Download or read book In Search of WTO Trade Effects written by Theo S. Eicher and published by International Monetary Fund. This book was released on 2009-02-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The literature measuring the impact of Preferential Trade Agreements (PTA) and WTO membership on trade flows has produced remarkably diverse results. Rose's (2004) seminal paper reports a range of specifications that show no WTO effects, but Subramanian and Wei (2007) contend that he does not fully control for multilateral resistance (which could bias WTO estimates). Subramanian and Wei (2007) address multilateral resistance comprehensively to report strong WTO trade effects for industrialized countries but do not account for unobserved bilateral heterogeneity (which could inflate WTO estimates). We unify these two approaches by accounting for both multilateral resistance and unobserved bilateral heterogeneity, while also allowing for individual trade effects of PTAs. WTO effects vanish and remain insignificant throughout once multilateral resistance, unobserved bilateral heterogeneity, and individual PTA effects are introduced. The result is robust to the use of alternative definitions and coding conventions for WTO membership that have been employed by Rose (2004), Tomz et al. (2007), or by Subramanian and Wei's (2007).
Download or read book IMF Working Papers written by Theo S. Eicher and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Have Economists Actually Solved the WTO Trade Effects Mystery written by Changyou Wei and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Rose (2004) reports that GATT/WTO membership produces no positive effects on international trade. This is a remarkable determination given the widespread belief in academic and policy circles that the WTO successfully promotes trade flows by reducing barriers to international trade. Empirical literature measuring the GATT/WTO trade effects has produced notably diverse results since Rose's (2004) paper. This report introduces the history of GATT/WTO and describes the GATT/WTO's aim to promote trade using multilateral rounds of trade negotiations. It confirms that the efforts toward trade liberalization made by the GATT/WTO are partially achieved by tariff reductions and other trade obligations. In discussing the literature related to Rose's surprising results, we argue that the gravity model employed by Rose (2004) is not theoretically sound since it omits multilateral resistance terms and fails to capture unobserved bilateral heterogeneity. However, we find that even an accurate specification gravity model that controls multilateral resistance, unobserved bilateral heterogeneity, and individual regional trade agreement effect cannot fully account for Rose's GATT/WTO trade effects findings. The present report suggests that a new approach, specifically the nonparametric method used by Chang and Lee (2011), may offer sound guidance for future research attempting to understand Rose's mysterious findings.
Download or read book A Practical Guide to Trade Policy Analysis written by Marc Bacchetta and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trade flows and trade policies need to be properly quantified to describe, compare, or follow the evolution of policies between sectors or countries or over time. This is essential to ensure that policy choices are made with an appropriate knowledge of the real conditions. This practical guide introduces the main techniques of trade and trade policy data analysis. It shows how to develop the main indexes used to analyze trade flows, tariff structures, and non-tariff measures. It presents the databases needed to construct these indexes as well as the challenges faced in collecting and processing these data, such as measurement errors or aggregation bias. Written by experts with practical experience in the field, A Practical Guide to Trade Policy Analysis has been developed to contribute to enhance developing countries' capacity to analyze and implement trade policy. It offers a hands-on introduction on how to estimate the distributional effects of trade policies on welfare, in particular on inequality and poverty. The guide is aimed at government experts engaged in trade negotiations, as well as students and researchers involved in trade-related study or research. An accompanying DVD contains data sets and program command files required for the exercises. Copublished by the WTO and the United Nations Conference on Trade and Development
Download or read book The Effects of WTO and Preferential Trade Agreements on Trade Flows written by Ching-mu Chen and published by . This book was released on 2018 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Trade Organization (WTO) and preferential trade agreements (PTA) are key factors in international trade liberalization. However, their relative effects on trade flows are controversial (ranging from 16 percent to 277 percent), depending on whether the endogeneity of these two variables is taken into account. Surprisingly, there is no paper estimating the endogenous trade effects of WTO and PTAs simultaneously, thus the existing findings about these variables might be questioned. To fill the gap of the trade literature, we thus extend the econometric model of Terza (1998) and empirical works of Egger et al. (2011) by proposing a count data models with dual endogenous binary regressors. A two-step quasi-maximum likelihood approach to estimation and inference is introduced. Since we derive the analytic gradient and hessian matrices of the log likelihood function of the proposed model, we can easily conduct the Monte Carlo simulations where the data observation is over 10,000 and the parameters to be estimated are over several hundreds, as is typically found in the empirical studies of international economics. Indeed, the simulation results are promising under various configurations considered in this paper. We then apply our approach to the data of Egger et al. (2011) who only investigate the trade effects of PTA. Our results show that both WTO and PTA membership have huge impacts on bilateral trade flows, increasing the value by 926 percent and 218 percent respectively. On the contrary, their partial trade effects are much smaller (13 percent and 74 percent) if the endogeneity is totally ignored.
