Reassessing The Productivity Gains From Trade Liberalization

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Reassessing the Productivity Gains from Trade Liberalization

Mr.JaeBin Ahn,Ms.Era Dabla-Norris,Mr.Romain A Duval,Bingjie Hu,Lamin Njie
Reassessing the Productivity Gains from Trade Liberalization Book PDF

Author : Mr.JaeBin Ahn,Ms.Era Dabla-Norris,Mr.Romain A Duval,Bingjie Hu,Lamin Njie
Publisher : International Monetary Fund
Page : 31 pages
File Size : 50,9 Mb
Release : 2016-03-23
Category : Business & Economics
ISBN : 9781475546774

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Reassessing the Productivity Gains from Trade Liberalization by Mr.JaeBin Ahn,Ms.Era Dabla-Norris,Mr.Romain A Duval,Bingjie Hu,Lamin Njie Pdf

This paper reassesses the impact of trade liberalization on productivity. We build a new, unique database of effective tariff rates at the country-industry level for a broad range of countries over the past two decades. We then explore both the direct effect of liberalization in the sector considered, as well as its indirect impact in downstream industries via input linkages. Our findings point to a dominant role of the indirect input market channel in fostering productivity gains. A 1 percentage point decline in input tariffs is estimated to increase total factor productivity by about 2 percent in the sector considered. For advanced economies, the implied potential productivity gains from fully eliminating remaining tariffs are estimated at around 1 percent, on average, which do not factor in the presumably larger gains from removing existing non-tariff barriers. Finally, we find strong evidence of complementarities between trade and FDI liberalization in boosting productivity. This calls for a broad liberalization agenda that cuts across different areas.

Globalization, Productivity and Production Networks in ASEAN

Fithra Faisal Hastiadi
Globalization Productivity and Production Networks in ASEAN Book PDF

Author : Fithra Faisal Hastiadi
Publisher : Springer Nature
Page : 257 pages
File Size : 45,9 Mb
Release : 2019-08-31
Category : Business & Economics
ISBN : 9783030165109

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Globalization, Productivity and Production Networks in ASEAN by Fithra Faisal Hastiadi Pdf

This book examines the challenges that ASEAN (Association of Southeast Asian Nations) members need to overcome in order to sustain and intensify economic growth. The ASEAN market is widely regarded as a new hub of growth, not least in light of increasing protectionism and declining economic growth of the three largest countries in Northeast Asia (China, Japan, and South Korea). Contributors address a range of issues with a concentrated focus on evidence from Indonesia, including globalisation, increasing populism, trade, FDI, the benefits of the production network, and related issues such as spill-over, crises, innovation and technology, and selected sectoral commodity and policy analysis of Indonesia. This book analyses and explains the relationship between trade and foreign direct investment, and technical changes, with regard to improving ‘productivity’ in the supply-side economic growth model using, in particular, Indonesia as the de facto leader of ASEAN. This book will be of interest to academics and students specialising in international economics and international development.

Trading with China

Mr.JaeBin Ahn,Mr.Romain A Duval
Trading with China Book PDF

Author : Mr.JaeBin Ahn,Mr.Romain A Duval
Publisher : International Monetary Fund
Page : 13 pages
File Size : 41,9 Mb
Release : 2017-05-23
Category : Business & Economics
ISBN : 9781475595833

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Trading with China by Mr.JaeBin Ahn,Mr.Romain A Duval Pdf

We analyze the impact on productivity in advanced economies of fast-growing trade with China between the mid-1990s and late-2000s, separately identifying the export and import channels. We use country-sector-level data for 18 advanced economies and, similar to Autor, Dorn, and Hanson (2013), exploit exogenous variation in trade with China in a given country-sector by instrumenting imports from (exports to) China in a given country-sector with the average imports from (exports to) China in the same sector in other advanced economies. Our estimates point to large productivity gains from trading with China—the (exogenous) rise of China in global trade may have increased the level of total factor productivity by about 1.9 percent, or 12.3 percent of the overall increase over the sample period, in the median country-sector. By contrast, using a similar empirical strategy, we find adverse employment effects of Chinese imports in exposed country-industries, consistent with previous studies. Taken together, these findings point to large gains from free trade, while underscoring the scope for a more active policy role in redistributing them, particularly by easing workers’ transition between jobs and industries.

