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Trade Liberalization And Endogenous Growth In A Small Open Economy
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Book Synopsis Trade Liberalization and Endogenous Growth in a Small Open Economy by : Thomas Fox Rutherford
Download or read book Trade Liberalization and Endogenous Growth in a Small Open Economy written by Thomas Fox Rutherford and published by World Bank Publications. This book was released on 1998 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: September 1998 Although trade liberalization has been linked econometrically and through casual empiricism to large income increases, attempts to quantify its impact in static simulation models have shown estimated gains. This paper shows that when the endogenous dynamic effects of trade liberalization are built into simulation models, the estimated gains are indeed very large. But complementary regulatory, financial market, and macroeconomic reforms are important to realize the largest gains. Rutherford and Tarr develop a numerical endogenous growth model approximating an infinite horizon, which allows them to investigate the relationship between trade liberalization and economic growth. Economic theory generally implies that trade liberalization will improve economic growth, and the two phenomena are positively correlated in empirical tests, but the connection is not well-substantiated in numerical general equilibrium models. In the authors' model, an intermediate input affects aggregate output through a Dixit-Stiglitz function. Additional varieties provide the engine of growth in this framework and the existence of this mechanism magnifies the welfare costs. In this model with lump sum revenue replacement, reducing a tariff from 20 percent to 10 percent produces a welfare increase (in terms of Hicksian equivalent variation over the infinite horizon) of 10.7 percent of the present value of consumption in their central model, where the economy is assumed to be unable to borrow on international financial markets. If macroeconomic and financial reforms are in place that would allow international borrowing, however, the same tariff cut is estimated to result in a 37 percent increase in Hicksian equivalent variation. On the other hand, if inefficient replacement taxes must be used in an economy without the capacity to borrow internationally, the gains would be reduced to 4.7 percent. Larger tariff cuts-typical of those in many developing countries over the past 30 years-produce larger estimated welfare gains at least proportionate to the size of the cut. The authors apply the model to five developing countries and estimate the impact of the tariff changes those countries plan to undertake as part of Uruguay Round commitments. Because of the dynamic effects, estimated gains are considerably larger than those found in the literature on the impact of the Uruguay Round. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to assess the impact of trade and investment on economic growth. The study was funded by the Bank's Research Support Budget under the research project The Dynamic Impact of Trade Liberalization in Developing Countries (RPO 681-40). David Tarr may be contacted at [email protected].
Book Synopsis Trade Liberalization and Endogenous Growth in a Small Open Economy by : Thomas F. Rutherford
Download or read book Trade Liberalization and Endogenous Growth in a Small Open Economy written by Thomas F. Rutherford and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although trade liberalization has been linked econometrically and through casual empiricism to large income increases, attempts to quantify its impact in static simulation models have shown estimated gains. This paper shows that when the endogenous dynamic effects of trade liberalization are built into simulation models, the estimated gains are indeed very large. But complementary regulatory, financial market, and macroeconomic reforms are important to realize the largest gains. Rutherford and Tarr develop a numerical endogenous growth model approximating an infinite horizon, which allows them to investigate the relationship between trade liberalization and economic growth. Economic theory generally implies that trade liberalization will improve economic growth, and the two phenomena are positively correlated in empirical tests, but the connection is not well-substantiated in numerical general equilibrium models. In the authors' model, an intermediate input affects aggregate output through a Dixit-Stiglitz function. Additional varieties provide the engine of growth in this framework and the existence of this mechanism magnifies the welfare costs. In this model with lump sum revenue replacement, reducing a tariff from 20 percent to 10 percent produces a welfare increase (in terms of Hicksian equivalent variation over the infinite horizon) of 10.7 percent of the present value of consumption in their central model, where the economy is assumed to be unable to borrow on international financial markets. If macroeconomic and financial reforms are in place that would allow international borrowing, however, the same tariff cut is estimated to result in a 37 percent increase in Hicksian equivalent variation. On the other hand, if inefficient replacement taxes must be used in an economy without the capacity to borrow internationally, the gains would be reduced to 4.7 percent. Larger tariff cuts-typical of those in many developing countries over the past 30 years-produce larger estimated welfare gains at least proportionate to the size of the cut. The authors apply the model to five developing countries and estimate the impact of the tariff changes those countries plan to undertake as part of Uruguay Round commitments. Because of the dynamic effects, estimated gains are considerably larger than those found in the literature on the impact of the Uruguay Round. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to assess the impact of trade and investment on economic growth. The study was funded by the Bank's Research Support Budget under the research project The Dynamic Impact of Trade Liberalization in Developing Countries (RPO 681-40).
