Il existe deux grands types de politiques dans le commerce international, le protectionnisme et le libre échange. Le libre échange est généralement accepté sur le plan international, mais cela ne signifie pas que le protectionnisme est totalement rejeté par les pays. En revanche, il est effectué sous les formes plus ou moins couvertes, et il serait plus difficile d’identifier les biais protectionnistes parmi les mesures prises sous le prétexte légitime. Le droit antidumping est un domaine qui suscite toujours des débats relatifs au protectionnisme entre les pays. En raison des intérêts nationaux, il est rare de voir les pays ouvrir complètement leur marché, c’est ainsi que l’OMC octroie aux États membres le pouvoir de limiter les importations de produits étrangers dans certains cas spéciaux. Les mesures antidumping sont un outil important qui protège le marché domestique, face au choc des importations étrangères visant à obtenir des bénéfices d’une manière injustifiée. En réalisant que les pays pourraient chercher à acquérir l’avantage dans la concurrence à travers ces mesures, l’OMC a voulu limiter l’imposition arbitraire de mesures antidumping. Cependant, il s’avère que l’Accord antidumping ne peut pas remplir parfaitement cette mission, et qu’il est impossible de garantir la mise en œuvre du droit antidumping dans un cadre sans protectionnisme. Ainsi, nous ne pouvons pas négliger la valeur du droit antidumping, car il est encore en mesure d’inciter les pays à promouvoir le libre échange, en leur concédant le droit de protéger leurs intérêts dans des circonstances spécifiquement définies / There are two policies in the international commerce, the protectionism and the free trade. The free trade is accepted by the world, but it does not mean that the protectionism is wholly abandoned by the countries. On the contrary, it is applied in the forms which are difficult to detect, and it is hard to distinguish the protectionism among the antidumping actions with a legal pretext. The antidumping law provokes always the debate concerning the protectionism. Because of the national interest, the countries can not open the market completely, and WTO accords the power to the countries to limit the imports under the particular circumstances. The antidumping action could protect the national industries from the choc of the imports which get the benefits illegally. Although WTO wants to eliminate the arbitrary antidumping action, the antidumping agreement could not accomplish this mission, and it is impossible to exclude the protectionism thoroughly from the antidumping law. Nevertheless, we can not negate its value, because it can also urge the countries to promote the free trade at the cost of the allowance of la protection of the national interests to some degree

The thesis will be discussing the relation between India and the European Union (EU) after the biggest enlargement. After the inevitable setting of the historic background of these two entities in the 60-ties of the 20. century, we will focus on the period almost half of the century after, where India and the EU started working on stronger relational structure. Besides the cultural and social familiarity of two mutually completely different cultures, the stress is essentially put on the political and economic aspect. Till today, strengthening of this structure is created mainly by the organization of regular meetings. The part of summits' work undoubtedly consists in the common trade between India and EU, that will also obtain the opportunity to be mentioned. That one will be supplemented with the economic and political view of the Indian bilateral trade with three selected member states, United Kingdom, France and Germany. Protectionism, nowadays still very integral to the majority of foreign commerce relations in the world, will be the last but one topic that makes at the same time the introduction to the final one, key part of my work, critical perspective on the India - EU relation.

