Openness And Growth

Author : Mona Haddad,Ben Shepherd
Publisher : World Bank Publications
Page : 352 pages
File Size : 55,6 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780821386330

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Managing Openness by Mona Haddad,Ben Shepherd Pdf

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.

Author : Steven Durlauf,John F. Helliwell,Baldev Raj
Publisher : Springer Science & Business Media
Page : 204 pages
File Size : 55,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642612114

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Long-Run Economic Growth by Steven Durlauf,John F. Helliwell,Baldev Raj Pdf

One of the most enduring questions in economics involves how a nation could accelerate the pace of its economic development. One of the most enduring answers to this question is to promote exports -either because doing so directly influences development via encouraging production of goods for export, or because export promotion permits accumulation of foreign exchange which permits importation of high-quality goods and services, which can in turn be used to expand the nation's production possibilities. In either case, growth is said to be export-led; the latter case is the so-called "two-gap" hypothesis (McKinnon, 1964; Findlay, 1973). The early work on export-led growth consisted of static cross-country com parisons (Michaely, 1977; Balassa, 1978; Tyler, 1981; Kormendi and Meguire, 1985). These studies generally concluded that there is strong evidence in favour of export-led growth because export growth and income growth are highly correlated. However, Kravis pointed out in 1970 that the question is an essen tially dynamic one: as he put it, are exports the handmaiden or the engine of growth? To make this determination one needs to look at time series to see whether or not exports are driving income. This approach has been taken in a number of papers (Jung and Marshall, 1985; Chow, 1987; Serletis, 1992; Kunst and Marin, 1989; Marin, 1992; Afxentiou and Serletis, 1991), designed to assess whether or not individual countries exhibit statistically significant evidence of export-led growth using Granger causality tests.

Author : Ann E. Harrison
Publisher : World Bank Publications
Page : 39 pages
File Size : 41,5 Mb
Release : 1991
Category : Economic development
ISBN : 8210379456XXX

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Openness and Growth by Ann E. Harrison Pdf

Correlations across openness measures are sometimes weak, but openness does seem to be positively associated with GDP growth - the more open the economy, the higher the growth.

Author : Robert E. Baldwin,L. Alan Winters
Publisher : University of Chicago Press
Page : 560 pages
File Size : 54,5 Mb
Release : 2007-11-01
Category : Business & Economics
ISBN : 9780226036557

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Challenges to Globalization by Robert E. Baldwin,L. Alan Winters Pdf

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.

Author : Vaclav Smil
Publisher : MIT Press
Page : 665 pages
File Size : 44,5 Mb
Release : 2019-09-24
Category : Nature
ISBN : 9780262042833

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Growth by Vaclav Smil Pdf

A systematic investigation of growth in nature and society, from tiny organisms to the trajectories of empires and civilizations. Growth has been both an unspoken and an explicit aim of our individual and collective striving. It governs the lives of microorganisms and galaxies; it shapes the capabilities of our extraordinarily large brains and the fortunes of our economies. Growth is manifested in annual increments of continental crust, a rising gross domestic product, a child's growth chart, the spread of cancerous cells. In this magisterial book, Vaclav Smil offers systematic investigation of growth in nature and society, from tiny organisms to the trajectories of empires and civilizations. Smil takes readers from bacterial invasions through animal metabolisms to megacities and the global economy. He begins with organisms whose mature sizes range from microscopic to enormous, looking at disease-causing microbes, the cultivation of staple crops, and human growth from infancy to adulthood. He examines the growth of energy conversions and man-made objects that enable economic activities—developments that have been essential to civilization. Finally, he looks at growth in complex systems, beginning with the growth of human populations and proceeding to the growth of cities. He considers the challenges of tracing the growth of empires and civilizations, explaining that we can chart the growth of organisms across individual and evolutionary time, but that the progress of societies and economies, not so linear, encompasses both decline and renewal. The trajectory of modern civilization, driven by competing imperatives of material growth and biospheric limits, Smil tells us, remains uncertain.

