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This paper empirically studies the dynamics of labor market adjustment following the Brazilian trade reform of the 1990s. The paper uses variation in industry-specific tariff cuts interacted with initial regional industry mix to measure trade-induced local labor demand shocks and examines regional and individual labor market responses to those one-time shocks over two decades. Contrary to conventional wisdom, the analysis does not find that the impact of local shocks is dissipated over time through wage-equalizing migration. Instead, it finds steadily growing effects of local shocks on regional formal sector wages and employment for 20 years. This finding can be rationalized in a simple equilibrium model with two complementary factors of production, labor and industry-specific factors such as capital, that adjust slowly and imperfectly to shocks. Next, the paper documents rich margins of adjustment induced by the trade reform at the regional and individual levels. Workers initially employed in harder hit regions face continuously deteriorating formal labor market outcomes relative to workers employed in less affected regions, and this gap persists even 20 years after the beginning of trade liberalization. Negative local trade shocks induce workers to shift out of the formal tradable sector and into the formal nontradable sector. Non-employment strongly increases in harder hit regions in the medium run, but in the longer run, non-employed workers eventually find re-employment in the informal sector. Working age population does not react to these local shocks, but formal sector net migration does, consistent with the relative decline of the formal sector and growth of the informal sector in adversely affected regions.
Economic Theory & Research --- Emerging Markets --- Labor Markets --- Labor Policies --- Trade Liberalization --- Transitional Dynamics
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This paper empirically studies the dynamics of labor market adjustment following the Brazilian trade reform of the 1990s. The paper uses variation in industry-specific tariff cuts interacted with initial regional industry mix to measure trade-induced local labor demand shocks and examines regional and individual labor market responses to those one-time shocks over two decades. Contrary to conventional wisdom, the analysis does not find that the impact of local shocks is dissipated over time through wage-equalizing migration. Instead, it finds steadily growing effects of local shocks on regional formal sector wages and employment for 20 years. This finding can be rationalized in a simple equilibrium model with two complementary factors of production, labor and industry-specific factors such as capital, that adjust slowly and imperfectly to shocks. Next, the paper documents rich margins of adjustment induced by the trade reform at the regional and individual levels. Workers initially employed in harder hit regions face continuously deteriorating formal labor market outcomes relative to workers employed in less affected regions, and this gap persists even 20 years after the beginning of trade liberalization. Negative local trade shocks induce workers to shift out of the formal tradable sector and into the formal nontradable sector. Non-employment strongly increases in harder hit regions in the medium run, but in the longer run, non-employed workers eventually find re-employment in the informal sector. Working age population does not react to these local shocks, but formal sector net migration does, consistent with the relative decline of the formal sector and growth of the informal sector in adversely affected regions.
Economic Theory & Research --- Emerging Markets --- Labor Markets --- Labor Policies --- Trade Liberalization --- Transitional Dynamics
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In the last decade Morocco undertook substantial, if gradual, trade liberalization by reducing tariffs, reforming trade regulations and signing free and preferential trade agreements with several regions and countries, including the United States, Turkey, the European Union and Arab countries. This paper analyzes the impact of input tariff reduction on Moroccan exporting firms through the channel of intermediate goods. Gaining access to more varied and cheaper inputs can make exporting firms more competitive, and as a result they export more. To evaluate how this policy may impact firms' export performance, the paper analyzes the impact of input tariff reduction on different margins of trade with emphasis on export markets and product diversification. The identification of the effect of input tariffs on exports relies on a difference-in-difference estimator using heterogeneous access to import tariff exemption as a measure of different levels of exposure to input tariff reduction at the firm level. Overall, the analysis finds that firms that are relatively more exposed to input tariff perform better in those sectors with the largest input tariff reduction, with better access to markets, higher probability to survive when exporting new products in those sectors and higher export value growth.
Economic Theory & Research --- Export Performance --- Free Trade --- Import Regimes --- Input Tariff --- Markets & Market Access --- Trade Liberalization --- Trade Policy --- Water & Industry
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In the last decade Morocco undertook substantial, if gradual, trade liberalization by reducing tariffs, reforming trade regulations and signing free and preferential trade agreements with several regions and countries, including the United States, Turkey, the European Union and Arab countries. This paper analyzes the impact of input tariff reduction on Moroccan exporting firms through the channel of intermediate goods. Gaining access to more varied and cheaper inputs can make exporting firms more competitive, and as a result they export more. To evaluate how this policy may impact firms' export performance, the paper analyzes the impact of input tariff reduction on different margins of trade with emphasis on export markets and product diversification. The identification of the effect of input tariffs on exports relies on a difference-in-difference estimator using heterogeneous access to import tariff exemption as a measure of different levels of exposure to input tariff reduction at the firm level. Overall, the analysis finds that firms that are relatively more exposed to input tariff perform better in those sectors with the largest input tariff reduction, with better access to markets, higher probability to survive when exporting new products in those sectors and higher export value growth.
Economic Theory & Research --- Export Performance --- Free Trade --- Import Regimes --- Input Tariff --- Markets & Market Access --- Trade Liberalization --- Trade Policy --- Water & Industry
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China has defied the declining trend in domestic content in exports in many countries. This paper studies China's rising domestic content in exports using firm- and customs transaction-level data. The approach embraces firm heterogeneity and hence reduces aggregation bias. The study finds that the substitution of domestic for imported materials by individual processing exporters caused China's domestic content in exports to increase from 65 to 70 percent in 2000-2007. Such substitution was induced by the country's trade and investment liberalization, which deepened its engagement in global value chains and led to a greater variety of domestic materials becoming available at lower prices.