Book Synopsis The Dynamic Effects of Trade Liberalization by : Joseph F. Francois
Download or read book The Dynamic Effects of Trade Liberalization written by Joseph F. Francois and published by . This book was released on 1993 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Growth in an Open Developing Economy by : A. P. Thirlwall
Download or read book Economic Growth in an Open Developing Economy written by A. P. Thirlwall and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: This concise yet insightful sequel to the highly acclaimed The Nature of Economic Growth provides a comprehensive critique of both old and new growth theory, highlighting the importance of economic growth for reducing poverty. A.P. Thirlwall illustrates that orthodox growth theory continues to work with Ôone-goodÕ models and to treat factor supplies as exogenously given, independent of demand. Orthodox trade theory still ignores the balance of payments consequences of different patterns of trade specialisation when assessing the welfare effects of trade. The author goes on to present theory underpinned by up-to-date empirical evidence that factors of production and productivity growth are endogenous to demand, and that the structure of production and trade matter for the long-run growth performance of countries because of their impact on the balance of payments. He concludes that trade liberalisation has proved disappointing in improving the trade-off between growth and the balance of payments. This book will provide a challenging read for students and academics in the fields of economics, heterodox economics, and development. Policymakers focussing on the relationship between growth, trade and the balance of payments will also find the book to be of great interest.
Book Synopsis Essays on Open Economies with Endogenous Growth by : Thomas Osang
Download or read book Essays on Open Economies with Endogenous Growth written by Thomas Osang and published by . This book was released on 1994 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Accumulation and Economic Growth in a Small Open Economy by : Stephen J. Turnovsky
Download or read book Capital Accumulation and Economic Growth in a Small Open Economy written by Stephen J. Turnovsky and published by Cambridge University Press. This book was released on 2011-02-17 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth is an issue of primary concern to policy makers in both developed and developing economies. As a consequence, growth theory has long occupied a central role in economics. In this book, renowned growth theorist Stephen J. Turnovsky investigates the process of economic growth in a small open economy, showing that it is sensitive to the productive structure of the economy. The book comprises three parts, beginning with models where the only intertemporally viable equilibrium is one in which the economy is always on its balanced growth path. Empirical evidence suggests relatively slow speeds of convergence so the second part of the book looks at several alternative ways in which transitional dynamics may be introduced. In the third and final part, the author applies the growth model to the issue of foreign aid, focusing specifically on whether aid should be untied or tied to the accumulation of public capital.