World Economic Outlook, October 2016

International Monetary Fund. Research Dept.
World Economic Outlook October 2016 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 288 pages
File Size : 52,7 Mb
Release : 2016-10-04
Category : Business & Economics
ISBN : 9781513599540

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World Economic Outlook, October 2016 by International Monetary Fund. Research Dept. Pdf

According to the October 2016 "World Economic Outlook," global growth is projected to slow to 3.1 percent in 2016 before recovering to 3.4 percent in 2017. The forecast, revised down by 0.1 percentage point for 2016 and 2017 relative to April’s report, reflects a more subdued outlook for advanced economies following the June U.K. vote in favor of leaving the European Union (Brexit) and weaker-than-expected growth in the United States. These developments have put further downward pressure on global interest rates, as monetary policy is now expected to remain accommodative for longer. Although the market reaction to the Brexit shock was reassuringly orderly, the ultimate impact remains very unclear, as the fate of institutional and trade arrangements between the United Kingdom and the European Union is uncertain. Financial market sentiment toward emerging market economies has improved with expectations of lower interest rates in advanced economies, reduced concern about China’s near-term prospects following policy support to growth, and some firming of commodity prices. But prospects differ sharply across countries and regions, with emerging Asia in general and India in particular showing robust growth and sub-Saharan Africa experiencing a sharp slowdown. In advanced economies, a subdued outlook subject to sizable uncertainty and downside risks may fuel further political discontent, with anti-integration policy platforms gaining more traction. Several emerging market and developing economies still face daunting policy challenges in adjusting to weaker commodity prices. These worrisome prospects make the need for a broad-based policy response to raise growth and manage vulnerabilities more urgent than ever.

India Policy Forum 2021

Poonam Gupta,Barry Bosworth,Karthik Muralidharan
India Policy Forum 2021 Book PDF

Author : Poonam Gupta,Barry Bosworth,Karthik Muralidharan
Publisher : SAGE Publishing India
Page : 196 pages
File Size : 40,9 Mb
Release : 2022-07-12
Category : Business & Economics
ISBN : 9789354793783

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India Policy Forum 2021 by Poonam Gupta,Barry Bosworth,Karthik Muralidharan Pdf

The India Policy Forum (IPF) is India's most prominent annual economic policy conference in the summer season of New Delhi and is organized by NCAER, the National Council of Applied Economic Research. The primary goal of the IPF is to promote original policy and empirical research on India, including policy-focused review articles that seek to define the best economic policy advice based on robust, empirical research. The annual IPF conference provides a unique combination of intense scholarship and expert commentary on commissioned research papers with a strong focus on policy. The revised papers and conference proceedings are published in this volume, including the comments of paper discussants and a summary of the floor discussion on each paper.

World Economic Outlook, October 2019

International Monetary Fund. Research Dept.
World Economic Outlook October 2019 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 208 pages
File Size : 41,5 Mb
Release : 2019-10-15
Category : Business & Economics
ISBN : 9781513516172

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World Economic Outlook, October 2019 by International Monetary Fund. Research Dept. Pdf

Global growth is forecast at 3.0 percent for 2019, its lowest level since 2008–09 and a 0.3 percentage point downgrade from the April 2019 World Economic Outlook.

Structural Reforms to Accelerate Growth, Ease Policy Trade-offs, and Support the Green Transition in Emerging Market and Developing Economies

Mrs. Nina Budina,Mr. Christian H Ebeke,Ms. Florence Jaumotte,Andrea Medici,Augustus J Panton,Marina M. Tavares,Bella Yao
Structural Reforms to Accelerate Growth Ease Policy Trade offs and Support the Green Transition in Emerging Market and Developing Economies Book PDF

Author : Mrs. Nina Budina,Mr. Christian H Ebeke,Ms. Florence Jaumotte,Andrea Medici,Augustus J Panton,Marina M. Tavares,Bella Yao
Publisher : International Monetary Fund
Page : 48 pages
File Size : 54,5 Mb
Release : 2023-09-22
Category : Business & Economics
ISBN : 9798400250095

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Structural Reforms to Accelerate Growth, Ease Policy Trade-offs, and Support the Green Transition in Emerging Market and Developing Economies by Mrs. Nina Budina,Mr. Christian H Ebeke,Ms. Florence Jaumotte,Andrea Medici,Augustus J Panton,Marina M. Tavares,Bella Yao Pdf

In the aftermath of the COVID-19 pandemic, emerging market and developing economies are grappling with economic scarring, social tension, and reduced policy space. Policy actions are already urgently needed to boost growth in the near term and support the ongoing green transition. At the same time, high public debt and persistently high inflation have constrained policy space, posing difficult policy trade-offs. This Staff Discussion Note focuses on emerging market and developing economies and proposes a framework for prioritization, packaging, and sequencing of macrostructural reforms to accelerate growth, alleviate policy trade-offs, and support the green transition. The note shows that prioritizing the removal of the most binding constraints on economic activity, bundling reforms (governance, business deregulation, and external sector reforms), and appropriate sequencing of other reforms (such as labor market and credit sector reforms) can help front-load reform gains. In emerging market and developing economies with large initial structural gaps, the estimated output effects of such a major reform package are sizable—about 4 percent in two years and 8 percent in four years. Achieving higher growth and lower absolute carbon emissions over time requires a well-designed strategy that includes both macrostructural and green reforms.

