Download or read book Have Trade Policy Reforms Led to Greater Openness in Developing Countries written by Soamiely Andriamananjara and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Have Trade Policy Reforms Led to Greater Openness in Developing Countries written by Shuby Andriamananjara and published by World Bank Publications. This book was released on 1997 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Have Trade Policy Reforms Led to Greater Openness in Developing Countries written by John Nash and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: February 1997 The developing countries that began trading more openly in the 1980s did so incrementally-shock therapy was uncommon. Asian countries led in trade reform and openness, so their export-led growth performance was not surprising. African countries trailed in reform and have still not become as open as other countries. Developing countries experienced a revolution in trade policy in the 1980s and 1990s, but it is unclear how much real openness increased. After all, they had started with multiple, often redundant, trade restrictions. And it is unclear how changes in openness should be measured. The most appropriate measure of openness is based on imports of consumer goods, argue Andriamananjara and Nash, since these imports commonly face the biggest trade barriers. After developing several such measures, including a measure of the change in tariff equivalent protection, they explore the recent evolution of trade policy, using readily available trade data. Openness has developed incrementally rather than overnight. In the early stages of adjustment, barriers to imports tended not to be reduced much. At first, the net reduction of incentives to produce import substitutes was minor, especially when currency depreciation is considered. Recently import barriers have been reduced more substantially, and since there has been little currency depreciation, incentives to produce import substitutes have declined. Shock therapy was uncommon. A few countries moved quickly to eliminate nontariff barriers to imports and to adopt low, fairly uniform tariffs. But most countries tended to peel away redundant layers of trade barriers, one at a time. They usually began with the barriers embodied in rationing and exchange controls, proceeded to nontariff measures, and finally reduced tariffs. Each step may have reduced protection a bit but the big reductions apparently came only in later stages. Still, even gradual reform helped open up those economies. The Asian countries tended to be most open both early and late. They were also above-average in reform efforts, by some measures, so their strong growth performance (based on exports) was unsurprising. The African countries, whose trade policies were probably worst to begin with, made relatively modest progress initially. In recent years their progress has been substantial; whether they have improved as much as other countries depends on which measure is used. Countries tied to the French franc (for whom real devaluation was more difficult) showed less progress than nonfranc countries, illustrating the importance of the connection between devaluation and trade reform. There is no evidence that rapid trade reform resulted in Africa's de-industrialization. This paper - a product of the International Trade Division, International Economics Department - is part of a larger effort in the Department to evaluate the effects of structural adjustment, with special focus on African economies.
Download or read book Managing Openness written by Mona Haddad and published by World Bank Publications. This book was released on 2011 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis triggered a broad reassessment of economic integration policies in developed and developing countries worldwide. The crisis-induced collapse in trade was the sharpest ever since World War II, affecting all countries and all product categories. A huge shock to the trading system, combined with severe macroeconomic instability, makes it natural for policymakers to call into question the basic underlying assumptions of trade liberalization and openness. In particular, outward-oriented or export-led growth strategies are being reassessed as openness is increasingly associated with greater volatility. However, it is crucial not to lose sight of the dynamic benefits that openness can offer. Examples include technology transfer, increased competitive pressure that reduces markups and improves efficiency, and economies of scale. The real question is how to manage outward-oriented strategies so as to maximize the benefits of openness while minimizing risks. This book aims to contribute to this important and ongoing policy debate, bringing together recent empirical work on the trade collapse, its causes and consequences, and the broader trade policy agenda in the post-crisis environment. It addresses critical policy issues revolving around the topic of outward-oriented growth strategy, including policy instruments that help manage risks associated with outward-orientation, lessons learned from the crisis for particular countries and regions, and how emerging trade policy issues such as climate change, commodities, global production networking, and migration affect the prospects for recovery and outward-oriented growth.
