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The Impact Of Liberalizing Barriers To Foreign Direct Investment In Services
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Book Synopsis The Impact of Liberalizing Barriers to Foreign Direct Investment in Services by : Jesper Jensen
Download or read book The Impact of Liberalizing Barriers to Foreign Direct Investment in Services written by Jesper Jensen and published by World Bank Publications. This book was released on 2004 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors estimate that Russia will gain about 7.2 percent of the value of Russian consumption in the medium run from WTO accession and up to 24 percent in the long run. They estimate that the largest gains to Russia will derive from liberalization of barriers against multinational service providers. Piecemeal and systematic sensitivity analysis shows that their results are robust."--Abstract.
Book Synopsis The Impact of Liberalizing Barriers to Foreign Direct Investment in Services by : Jesper Jensen
Download or read book The Impact of Liberalizing Barriers to Foreign Direct Investment in Services written by Jesper Jensen and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors use a computable general equilibrium model of the Russian economy to assess the impact of accession to the World Trade Organization (WTO), which encompasses improved market access, tariff reduction, and reduction of barriers against multinational service providers. They assume that foreign direct investment in business services is necessary for multinationals to compete well with Russian business service providers, but cross-border service provision is also present. The model incorporates productivity effects in both goods and services markets endogenously through a Dixit-Stiglitz framework. As a result, the estimated gains from WTO accession are much larger than would be obtained from a typical model with perfect competition. The ad valorem equivalent of barriers to foreign direct investment have been estimated based on detailed questionnaires completed by specialized research institutes in Russia. The authors estimate that Russia will gain about 7.2 percent of the value of Russian consumption in the medium run from WTO accession and up to 24 percent in the long run. They estimate that the largest gains to Russia will derive from liberalization of barriers against multinational service providers. Piecemeal and systematic sensitivity analysis shows that their results are robust.
Book Synopsis The Impact of Liberalizing Barriers to Foreign Direct Investment in Services by : Jesper Jensen
Download or read book The Impact of Liberalizing Barriers to Foreign Direct Investment in Services written by Jesper Jensen and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper a computable general equilibrium model of the Russian economy is used to assess the impact of accession to the World Trade Organization (WTO), which encompasses improved market access, Russian tariff reduction, and reduction of barriers against multinational service providers. It is assumed that foreign direct investment in business services is necessary for multinationals to compete well with Russian business services providers, but cross-border service provision is also present. The model incorporates productivity effects in both goods and services markets endogenously, through a Dixit-Stiglitz framework. It is estimated that Russia will gain about 7.2% of the value of Russian consumption in the medium term from WTO accession and up to 24% in the long run. It is also estimated that the largest gains to Russia will derive from liberalization of barriers against multinational service providers. Piecemeal and systematic sensitivity analysis shows that the results are robust.
Book Synopsis Quantifying the Impact of Services Liberalization in a Developing Country by : Denise Eby Konan
Download or read book Quantifying the Impact of Services Liberalization in a Developing Country written by Denise Eby Konan and published by World Bank Publications. This book was released on 2004 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors consider how service liberalization differs from goods liberalization in terms of welfare, the level and composition of output, and factor prices within a developing economy, in this case Tunisia. Despite recent movements toward liberalization, Tunisian service sectors remain largely closed to foreign participation and are provided at high cost relative to many developing nations. The authors develop a computable general equilibrium (CGE) model of the Tunisian economy with multiple products and services and three trading partners. They model goods liberalization as the unilateral removal of product tariffs. Restraints on services trade involve both restrictions on cross-border supply (mode 1 in the GATS) and on foreign ownership through foreign direct investment (mode 3 in the GATS). The former are modeled as tariff-equivalent price wedges while the latter are comprised of both monopoly-rent distortions (arising from imperfect competition among domestic producers) and inefficiency costs (arising from a failure of domestic service providers to adopt least-cost practices). They find that goods-trade liberalization yields a gain in aggregate welfare and reorients production toward sectors of benchmark comparative advantage. However, a reduction of services barriers in a way that permits greater competition through foreign direct investment generates larger welfare gains. Service liberalization also requires lower adjustment costs, measured in terms of sectoral movement of workers, than does goods-trade liberalization. And it tends to increase economic activity in all sectors and raise the real returns to both capital and labor. The overall welfare gains of comprehensive service liberalization amount to more than 5 percent of initial consumption. The bulk of these gains come from opening markets for finance, business services, and telecommunications. Because these are key inputs into all sectors of the economy, their liberalization cuts costs and drives larger efficiency gains overall. The results point to the potential importance of deregulating services provision for economic development.