Currencies and exchange rates --- Domestic value added --- E-business --- Economic theory & research --- Fdi liberalization --- Finance and financial sector development --- Firm heterogeneity --- Global value chains --- Macroeconomics and economic growth --- Markets & market access --- Private sector development --- Trade liberalization --- Value added trade --- Water & industry --- Water resources
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China has defied the declining trend in domestic content in exports in many countries. This paper studies China's rising domestic content in exports using firm- and customs transaction-level data. The approach embraces firm heterogeneity and hence reduces aggregation bias. The study finds that the substitution of domestic for imported materials by individual processing exporters caused China's domestic content in exports to increase from 65 to 70 percent in 2000-2007. Such substitution was induced by the country's trade and investment liberalization, which deepened its engagement in global value chains and led to a greater variety of domestic materials becoming available at lower prices.
Currencies and exchange rates --- Domestic value added --- E-business --- Economic theory & research --- Fdi liberalization --- Finance and financial sector development --- Firm heterogeneity --- Global value chains --- Macroeconomics and economic growth --- Markets & market access --- Private sector development --- Trade liberalization --- Value added trade --- Water & industry --- Water resources
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The stalling of the Doha Development Round trade negotiations has resulted in bilateral and regional free trade agreements becoming an important alternative. These agreements have proliferated in recent years, and now all of the major trading countries are engaging in serious bilateral trade negotiations with multiple trading partners. This second edition provides a new collection of case studies illustrating the latest trends and innovations in bilateral and regional trade agreements (BRTAs). The selected BRTAs represent a good sampling of regional variation and cover the most important substantive issues. Authored by leading scholars and practitioners, each case study offers comprehensive analysis of the featured BRTA, and the format allows for quick comparisons.
Commercial treaties --- Free trade --- Law, General & Comparative --- Law, Politics & Government --- Free trade and protection --- Trade, Free --- Trade liberalization --- International trade --- Trade agreements (Commerce) --- Competition, International --- Foreign trade regulation --- Treaties --- Reciprocity (Commerce) --- Commercial treaties. --- Free trade.
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Through an analysis of Christian communities in the United States, Canada, and Costa Rica, this book analyzes how religious groups talk about the politics surrounding economic life. Amy Reynolds examines how these Christian organizations speak about trade and the economy as moral and value-laden spaces, deserving ethical reflection and requiring political action. She reveals the ways in which religious communities have asked people to engage in new approaches to thinking about the market and how they have worked to create alternative networks and policies governing economic and social life.
Free trade --- Economic development --- Economics --- Religion and economics --- Free trade and protection --- Trade, Free --- Trade liberalization --- International trade --- Social aspects. --- Moral and ethical aspects. --- Religious aspects. --- Moral and religious aspects --- Social aspects --- Moral and ethical aspects --- Religious aspects --- E-books
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Suppose that when addressing the question of "what's left for the WTO?," tariff negotiators relied not on the agenda established in 2001 but instead on the terms-of-trade theory of trade agreements to identify negotiating priorities. This paper uses the lens of the terms-of-trade theory to investigate three areas in which it is frequently alleged that currently applied tariffs remain "too high"; the implication being that the WTO's job performance to date is incomplete. This includes applied tariffs for countries that are not members of the WTO, applied MFN tariffs for WTO members that are unbound, and applied MFN tariffs for WTO members set in the presence of large amounts of tariff binding overhang. These are almost exclusively the domain of developing countries' own trade policies and they are collectively important; 3.5 billion people currently live in countries in which the WTO has had minimal effect for one of these three reasons. This paper builds upon recent developments in the empirical literature to present evidence-some direct, some indirect-that sheds light on each area. It then identifies specific needs for additional research to clarify policy implications for the future role of the WTO in the ever-changing international trading system.
Binding overhang --- Developing countries --- Economic theory & research --- Free trade --- International economics & trade --- Law and development --- Macroeconomics and economic growth --- MFN --- Non-members --- Tariff bindings --- Tariff liberalization --- Trade & services --- Trade law --- World trade organization --- WTO
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The establishment of the ASEAN Economic Community (AEC) at end-2015 has brought into sharp focus the issue of financial and economic integration in the region. This paper takes stock of ASEAN’s financial integration and prospects. ASEAN integration could accelerate in the years ahead; it will likely be a safe, gradual process consistent with the “ASEAN way” of consensus decision-making. Properly phased and sequenced, closer financial integration has the potential to help increase real incomes and accelerate real convergence within ASEAN and narrow the region’s gap with advanced Asia. Realizing the promise of financial integration will require ASEAN countries to make long-term investments in financial infrastructure. Policymakers can draw on the experience of their more advanced peers and of other regions. Gradualism and safeguards should not be excuses for inaction or financial protectionism. Reliance on flexible policy frameworks and a strengthened and tested regional financial safety net should be part of the agenda. Closer engagement with the Fund could also help.
Economic development. --- Economic history. --- Balance of payments --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Capital account liberalization --- Capital account --- Capital flows --- Capital movements --- Current Account Adjustment --- Depository Institutions --- Exports and Imports --- Finance --- Finance: General --- Financial integration --- General Financial Markets: General (includes Measurement and Data) --- International economics --- International finance --- International Investment --- International Monetary Arrangements and Institutions --- Long-term Capital Movements --- Micro Finance Institutions --- Mortgages --- Short-term Capital Movements --- Singapore
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