Download or read book Growth Before and After Trade Liberalization written by Gonzalo Salinas and published by World Bank Publications. This book was released on 2006 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The empirical study of the impact of trade liberalization has not convinced the skeptics about the economic gains after trade reforms. Some have even argued that trade reforms have led to economic collapse and to deindustrialization. Using a sample that excludes countries that were subject to major exogenous disruptions, the authors note that post-reform economic growth was 1.2 percentage points higher than before the reforms. This is remarkable considering that pre-reform periods were characterized by highly expansionary state policies and large external borrowing, and the crisis years that preceded trade liberalization in the comparisons are eliminated. Through multivariate fixed effects estimations the authors calculate that annual per capita GDP growth rates increased by up to 2.6 percentage points after the trade reforms, compared to a counterfactual that takes into consideration the evolution of several growth determinants. Moreover, trade liberalization has been followed by an acceleration of growth in investment, exports of goods and services, and manufacturing exports, and as opposed to common belief, outward orientation did not lead to significant deindustrialization and actually seems to have increased export diversification. Growth acceleration occurred irrespective of income per capita level and was quite significant in Sub-Saharan Africa. As expected, small countries benefited most from the reforms.
Download or read book Reinvigorating Trade and Inclusive Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2018-09-30 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Trade integration can play a much larger role in boosting shared prosperity. The current focus on trade tensions threatens to obscure the great untapped benefits possible from further trade reform. The opportunities provided by information technology and other fundamental changes in the global economy are yet to be reflected in modern areas of trade policy, such as services and electronic commerce. Greater openness in these areas would promote competition, lift productivity, and raise living standards. In many other areas, such as the rural economy, smaller enterprises, and women’s economic empowerment, trade-related reforms are important particularly to foster more inclusive growth. Harnessing flexible approaches to WTO negotiations may be the key to reinvigorating global trade reform. Despite the benefits at stake—and with important exceptions such as the WTO Trade Facilitation Agreement—trade reform has lagged since the early 2000s. For much of this period, governments focused their efforts in the WTO on a single negotiating approach. Now, as groups of WTO members pursue joint initiatives in several areas, attention is turning to how other negotiating approaches—including some used effectively in the past—can be leveraged so that trade once again plays its full role in driving increased global economic prosperity. Building greater, more durable openness—this paper’s focus—should be part of a broader effort to strengthen and reinvest in the global trading system. The system of global trade rules that has nurtured unprecedented economic growth across multiple generations faces tensions. Though only recently brought to the fore, those tensions are rooted in issues that have been left unresolved for too long. Governments need to promptly address outstanding questions involving, for example, the WTO dispute system and the reach of subsidy disciplines. Cooperative action to secure greater openness—an imperative in its own right—could also help to resolve these"
Download or read book Looking Beyond Averages in the Trade and Poverty Debate written by Martin Ravallion and published by World Bank Publications. This book was released on 2004 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: "There has been much debate about how much poor people in developing countries gain from trade openness, as one aspect of 'globalization.' Ravallion views the issue through both 'macro' and 'micro' empirical lenses. The macro lens uses cross-country comparisons and aggregate time series data. The micro lens uses household-level data combined with structural modeling of the impacts of specific trade reforms. The author presents case studies for China and Morocco. Both the macro and micro approaches cast doubt on some wide generalizations from both sides of the globalization debate. Additionally the micro lens indicates considerable heterogeneity in the welfare impacts of trade openness, with both gainers and losers among the poor. The author identifies a number of covariates of the individual gains. The results point to the importance of combining trade reforms with well-designed social protection policies." -- Cover verso.
Download or read book Trade Liberalization written by Romain Wacziarg and published by Edward Elgar Publishing. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This compelling two-volume collection presents the major literary contributions to the economic analysis of the consequences of trade liberalization on growth, productivity, labor market outcomes and economic inequality. Examining the classical theories that stress gains from trade stemming from comparative advantage, the selection also comprises more recent theories of imperfect competition, where any potential gains from trade can stem from competitive effects or the international transmission of knowledge. Empirical contributions provide evidence regarding the explanatory power of these various theories, including work on the effects of trade openness on economic growth, wages, and income inequality, as well as evidence on the effects of trade on firm productivity, entry and exit. Prefaced by an original introduction from the editor, the collection will to be an invaluable research resource for academics, practitioners and those drawn to this fascinating topic.