Book Synopsis Does Services Liberalization Benefit Manufacturing Firms? by : Jens Matthias Arnold
Download or read book Does Services Liberalization Benefit Manufacturing Firms? written by Jens Matthias Arnold and published by World Bank Publications. This book was released on 2007 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: While there is considerable empirical evidence on the impact of liberalizing trade in goods, the effects of services liberalization have not been empirically established. Using firm-level data from the Czech Republic for the period 1998-2003, this study examines the link between services sector reforms and the productivity of domestic firms in downstream manufacturing. Several aspects of services reform are considered and measured, namely, the increased presence of foreign providers, privatization, and enhanced competition. The manufacturing-services linkage is measured using information on the degree to which manufacturing firms in a particular industry rely on intermediate inputs from specific services sectors. The econometric results lead to two conclusions. First, the study finds that services policy matters for the productivity of manufacturing firms relying on services inputs. This finding is robust to several econometric specifications, including controlling for unobservable firm heterogeneity and for other aspects of openness. Second, it finds evidence that opening services sectors to foreign providers is a key channel through which services liberalization contributes to improved performance of downstream manufacturing sectors. This finding is robust to instrumenting for the extent of foreign presence in services industries. As most barriers to foreign investment today are not in goods but in services sectors, the findings may strengthen the argument for reform in this area.
Book Synopsis The Impact on Russia of WTO Accession and the Doha Agenda by : Thomas Fox Rutherford
Download or read book The Impact on Russia of WTO Accession and the Doha Agenda written by Thomas Fox Rutherford and published by World Bank Publications. This book was released on 2012 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taking price changes from the Global Trade Analysis Project (GTAP) model of world trade, the authors use a small open economy computable general equilibrium comparative static model of the Russian economy to assess the impact of global free trade and a successful completion of the Doha Agenda on the Russian economy, and especially on the poor. They compare those results with the impact of Russian accession to the World Trade Organization (WTO) on income distribution and the poor. The model incorporates all 55,000 households from the Russian Household Budget Survey as "real" households. Crucially, given the importance of foreign direct investment (FDI) liberalization as part of Russian WTO accession, the authors also include FDI and Dixit-Stiglitz endogenous productivity effects from liberalization of import barriers against goods and FDI in services. The authors estimate that Russian WTO accession in the medium run will result in gains averaged over all Russian households equal to 7.3 percent of Russian consumption (with a standard deviation of 2.2 percent of consumption), with virtually all households gaining. They find that global free trade would result in a weighted average gain to households in Russia of 0.2 percent of consumption, with a standard deviation of 0.2 percent of consumption, while a successful completion of the Doha Development Agenda would result in a weighted average gain to households of -0.3 percent of consumption (with a standard deviation of 0.2 percent of consumption). Russia, as a net food importer, loses from subsidy elimination, and the gains to Russia from tariff cuts in other countries are too small to offset these losses. The results strongly support the view that Russia's own liberalization is more important than improvements in market access as a result of reforms in tariffs or subsidies in the rest of the world. Foremost among the own reforms is liberalization of barriers against FDI in business services.