Author : Romain Wacziarg
Publisher : Edward Elgar Publishing
Page : 0 pages
File Size : 41,7 Mb
Release : 2018
Category : Free trade
ISBN : 1788111494

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Trade Liberalization by Romain Wacziarg Pdf

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.

Author : Stephen J. Turnovsky
Publisher : Cambridge University Press
Page : 255 pages
File Size : 45,8 Mb
Release : 2009-08-20
Category : Business & Economics
ISBN : 9780521764759

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Capital Accumulation and Economic Growth in a Small Open Economy by Stephen J. Turnovsky Pdf

An investigation of the process of economic growth in a small open economy by one of the world's leading economists.

Author : Roberto Chang,Linda Kaltani,Norman Loayza
Publisher : Unknown
Page : 56 pages
File Size : 50,5 Mb
Release : 2005
Category : Economic development
ISBN : UCSD:31822031012909

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Openness Can be Good for Growth by Roberto Chang,Linda Kaltani,Norman Loayza Pdf

The authors study how the effect of trade openness on economic growth depends on complementary reforms that help a country take advantage of international competition. This issue is illustrated with a simple Harris-Todaro model where output gains after trade liberalization depend on the degree of labor market flexibility. In that model, trade protection may ameliorate the problem of underemployment (and underproduction) in sectors affected by labor market distortions. Hence, trade liberalization unambiguously increases per capita income only when labor markets are sufficiently flexible. The authors then present some panel evidence on how the growth effect of openness depends on a variety of structural characteristics. For this purpose, they use a non-linear growth regression specification that interacts a proxy of trade openness with proxies of educational investment, financial depth, inflation stabilization, public infrastructure, governance, labor-market flexibility, ease of firm entry, and ease of firm exit. They find that the growth effects of openness are positive and economically significant if certain complementary reforms are undertaken.

Author : Pooja Lakhanpal,Jaydeep Mukherjee,Biswajit Nag,Divya Tuteja
Publisher : Springer Nature
Page : 396 pages
File Size : 50,7 Mb
Release : 2021-05-10
Category : Business & Economics
ISBN : 9789813369733

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Trade, Investment and Economic Growth by Pooja Lakhanpal,Jaydeep Mukherjee,Biswajit Nag,Divya Tuteja Pdf

The book contributes to the growing literature pertaining to empirical and policy issues in international trade, foreign capital flows and issues in finance, implications for India and emerging economies related to trade and development interface, and analysis of sector level growth and development in India. Further, the focus is on the policy aspects of these themes and their role in fostering economic development in the context of India and other emerging market economies. The discourse focuses mainly on empirical work and econometric details. The relevant issues are investigated using state of the art techniques such as gravity models, panel co-integration, generalized hyperbolic distributions, SEM, FMOLS and Probit models. In addition, detailed literature survey, discussions on data availability, issues related to statistical estimation techniques and a theoretical background, ensure that each chapter significantly contributes to the ever-growing literature on international trade and capital flows. The readers shall find an engaging dialogue on the crucial role played by policy and the trade-capital flows-growth experience of emerging economies. The book is relevant for those who are interested in contemporary issues in trade, growth and finance as well as for students of advanced econometrics who may benefit from the analytical and econometric exposition. The empirical evidences provided here could serve as ready reference for academicians, researchers and policy makers, particularly in emerging economies facing similar challenges.

Author : Andreas Billmeier,Tommaso Nannicini
Publisher : International Monetary Fund
Page : 56 pages
File Size : 46,6 Mb
Release : 2007-07
Category : Business & Economics
ISBN : UCSD:31822034969410

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Trade Openness and Growth by Andreas Billmeier,Tommaso Nannicini Pdf

Studies of the impact of trade openness on growth are based either on cross-country analysis-which lacks transparency-or case studies-which lack statistical rigor. We apply transparent econometric methods drawn from the treatment evaluation literature to make the comparison between treated (i.e., open) and control (i.e., closed) countries explicit while remaining within a unified statistical framework. First, matching estimators highlight the rather far-fetched country comparisons underlying common cross-country results. When appropriately restricting the sample, we confirm a positive and significant effect of openness on growth. Second, we apply synthetic control methods-which account for endogeneity due to unobservable heterogeneity-to countries that liberalized their trade regime and we show that trade liberalization has often had a positive effect on growth.