Download or read book International Financial Integration written by Mr.Gian Milesi-Ferretti and published by International Monetary Fund. This book was released on 2003-04-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns.
Download or read book Best Practices in Trade Policy Reform written by Vinod Thomas and published by World Bank Publications. This book was released on 1991 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: It was recognized by many developing countries in the 1980s that integration with the global economy is necessary for economic development and technological progress. Efforts to liberalize trade were controversial. A unique body of evidence on developing country trade liberalization will examine why outcomes have varied from one country to another. The political economy of trade liberalization and the interaction among trade and domestic reform, macro-economic stability, and export development is examined using: (a) cross-sectional data, (b) country studies, (c) and interviews. The sequencing of reforms and implications for multilateral trade negotiations, foreign direct investment, and regional integration schemes is an additional consideration. The emphasis is on practical problems-economic and political-and recommendations of how policies can be designed and implemented to yield stronger and more sustainable results.
Download or read book The Role of Trade in Ending Poverty written by World Bank Group and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trade will have an important role at the global level in generating the growth necessary for reducing extreme poverty to 3 percent and boosting prosperity for the poorest 40 percent by 2030. To identify the most important challenges that exist in maximizing the positive impact of trade on poverty, we need to understand who the poor are, where they are, and what economic activities they undertake. To this end, the study highlights particularly relevant dimensions of poverty: rural poverty in remote areas, informality, fragile and conflict situations, and women. For each of these issues, this study considers the main traderelated barriers and challenges, along with policy responses to address them. It shows the importance of the multilateral trading system and of the Doha Round, as well as the important role of the WBG and WTO in promoting coherence and implementing trade policies in a way that delivers the greatest possible benefits for the poor.
Download or read book Foreign Trade Policy and Growth A Comparison of Mexico and Costa Rica written by Fabian Barthel and published by GRIN Verlag. This book was released on 2007-06-28 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2005 in the subject Economics - Foreign Trade Theory, Trade Policy, grade: A-, University of Auckland (Business School - Faculty of Economics), course: Trade & Development, 20 entries in the bibliography, language: English, abstract: There has been a lot of work on the relation between openness and economic growth, with results being ambiguous. A study done by Sachs and Warner (1995), using a sample of 135 countries, has shown that there is a positive correlation between openness and growth, e.g. that trade liberalisation fosters economic performance. The assumptions and country categorisations of this study have been criticised by Rodriguez and Rodrik (2000); they concluded that low tariff rates do not necessarily imply higher growth rates but that tariff protection exceeding a certain level stifles growth. Dollar and Kray (cited in Santos-Paulino and Thirlwall, 2004) compared different sets of countries with each other and found out that changes in growth rates are positively correlated with the share of trade and thus greater openness has accelerated economic growth. This essay compares the foreign trade policy of Mexico and Costa Rica. Even though both countries pursued the same policies, some differences can be found. Both implemented a strategy of import-substituting industrialisation until the serious crisis at the beginning of the 1980s, followed by a period of extensive trade liberalisation. This was due to pressure put on by the international institutions such as IMF or World Bank. While Mexico opened up its market, Costa Rica went further and lowered the import barriers. They put a strong emphasis on attracting foreign direct investment. With an average annual growth rate of 4.78 percent in Costa Rica and 4.43 percent in Mexico over the last four decades both countries achieved a strong economic growth exceeding the average of all other Latin American countries. However a positive interrelation between openness and growth c
Download or read book Trade Investment and Development written by Organisation for Economic Co-operation and Development and published by OECD Publishing. This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reviews evidence of the benefits and challenges of trade and investment for development, drawing on experiences from economies in various parts of the world.