Book Synopsis The Impact on Russia of WTO Accession and the Doha Agenda by : Thomas F. Rutherford
Download or read book The Impact on Russia of WTO Accession and the Doha Agenda written by Thomas F. Rutherford and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taking price changes from the Global Trade Analysis Project (GTAP) model of world trade, the authors use a small open economy computable general equilibrium comparative static model of the Russian economy to assess the impact of global free trade and a successful completion of the Doha Agenda on the Russian economy, and especially on the poor. They compare those results with the impact of Russian accession to the World Trade Organization (WTO) on income distribution and the poor. The model incorporates all 55,000 households from the Russian Household Budget Survey as real households. Crucially, given the importance of foreign direct investment (FDI) liberalization as part of Russian WTO accession, the authors also include FDI and Dixit-Stiglitz endogenous productivity effects from liberalization of import barriers against goods and FDI in services. The authors estimate that Russian WTO accession in the medium run will result in gains averaged over all Russian households equal to 7.3 percent of Russian consumption (with a standard deviation of 2.2 percent of consumption), with virtually all households gaining. They find that global free trade would result in a weighted average gain to households in Russia of 0.2 percent of consumption, with a standard deviation of 0.2 percent of consumption, while a successful completion of the Doha Development Agenda would result in a weighted average gain to households of -0.3 percent of consumption (with a standard deviation of 0.2 percent of consumption). Russia, as a net food importer, loses from subsidy elimination, and the gains to Russia from tariff cuts in other countries are too small to offset these losses. The results strongly support the view that Russia's own liberalization is more important than improvements in market access as a result of reforms in tariffs or subsidies in the rest of the world. Foremost among the own reforms is liberalization of barriers against FDI in business services.
Author :Thomas F. Rutherford, David G. Tarr, Jesper Jensen, Edward J. Balistreri Publisher :World Bank Publications ISBN 13 : Total Pages :46 pages Book Rating :4./5 ( download)
Book Synopsis Modeling Services Liberalization by : Thomas F. Rutherford, David G. Tarr, Jesper Jensen, Edward J. Balistreri
Download or read book Modeling Services Liberalization written by Thomas F. Rutherford, David G. Tarr, Jesper Jensen, Edward J. Balistreri and published by World Bank Publications. This book was released on 2008 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper employs a 52-sector, small, open-economy computable general equilibrium model of the Tanzanian economy to assess the impact of the liberalization of regulatory barriers against foreign and domestic business service providers in Tanzania. The model incorporates productivity effects in both goods and services markets endogenously, through a Dixit-Stiglitz framework. It summarizes policy notes on the key business service sectors that were prepared for this work, and estimates the ad valorem equivalent of barriers to foreign direct investment based on these policy notes and detailed questionnaires completed by specialists in Tanzania. The authors estimate that Tanzania will gain about 5.3 percent of the value of Tanzanian consumption in the medium run (or about 4.8 percent of gross domestic product) from a full reform package that also includes uniform tariffs. The estimated gains increase to about 16 percent of consumption in the long-run, steady-state model, where the impact on the accumulation of capital from an improvement in the productivity of capital is taken into account. Decomposition exercises reveal that the largest gains to Tanzania will derive from liberalization of costly regulatory barriers that are non-discriminatory in their impacts between Tanzanian and multinational service providers. "--World Bank web site.
Book Synopsis Liberalizing Trade in Services by : Bernard M. Hoekman
Download or read book Liberalizing Trade in Services written by Bernard M. Hoekman and published by World Bank Publications. This book was released on 2006 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Since the mid 1980s a substantial amount of research has been undertaken on trade in services. Much of this is inspired by the World Trade Organization or regional trade agreements, especially the European Union, but an increasing number of papers focus on the impacts of services sector liberalization. This paper surveys the literature, focusing on contributions that investigate the determinants of international trade and investment in services, the potential gains from greater trade (and liberalization), and efforts to cooperate to achieve such liberalization through trade agreements. It concludes that there is increasing evidence that services liberalization is an important source of potential welfare gains, but relatively little research has been done that can inform the design of international cooperation-both trade agreements and development assistance-so as to more effectively promote development objectives.
Book Synopsis Liberalising Foreign Direct Investment Policies in the APEC Region by : Bernie Bishop
Download or read book Liberalising Foreign Direct Investment Policies in the APEC Region written by Bernie Bishop and published by Routledge. This book was released on 2018-05-08 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2001. This work is a response to criticisms that investment liberalization in the APEC region is not moving quickly enough. It commences with a historical overview of APEC's process for investment liberalization and a description of current foreign direct investment policies for each of the APEC economies. It then argues that there are significant constraints to further liberalization arising from economic development concerns in the developing countries and political considerations in both developed and developing countries in the region. It also suggests that a truly liberalized investment environment would involve the removal of investment incentives. Again, there are political and institutional reasons that make this difficult. With several suggestions for further research that should better inform policy makers, this is an informative insight into the complex issues involved in the liberalization process in the APEC region.
