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The stabilization and association process launched by the European Union in the aftermath of the Kosovo war in 1999 has created a new policy environment for five South East European countries (SEE-5). In exchange for EU assistance, the prospect of EU accession, and the continuation of preferential access to EU markets, SEE-5 governments have to upgrade their institutions and governance by European standards and engage in mutual regional cooperation, including stability pact member-countries. Kaminski and de la Rocha examine the benefits to SEE-5 of trade liberalization along two dimensions and suggest conditions under which these could be maximized. They argue that the process of regional trade liberalization should be extended to multilateral liberalization, aligning SEE-5 most-favored-nation (MFN) applied tariffs on industrial products with EU MFN tariffs, and that priority be given to structural reforms and regional cooperation aimed at trade facilitation. As interindustry trade rather than intra-industry trade dominates intra-SEE-5 trade, the potential for expansion in intra-SEE-5 trade is limited at least within the confines of the existing production structures and transportation infrastructure. Therefore SEE-5 free trade agreements are unlikely to contribute to economic growth without concurrent efforts to improve infrastructure, trade facilitation, business, and investment climate, as well as to increase competition from MFN imports to external preferential suppliers through multilateral liberalization. This paper-a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region-was prepared in the context of the World Bank's regional program for South Eastern Europe. Its objective is to support the integration in the world economy-and in Europe in particular-of five countries that are currently engaged with the European Union in the stabilization and association process.

Bilateral Free Trade Agreements --- Competitive Market --- Competitive Markets --- Customs Procedures --- Economic Theory and Research --- Emerging Markets --- Exporters --- Free Trade --- Industrial Products --- Industry Trade --- International Economics & Trade --- Law and Development --- Macroeconomics and Economic Growth --- Multilateral Liberalization --- Preferential Access --- Private Sector Development --- Public Sector Development --- Regional Integration --- Regional Trade --- Regional Trade Liberalization --- Tariffs --- Trade --- Trade and Regional Integration --- Trade Facilitation --- Trade Law --- Trade Liberalization --- Trade Policies --- Trade Policy --- Trade Preferences --- Trade Restrictions

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This paper furnishes robust evidence that the GATT/WTO has had a powerful and positive impact on trade. The impact has, however, been uneven. GATT/WTO membership for industrial countries has been associated with a large increase in imports estimated at about 40 percent of world trade. The same has not been true for developing country members, although those that joined after the Uruguay Round have benefited from increased imports. Similarly, there have been asymmetric effects among sectors, with WTO membership associated with substantially greater imports in sectors where barriers are low. These results are consistent with the history and design of the institution, which presided over significant trade liberalization by the industrial countries except in sectors such as food and clothing; largely exempted developing countries from the obligations to liberalize under the principle of special and differential treatment; but attempted to redress the latter by imposing greater obligations on developing country members that joined after the Uruguay Round.

Exports and Imports --- Taxation --- Trade Policy --- International Trade Organizations --- Economic Integration --- Trade: General --- International economics --- Public finance & taxation --- Imports --- Tariffs --- Trade barriers --- Customs unions --- Trade liberalization --- International trade --- Taxes --- Commercial policy --- Tariff --- Protectionism --- Commercial treaties --- Uruguay

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This new book provides a selection of writings that cover trade, equity and development in Asia. Clem Tisdell, T.N. Srinivasan, Gustav Ranis and others write on countries from Pakistan and India to Korea and Indonesia.

Free trade. --- Free trade - Social aspects - Asia. --- Poverty. --- Free trade --- Poverty --- International Commerce --- Commerce --- Business & Economics --- Social aspects --- Asia --- Commercial policy. --- Economic conditions. --- Free trade and protection --- Trade, Free --- Trade liberalization --- Asian and Pacific Council countries --- International trade --- Eastern Hemisphere --- Eurasia

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Hidden behind a number of economic crises in the mid- to late 1990s-including Argentina's headline-grabbing monetary and political upheaval-is that fact that Latin American economies have, generally speaking, improved dramatically in recent years. Their success has been due, in large part, to macroeconomic reforms, and this book brings together prominent economists and policymakers to assess a decade of such policy shifts, highlighting both the many success stories and the areas in which further work is needed. Contributors offer both case studies of individual countries and regional overviews, covering monetary, financial, and fiscal policy. Contributors also work to identify future concerns and erect clear signposts for future reforms. For instance, now that inflation rates have been stabilized, one suggested "second stage" monetary reform would be to focus on reducing rates from high to low single digits. Financial sector reforms, it is suggested, should center on improving regulation and supervision. And, contributors argue, since fiscal stability has already been achieved in most countries, new fiscal reforms need to concentrate on institutionalizing fiscal discipline, improving the efficiency and equity of tax collection, and modifying institutional arrangements to deal with increasingly decentralized federal systems. The analysis and commentary in this volume-authored not only by academic observers but by key Latin American policymakers with decades of firsthand experience-will prove important to anyone with an interest in the future of Latin American's continuing economic development and reform. Contributors to this volume: José Antonio González, Stanford University Anne O. Krueger, International Monetary Fund Vittorio Corbo, Pontifical Catholic University, Chile Klaus Schmidt-Hebbel, Central Bank of Chile Alejandro Werner, Bank of Mexico Márcio G. P. Garcia, Pontifical Catholic University, Rio Tatiana Didier, World Bank Gustavo H. B. Franco, former president, Central Bank of Brazil Francisco Gil Díaz, Minister of the Treasury, Mexico Roberto Zahler, former governor, Central Bank of Chile Ricardo J. Caballero, Massachusetts Institute of Technology Philip L. Brock, University of Washington Stephen Haber, Stanford University Pablo E. Guidotti, Universidad Torcuato Di Tella, Buenos Aires Vito Tanzi, International Monetary Fund Enrique Dávila, Ministry of Finance, Mexico Santiago Levy, Mexican Social Security Institute Ricardo Fenochietto, private consultant, Buenos Aires Rogério L. F. Werneck, Pontifical Catholic University, Rio Carola Pessino, Universidad Torcuato di Tella, Buenos Aires Michael Michaely, Hebrew University of Jerusalem

Monetary policy --- Fiscal policy --- Latin America --- Commercial policy --- latin america, economics, finance, nonfiction, brazil, reform, taxation, government, growth, developing countries, mexico, value added tax, emerging markets, liquidity, risk management, industrial development, banks, chile, financial crisis, liberalization, trade, china syndrome, monetary policy, interest rates, inflation, partial dollarization, exchange rate, international.

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Europe 1992 --- Foreign trade regulation --- Commerce extérieur --- Réglementation --- European Union countries --- Pays de l'Union européenne --- Commerce. --- Commerce --- Free trade --- -Economic policy --- -337.142 --- 382 --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Free trade and protection --- Trade, Free --- Trade liberalization --- International trade --- Commerce extérieur --- Réglementation --- Pays de l'Union européenne --- Europe de l'ouest --- Pays de l'union européenne --- Intégration économique --- Politique sociale --- Politique économique