船Time Charter光船租船Bare Boat Charter铁路运输Rail Transport航空运输Air Transport班机运输Airline Transport包机运输Chartered Carrier Transport 集中托运Consolidation Transport 航空急件传送Air Express Service 公路运输Road Transport。
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目录一、外文文献译文（1）2008：狂乱之旅 (1)二、外文文献原文（1）2008: A Wild Ride (6)三、外文文献译文（2）2008年下半年场外衍生产品市场活动 (13)四、外文文献原文（2）OTC derivatives market activity in the second half of 2008 (16)2008：狂乱之旅对全球期货和期权行业而言，2008年是惊心动魄的一年。
一些主要的市场参与者，有些甚至曾经是市场上规模最大的公司之一，现在已经消失；同时，市场参与者面临的交易对手信用风险加剧，市场状况令人担忧。
特别是在2008年9月雷曼兄弟宣布破产后，市场波动加剧，流动性随之降低，期货和期权市场上一些全球交易规模最大和最富盛名的交易品种的交易量也产生了毋庸置疑的下跌。
尽管市场动荡不安，但期货和期权交易量的总趋势仍然是向上增长的。
美国期货业协会追踪的遍布全球的69个交易所交易的期货及期权的总交易量同比上涨13.7%。
虽然美国处于信用危机的风暴中心，受创最为严重，但是美国交易所2008年期货和期权交易量仍然同比增长14.0%，欧洲和亚洲的交易量增加得更快。
毫无疑问，交易量在多年高速增长后，增速已逐步放缓。
2008年全球期货和期权交易量同比增长13.7%，远低于2007年30.9%和2006年18.9%的增幅。
The Big ChillAfter shooting upward for several years, the growth in global futures and options trading decelerated sharply in 2008.更重要的是，相对温和的数据掩盖了不同类别交易品种交易量变化趋势的差异性。
以美国为例，美国期货市场的交易量仅仅同比增长了 4.4%。
与此截然相反的是，尽管市场波动异常剧烈，美国期权交易所的交易量仍然同比大涨25.1%。
商品衍生产品和股票衍生产品的交易量增速喜人，但是，信用危机重挫了利率衍生产品。
就全球而言，利率衍生产品交易量同比下跌14.4%，这是利率衍生产品的交易量多年来第一次下降。
长期利率期货品种受创最为严重。
10年期美国中期国债期货交易量同比下跌26.5%；欧洲债券期货交易量同比下跌23.8%；日本政府债券期货同比下跌21.5%。
短期利率期货品种的交易量有涨有跌，Euribor期货交易量略有上升，欧洲美元期货交易量略有下降，而欧洲日元期货交易量剧减42.6%。
全球范围利率衍生产品总交易量的下降，很大一部分归因于墨西哥银行间利率期货交易量的大幅下跌。
2007年交易量世界排名第七的墨西哥银行间利率期货的交易量在2008年大跌73.8%，只成交了5790万份合约。
但是，我们认为，墨西哥银行间利率期货交易量的暴跌，是因为市场参与者更加倾向于持有标的资产规模较大的合约，而不是全球金融动荡造成的。
2007年9月，墨西哥衍生产品交易所推出10年期互换期货作为墨西哥银行间利率期货的替代产品，使市场参与者能够更加方便地进行较大规模的利率套期保值。
该合约标的资产的规模是墨西哥银行间利率期货的1000倍，2008年的成交量为17.1万份合约。
Mexder的官员估计，如果考虑到合约标的资产的规模差异，2008年利率期货的有效交易量和2007年持平。
有趣的是，墨西哥衍生产品交易所的10年期政府债券合约也在迅猛发展，2008年的交易量飙升154 %，达到300万份合约。
墨西哥衍生产品交易所的Cete 91天合约的交易量同比上涨45.3%，达到410万份合约。
虽然这种规模的交易量，从全球角度来看仍然是微不足道的，但是我们很高兴能够看到，在传统的发达世界的金融中心以外，一个健康的利率衍生产品市场正在蓬勃发展。
雷曼兄弟破产后在我们过去点评全球交易量趋势的文章里，我们通常以年为基准进行讨论。
但是，今年显然有两个截然不同的阶段。
在去年9月份雷曼兄弟破产前后，欧美主要期货和期权市场的市场走势截然不同。
雷曼兄弟破产后，整个衍生产品市场大幅波动，2008年的最后数月，某些衍生产品品种的流动性大大低于我们的预期。
芝加哥商品交易所集团受到的影响尤为明显。
我们以纽约商品交易所为例，在2008年的最后数月，芝加哥商品交易所和芝加哥期货交易所的交易量明显大幅下跌，第四季度相对第三季度下降了22%。
正常情况下，衍生产品交易量在年底都会下降，但2008年显然是另有原因。
真正可怕的是，在2008年年底，衰退似乎在加剧。
欧洲美元期货的交易量在2008年11月和12月同比下降45.9%。
10年期美国国债期货交易量同比跌幅更加惊人，高达65%。
我们由衷期望这只是周期性衰退而已，但是直到2009年我们才可能确认这一点。
期货行业的运行方式决定我们很难明确区分来自各种不同类型企业的期货和期权的交易量。
每个交易所都有自己的方式跟踪客户信息，并确认他们的身份，但是它们并不一定能够知道谁是最终客户。
对冲基金的衍生产品交易量下降得最快。
对冲基金25强2008第四季度的交易量环比下降32%，而交易所整体交易量仅下降22%。
众所周知，2008年是对冲基金经历过的最困难的几年之一，许多基金被迫缩减其交易规模，以降低财务杠杆，减少损失，并满足客户的赎回要求。
另一个有趣的发现是，传统的客户，如养老基金，交易量下降得最少。
这些客户交易的目的主要是对冲市场风险，而不是投机获利，所以它们的交易量仅下跌13%。
2008年的波动率同比增加大约83%，市场更加动荡。
信用危机在9月份降临后，2008年最后4个月的波动率相对于前8个月增加85%左右。
令人惊讶的是波动率变化方向的一致性。
在正常时期，人们将会预期一些市场的波动率上升，而另外一些市场波动率的下降。
但是现在并非如此。
没有一个市场2008年的波动率小于2007年。
利率和股票指数产品是最不稳定的，玉米、大豆、原油和黄金期货波动率的增幅都在50%以上。
市场波动率的上升必然会对流动性造成负面影响。
前几年，交易量增加，同时波动率减少，于是期货的交易成本显著降低。
我们以欧洲美元期货、10年期美国中期国债期货和电子迷你型标准普尔500指数期货为例。
在2008年的最后4个月，这些市场上的标准合约的交易成本急剧上升。
而且，欧洲美元期货市场和10年期美国中期国债期货市场的交易量减少，委托簿深度——流动性的一个关键指标急剧下降。
我们可以将委托簿深度定义为最优的5个买入价或者卖出价的限价指令交易数量的平均数。
也就是说，如果最优的五个买入价有4000手合约，最优的五个卖出价有3000手合约，我们将称委托簿深度是这两个交易数量的平均，即3500手。
如果我们对这三个交易品种应用此方法，我们将看到，在2008年的最后4个月，利率衍生产品的流动性大幅下跌。
对欧洲美元期货而言，在2008年头8个月，委托簿深度一般只有4000到5000手，在2008年最后4个月，仅仅只有1000至2000手。
10年期美国中期国债期货的下降幅度更为明显，委托簿深度在8月为6000多手，雷曼兄弟破产时下降到2000手，在2008年年底仅仅只有400手。
但是，电子迷你型标准普尔500指数期货的流动性从来没有下降过。
虽然股指期货的交易成本大幅上升，但是对电子迷你型标准普尔500指数期货的需求居高不下，委托簿深度没有受到加剧的波动率的影响。
2008年9月，委托簿深度短暂地位于2000手以下，10月低于3000手，从那时起，委托簿深度反弹到并且基本上保持在2008年第一季度的同一水平。
虽然在利率衍生产品市场上，流动性和市场深度的损失已经十分明显，但是在国债期货的衍生产品市场，如国债期货掉期市场，流动性和市场深度的损失是灾难性的。
