International institutions and market expectations: Stock price responses to the WTO ruling on the 2002 U.S. steel tariffs

Many scholars assert that international institutions have little power to enforce laws, punish offenders, or force compliance. Others stress that international institutions are important actors, specifically in the regulation of international trade. In this paper, I show that the recent trade dispute over U.S. steel protection provides us with a critical case to evaluate the role of the World Trade Organization in settling trade disputes and specifically stabilizing expectations of market actors over future steel policy. I argue that stock prices can serve as an important tool in answering these questions. In an empirical analysis using daily steel stock prices, I find that during the 2002 WTO steel case, the WTO dispute mechanism helped market actors stabilize expectations of future trade policy.

Determinants of Firm‐Level Lobbying and Government Responsiveness in Agricultural Biotechnology in China

Understanding what stimulates agribusiness firms to lobby the government and what makes the government responsive to lobbying are the two issues that have been discussed extensively in the debates concerning determinants of biotechnology policy. This paper examines the factors influencing agribusiness firms' lobbying and government response using econometric modeling on a new data set of 160 leading agribusiness firms in the food, feed, chemical, and seed industries in China. The results show that approximately 10% of agribusiness firms lobbied the government about biotechnology policy and regulations and over half of those that lobbied received a verbal or written acknowledgment from government agencies. Seed and feed companies are more likely to engage in lobbying than chemical companies. Owning GM patents not only has a positive impact on firms' lobbying activities, but firms with these patents are more likely to receive a government response to their lobbying efforts. The experience of selling GM products does not significantly influence lobbying activities or response from the government.     

Policy Analysis,International Relations,and European Governance – Beyond Disciplinary Boundaries

ABSTRACT

The article highlights the rationale of the special issue in terms of its objectives and guiding principles. It maps different evolutions and challenges within three analytical streams (1) regarding the field of policy analysis, (2) concerning the interaction between domestic and international affairs, and (3) with regards to the transformation of European Union governance in troubled times. These three research avenues highlight how not only European governance itself has evolved in a changing world, but also how the analysis of interests, institutions, and policy-making has morphed, oftentimes transgressing disciplinary and methodological boundaries.     

Electoral Rules,Labor Market Coordination and Macroeconomic Performance

Two distinct literatures have studied the macroeconomic effects of electoral systems and of labor market structures, respectively. Results include a positive association between proportional representation (PR) electoral systems and growth, but also between PR and inflation, as well as negative or hump‐shaped relationships between labor market coordination and the ‘misery variables’, unemployment and inflation. However, these results could be biased; particular electoral system and labor market features co‐vary systematically, and extant studies have typically not taken this into account. Effects attributed to PR systems could really stem from labor market coordination, and vice versa. In this article the relationships with macroeconomic outcomes for both electoral systems and labor market structures are re‐evaluated by modelling them jointly. Employing data from more than 30 democracies, with time‐series from the period 1960–2010, some robust and some non‐robust associations are identified. First, PR systems are, indeed, associated with higher growth rates, but not with higher inflation. Regarding labor market coordination, robust curvilinear relationships with unemployment and inflation are identified; intermediate levels of coordination correspond with worse macroeconomic performance – albeit not lower growth – even when accounting for electoral system features.