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Prices Markups And Trade Reform
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Book Synopsis Prices, Markups and Trade Reform by :
Download or read book Prices, Markups and Trade Reform written by and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how prices, markups and marginal costs respond to trade liberalization. We develop a framework to estimate markups from production data with multi-product firms. This approach does not require assumptions on the market structure or demand curves faced by firms, nor assumptions on how firms allocate their inputs across products. We exploit quantity and price information to disentangle markups from quantity-based productivity, and then compute marginal costs by dividing observed prices by the estimated markups. We use India's trade liberalization episode to examine how firms adjust these performance measures. Not surprisingly, we find that trade liberalization lowers factory-gate prices and that output tariff declines have the expected pro-competitive effects. However, the price declines are small relative to the declines in marginal costs, which fall predominantly because of the input tariff liberalization. The reason for this incomplete cost pass-through to prices is that firms offset their reductions in marginal costs by raising markups. Our results demonstrate substantial heterogeneity and variability in markups across firms and time and suggest that producers benefited relative to consumers, at least immediately after the reforms.
Book Synopsis Trade Reforms and Market Selection by : Marcela Eslava
Download or read book Trade Reforms and Market Selection written by Marcela Eslava and published by . This book was released on 2009 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use plant output and input prices to decompose the profit margin into four parts: productivity, demand shocks, mark-ups and input costs. We find that each of these market fundamentals are important in explaining plant exit. We then use variation across sectors in tariff changes after the Colombian trade reform to assess whether the impact of market fundamentals on plant exit changed with increased international competition. We find that greater international competition magnifies the impact of productivity, and other market fundamentals, on plant exit. A dynamic simulation that compares the distribution of productivity with and without the trade reform shows that improvements in market selection from trade reform help to weed out the least productive plants and increase average productivity. In addition, we find that trade liberalization increases productivity of incumbent plants and improves the allocation of activity within industries.
Book Synopsis Trade Reforms and Market Selection by : Marcela Eslava
Download or read book Trade Reforms and Market Selection written by Marcela Eslava and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use plant output and input prices to decompose the profit margin into four parts: productivity, demand shocks, mark-ups and input costs. We find that each of these market fundamentals are important in explaining plant exit. We then use variation across sectors in tariff changes after the Colombian trade reform to assess whether the impact of market fundamentals on plant exit changed with increased international competition. We find that greater international competition magnifies the impact of productivity, and other market fundamentals, on plant exit. A dynamic simulation that compares the distribution of productivity with and without the trade reform shows that improvements in market selection from trade reform help to weed out the least productive plants and increase average productivity. In addition, we find that trade liberalization increases productivity of incumbent plants and improves the allocation of activity within industries.
Book Synopsis The Great Reversal by : Thomas Philippon
Download or read book The Great Reversal written by Thomas Philippon and published by Belknap Press. This book was released on 2019 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: American markets, once a model for the world, are giving up on competition. Thomas Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by investing and innovating, powerful firms use political pressure to secure their advantages. The result is less efficient markets, leading to higher prices and lower wages.
Book Synopsis Trade and Employment in Developing Countries by : Anne O. Krueger
Download or read book Trade and Employment in Developing Countries written by Anne O. Krueger and published by . This book was released on 1988 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Falling Trade Costs, Heterogeneous Firms, and Industry Dynamics by : Andrew B. Bernard
Download or read book Falling Trade Costs, Heterogeneous Firms, and Industry Dynamics written by Andrew B. Bernard and published by . This book was released on 2003 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the response of industries and firms to changes in trade costs. Several new firm-level models of international trade with heterogeneous firms predict that industry productivity will rise as trade costs fall due to the reallocation of activity across plants within an industry. Using disaggregated U.S. import data, we create a new measure of trade costs over time and industries. As the models predict, productivity growth is faster in industries with falling trade costs. We also find evidence supporting the major hypotheses of the heterogenous-firm models. Plants in industries with falling trade costs are more likely to die or become exporters. Existing exporters increase their shipments abroad. The results do not apply equally across all sectors but are strongest for industries most likely to be producing horizontally-differentiated tradeable goods.
Book Synopsis Japan's Bubble, Deflation, and Long-term Stagnation by : Kōichi Hamada
Download or read book Japan's Bubble, Deflation, and Long-term Stagnation written by Kōichi Hamada and published by MIT Press. This book was released on 2011 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: New perspectives on Japan's "lost decade" viewed in the context of recent financial turmoil.
Book Synopsis Tariff Passthrough at the Border and at the Store: Evidence from US Trade Policy by : Alberto Cavallo
Download or read book Tariff Passthrough at the Border and at the Store: Evidence from US Trade Policy written by Alberto Cavallo and published by International Monetary Fund. This book was released on 2019-11-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use micro data collected at the border and at retailers to characterize the effects brought by recent changes in US trade policy - particularly the tariffs placed on imports from China - on importers, consumers, and exporters. We start by documenting that the tariffs were almost fully passed through to total prices paid by importers, suggesting the tariffs' incidence has fallen largely on the United States. Since we estimate the response of prices to exchange rates to be far more muted, the recent depreciation of the Chinese renminbi is unlikely to alter this conclusion. Next, using product-level data from several large multi-national retailers, we demonstrate that the impact of the tariffs on retail prices is more mixed. Some affected product categories have seen sharp price increases, but the difference between affected and unaffected products is generally quite modest, suggesting that retail margins have fallen. These retailers' imports increased after the initial announcement of possible tariffs, but before their full implementation, so the intermediate passthrough of tariffs to their prices may not persist. Finally, in contrast to the case of foreign exporters facing US tariffs, we show that US exporters lowered their prices on goods subjected to foreign retaliatory tariffs compared to exports of non-targeted goods.
