EU-South Korea FTA – Economic Impact for the EU and Austria

Das Freihandelsabkommen zwischen der EU und Südkorea (EU-Südkorea FHA) ist das erste einer neuen Generation von FHA, die 2007 gestartet wurden und Teil der Initiative „Globales Europa“ sind. Solche Abkommen, die auf fundierten wirtschaftlichen Kriterien basieren, bilden einen wichtigen Schritt für weitere Handelsliberalisierungen, da sie auch Themen behandeln, die noch nicht reif für multilaterale Diskussionen sind und weit über eine bloße Marktöffnung hinausgehen, wie sie im Rahmen der WTO erreicht werden können. In diesem Sinne ist das EU-Südkorea FHA das umfassendste Freihandelsabkommen, das die EU jemals verhandelt hat. Wir evaluieren die wirtschaftlichen Auswirkungen dieses Freihandelsabkommen für die EU und für Österreich mit dem rechenbaren allgemeinen Weltgleichgewichtsmodell GTAP. Die Ergebnisse sind wie erwartet. Beide Parteien gewinnen von der Beseitigung der Zölle und anderer Handelsbarrieren. Da die Anteile der Exporte und Importe mit Südkorea sowohl von seitens der EU als auch Österreichs nur 2% bis 2 ½% des gesamten Extra-EU-Handels ausmachen, fallen die Handels- und Wohlfahrtsgewinne für die EU und Österreich bescheiden aus. Der gesamte Handel der EU steigt um 0,2%, jener Österreichs nur um 0,1%. Der Extra-EU-Handel steigt sowohl in der EU als auch in Österreich um jeweils 1,2%. Die Wohlfahrt steigt in der EU und in Österreich nur um 0,04% des BIP. In Südkorea sind die Effekte höher, da die EU der zweitgrößte Handelspartner mit einem Anteil von 12% ist. Der Handel nimmt in Südkorea um 5,3% zu und die Wohlfahrt kann um 1,3% des BIP gesteigert werden.

EU-South Korea FTA - Economic Impact for the EU and Austria

The Free Trade Agreement between the EU and the Republic of Korea (EU-South Korea FTA) is the first of the new generation of FTAs launched in 2007 as part of the "Global Europe" initiative. These agreements, based on solid economic criteria, will represent a stepping stone for future liberalisation as they are also tackling issues, which are not ready for multilateral discussion and are going beyond the market opening that can be achieved in the WTO context. Accordingly, the EU-South Korea FTA is the most comprehensive free trade agreement ever negotiated by the EU. We evaluate the economic impact for the EU and Austria of this FTA with the GTAP world computable general equilibrium model. The results are as expected. Both parties win from eliminating tariffs and other trade barriers. However, as the actual trade relations with South Korea are only in the magnitude of 2 to 2½% of total Extra-EU trade, the trade (total EU +0.2%, Austria +0.10%; Extra-EU: EU and Austria +1.2%) and welfare gains (only 0.04% of GDP) are modest for the EU and Austria. For South Korea the trade (+5.3%) and welfare gains (1.3% of GDP) are much higher as the EU is second largest trade partner with a share of around 12%.Das Freihandelsabkommen zwischen der EU und Südkorea (EU-Südkorea FHA) ist das erste einer neuen Generation von FHA, die 2007 gestartet wurden und Teil der Initiative "Globales Europa" sind. Solche Abkommen, die auf fundierten wirtschaftlichen Kriterien basieren, bilden einen wichtigen Schritt für weitere Handelsliberalisierungen, da sie auch Themen behandeln, die noch nicht reif für multilaterale Diskussionen sind und weit über eine bloße Marktöffnung hinausgehen, wie sie im Rahmen der WTO erreicht werden können. In diesem Sinne ist das EU-Südkorea FHA das umfassendste Freihandelsabkommen, das die EU jemals verhandelt hat. Wir evaluieren die wirtschaftlichen Auswirkungen dieses Freihandelsabkommen für die EU und für Österreich mit dem rechenbaren allgemeinen Weltgleichgewichtsmodell GTAP. Die Ergebnisse sind wie erwartet. Beide Parteien gewinnen von der Beseitigung der Zölle und anderer Handelsbarrieren. Da die Anteile der Exporte und Importe mit Südkorea sowohl von seitens der EU als auch Österreichs nur 2% bis 2 ½% des gesamten Extra-EU-Handels ausmachen, fallen die Handels- und Wohlfahrtsgewinne für die EU und Österreich bescheiden aus. Der gesamte Handel der EU steigt um 0,2%, jener Österreichs nur um 0,1%. Der Extra-EU-Handel steigt sowohl in der EU als auch in Österreich um jeweils 1,2%. Die Wohlfahrt steigt in der EU und in Österreich nur um 0,04% des BIP. In Südkorea sind die Effekte höher, da die EU der zweitgrößte Handelspartner mit einem Anteil von 12% ist. Der Handel nimmt in Südkorea um 5,3% zu und die Wohlfahrt kann um 1,3% des BIP gesteigert werden