Regional Economic Outlook, April 2017, Asia and Pacific

Mr.Ranil M Salgado
Regional Economic Outlook April 2017 Asia and Pacific Book PDF

Author : Mr.Ranil M Salgado
Publisher : International Monetary Fund
Page : 120 pages
File Size : 44,5 Mb
Release : 2017-05-08
Category : Business & Economics
ISBN : 9781475575064

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Regional Economic Outlook, April 2017, Asia and Pacific by Mr.Ranil M Salgado Pdf

The Asia-Pacific region continues to be the world leader in growth, and recent data point to a pickup in momentum. We expect the region to expand by 5.5 percent in 2017, up from 5.3 percent in 2016. Accommodative policies will underpin domestic demand, offsetting tighter global financial conditions. However, the risks to the outlook, on balance, are slanted to the downside. A possible shift toward protectionism in major trading partners could suppress Asia’s trade, while the continued tightening of global financial conditions and economic uncertainty could trigger capital flow volatility. A bumpier-than-expected transition in China would also have large negative spillovers to the region. Beyond the short term, many parts of Asia face secular headwinds from population aging and slow productivity growth. These challenges call for domestic policies that support growth while boosting resilience and inclusiveness. To sustain long-term growth, structural reforms are needed to deal with challenges from demographic transition and to boost productivity.

World Economic Outlook, April 2019

International Monetary Fund. Research Dept.
World Economic Outlook April 2019 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 216 pages
File Size : 53,9 Mb
Release : 2019-04-09
Category : Business & Economics
ISBN : 9781498306102

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World Economic Outlook, April 2019 by International Monetary Fund. Research Dept. Pdf

After strong growth in 2017 and early 2018, global economic activity slowed notably in the second half of last year, reflecting a confluence of factors affecting major economies. China’s growth declined following a combination of needed regulatory tightening to rein in shadow banking and an increase in trade tensions with the United States. The euro area economy lost more momentum than expected as consumer and business confidence weakened and car production in Germany was disrupted by the introduction of new emission standards; investment dropped in Italy as sovereign spreads widened; and external demand, especially from emerging Asia, softened. Elsewhere, natural disasters hurt activity in Japan. Trade tensions increasingly took a toll on business confidence and, so, financial market sentiment worsened, with financial conditions tightening for vulnerable emerging markets in the spring of 2018 and then in advanced economies later in the year, weighing on global demand. Conditions have eased in 2019 as the US Federal Reserve signaled a more accommodative monetary policy stance and markets became more optimistic about a US–China trade deal, but they remain slightly more restrictive than in the fall.

Brazil

International Monetary Fund. Western Hemisphere Dept.
Brazil Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 111 pages
File Size : 47,7 Mb
Release : 2017-07-13
Category : Business & Economics
ISBN : 9781484309919

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Brazil by International Monetary Fund. Western Hemisphere Dept. Pdf

This Selected Issues paper examines the proximate causes of dramatic fall in investment in Brazil and the prospects for investment going forward. A variety of factors contributed to the investment decline, including deterioration in Brazil’s medium-term growth prospects, rising real interest rates, falling terms of trade, rising uncertainty related to economic policy, rising levels of corporate leverage and lower cash flow. Some of the factors that have weighed on investment over recent years have begun to normalize providing some impetus for a recovery. However, still-high levels of corporate leverage and the prospect of continued uncertainty related to economic policy settings suggest a turnaround in investment is likely to be subdued.

Innovation Systems, Economic Development and Public Policy

Swati Mehta,Baldev Singh Shergill
Innovation Systems Economic Development and Public Policy Book PDF

Author : Swati Mehta,Baldev Singh Shergill
Publisher : Taylor & Francis
Page : 426 pages
File Size : 52,5 Mb
Release : 2022-12-28
Category : Social Science
ISBN : 9781000816877

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Innovation Systems, Economic Development and Public Policy by Swati Mehta,Baldev Singh Shergill Pdf

This book looks at the policy challenges confronting India and other developing countries in creating a robust, sustainable and industrialized economy. It investigates different facets of the nature, structure, growth and impact of innovation in industries, education and within institutions to foster greater productivity and growth. The volume examines systems adopted to boost innovation and diffusion of technology in different economies while also mapping their success and failures. It offers suggestions for the future for long-term growth, sustainability and inclusiveness amidst dynamic, fast-changing technological frontiers using examples and case studies from India, Sri Lanka and Malaysia, among others. The chapters in the book, written to honour the academic work of Professor Lakhwinder Singh in the field of development economics and innovation economics, highlight the importance of adopting and adapting new technologies and development models to local contexts and small industries. An important contribution to research on innovation economics, this interdisciplinary book will be of interest to students, researchers, practitioners and policy-makers working in industrial economics, international economics, political economy, innovation economics, institutional economics, industrial organization and international trade.