Book Synopsis Modeling Services Liberalization: The Case of Kenya by : David G. Tarr
Download or read book Modeling Services Liberalization: The Case of Kenya written by David G. Tarr and published by World Bank Publications. This book was released on 2008 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper employs a 55 sector small open economy computable general equilibrium model of the Kenyan economy to assess the impact of the liberalization of regulatory barriers against foreign and domestic business service providers in Kenya. The model incorporates foreign direct investment in business services and productivity effects in imperfectly competitive goods and services markets endogenously, through a Dixit-Stiglitz framework. The ad valorem equivalent of barriers to foreign direct investment have been estimated based on detailed questionnaires completed by specialists in Kenya. We estimate very substantial gains to Kenya from regulatory liberalization in business services, and additional gains from uniform tariffs. The estimated gains increase to 50% of consumption in the long run steady state model, where the impact on the accumulation of capital from an improvement in the productivity of capital is taken into account. Decomposition exercises reveal that the largest gains to Kenya will derive from liberalization of costly regulatory barriers that are non-discriminatory in their impacts between Kenyan and multinational service providers.
Book Synopsis Telecommunications Reform Within Russia's Accession to the World Trade Organization by : Jesper Jensen
Download or read book Telecommunications Reform Within Russia's Accession to the World Trade Organization written by Jesper Jensen and published by World Bank Publications. This book was released on 2005 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The results show that reduction of barriers to foreign direct investment in telecommunications will bring substantial gains to the Russian economy, including an increase in the productivity of Russian labor and capital. Despite the fact that multinationals use Russian labor less intensively than Russian firms, demand for Russian labor employed in telecommunications should increase, following reductions in barriers to foreign direct investment that are included in the context of WTO accession. This is because the overall demand for telecommunication services should increase due to the growth effects of the liberalization of barriers against foreign direct investment generally and the reduction in tariffs. Russian capital owners in telecommunications will likely be sought as joint venture partners and can restructure and obtain gains as partners with foreign firms. Wholly owned Russian firms are likely to experience losses"--Abstract.
Book Synopsis The Impact of Kazakhstan Accession to the World Trade Organization by : Jesper Jensen
Download or read book The Impact of Kazakhstan Accession to the World Trade Organization written by Jesper Jensen and published by World Bank Publications. This book was released on 2007 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper the authors use a computable general equilibrium model of the Kazakhstan economy to assess the impact of accession to the World Trade Organization (WTO), which encompasses (1) improved market access; (2) Kazakhstan tariff reduction; (3) reduction of barriers against entry by multinational service providers; and (4) reform of local content and value-added tax policies confronting multinational firms in the oil sector. They assume that foreign direct investment in business services is necessary for multinationals to compete well with Kazakhstan business services providers, but cross-border service provision is also present. The model incorporates productivity effects in both goods and services markets endogenously, through a Dixit-Stiglitz framework. The authors estimated the ad valorem equivalent of barriers to foreign direct investment based on detailed questionnaires completed by specialized research institutes in Kazakhstan. They estimate that Kazakhstan will gain about 6.7 percent of the value of Kazakhstan consumption in the medium run from WTO accession and up to 17.5 percent in the long run. They estimate that the largest gains to Kazakhstan will derive from liberalization of barriers against multinational service providers, but the other three elements of WTO accession that the authors model all contribute positively to the estimated gains. Piecemeal sensitivity analysis shows that qualitatively the results are robust, but there are four parameters in the model that significantly affect the estimated magnitude of the gains from WTO accession.
Book Synopsis Multilateral Disciplines for Investment-related Policies by : Bernard M. Hoekman
Download or read book Multilateral Disciplines for Investment-related Policies written by Bernard M. Hoekman and published by World Bank Publications. This book was released on 1999 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: June 1999 - Is there a strong case for developing countries to support the creation of a multilateral agreement on investment? Probably not. Existing agreements offer ample scope for liberalizing foreign direct investment in the area that matters most to developing countries: services. Hoekman and Saggi evaluate the potential benefits of international disciplines on policies toward foreign direct investment for developing countries. They conclude that the case for initiating negotiations on investment policies is weak, at present. Negotiating efforts that center on further liberalizing market access on a nondiscriminatory basis-especially for services-are likely to be more fruitful in terms of economic welfare and growth. Existing multilateral instruments, although imperfect, are far from fully exploited and provide significant opportunities for governments opening further access to markets. Hoekman and Saggi conclude that priority should be given to expanding coverage of the General Agreement on Trade in Services (GATS) before seeking to negotiate general disciplines on investment policies. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to prepare for the next round of WTO negotiations. The authors may be contacted at bhoekman@@worldbank.org or ksaggi @@mail.smu.edu.
