Search Results (2)

This study aims to explore the relationship between macroeconomic factors and the decision to file an anti-dumping (AD) initiation, focusing on the post-WTO period from 1995 to 2022 for both reporting and targeted countries. We analyze the 20 most frequent users of the AD mechanism and the 20 most frequently targeted countries through econometric analysis to determine how gross domestic product (GDP) volume, GDP growth rate, and merchandise trade balance (MTB) influence the frequency of AD initiations. Our findings indicate that at least half of the sampled countries exhibit a significant correlation between AD filings and at least one of the macroeconomic variables examined. In many cases, GDP volume and MTB not only affect a country’s decision to initiate an AD investigation but also influence how often it becomes a target of such measures. Although the results are fragmented across different economies, they highlight the role of the macroeconomic environment in shaping the decision to resort to AD mechanisms. By adopting a dual perspective, considering both reporting and targeted countries, and incorporating MTB as a key variable, this research extends beyond previous studies to provide deeper insights into the macroeconomic determinants of AD measures. These findings suggest that macroeconomic conditions play a crucial role in shaping trade defense policies, highlighting the need for policymakers to consider broader economic trends when formulating AD regulations. Full article

Decentralized finance (DeFi) protocols use blockchain-based tools to mimic banking, investment and trading solutions and provide a viable framework that creates incentives and conditions for the development of an alternative financial services market. In this respect, they can be seen as alternative financial vehicles that mitigate portfolio risk, which is particularly important at a time of increasing uncertainty in financial markets. In particular, some DeFi protocols offer an automated, low-risk way to generate returns through a “delta-neutral” trading strategy that reduces volatility. The main financial operations of DeFi protocols are implemented using appropriate algorithms, but unlike traditional finance, where issues of value and valuation are commonplace, DeFis lack a similar value-based analysis. The aim of this study is to evaluate relevant DeFi performance metrics related to the valuations of these protocols through a thorough analysis based on various scientific methods and to show what influences the valuations of these protocols. More specifically, the study identifies how DeFi protocol valuations depend on the total value locked and other performance variables, such as protocol revenue, total revenue, gross merchandise volume and inflation factor, and assesses these relationships. The study analyzes the valuations of 30 selected protocols representing three different classes of DeFi (i.e., decentralized exchanges, lending protocols and asset management) in relation to their respective performance measures. The analysis presented in the article is quantitative in nature and relies on Granger causality tests as well as the results of a fixed effects panel regression model. The results show that the valuations of DeFi protocols depend to some extent on the performance measures of these protocols under study, although the magnitude of the relationships and their directions differ for the different variables. The Granger causality test could not confirm that future DeFi protocol valuations can be effectively predicted by the TVLs of these protocols, while other directions of causality (one-way and two-way) were confirmed, e.g., a two-way causal relationship between DeFi protocol valuations and gross merchandise volume, which turned out to be the only variable that Granger-causes future DeFi protocol valuations. Full article