一般来说，国债期货掉期市场是全球最具流动性的市场之一。
波动率很低，交易极为活跃。
例如，2008年6-9月最活跃的3天委托簿深度均超过20000手。
2008年9-12月委托簿深度甚至更深，在最活跃的一天，委托簿深度甚至超过50000手。
随后，雷曼兄弟破产，信用市场崩溃，带来的影响不仅仅是价格和利率的大幅波动，也同时造成了金融市场流动性的蒸发。
不仅银行不再互相借贷，就连全球最具流动性和交易最为活跃的金融市场之一——回购协议市场也停止运行。
最终，通常可以使期货市场产生合理价格和流动性的现金和期货套利也不再运作。
投资者不再进行现金和期货套利，国债期货掉期市场的流动性也就不复存在，即使是在2008年12月-2009年3月交易最活跃的3天，委托簿深度也不到3000手。
展望2009年回首2008年，交易量的变化趋势扑朔迷离。
而且，看起来，如果我们更为深入地挖掘数据，我们很可能会变得更加困惑。
利率期货市场的交易数据是否暗示着我们应该预测今年期货和期权的的交易量将会大幅下跌？或者说高速增长的新兴市场，如中国和印度将成为衍生产品市场发展的主要推动力？2009年，股票指数衍生产品能否保持2008年令人难以置信的增长速度，或者随着波动逐渐恢复正常，交易量将下降？既然现在交易对手信用风险已经受到大家的重视，那么从OTC市场流向交易所的衍生产品交易量将会有多少？毫无疑问，相对于2008年，2009年的交易量必将不太乐观。
2008年1月，衍生市场的活跃程度令人难以置信，美国各交易所各交易品种的交易量都屡创新高。
7月的交易量更是夸张，9月达到顶点，交易量为空前的19亿份合约。
但是，由于去杠杆化和流动性的枯竭，2009年的交易量要恢复到2008年9月的水平需要经过一段相当长的时间。
然而，眼下最重要的是要正确地、客观地、全面地认识和理解这一切。
虽然相比两三年前，交易环境显著恶化，但是，如果我们将目光转移到本世纪初，我们会发现，当时的买/卖差价比现在更大，也就是说，即使是当下的期货市场，也比以前更加有效率。
效率的提升，一部分来自我们谈论多年的电子交易技术的进步，这些进步是不太可能消失或者倒退的。
期货市场仍然在非常有效地履行价格发现的核心职能。
因此，我们有理由期望，金融危机终将过去，现在离场的这些市场参与者终将会回来，期货和期权市场始终为商业的正常运行提供着套期保值工具。
未来一切都会变好，一切都只是时间问题。
2008: A Wild RideGlobal Futures and Options V olume Rises 13.7%, But Credit Crisis Damages Liquidity in the Core Markets by Galen Burghardt and Will Acworth.For the global futures and options industry, 2008 was a wild year. Several major market participants, including some of the largest players in the markets, vanished from the scene. Counterparty credit risk shot to the top of market user worries. V olatility skyrocketed and liquidity evaporated, especially after Lehman Brothers declared bankruptcy in September, and volume for some of the industry’s biggest and best-known contracts took a definite turn for the worse.Despite all the turbulence, the overall growth trend was still positive. The total number of futures and options contracts traded on the 69 exchanges tracked by the Futures Industry Association rose 13.7% over 2007. V olume in the U.S., the epicenter of the credit crisis, rose 14.0% from 2007, and Europe and Asia did even better.But there was no question that the pace of growth, which had been so strong for so long, slowed down considerably. 2008’s global growth rate of 13.7% was a far cry from the 30.9% increase recorded in 2007 and the 18.9% increase in 2006.The Big ChillAfter shooting upward for several years, the growth in global futures and options trading decelerated sharply in 2008.More importantly, the relatively benign overall numbers mask some sharp divergences among the different categories of products, especially in the U.S. Trading volume on the U.S. futures exchanges rose only 4.4% over 2007. What a contrast to the volume on the U.S. options exchanges, which shot up 25.1% on the back of an explosion in volatility.Equity products across the board had a tremendous year, as did the commodity products, but the credit crisis put a big dent in the trading of interest rate products. On a global basis, interest rate volumes sank 14.4% relative to 2007, the first time in many years that we have had such a big setback.Long-term interest rate futures were especially hard hit. Ten-year Treasury futures trading tumbled 26.5% from 2007; Euro bund futures fell 23.8%; and JGB futures slid 21.5%. Short-term interest rate products were mixed, with Euribor futures up slightly, Eurodollar futures down slightly, and Euroyen futures way down by 42.6%.Part of the reason why the interest rate category was down on a worldwide basis was a staggering drop in the trading of TIIE futures, the Mexican short-term interest rate contract. Total