Author : Sebastian Edwards
Publisher : Unknown
Page : 44 pages
File Size : 44,9 Mb
Release : 1997
Category : Commercial policy
ISBN : UCSD:31822024053795

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Openness, Productivity and Growth by Sebastian Edwards Pdf

For over a century social analysts have debated the connection between trade policy and economic performance. This controversy continues today, even as the world is experiencing an unprecedented period of trade liberalization, and in spite of numerous empirical studies that claim to have found a positive effect of openness on growth. Two issues have been at the core of these controversies: first, until recently theoretical models had been unable to link trade policy to faster equilibrium growth. And second, the empirical literature on the subject has been affected by serious data problems. In this paper I use a new comparative data set for 93 countries to analyze the robustness of the relationship between openness and TFP growth. I use nine alternative indexes of trade policy to investigate whether the evidence supports the view that, with other things given, TFP growth is faster in more open economies. The regressions reported here are robust to the use of openness indicator, estimation technique, time period and functional form, and suggest that more open countries have indeed experienced faster productivity growth. Although the use of instrumental variables goes a long way towards dealing with endogeneity, issues related to causality are still somewhat open, and will require time series analyses to be adequately addressed.

Author : Sebastian Edwards
Publisher : World Bank Publications
Page : 66 pages
File Size : 42,8 Mb
Release : 1989
Category : Apertura economica - Paises en desarrollo
ISBN : 8210379456XXX

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Openness, Outward Orientation, Trade Liberalization and Economic Performance in Developing Countries by Sebastian Edwards Pdf

Author : Joseph Stiglitz,José Antonio Ocampo,Shari Spiegel,Ricardo Ffrench-Davis,Deepak Nayyar
Publisher : OUP Oxford
Page : 352 pages
File Size : 43,5 Mb
Release : 2006-08-31
Category : Business & Economics
ISBN : 9780191647796

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Stability with Growth by Joseph Stiglitz,José Antonio Ocampo,Shari Spiegel,Ricardo Ffrench-Davis,Deepak Nayyar Pdf

There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries. One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.

Author : Muhammad Shahbaz,Alaa Soliman,Subhan Ullah
Publisher : Springer Nature
Page : 245 pages
File Size : 48,9 Mb
Release : 2021-09-21
Category : Business & Economics
ISBN : 9783030790035

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Economic Growth and Financial Development by Muhammad Shahbaz,Alaa Soliman,Subhan Ullah Pdf

This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.

Author : Robert E. Baldwin
Publisher : Unknown
Page : 50 pages
File Size : 53,9 Mb
Release : 2003
Category : Developing countries
ISBN : UCSD:31822032506289

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Openness and Growth by Robert E. Baldwin Pdf

There is still disagreement among economists concerning how a country's international economic policies and its rate of economic growth interact, despite a number of multi-country case studies utilizing comparable analytical frameworks, numerous econometric studies using large cross-country data sets, and important theoretical advances in growth theory. This paper briefly surveys this literature and points out the main reasons for the disagreements. Particular attention is given to an important study by Francisco Rodriguez and Dani Rodrik (2001) criticizing the conclusion of a number of recent multi-country statistical studies that openness is associated with higher growth rates. Rodriguez and Rodrik show that openness simply in the sense of liberal trade policies seems to be no guarantee of faster growth. However, the conclusion of most researchers involved in either country studies or multi-country statistical tests that lower trade barriers in combination with a stable and non-discriminatory exchange-rate system, prudent monetary and fiscal policies and corruption-free administration of economic policies promote economic growth still seems to remain valid.