In the field of international trade there is an intriguing tension between the ideological allure of free trade and the political reality of protectionism. Typically, the former is favored by scholars while the latter has been more historically prevalent. Protectionism in the form of tariffs and other obstacles trade was generally a preferred trade policy around the globe in the 18th and early 19th centuries. Sweden was no exception and has been seen as highly protectionist and mercantilist during this period. This thesis has sought to shed new light on Swedish trade policy between 1780 and 1830. It has done so by quantifying and homogenizing tariffs and import bans in order to be able to analyze the structure of tariffs. The thesis stands on a theoretical ground which takes into account the different plausible reasons for setting tariffs. It has placed some emphasis on the possible tension between the desire to shelter one’s own industry from foreign competition and the need to use tariffs for fiscal purposes, as an important source of government revenue. It is therefore argued that tariffs need to be separated theoretically and empirically. A simple model is presented which aims to discern three types of tariffs. The model takes into account the tariff rate itself, and also the structure of trade and the presence of domestic substitution. The thesis has found that Swedish tariffs were generally high over the period and that protectionism was prevalent in a large number of economic sectors. There is tentative evidence that protectionist tariffs also distorted trade in certain types of goods, even if they didn’t have an impact on total import levels. Tariffs were also set so as to separate between raw materials and more processed goods, what is called mercantilist differentiation. Substantial empirical support is given to the claim that certain tariffs on inelastic consumption goods were of great fiscal importance, and increasingly so as the period progressed. The fiscal pressure maintained or even increased the import tariffs, which made it possible to decrease tariffs on exports.

The European Union is negotiating a free trade agreement with Japan since 2013. The subject of this diploma theses is to analyze how this agreement can influence either automotive industry. In order to understand the agreements possible influence, classical, neoclassical, contemporary and alternative theories of international trade and international trade policies are being examined. It is then analyzed what the agreement aims to accomplish in context of the Japanese macroeconomic, the history of trade relations and development, the current trade situation, production and demand on both markets. Finally, the agreement is compared to an existing agreement with Republic of Korea which is in a similar scenario. The result is that an increase of luxury cars being imported by each side is the most likely outcome.

Dans les deux premiers articles de cette thèse, nous explorons les réactions des marchés financiers aux annonces de fusions et acquisitions dans deux contextes différents. Nous nous intéressons en premier lieu, à la régulation des marchés de fusions et acquisitions par la Commission Européenne. Nous nous attachons à déterminer si la Commission Européenne présente toujours des comportements protectionnistes depuis la mise en place de la nouvelle régulation en 2004. Nos résultats suggèrent effectivement que la Commission Européenne agissait de façon protectionniste avant 2004 mais que ce phénomène disparait ensuite et même plus tôt, en 2002. Dans le second article de la présente thèse, nous testons la possible extension à long-terme de l’effet de certification dont bénéficient les entreprises lors de l’obtention d’un crédit syndiqué. Nous souhaitons déterminer si la certification bancaire concerne le projet financé spécifiquement ou plutôt la qualité de l’équipe dirigeante de l’entreprise. Pour cela, nous comparons les réactions des investisseurs à l’annonce d’opérations de fusion et acquisition mises en œuvre par des entreprises américaines avant et après l’annonce de l’obtention d’un prêt syndiqué. S’il existe un effet de long-terme de la certification bancaire, les réactions des investisseurs devraient être plus positives après l’octroi du crédit. Nos résultats ne supportent pas cette hypothèse et nous concluons que la certification bancaire concerne plus particulièrement le projet financé en lui-même. Ayant constaté l’importance de la qualité des données pour la réalisation d’études empiriques en finance, nous comparons, dans un troisième article, deux bases de données de fusions et acquisitions : SDC et Zephyr. Il apparait que ces bases présentent des différences notoires tant au niveau de la présentation que du contenu des données qui peuvent, dans certains cas, entrainer des différences de résultats lors d’analyses économétriques. / We study market reactions to mergers and acquisitions (M&A) announcements in different contexts in two papers. First, we explore the regulation of M&A markets by the European Commission. Our aim is to determine whether the European Commission has still protectionist tendencies towards European firms since the implementation of the new regulation in 2004. Our results confirm that the European Commission presented protectionist behaviors before the new regulation was set in place but this phenomenon does not appear anymore after 2004 and even before, from 2002. In the second paper, we test long-term effect of lender certification. We want to determine if lender certification relates to the financed project only or also sends a good signal about the quality of the management team of the firm. We compare market reaction to M&A announcements for operations carried out by US firms before and after the obtaining of a syndicated loan. If there is a long-term effect of lender certification, market reaction to M&A announcements should be more positive after the loan has been granted. Our results do not support this hypothesis and we conclude that lender certification relates to the financed project only. Since we noticed the great importance of data quality in empirical studies in finance, we compare in the third paper, two M&A databases: SDC and Zephyr. It appears that these databases present noticeable differences in the presentation as well as in the content of data provided which may lead, in some cases, to different results in empirical analysis