volume in that contract, which last year ranked seventh largest among the world’s int erest rate contracts, plunged 73.8% to 57.9 million. It appears, however, that this was more related to a market user preference for a larger contract size than to the global financial turmoil that affected interest rate trading in other countries.In September 2007 Mexder introduced 10-year swap futures as an alternative to using large strips of the TIEE contracts as an interest rate hedge. V olume in the swap futures contract, which is 1,000 times larger in size than the TIEE, reached 171,000 in 2008. Mexder officials estimate that once the different sizes are taken into account, the level of trading activity in 2008 was effectively the same as in 2007, except that market users now have a more efficient size for their interest rate hedges.Interestin gly, Mexder’s 10-year government bond contract took off last year, with volume soaring 154% to 3.0 million contracts. And trading in the Cete 91 day contract rose 45.3% to 4.1 million. These are still minnows in global terms, but it is good tosee a healthy interest rate complex beginning to take shape outside the traditional financial centers in the developed world.In our past articles on global volume trends, we have typically looked at volume on an annual basis. This year, however, had two distinct phases, with the major futures and options markets in the U.S. and Europe taking on a very different tone after the Lehman collapse in September. V olatility surged across the entire marketplace and in certain products liquidity in the final part of the year was considerably less than what we have come to expect.These effects were especially strong at the CME Group. If we take out the New York Mercantile Exchange to get a clearer picture of what happened in the financial arena, we can see that volume in the legacy CME and CBOT products really dropped off in the last part of the year, with fourth quarter volume down 22% from the third quarter. It’s not unusual to see a year-end slowdown, but this year there was clearly something else at work.What is really scary is that the slump seemed to steepen at year-end. Eurodollar futures trading in November and December combined plunged 45.9% compared to November and December of 2007. Ten-year Treasury volume was down a stunning 65% during the same period. Hopefully this will turn out to be a cyclical downturn, but we probably will not know for sure until well into 2009.Because of the way the futures industry works, it is difficult to get a clear view on how much volume comes from the various types of trading firms that participate in our markets. Each exchange has its own way of tracking the identity of its customers, and it may not always know who the end-customer is.One observation is that hedge funds pulled back the most. The number of contracts traded by the top 25 hedge funds fell by 32% from the third to the fourth quarter, a much larger reduction than the exchange-wide decline of 22%. Hedge funds, as we all know, faced one of their most difficult years ever in 2008 and many were forced to wind down their trading activities in order to reduce leverage, exit losing strategies and meet redemption calls.It is also interesting to see that traditional customers such as pension funds pulled back the least. The amount of volume traded by these customers, which is more likely to be driven by a desire to hedge market risk, fell by only 13%.V olatility and