Trade and Inclusive Growth

International Monetary Fund
Trade and Inclusive Growth Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 49 pages
File Size : 45,5 Mb
Release : 2021-03-12
Category : Business & Economics
ISBN : 9781513572734

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Trade and Inclusive Growth by International Monetary Fund Pdf

This paper surveys the literature on the relationship between international trade and inclusive growth. It examines claims that the rise in inequality in many countries can be attributed to the concurrent rise in trade competition, especially from EMEs like China, spurring trade tensions and protectionist measures. The paper investigates the conflicting literature showing the aggregate benefits of trade versus the adverse and persistent impact of trade, especially import competition, on specific industries and local communities. The paper then reviews the evidence for using trade policies and other complementary policies for adjustment and compensation to those groups adversely affected by trade.

Productivity Revisited

Ana Paula Cusolito,William F. Maloney
Productivity Revisited Book PDF

Author : Ana Paula Cusolito,William F. Maloney
Publisher : World Bank Publications
Page : 200 pages
File Size : 50,8 Mb
Release : 2018-12-21
Category : Business & Economics
ISBN : 9781464813627

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Productivity Revisited by Ana Paula Cusolito,William F. Maloney Pdf

Productivity has again moved to center stage in two critical academic and policy debates: the slowing of global growth amid spectacular technological advances, and developing countries’ frustratingly slow progress in catching up to the technological frontier. Productivity Revisited brings together the new conceptual advances of 'second-wave' productivity analysis that have revolutionized the study of productivity, calling much previous analysis into question while providing a new set of tools for approaching these debates. The book extends this analysis and, using unique data sets from multiple developing countries, grounds it in the developing-country context. It calls for rebalancing away from an exclusive focus on misallocation toward a greater focus on upgrading firms and facilitating the emergence of productive new establishments. Such an approach requires a supportive environment and various types of human capital--managerial, technical, and actuarial--necessary to cultivate new transformational firms. The book is the second volume of the World Bank Productivity Project, which seeks to bring frontier thinking on the measurement and determinants of productivity to global policy makers.

Gone with the Headwinds

Gustavo Adler,Mr.Romain A Duval,Davide Furceri,Sinem Kiliç Çelik,Ksenia Koloskova,Marcos Poplawski-Ribeiro
Gone with the Headwinds Book PDF

Author : Gustavo Adler,Mr.Romain A Duval,Davide Furceri,Sinem Kiliç Çelik,Ksenia Koloskova,Marcos Poplawski-Ribeiro
Publisher : International Monetary Fund
Page : 98 pages
File Size : 44,9 Mb
Release : 2017-04-03
Category : Business & Economics
ISBN : 9781475589672

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Gone with the Headwinds by Gustavo Adler,Mr.Romain A Duval,Davide Furceri,Sinem Kiliç Çelik,Ksenia Koloskova,Marcos Poplawski-Ribeiro Pdf

Productivity growth—the key driver of living standards—fell sharply following the global financial crisis and has remained sluggish since, adding to a slowdown already in train before. Building on new research, this note finds that the productivity slowdown reflects both crisis legacies and structural headwinds. In advanced economies, the global financial crisis has led to “productivity hysteresis”—persistent productivity losses from a seemingly temporary shock. Behind this are balance sheet vulnerabilities, protracted weak demand and elevated uncertainty, which jointly triggered an adverse feedback loop of weak investment, weak productivity and bleak income prospects. Structural headwinds—already blowing before the crisis—include a waning ICT boom and slowing technology diffusion, partly reflecting an aging workforce, slowing global trade and weaker human capital accumulation. Reviving productivity growth requires addressing remaining crisis legacies in the short run while pressing ahead with structural reforms to tackle longer-term headwinds.

Macroeconomic Consequences of Tariffs

Davide Furceri,Swarnali Ahmed Hannan,Mr.Jonathan David Ostry,Mr.Andrew K. Rose
Macroeconomic Consequences of Tariffs Book PDF

Author : Davide Furceri,Swarnali Ahmed Hannan,Mr.Jonathan David Ostry,Mr.Andrew K. Rose
Publisher : International Monetary Fund
Page : 57 pages
File Size : 43,6 Mb
Release : 2019-01-15
Category : Business & Economics
ISBN : 9781484390061

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Macroeconomic Consequences of Tariffs by Davide Furceri,Swarnali Ahmed Hannan,Mr.Jonathan David Ostry,Mr.Andrew K. Rose Pdf

We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines in domestic output and productivity. Tariff increases also result in more unemployment, higher inequality, and real exchange rate appreciation, but only small effects on the trade balance. The effects on output and productivity tend to be magnified when tariffs rise during expansions, for advanced economies, and when tariffs go up, not down. Our results are robust to a large number of perturbations to our methodology, and we complement our analysis with industry-level data.