Book Synopsis Trade Liberalization and Endogenous Growth by : Richard E. Baldwin
Download or read book Trade Liberalization and Endogenous Growth written by Richard E. Baldwin and published by . This book was released on 1996 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper has two purposes. It introduces a direct approach to policy analysis in endogenous growth models - the q-theory approach - and uses this to illustrate several new openness-and-growth links that appear when we enrich the economic content of the early trade and growth models. The approach - inspired by Tobin's q - is merely a change of state variables and re-interpretation of steady-state conditions. The main difference is its focus on investment, which is after all, the heart of growth models. The approach's simplicity permits us to complicate the early models in interesting directions and to explicitly include trade barriers. The latter allows study of incremental policy reform rather than mere shifts from autarky to free trade (or small deviations from free trade) as in early literature
Book Synopsis The Dynamic Effects of Trade Liberalization by : United States International Trade Commission
Download or read book The Dynamic Effects of Trade Liberalization written by United States International Trade Commission and published by . This book was released on 1997 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Long-Run Economic Growth by : Steven Durlauf
Download or read book Long-Run Economic Growth written by Steven Durlauf and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Capital Accumulation and Economic Growth in a Small Open Economy by : Stephen J. Turnovsky
Download or read book Capital Accumulation and Economic Growth in a Small Open Economy written by Stephen J. Turnovsky and published by Cambridge University Press. This book was released on 2009-08-20 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investigation of the process of economic growth in a small open economy by one of the world's leading economists.
Book Synopsis World Trade Evolution by : Lili Yan Ing
Download or read book World Trade Evolution written by Lili Yan Ing and published by Routledge. This book was released on 2018-10-08 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides theoretical and empirical evidence on how world trade evolves, how trade affects resource allocation, how trade competition affects productivity, how China shock affects world trade and how trade affects large and small countries. It is a useful reference which focuses on new approaches to international trade by looking into country-specific as well as firm-product level-specific cases.
Book Synopsis Trade and the Environment by : Brian R. Copeland
Download or read book Trade and the Environment written by Brian R. Copeland and published by Princeton University Press. This book was released on 2013-12-03 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nowhere has the divide between advocates and critics of globalization been more striking than in debates over free trade and the environment. And yet the literature on the subject is high on rhetoric and low on results. This book is the first to systematically investigate the subject using both economic theory and empirical analysis. Brian Copeland and Scott Taylor establish a powerful theoretical framework for examining the impact of international trade on local pollution levels, and use it to offer a uniquely integrated treatment of the links between economic growth, liberalized trade, and the environment. The results will surprise many. The authors set out the two leading theories linking international trade to environmental outcomes, develop the empirical implications, and examine their validity using data on measured sulfur dioxide concentrations from over 100 cities worldwide during the period from 1971 to 1986. The empirical results are provocative. For an average country in the sample, free trade is good for the environment. There is little evidence that developing countries will specialize in pollution-intensive products with further trade. In fact, the results suggest just the opposite: free trade will shift pollution-intensive goods production from poor countries with lax regulation to rich countries with tight regulation, thereby lowering world pollution. The results also suggest that pollution declines amid economic growth fueled by economy-wide technological progress but rises when growth is fueled by capital accumulation alone. Lucidly argued and authoritatively written, this book will provide students and researchers of international trade and environmental economics a more reliable way of thinking about this contentious issue, and the methodological tools with which to do so.
Book Synopsis Handbook of Computable General Equilibrium Modeling by : Peter B. Dixon
Download or read book Handbook of Computable General Equilibrium Modeling written by Peter B. Dixon and published by Newnes. This book was released on 2013-01-08 with total page 1896 pages. Available in PDF, EPUB and Kindle. Book excerpt: Top scholars synthesize and analyze scholarship on this widely used tool of policy analysis in 27 articles, setting forth its accomplishments, difficulties, and means of implementation. Though CGE modeling does not play a prominent role in top U.S. graduate schools, it is employed universally in the development of economic policy. This collection is particularly important because it presents a history of modeling applications and examines competing points of view. Presents coherent summaries of CGE theories that inform major model types Covers the construction of CGE databases, model solving, and computer-assisted interpretation of results Shows how CGE modeling has made a contribution to economic policy