LOGISTICS PERFORMANCE AND EXPORT COMPETITIVENESS: EUROPEAN EXPERIENCE

This article aims to analyse the importance of logistics performance in European Union (EU) exports over a sample period in order to detect possible advances on behalf of Member States. We will estimate several gravity equations using the Logistics Performance Index (LPI) and its components as characteristic proxy variables of trade facilitation. In order to avoid the possible heterogeneity caused by sample bias, we will employ the two-stage model proposed by Heckman. The estimations of the gravity models using the two-stage Heckman model for 26 EU countries lead to the conclusion that logistics were more important for exporting nations than importing nations in both 2005 and 2010, reinforcing the interest in the exporter side of the paper. In reference to the components of the LPI, Competence and Tracking have acquired greater importance in recent years, in keeping with the weak domestic demand in European countries and their search for new international markets.Puertas Medina, RM.; Martí Selva, ML.; Garcia Menendez, L. (2013). LOGISTICS PERFORMANCE AND EXPORT COMPETITIVENESS: EUROPEAN EXPERIENCE. Empirica. 1-14. doi:10.1007/s10663-013-9241-zS114Anderson JE (1979) A theorical foundation to the gravity equation. Am Econ Rev 69: 106–116 http://www.jstor.org/stable/1802501Anderson J, Van Wincoop E (2003) Gravity with gravitas: a solution to the border puzzle. Am Econ Rev 93:170–192. doi: 10.1257/000282803321455214Arvis JF, Mustra M, Ojala L, Shepherd B, Saslavsky D (2007) Connecting to compete: trade logistics in the global economy. World Bank, WashingtonArvis JF, Mustra M, Panzer J, Ojala L, Naula T (2010) Connecting to compete: trade logistics in the global economy. 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αv integrins: key regulators of tissue fibrosis

Chronic tissue injury with fibrosis results in the disruption of tissue architecture, organ dysfunction and eventual organ failure. Therefore, the development of effective anti-fibrotic therapies is urgently required. During fibrogenesis, complex interplay occurs between cellular and extracellular matrix components of the wound healing response. Integrins, a family of transmembrane cell adhesion molecules, play a key role in mediating intercellular and cell-matrix interactions. Thus, integrins provide a major node of communication between the extracellular matrix, inflammatory cells, fibroblasts and parenchymal cells and, as such, are intimately involved in the initiation, maintenance and resolution of tissue fibrosis. Modulation of members of the αv integrin family has exhibited profound effects on fibrosis in multiple organs and disease states. In this review, we discuss the current knowledge of the mechanisms of αv-integrin-mediated regulation of fibrogenesis and show that the therapeutic targeting of specific αv integrins represents a promising avenue to treat patients with a broad range of fibrotic diseases

How Interdependent are Eastern European Economies and the Euro Area?

