Trade Policies, Macroeconomic Adjustment, and Manufactured Exports

Trade Policies, Macroeconomic Adjustment, and Manufactured Exports
Author: Sarath Rajapatirana
Publisher:
Total Pages: 44
Release: 2016
Genre:
ISBN:

The author examines the relationship between trade policies and macroeconomic adjustment in six Latin American countries: Argentina, Brazil, Chile, Colombia, Costa Rica and Mexico. For the period 1965-94, the six countries experienced 26 trade policy episodes: 11 tightening, and 15 loosening of trade policies. For the analysis, the author worked with four periods that coincided with different prevailing exchange rate regimes: 1965-73, 1974-79, 1980-83 and 1984-04. Using a probit model, he examined the relationship between tightening and loosening trade policies and the current account balance, the exchange rate, and the growth in manufactured exports. His main conclusions: 1) experience in these six countries for 1965-94 confirmed the hypothesis that trade restrictions cannot solve current account problems; 2) for trade liberalization to work, there must be real devaluation either before or during liberalization. Reluctance to devalue, for one reason or another, may lead to trade restrictions. There is evidence that trade restrictions were used in lieu of devaluations during 1965-83. In 1984-94, however, the reluctance to devalue was overcome; 3) growth in manufactured exports helps maintain trade reform and release the economy from foreign exchange constraints. As expected, trade liberalization improved exports (liberalization reduces the bias against exports) while trade tightening hurt them; and 4) The impact of trade reform on the fiscal system cannot be predicted because tax revenues can go in either direction depending on initial conditions, the elasticity of supply in importable and exportable sectors, and the economy's growth rate.

U.S. Trade Policy and Global Growth

U.S. Trade Policy and Global Growth
Author: Robert A. Blecker
Publisher: M.E. Sharpe
Total Pages: 350
Release: 1996
Genre: Business & Economics
ISBN: 9781563245305

This collection of essays offers critical perspectives on current issues in the international economy. Divided into four parts, U.S. Trade Policy and Global Growth discusses managed trade and international interdependence, the effect of trade on domestic wages and employment, the costs and benefits of trade protection, and likely effects of NAFTA. The collection also addresses the U.S. trade deficit and presents a Keynesian proposal for international monetary reform. Part IV focuses on issues facing developing countries in the areas of trade, industrial, and financial policy. Rejecting the dogma that pure free-market policies should be accepted as articles of religious faith, in either international trade or domestic policy, the contributors search for trade and macro policies that can achieve balanced growth with high employment and an equitable distribution of income in both the United States and the rest of the world.

Foreign Trade Reforms and Development Strategy

Foreign Trade Reforms and Development Strategy
Author: Jean-Marc Fontaine
Publisher: Routledge
Total Pages: 235
Release: 2005-07-27
Genre: Business & Economics
ISBN: 1134907109

An effective rebuttal to the orthodox view that developing countries should liberalise their trade policies. The contributors consider both the theoretical framework and the empirical evidence.

Trade Policy and Industrialization in Turbulent Times

Trade Policy and Industrialization in Turbulent Times
Author: Gerry Helleiner
Publisher: Routledge
Total Pages: 588
Release: 2002-09-11
Genre: Business & Economics
ISBN: 1134842988

The relationship between trade policy and industrialization has provoked much controversy. Can trade policy promote economic growth in developing countries? Those actively working in the area are becoming increasingly sceptical about the conventional advice given by international policy advisors and organizations. This volume builds upon earlier theoretical and empirical research on trade policy and industrialization but is the first cross-the-board attempt to review developing country experiences in this realm for twenty years. The experience of fourteen developing countries in the 1970s and 1980s is assessed by the contributors, each of whom have a detailed understanding of their country's recent experience.

Trade and Growth

Trade and Growth
Author: Manuel Agosin
Publisher:
Total Pages: 324
Release: 1993
Genre: Business & Economics
ISBN:

A re-examination of the role of trade policy in development strategies through analyses and five country studies of semi-industrialized economies, this book shows that sustained growth performance is associated with policies geared to the creation of competitiveness in new sectors, rather than to the exploitation of current comparative advantages. This has required selectivity in trade policy and an activist exchange rate policy. The book also places the current trade policy debates in the context of the international policy environment that is emerging in an increasingly globalized world economy.

Best Practices in Trade Policy Reform

Best Practices in Trade Policy Reform
Author: Vinod Thomas
Publisher: World Bank Publications
Total Pages: 258
Release: 1991
Genre: Business & Economics
ISBN: 9780195208719

It was recognized by many developing countries in the 1980s that integration with the global economy is necessary for economic development and technological progress. Efforts to liberalize trade were controversial. A unique body of evidence on developing country trade liberalization will examine why outcomes have varied from one country to another. The political economy of trade liberalization and the interaction among trade and domestic reform, macro-economic stability, and export development is examined using: (a) cross-sectional data, (b) country studies, (c) and interviews. The sequencing of reforms and implications for multilateral trade negotiations, foreign direct investment, and regional integration schemes is an additional consideration. The emphasis is on practical problems-economic and political-and recommendations of how policies can be designed and implemented to yield stronger and more sustainable results.

Eating Grass

Eating Grass
Author: Feroz Khan
Publisher: Stanford University Press
Total Pages: 550
Release: 2012-11-07
Genre: Political Science
ISBN: 0804784809

The history of Pakistan's nuclear program is the history of Pakistan. Fascinated with the new nuclear science, the young nation's leaders launched a nuclear energy program in 1956 and consciously interwove nuclear developments into the broader narrative of Pakistani nationalism. Then, impelled first by the 1965 and 1971 India-Pakistan Wars, and more urgently by India's first nuclear weapon test in 1974, Pakistani senior officials tapped into the country's pool of young nuclear scientists and engineers and molded them into a motivated cadre committed to building the 'ultimate weapon.' The tenacity of this group and the central place of its mission in Pakistan's national identity allowed the program to outlast the perennial political crises of the next 20 years, culminating in the test of a nuclear device in 1998. Written by a 30-year professional in the Pakistani Army who played a senior role formulating and advocating Pakistan's security policy on nuclear and conventional arms control, this book tells the compelling story of how and why Pakistan's government, scientists, and military, persevered in the face of a wide array of obstacles to acquire nuclear weapons. It lays out the conditions that sparked the shift from a peaceful quest to acquire nuclear energy into a full-fledged weapons program, details how the nuclear program was organized, reveals the role played by outside powers in nuclear decisions, and explains how Pakistani scientists overcome the many technical hurdles they encountered. Thanks to General Khan's unique insider perspective, it unveils and unravels the fascinating and turbulent interplay of personalities and organizations that took place and reveals how international opposition to the program only made it an even more significant issue of national resolve. Listen to a podcast of a related presentation by Feroz Khan at the Stanford Center for International Security and Cooperation at cisac.stanford.edu/events/recording/7458/2/765.

Trade and Inclusive Growth

Trade and Inclusive Growth
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 49
Release: 2021-03-12
Genre: Business & Economics
ISBN: 1513572733

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.