LiquidityAs shown in the volatility comparisons table, 2008 was about 83% more volatile than 2007. And in the wake of the credit bombshells dropped in September, the last four months of 2008 were about 85% more volatile than the previous eight months. One of the astonishing things about these comparisons is the completeness of the sweep. In normal times, one can expect volatility to rise in some markets and fall in others. Not this time. Not one of the markets shown was less volatile in 2008 than it had been the previous year. Interest rate and equity index products were the most volatile, but even the commodity contracts were way above normal. Volatilities for wheat, soy, crude oil and gold were all above 50%.The rise in market volatility definitely took its toll on liquidity. For several years, the combined effect of increases in trading volume and decreases in volatility was to reduce dramatically the costs of trading futures. As shown in the Index of Implied Bid/Ask Spreads chart, the costs of trading bottomed out in 2005 and took a sharp turn north in 2008. These index values are calculated simply as the ratio of price volatility to the square root of trading volume, a measure that is consistent with our understanding of the determinants of market liquidity.In the three futures markets that we have chosen here--Eurodollars, 10-year Treasury notes, and the E-mini S&P 500--the cost of filling a typical large order increased dramatically during the last four months of the year. And in both of the interest rate markets, where trading volumes were falling, the depth of book--a key measure of liquidity--fell sharply as well.One way of measuring this is to estimate the average number of contracts available at the best five bid or ask prices in the limit order book. That is, if one found 4,000 contracts at the best five bid prices, and 3,000 contracts at the best five ask spreads, we would report the average of these two, or 3,500.If we apply this approach to these three contracts, we see a very steep drop-off in liquidity in the last part of the year in the interest rate contracts. For Eurodollar futures, the depth of book was generally 4,000 to 5,000 contracts during the first eight months of the year, but only 1,000 to 2,000 contracts during the last four months. In Treasures, the drop was even more pronounced. The depth of book fell from over 6,000 in August to under 2,000 post Lehman and to just 400 at year-end.Trading volume in the E-mini stock index futures never did fall, however. As a result, while the market impact of filling a stock index futures order went up substantially, the demand for trading these contracts remained high, and the depth of the book appears to have been unaffected by the increase in volatility. There was a brief plunge below 2,000 in September, a couple of dips below 3,000 in October, and from then on the depth of book stayed more or less at the same level as the first part of the year.While the loss of liquidity and market depth was pronounced in the outright markets for interest rate contracts, it was almost catastrophic in the case of the spread market for Treasury futures. The market for the calendar roll appears briefly for a few days in the month preceding expiration. Once the roll is completed, the roll market packs up its tents and goes home until the next quarter. The accompanying Treasury Calendar Roll chart shows the average number of contracts (spreads) on the bid or offer for the first