This article investigates the interrelations between the Euro area and five Central and Eastern European economies. Using an open economy framework, we derive theoretical restrictions to be imposed on the cointegration space of a structural vector error correction model. We employ generalized impulse response analysis to assess the effects of shocks in output, interest rates, the exchange rate, and relative prices on both areas. The results show strong international spillovers in output with the magnitude being similarly strong in both areas. Furthermore, we find multiplier effects in Central and Eastern Europe and some evidence for the European Central Bank´s desire toward price stability

Targeting of Aberrant αvβ6 Integrin Expression in Solid Tumors Using Chimeric Antigen Receptor-Engineered T Cells.

Expression of the αvβ6 integrin is upregulated in several solid tumors. In contrast, physiologic expression of this epithelial-specific integrin is restricted to development and epithelial re-modeling. Here, we describe, for the first time, the development of a chimeric antigen receptor (CAR) that couples the recognition of this integrin to the delivery of potent therapeutic activity in a diverse repertoire of solid tumor models. Highly selective targeting αvβ6 was achieved using a foot and mouth disease virus-derived A20 peptide, coupled to a fused CD28+CD3 endodomain. To achieve selective expansion of CAR T cells ex vivo, an IL-4-responsive fusion gene (4αβ) was co-expressed, which delivers a selective mitogenic signal to engineered T cells only. In vivo efficacy was demonstrated in mice with established ovarian, breast, and pancreatic tumor xenografts, all of which express αvβ6 at intermediate to high levels. SCID beige mice were used for these studies because they are susceptible to cytokine release syndrome, unlike more immune-compromised strains. Nonetheless, although the CAR also engages mouse αvβ6, mild and reversible toxicity was only observed when supra-therapeutic doses of CAR T cells were administered parenterally. These data support the clinical evaluation of αvβ6 re-targeted CAR T cell immunotherapy in solid tumors that express this integrin

Identification and safety effects of road user related measures. Deliverable 4.2 of the H2020 project SafetyCube

Safety CaUsation, Benefits and Efficiency (SafetyCube) is a European Commission supported Horizon 2020 project with the objective of developing an innovative road safety Decision Support System (DSS). The DSS will enable policy-makers and stakeholders to select and implement the most appropriate strategies, measures, and cost-effective approaches to reduce casualties of all road user types and all severities. This document is the second deliverable (4.2) of work package 4, which is dedicated to identifying and assessing road safety measures related to road users in terms of their effectiveness. The focus of deliverable 4.2 is on the identification and assessment of countermeasures and describes the corresponding operational procedure and outcomes. Measures which intend to increase road safety of all kind of road user groups have been considered [...continues]

Endogeneity in Panel Data Models with Time-Varying and Time-Fixed Regressors: To IV or Not IV?

We analyse the problem of parameter inconsistency in panel data econometrics due to the correlation of exogenous variables with the error term. A common solution in this setting is to use Instrumental-Variable (IV) estimation in the spirit of Hausman-Taylor (1981). However, some potential shortcomings of the latter approach recently gave rise to the use of non-IV two-step estimators. Given their growing number of empirical applications, we aim to systematically compare the performance of IV and non-IV approaches in the presence of time-fixed variables and right hand side endogeneity using Monte Carlo simulations, where we explicitly control for the problem of IV selection in the Hausman-Taylor case. The simulation results show that the Hausman- Taylor model with perfect-knowledge about the underlying data structure (instrument orthogonality) has on average the smallest bias. However, compared to the empirically relevant specification with imperfect-knowledge and instruments chosen by statistical criteria, the non-IV rival performs equally well or even better especially in terms of estimating variable coefficients for time- fixed regressors. Moreover, the non-IV method tends to have a smaller root mean square error (rmse) than both Hausman-Taylor models with perfect and imperfect knowledge about the underlying correlation between r.h.s variables and residual term. This indicates that it is generally more efficient. The results are roughly robust for various combinations in the time and cross-section dimension of the data