Book Synopsis Applied Trade Policy Modeling in 16 Countries by : David G Tarr
Download or read book Applied Trade Policy Modeling in 16 Countries written by David G Tarr and published by World Scientific. This book was released on 2014-04-22 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the World Bank projects, led by the author, based on computable general equilibrium models of international trade policy. The chapters show an unusual combination of policy relevance, advice and impact, with academic rigor and international trade theory insights. The author discusses some of the policy contexts for the requests from developing and transition countries to the World Bank, the key trade theory or policy insights, policy recommendations and conclusions, and the policy impacts. Contents:Introduction and OverviewTrade Policy: Quantitative Restraints, Foreign Exchange Surrender and Uniformity:Welfare Costs of US Quotas in Textiles, Steel and Autos (J de Melo and D G Tarr)Reforming Hungarian Agricultural Trade Policy: A Quantitative Evaluation (M Morkre and D G Tarr)Second-Best Foreign Exchange Policy in the Presence of Domestic Price Controls and Export Subsidies (D G Tarr)Trade Reform in the Partially Liberalized Economy of Turkey (G W Harrison, T F Rutherford and D G Tarr)Evaluating the Impact of Services and FDI with Endogenous Productivity Effects:The Impact of Liberalizing Barriers to Foreign Direct Investment in Services: The Case of Russian Accession to the World Trade Organization (J Jensen, T F Rutherford and D G Tarr)Regional Impacts of Liberalization of Barriers against Foreign Direct Investment in Services: The Case of Russia's Accession to the WTO (T F Rutherford and D G Tarr)Impact of Local Content Restrictions and Barriers Against Foreign Direct Investment in Services: The Case of Kazakhstan's Accession to the WTO (J Jensen and D G Tarr)Modeling Services Liberalization: The Case of Tanzania (J Jensen, T F Rutherford and D G Tarr)Trade and Poverty:Trade Policy and Poverty Reduction in Brazil (G W Harrison, T F Rutherford, D G Tarr and A Gurgel)Trade Liberalization, Poverty and Efficient Equity (G W Harrison, T F Rutherford and D G Tarr)Poverty Effects of Russia's WTO Accession: Modeling “Real” Households with Endogenous Productivity Effects (T F Rutherford and D G Tarr)Trade, Exchange Rate and Energy Pricing Reform in Iran: Potentially Large Efficiency Effects and Gains to the Poor (J Jensen and D G Tarr)Regionalism:Trade Policy Options for Chile: The Importance of Market Access (G W Harrison, T F Rutherford and D G Tarr) Readership: Students and the general public who are interested to learn about the key trade theories or policy insights of World Bank projects, policy recommendations and their impact. Keywords:International Trade Policy;Developing Countries;Computable General Equilibrium;World Bank;Regional Trade Policy;Services Liberalization;Foreign Direct Investment;Trade and PovertyKey Features:Cover computable general equilibrium modeling of trade policy in a wide range of countries and of the wide range of trade policy issues combined with the policy context and policy advice discussionAn unusual combination of policy relevance, advice and impact, with academic rigor and international trade theory insightsThe author has virtually incomparable experience in providing trade policy advice to more than 25 countries on behalf of the World Bank
Book Synopsis The World Bank Research Program 2001 by : World Bank
Download or read book The World Bank Research Program 2001 written by World Bank and published by World Bank Publications. This book was released on 2001-01-01 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication is a compilation of reports on research projects initiated, under way, or completed in fiscal year 2001 (July 1, 2000 through June 30, 2001). The abstracts cover 150 research projects from the World Bank and grouped under 11 major headings including poverty and social development, health and population, education, labor and employment, environment, infrastructure and urban development, and agriculture and rural development. The abstracts detail the questions addressed, the analytical methods used, the findings to date and their policy implications. Each abstract identifies the expected completion date of each project, the research team, and reports or publications produced.
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 Free Trade Area Membership as a Stepping Stone to Development by : Emiko Fukase
Download or read book Free Trade Area Membership as a Stepping Stone to Development written by Emiko Fukase and published by World Bank Publications. This book was released on 2001 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ASEAN free trade area (AFTA) was created in 1992. This book presents an overview of the mechanisms of AFTA as well as individual country reports of the costs and benefits of membership. The final chapter looks at the potential impact on economic growth.