five bids or first five offers during the three most active days of this market.Traditionally, this market is one of the most liquid on the planet. The volatility of the spread is low, and a trader usually can find tens of thousands of contracts on both the bid and the offer. For example, in the Jun08/Sep 08, the average number of spreads bid or offered was more than 20,000 during the most active three days. The Sep08/ Dec08 spread market was even deeper. One could find more than 50,000 contracts on the bid or offer during the most active day.Then came the collapse of the credit market, which brought more than price and interest rate volatility. It also caused the term lending market to evaporate. Not only were banks not lending to one another, the term repo market, also one of the mostliquid and actively traded financing markets in the world, stopped working as well. As a result, cash/futures arbitrage, which can usually be counted on to produce fair prices and liquid markets for the futures, dried up.As the cash/futures arbitrage went away, so did the liquidity of the Treasury futures roll market. During the most active three days of the Dec08/Mar09 roll market, one was hard pressed to find as many as 1,000 spreads on either side of the market. Outlook for 2009Looking back at 2008, it is astonishing just how complex the volume trends were. It seems almost as if the more closely we examine the data, the more confusing it gets.Are we headed for a severe decline in trading volume this year, as the data from the interest rate futures sector seems to suggest? Or are we instead going to be carried forward by the huge growth in emerging markets such as China and India? Can we sustain the incredible growth of equity index products that we saw in 2008, or will volume in those products decline as volatility gradually normalizes? And how much volume will come into the industry from the over-the-counter markets, now that counterparty credit risk has grabbed everyone’s attention?There is no question that the year-over-year comparisons are not going to look very good. January of 2008 was an incredibly active month, with all sorts of volume records set on the U.S. exchanges. July was even bigger, and then in September we hit an all-time record of 1.9 billion contracts traded. It is going to take a long time before we get back to that level of trading, given all the deleveraging that has taken place and the decline in liquidity.It is important to keep this all in perspective, however. As the implied bid-ask spread chart shows, trading conditions have gotten significantly worse, but only compared to how things were two or three years ago. If we go back to the early part of the decade, the spreads were much wider, which is another way of saying that even now the futures markets are much more efficient than they used to be. Part of that comes from the advances in electronic trading that we have been talking about for so many years. Those advances are not likely to go away. And as the Eurodollar pricediscovery chart shows, the futures markets are still performing their core function in a very effective way. So there is good reason to expect that sooner or later those market participants who have pulled back from using these markets because of the financial crisis will eventually return for all the reasons they came in the first place. We just don’t know when.2008年下半年场外衍生工具市场活动一、2008年下半年市场发展2008年下半年金融危机导致柜台（场外交易）衍生工具总未平仓名义总额于1998年开始数据收集的第一次下降。