Download or read book Trade Growth and Poverty written by Mr. Andrew Berg and published by International Monetary Fund. This book was released on 2003-02-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey of the recent literature asks: how important is trade policy for poverty reduction? We consider the effects of openness on poverty in two components: the effect of openness on average income growth, and the effect on distribution for a given growth rate. Evidence from a variety of sources (cross-country and panel growth regressions, industry and firm-level research, and case studies) supports the view that trade openness contributes greatly to growth. Moreover, trade openness does not have systematic effects on the poor beyond its effect on overall growth. Trade policy is only one of many determinants of growth and poverty reduction. Trade openness has important positive spillovers on other aspects of reform, however, so that the correlation of trade with other pro-reform policies speaks to the advantages of making openness a primary part of the reform package.
Download or read book World Development Report 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-19 with total page 511 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global value chains (GVCs) powered the surge of international trade after 1990 and now account for almost half of all trade. This shift enabled an unprecedented economic convergence: poor countries grew rapidly and began to catch up with richer countries. Since the 2008 global financial crisis, however, the growth of trade has been sluggish and the expansion of GVCs has stalled. Meanwhile, serious threats have emerged to the model of trade-led growth. New technologies could draw production closer to the consumer and reduce the demand for labor. And trade conflicts among large countries could lead to a retrenchment or a segmentation of GVCs. World Development Report 2020: Trading for Development in the Age of Global Value Chains examines whether there is still a path to development through GVCs and trade. It concludes that technological change is, at this stage, more a boon than a curse. GVCs can continue to boost growth, create better jobs, and reduce poverty provided that developing countries implement deeper reforms to promote GVC participation; industrial countries pursue open, predictable policies; and all countries revive multilateral cooperation.
Download or read book Women and Trade written by World Bank;World Trade Organization and published by World Bank Publications. This book was released on 2020-09-04 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trade can dramatically improve women’s lives, creating new jobs, enhancing consumer choices, and increasing women’s bargaining power in society. It can also lead to job losses and a concentration of work in low-skilled employment. Given the complexity and specificity of the relationship between trade and gender, it is essential to assess the potential impact of trade policy on both women and men and to develop appropriate, evidence-based policies to ensure that trade helps to enhance opportunities for all. Research on gender equality and trade has been constrained by limited data and a lack of understanding of the connections among the economic roles that women play as workers, consumers, and decision makers. Building on new analyses and new sex-disaggregated data, Women and Trade: The Role of Trade in Promoting Gender Equality aims to advance the understanding of the relationship between trade and gender equality and to identify a series of opportunities through which trade can improve the lives of women.
Download or read book Challenges to Globalization written by Robert E. Baldwin and published by University of Chicago Press. This book was released on 2007-11-01 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: People passionately disagree about the nature of the globalization process. The failure of both the 1999 and 2003 World Trade Organization's (WTO) ministerial conferences in Seattle and Cancun, respectively, have highlighted the tensions among official, international organizations like the WTO, the International Monetary Fund (IMF), the World Bank, nongovernmental and private sector organizations, and some developing country governments. These tensions are commonly attributed to longstanding disagreements over such issues as labor rights, environmental standards, and tariff-cutting rules. In addition, developing countries are increasingly resentful of the burdens of adjustment placed on them that they argue are not matched by commensurate commitments from developed countries. Challenges to Globalization evaluates the arguments of pro-globalists and anti-globalists regarding issues such as globalization's relationship to democracy, its impact on the environment and on labor markets including the brain drain, sweat shop labor, wage levels, and changes in production processes, and the associated expansion of trade and its effects on prices. Baldwin, Winters, and the contributors to this volume look at multinational firms, foreign investment, and mergers and acquisitions and present surprising findings that often run counter to the claim that multinational firms primarily seek countries with low wage labor. The book closes with papers on financial opening and on the relationship between international economic policies and national economic growth rates.