Download or read book Making Globalization Work written by Joseph E. Stiglitz and published by W. W. Norton & Company. This book was released on 2007-08-28 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nobel Prize winner Stiglitz focuses on policies that truly work and offers fresh, new thinking about the questions that shape the globalization debate.
Download or read book Do Terms of trade Effects Matter for Trade Agreements written by Rodney D. Ludema and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book WTO Trade Effects and Identification Problems written by Juyoung Cheong and published by . This book was released on 2013 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Peeling Away the Layers Impacts of Durable Tariff Elimination written by Arevik Gnutzmann-Mkrtchyan and published by International Monetary Fund. This book was released on 2018-05-10 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We demonstrate that durable MFN tariff elimination affects trade patterns through several layers, which generates non-linear impacts. First, complete tariff elimination results in a large additional trade gains over and above tariff reductions. Second, commitment to durable tariff elimination, through WTO bindings, further boosts both imports and exports of ITA members. The unique setting of the WTO Information Technology Agreement (ITA) allows us to identify these effects of non-discriminatory trade policies because (i) ITA constitutes a quasi-natural experiment as several “passive” signatories joined it as an unavoidable part of pursuing of a larger policy objective, and (ii) ITA's partial coverage of the IT sector provides a natural control group for cross-product identification. Commitments under the ITA spurned development of a downstream IT export sector in “passive” signatories.
Download or read book WTO Accessions and Trade Multilateralism written by Uri Dadush and published by Cambridge University Press. This book was released on 2015-09-10 with total page 1015 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of how WTO accession negotiations have expanded the reach of the multilateral trading system both geographically and conceptually.
Download or read book China and the WTO written by Petros C. Mavroidis and published by Princeton University Press. This book was released on 2021-01-05 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: "China's accession to the World Trade Organisation (WTO) in 2001 was hailed as the natural conclusion of a long march that started with the reforms introduced by Deng Xiaoping in the 1970s. However, China's participation in the WTO since joining has been anything but smooth, and its self-proclaimed "socialist market economy" system has alienated many of its global trading partners - as recent tensions with the United States exemplify. Prevailing diplomatic attitudes tend to focus on two diametrically opposing approaches to dealing with the emerging problems: the first is to demand that China completely overhaul its economic regime; the second is to stay idle and accept that the WTO must accommodate different economic regimes, no matter how idiosyncratic and incompatible. In this book, Mavroidis and Sapir propose a third approach. They point out that, while the WTO (as well as its predecessor, the General Agreement on Tariffs and Trade [GATT]) has previously managed the accession of socialist countries or of big trading nations, it has never before dealt with a country as large or as powerful as China. Therefore, in order to simultaneously uphold its core principles and accommodate China's unique geopolitical position, the authors argue that the WTO needs to translate some of its implicit legal understanding into explicit treaty language. Focusing on two core complaints - that Chinese state-owned enterprises (SOEs) benefit from unfair trade advantages, and that domestic companies (both private as well as SOEs) impose forced technology transfer on foreign companies as a condition for accessing the Chinese market - they lay out their specific proposals for successful legislative amendment"--.