Book Synopsis The Macroeconomic Effects of Trade Tariffs by : Jesper Lindé
Download or read book The Macroeconomic Effects of Trade Tariffs written by Jesper Lindé and published by International Monetary Fund. This book was released on 2017-07-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export subsidy holds up approximately for a number of alternative assumptions, we obtain quantitatively important long-term deviations under complete international asset markets. Direct pass-through of tariffs and subsidies to prices and slow exchange rate adjustment can also generate significant short-term deviations from Lerner. Finally, we quantify the macroeconomic costs of a trade war and find that they can be substantial, with permanently lower income and trade volumes. However, a fully symmetric retaliation to a unilaterally imposed border adjustment tax can prevent any real or nominal effects.
Book Synopsis Regulation, Productivity and Growth by : Giuseppe Nicoletti
Download or read book Regulation, Productivity and Growth written by Giuseppe Nicoletti and published by World Bank Publications. This book was released on 2003 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we relate the scope and depth of regulatory reforms to growth outcomes in OECD countries. By means of a new set of quantitative indicators of regulation, we show that the cross-country variation of regulatory settings has increased in recent years, despite extensive liberalisation and privatisation in the OECD area. We then look at the regulation-growth linkage using data that cover a large set of manufacturing and service industries over the past two decades. We focus on multifactor productivity (MFP), which plays a crucial role in GDP growth and accounts for a significant share of its cross-country variance. We find evidence that reforms promoting private governance and competition (where these are viable) tend to boost productivity. Both privatisation and entry liberalisation are estimated to have a positive impact on productivity. In manufacturing the gains are greater the further a given country is from the technology leader, suggesting that regulation limiting ...
Book Synopsis World Development Report 2020 by : World Bank
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.
Book Synopsis Trade Reform by : United States. Congress. House. Committee on Ways and Means
Download or read book Trade Reform written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1973 with total page 2282 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reforming Infrastructure by : Ioannis Nicolaos Kessides
Download or read book Reforming Infrastructure written by Ioannis Nicolaos Kessides and published by World Bank Publications. This book was released on 2004 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.
Book Synopsis A Step Ahead by : Martha Martinez Licetti
Download or read book A Step Ahead written by Martha Martinez Licetti and published by World Bank Publications. This book was released on 2017-06-29 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable economic development has played a major role in the decline of global poverty in the past two decades. There is no doubt that competitive markets are key drivers of economic growth and productivity. They are also valuable channels for consumer welfare. Competition policy is a powerful tool for complementing efforts to alleviate poverty and bring about shared prosperity. An effective competition policy involves measures that enable contestability and firm entry and rivalry, while ensuring the enforcement of antitrust laws and state aid control. Governments from emerging and developing economies are increasingly requesting pragmatic solutions for effective competition policy implementation, as well as recommendations for pro-competitive sectoral policies. A Step Ahead: Competition Policy for Shared Prosperity and Inclusive Growth puts forward a research agenda that advocates the importance of market competition, effective market regulation, and competition policies for achieving inclusive growth and shared prosperity in emerging and developing economies. It is the result of a global partnership and shared commitment between the World Bank Group and the Organisation for Economic Co-operation and Development (OECD). Part I of the book brings together existing empirical evidence on the benefits of competition for household welfare. It covers the elimination of anticompetitive practices and regulations that restrict competition in key markets and highlights the effects of competition on small producers and employment. Part II of the book focuses on the distributional effects of competition policies and how enforcement can be better aligned with shared prosperity goals.
Book Synopsis Handbook of Commercial Policy by : Kyle Bagwell
Download or read book Handbook of Commercial Policy written by Kyle Bagwell and published by Elsevier. This book was released on 2016-11-02 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Commercial Policy explores three main topics that permeate the study of commercial policy. The first section presents a broad set of basic empirical facts regarding the pattern and evolution of commercial policy, with the second section investigating the crosscutting legal issues relating to the purpose and design of agreements. Finally, the third section covers key issues of commercial policy in the modern global economy. Every chapter in the book provides coverage from the perspectives of multilateral, and where appropriate, preferential trade agreements. While most other volumes are policy-oriented, this comprehensive guide explores the ways that intellectual thinking and rigor organize research, further making frontier-level synthesis and current theoretical and empirical research accessible to all. Covers the research areas that are critical for understanding how the world of commercial policy has changed, especially over the last 20 years Presents the way in which research on the topic have evolved Scrutinizes the economic modeling of bargaining and legal issues Useful for examining the theory and empirics of commercial policy
Book Synopsis Trade and Inclusive Growth by : International Monetary Fund
Download or read book Trade and Inclusive Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-03-12 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Rise of Right-Wing Populist Parties and Reversal of Economic Reforms in Developing Democracies by : Vineeta Yadav
Download or read book The Rise of Right-Wing Populist Parties and Reversal of Economic Reforms in Developing Democracies written by Vineeta Yadav and published by Lexington Books. This book was released on 2024-01-12 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: When and why are right-wing populist parties electorally successful in developing democracies? What are the economic consequences of their electoral success? This book presents an original theoretical framework that is grounded in the socio-economic characteristics of developing countries to answer these questions and provides evidence for its theo
