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The waning of the commodity boom places renewed emphasis on manufacturing as an engine for Canadian growth. However, Canadian manufacturing exports have been relatively stagnant since 2000. While the exchange rate depreciation over the past two years has energized export growth, the response has not been as strong as would have been expected given the size of the depreciation. More fundamental issues appear to be impeding the growth of the Canadian manufacturing sector. This study analyzes the structural factors behind export competitiveness by using unique Canadian data on exports, which are disaggregated both by province and by product. Matching exports to similarly disaggregated data on R&D, the capital stock and other supply-side variables, we find that these variables significantly affect export growth, beyond the impact of the exchange rate. In particular, investment in R&D, capital infrastructure and vocational training improves innovation and production capacity. These results are robust to a factor-augmented approach that controls for multicollinearity.

Exports --- Manufacturing industries --- Panel analysis. --- Panel studies --- Social sciences --- Statistics --- International trade --- Methodology --- Exports and Imports --- Labor --- Public Finance --- Industries: Manufacturing --- Trade: General --- Empirical Studies of Trade --- Economic Growth of Open Economies --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Industry Studies: Manufacturing: General --- National Government Expenditures and Related Policies: General --- Labor Economics Policies --- International economics --- Public finance & taxation --- Labour --- income economics --- Export performance --- Manufacturing --- Public expenditure review --- Job training --- Economic sectors --- Expenditure --- Expenditures, Public --- Occupational training --- Canada --- Income economics

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Since the 1980’s with the introduction of IMF/WB adjustment programs structural reforms have been a core part of the reform agenda in the Caribbean. The paper reviewed the package of structural reforms in trade liberalization, financial liberalization and tax policy, and gauges their impact on growth. The paper used a set of reform indices to gauge both short-run and long-run effects of structural reforms on growth, controlling for other possible growth determinants using panel dynamic OLS estimation. In addition, recognizing the importance of institutions to growth the empirical analysis also analyzed the impact of institutional quality on growth for a sample of small states including the Caribbean. We concluded that the benefits of structural reforms are only seen over the long-term and in reinvigorating growth the reform effort needs to be revived and include greater attention to strengthening institutional quality.

Structural adjustment (Economic policy) --- Economic development --- Free trade --- Free trade and protection --- Trade, Free --- Trade liberalization --- International trade --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Macroeconomics --- Personal Finance -Taxation --- Taxation --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Trade Policy --- International Trade Organizations --- Economic Growth of Open Economies --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- Institutions and the Macroeconomy --- Public finance & taxation --- Structural reforms --- Value-added tax --- Tariffs --- Personal income tax --- Consumption taxes --- Macrostructural analysis --- Taxes --- Spendings tax --- Tariff --- Income tax --- Trinidad and Tobago

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We show that an increase in aggregate uncertainty—measured by stock market volatility—reduces productivity growth more in industries that depend heavily on external finance. This effect is larger during recessions, when financing constraints are more likely to be binding, than during expansions. Our statistical method—a difference-in-difference approach using productivity growth for 25 industries for 18 advanced economies over the period 1985-2010—mitigates concerns with omitted variable bias and reverse causality. The results are robust to the inclusion of other sources of interaction effects, such as financial development (Rajan and Zingales, 1998) and counter-cyclical fiscal policy (Aghion et al., 2014). The results also hold if economic policy uncertainty (Baker et al., 2015) is used instead of stock market volatility as the measure of aggregate uncertainty.

Uncertainty. --- Industrial productivity. --- Economic development. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Reasoning --- Aggregate Productivity --- Capacity --- Capital and Total Factor Productivity --- Capital --- Cost --- Cross-Country Output Convergence --- Economic Growth of Open Economies --- Economic theory --- Finance --- Finance: General --- Financial markets --- General Financial Markets: General (includes Measurement and Data) --- Human Capital --- Industrial productivity --- Innovation --- Intangible Capital --- Intellectual Property Rights: General --- Investment --- Labor Productivity --- Labor productivity --- Macroeconomics --- Macroeconomics: Production --- Measurement of Economic Growth --- Occupational Choice --- Output gap --- Production and Operations Management --- Production --- Productivity --- Research and Development --- Skills --- Stock exchanges --- Stock markets --- Technological Change --- United States