Download or read book The World Trade Organization written by Mitsuo Matsushita and published by Oxford University Press. This book was released on 2015 with total page 942 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a comprehensive overview of the law and practice of the World Trade Organization. It begins with the institutional law of the WTO, moving eventually to the consequences of globalization. New chapters on Trade in Agriculture and on Government Procurement and Trade.
Download or read book Do terms of trade effectsmatter for trade agreements evidence from WTO countries written by Rodney D. Ludema and published by . This book was released on 2010 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Assessing the World Trade Organization written by Manfred Elsig and published by Cambridge University Press. This book was released on 2017-04-27 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Trade Organization (WTO) recently celebrated twenty years of existence. The general wisdom is that its dispute settlement institutions work well and its negotiation machinery goes through a phase of prolonged crises. Assessing the World Trade Organization overcomes this myopic view and takes stock of the WTO's achievements whilst going beyond existing disciplinary narratives. With chapters written by scholars who have closely observed the development of the WTO in recent years, this book presents the state of the art in thinking about WTO performance. It also considers important issues such as the origins of the multilateral system, the accession process and the WTO's interaction with other international organisations. The contributions shed new light on untold stories, critically review and present existing scholarship, and sketch new research avenues for a future generation of trade scholars. This book will appeal to a wide audience that aims to better understand the drivers and obstacles of WTO performance.
Download or read book On the Heterogeneous Trade and Welfare Effects of GATT WTO Membership written by Gabriel Felbermayr and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We build on the latest developments in the structural gravity literature to quantify the partial and general equilibrium effects of GATT/WTO membership on trade and welfare. Using an extensive database covering manufacturing trade for 186 countries over the period 1980-2016, we find that the average impact of GATT/WTO membership on trade among member counties is large, positive, and significant. We contribute to the literature by estimating country-specific estimates and find them to vary widely across the countries in our sample with poorer members benefitting more. Using these estimates, we simulate the general equilibrium effects of GATT/WTO on welfare, which are sizable and heterogeneous across members, and relatively small for non-member countries. We show that countries not experiencing positive trade effects from joining GATT/WTO can still gain in terms of welfare, due to beneficial terms-of-trade effects.
Download or read book One Money One Market A Revised Benchmark written by Theo S. Eicher and published by INTERNATIONAL MONETARY FUND. This book was released on 2009-09-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of the euro generated substantial interest in measuring the impact of currency unions (CUs) on trade flows. Rose's (2000) initial estimates suggested a tripling of trade and created a literature in search of "more reasonable" CU effects. A recent meta-analysis of this literature shows that subsequent papers quantify CU trade impacts at 30-90 percent. However, most recent studies use shorter time series and fewer countries than Rose in his original work. We revisit Rose's original benchmark, extend the dataset, and address Baldwin's (2006) critiques regarding the proper specification of gravity models in large panels by simultaneously accounting for multilateral resistance and unobserved bilateral heterogeneity. This produces a robust average CU trade effect of 45 percent. Yet, the trade impacts of individual CUs vary substantially and are generally lower than those of preferential trade agreements (PTAs). Our revised benchmark can be used as a yardstick for future studies to delineate how estimates differ due to new data or differences in econometric specifications.
Download or read book The World Trade Organization written by International Trade Law Center and published by Springer Science & Business Media. This book was released on 2007-12-31 with total page 3142 pages. Available in PDF, EPUB and Kindle. Book excerpt: The editors have succeeded in bringing together an excellent mix of leading scholars and practitioners. No book on the WTO has had this wide a scope before or covered the legal framework, economic and political issues, current and would-be countries and a outlook to the future like these three volumes do. 3000 pages, 80 chapters in 3 volumes cover a very interdiscplinary field that touches upon law, economics and politics.