Book Synopsis Quantifying the Impact of Services Liberalization in a Developing Country by : Denise Eby Konan
Download or read book Quantifying the Impact of Services Liberalization in a Developing Country written by Denise Eby Konan and published by . This book was released on 2016 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Konan and Maskus consider how service liberalization differs from goods liberalization in terms of welfare, the level and composition of output, and factor prices within a developing economy, in this case Tunisia. Despite recent movements toward liberalization, Tunisian service sectors remain largely closed to foreign participation and are provided at high cost relative to many developing nations. The authors develop a computable general equilibrium (CGE) model of the Tunisian economy with multiple products and services and three trading partners. They model goods liberalization as the unilateral removal of product tariffs. Restraints on services trade involve both restrictions on cross-border supply (mode 1 in the GATS) and on foreign ownership through foreign direct investment (mode 3 in the GATS). The former are modeled as tariff-equivalent price wedges while the latter are comprised of both monopoly-rent distortions (arising from imperfect competition among domestic producers) and inefficiency costs (arising from a failure of domestic service providers to adopt least-cost practices). They find that goods-trade liberalization yields a gain in aggregate welfare and reorients production toward sectors of benchmark comparative advantage. However, a reduction of services barriers in a way that permits greater competition through foreign direct investment generates larger welfare gains. Service liberalization also requires lower adjustment costs, measured in terms of sectoral movement of workers, than does goods-trade liberalization. And it tends to increase economic activity in all sectors and raise the real returns to both capital and labor. The overall welfare gains of comprehensive service liberalization amount to more than 5 percent of initial consumption. The bulk of these gains come from opening markets for finance, business services, and telecommunications. Because these are key inputs into all sectors of the economy, their liberalization cuts costs and drives larger efficiency gains overall. The results point to the potential importance of deregulating services provision for economic development.This paper - product of the Trade, Development Research Group - is part of a larger effort in the department to measure the benefits of services trade.
Book Synopsis A Handbook of International Trade in Services by : Aaditya Mattoo
Download or read book A Handbook of International Trade in Services written by Aaditya Mattoo and published by OUP Oxford. This book was released on 2007-11-22 with total page 680 pages. Available in PDF, EPUB and Kindle. Book excerpt: International trade and investment in services are an increasingly important part of global commerce. Advances in information and telecommunication technologies have expanded the scope of services that can be traded cross-border. Many countries now allow foreign investment in newly privatized and competitive markets for key infrastructure services, such as energy, telecommunications, and transport. More and more people are travelling abroad to consume tourism, education, and medical services, and to supply services ranging from construction to software development. In fact, services are the fastest growing components of the global economy, and trade and foreign direct investment (FDI) in services have grown faster than in goods over the past decade and a half. International transactions, however, continue to be impeded by policy barriers, especially to foreign investment and the movement of service-providing individuals. Developing countries in particular are likely to benefit significantly from further domestic liberalization and the elimination of barriers to their exports. In many instances, income gains from a reduction in protection to services may be far greater than from trade liberalization in goods. In light of the increasing importance of international trade in services and the inclusion of services issues on the agendas of the multilateral, regional and bilateral trade negotiations, there is an obvious need to understand the economic implications of services trade and liberalization. A Handbook of International Trade in Services provides a comprehensive introduction to the subject, making it an essential reference for trade officials, policy advisors, analysts, academics, and students. Beginning with an overview on the key issues in trade in services and discussion of the GATS, the book then looks at trade negotiations in the service sector, the barriers to trade in services, and concludes by looking at a number of specific service sectors, such as financial services, e-commerce, health services, and the temporary movement of workers.
Book Synopsis International Friction and Cooperation in High-Technology Development and Trade by : National Research Council
Download or read book International Friction and Cooperation in High-Technology Development and Trade written by National Research Council and published by National Academies Press. This book was released on 1997-10-10 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt:
