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The United States use of "zeroing" in its antidumping procedures has become a political flash point threatening some legitimacy of the WTO's dispute settlement system. This paper provides a positive analysis of the zeroing issue, explains how it has evolved and who is likely to be affected by it. The authors use economic theory to identify how export price volatility accentuates the impact of zeroing on the size of U.S. antidumping tariffs and review the WTO caseload over zeroing. They describe the impact that the U.S.'s retrospective system for assessing antidumping margins has on zeroing and the political economy implications as the U.S. struggles to generate policy reform. The authors survey existing evidence of the impact of the zeroing on dumping margins and contribute their own evidence to suggest that zeroing is just as likely to impact the size of U.S. antidumping duties applied on developing country exports as developed economy exports. Thus while developed economies have filed the vast majority of WTO disputes against the U.S. over zeroing, the authors conclude that zeroing is also likely a relevant issue for developing country exporters as over 60 percent of the product lines currently subject to U.S. antidumping are exported by developing countries.

Access to Markets --- Average price --- Commerce --- Dumping --- Economic Theory & Research --- Emerging Markets --- Export markets --- Fair --- Home market --- Input prices --- International Economics and Trade --- International trade --- Law and Development --- Macroeconomics and Economic Growth --- Market access --- Market price --- Market prices --- Markets and Market Access --- Price levels --- Price variation --- Price volatility --- Private Sector Development --- Purchasing --- Retail --- Sales --- Spread --- Suppliers --- Trade Law --- WTO

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This paper examines firm entry and survival in exporting, and in products and markets not previously served by any domestic exporters. The authors use data on the nontraditional agriculture sector in Peru, which grew seven-fold from 1994 to 2007. They find tremendous firm entry and exit in the export sector, with exits more likely after one year and among firms that start small. There is also significant entry and exit in new markets. In contrast, such trial and error in new products is rare. New products are typically discovered by large experienced exporters and there is increased entry after products are discovered. The results imply that high sunk costs of entry are of concern for product discovery, especially for products that are not consumed domestically. In contrast, the tremendous entry and exit in exporting and in new markets suggests that initial sunk costs are relatively low. The authors develop a model that explains how entrepreneurs decide to export and to develop new export products and markets when there are sunk costs of discovery and uncertainty about idiosyncratic costs. The model explains many features of the data.

Access to Markets --- Brand --- Brand names --- Competitiveness --- Debt Markets --- Direct market --- Domestic market --- Domestic markets --- Economic Theory & Research --- Export market --- Export markets --- Finance and Financial Sector Development --- Home market --- International Economics and Trade --- International markets --- International trade --- Macroeconomics and Economic Growth --- Market access --- Market conditions --- Market development --- Market information --- Market share --- Marketing --- Markets and Market Access --- Merchandise --- Microfinance --- Product market --- Sales

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• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper examines firm entry and survival in exporting, and in products and markets not previously served by any domestic exporters. The authors use data on the nontraditional agriculture sector in Peru, which grew seven-fold from 1994 to 2007. They find tremendous firm entry and exit in the export sector, with exits more likely after one year and among firms that start small. There is also significant entry and exit in new markets. In contrast, such trial and error in new products is rare. New products are typically discovered by large experienced exporters and there is increased entry after products are discovered. The results imply that high sunk costs of entry are of concern for product discovery, especially for products that are not consumed domestically. In contrast, the tremendous entry and exit in exporting and in new markets suggests that initial sunk costs are relatively low. The authors develop a model that explains how entrepreneurs decide to export and to develop new export products and markets when there are sunk costs of discovery and uncertainty about idiosyncratic costs. The model explains many features of the data.

Access to Markets --- Brand --- Brand names --- Competitiveness --- Debt Markets --- Direct market --- Domestic market --- Domestic markets --- Economic Theory & Research --- Export market --- Export markets --- Finance and Financial Sector Development --- Home market --- International Economics and Trade --- International markets --- International trade --- Macroeconomics and Economic Growth --- Market access --- Market conditions --- Market development --- Market information --- Market share --- Marketing --- Markets and Market Access --- Merchandise --- Microfinance --- Product market --- Sales

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Export restraints by the Russian Federation on natural gas and timber have been the source of major controversy between the European Union and the Russian Federation. The analysis of this paper suggests that the export restraints in natural gas very substantially benefit Russia. On the other hand, in raw timber the analysis suggests that a substantial reduction of Russian export taxes would increase Russian welfare. The paper explains that Gazprom has failed to invest adequately, resulting in little development of new gas supplies. The result has been progressively increasing use by Gazprom of Central Asian gas supplies, at progressively higher prices for Russia. The increased prices of gas for Russian consumers have shown that it is crucial for Russia to allow new entrants and to introduce competition in the Russian domestic market. Without export restraints, however, competition among multiple gas suppliers from Russia would erode or eliminate the monopoly profits of the Russian Federation on gas exports. Thus, with a more competitive domestic market, the Russian government would be expected to grant exclusive exporting rights to a single entity (as it presently does with Gazprom) or impose export taxes. Thus, Europe should not expect to achieve cheaper Russian gas as a result of structural reforms within the Russian gas market. A more promising avenue for European energy diversification is new pipeline construction to open up new sources of supply independent of Russia (especially the Nabucco pipeline), and liquefied natural gas purchases.

Competition --- Competitive prices --- Domestic market --- Economic Theory & Research --- Energy --- Energy Production and Transportation --- Export markets --- Fair --- Home market --- Industry --- Macroeconomics and Economic Growth --- Market access --- Market access negotiations --- Market power --- Market share --- Markets and Market Access --- Monopoly --- Oil Refining & Gas Industry --- Prices --- Pricing --- Pricing mechanism --- Product --- Sales --- Supplier --- Suppliers --- Supply --- Transport --- Transport Economics Policy & Planning