In recent years there has been a growing internal debate within the EU regarding the direction of its trade policy. Circled around the understanding of a geoeconomic development within the international economic sphere, the Union is divided in terms of how to best respond in this proclaimed situation for ensuring its future success and prosperity. Where the European Commission has adopted several protectionist measures at the same time as upholding its liberal route one may ask what this implies for the future, as well as what the underlying forces behind this trend are, which is part of the general aim of this study. Previous research has provided both rationalistic and constructivist approaches to analyzing EU’s trade policy agenda, where rationalistic approaches has investigated to which degree trade policy has been politicized and constructivists more focused to understanding to which degree ideas, norms and values has contributed to the Commission’s legitimization and continuation of liberal trade politics. However, the area of discourse(s) role in this nexus is left relatively unexplored. With use of the IR theories of Realism and Liberalism as well as the methods of Critical Discourse Analysis and Norman Fairclough’s three-dimensional framework for critical discourse analysis, this paper examines the main respective arguments of the debate regarding a New European Industrial Strategy, through three dimensions of discourse(s): as text, discursive practice and social practice. Findings suggests that realist discourses have gained traction within the Commission at the same time as it is constrained by institutional and integrational discourses, which are factors that indeed may result in troublesome years to come.

Magister Legum - LLM / It has been held that agricultural domestic support would not be such a contentious issue if its only effect was the benefit of local farmers, but this is not the case.1 It was found that several forms of domestic support have the effect of distorting the patterns of agricultural production and trade at an international level, leaving non-supported farmers elsewhere worse off.2 It was thus concluded that such support measures may indeed nullify the benefits which accrue from trade liberalisation and explains how the AoA3 regulates these measures in a way that reduces their trade distorting effects.4 It has been noted that the agricultural sector only accounted for a small percentage of the developed world's Gross Domestic Product {GDP}, yet the regulation of international agricultural trade was not an easy task.5 Smith explains that numerous attempts were made to implement some form of regulation, including a half-hearted effort in the General Agreement on Tariffs and Trade (GATT) and the subsequent AoA upon the creation of the WTO in 1995.6 According to Smith, the successful regulation of international agricultural trade remained elusive, despite Desta MG and McMahon JA explain that the WTO is not very concerned with countries that provide domestic support to their agricultural sectors, as this only matters to the extent that it hopes for liberalising trade in the sector.7 affects trade in that sector.8 It is further observed that the AoA balances out the freedom to provide domestic support with the need to reduce or eliminate the trade distortive effects thereof and note that the AoA has essentially made all forms of domestic support more transparent and easier to deal with.9 A party is therefore unlikely to be challenged, successfully, if domestic support is given in accordance with the provisions of the AoA.10 The aforementioned views only seem to address the merits of the AoA and the way in which it regulates the use of agricultural subsidies. It should however be noted that the literature fails to address the fact that the WTO has not enforced the provisions of the AoA very effectively against the EU and the USA, in light of the continued misuse of subsidies within both parties. In this regard it must be ascertained whether the WTO should impose stricter penalties as a means to deter its member states, especially the EU and USA, from using subsidies in an abusive way. In addition to this, it must be determined which types of penalties can and should be imposed.

We study the impact of US presidential election TV debates on intraday exchange rates of 96 currencies from 1996 to 2016. Expectations about protectionist measures are the main transmission channel of debate outcomes. Currencies of countries with high levels of bilateral foreign trade with the US depreciate if the election probability of the protectionist candidate increases during the debate. We rationalize our results in a model where a debate victory of a protectionist candidate raises expectations about future tariffs and reduces future net exports to the US, resulting in relative depreciation of currencies with high bilateral trade integration.

No description available.

No description available.