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Services as a share of gross domestic product and in foreign direct investment flows have increased in importance both globally and in the transition countries of Europe and Central Asia. So has the need for both academics and policymakers to understand the impacts of services liberalization in the transition countries. For this reason, the World Bank Institute, under a grant from the Government of Austria, commissioned seven studies under the auspices of the Economic Education Research Consortium (headquartered in Kiev, Ukraine) to investigate the impact of services liberalization on productivity, focusing on services reform in the transition countries of Europe and Central Asia. All of the studies have been produced by authors from the transition countries of Europe or Central Asia. This paper summarizes six of these studies that will appear in a volume in Russian edited by the author of this paper. The studies contribute to the growing empirical literature establishing that liberalization of barriers against service providers can make an important contribution to increase total factor productivity, exports and growth in the economy. They also show that the issue of services liberalization is important for the transition countries in particular. Links to the English language versions of the papers are provided.

Banks & Banking Reform --- Commonwealth of Independent States --- E-Business --- Econometric estimates --- Economic Theory & Research --- Emerging Markets --- Firm level data --- ICT Policy and Strategies --- International Economics & Trade --- Macroeconomics and Economic Growth --- Productivity impacts --- Services liberalization

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The general principle is that it is crucial for the government to provide a stable macroeconomic environment conducive to business development with a clear, transparent and neutral regulatory environment and neutral incentives to all firms and industries. Clear, transparent and neutral incentives (those which do not distinguish by sector or firm) are crucial so that entrepreneurial innovation is rewarded more highly than rent-seeking activities. The economy must provide its most talented members with the incentive to engage in entrepreneurial activities such as starting or expanding firms, developing new products and lowering costs. If the economy provides extensive subsidies or tax exemptions to industries or firms, or presents a difficult regulatory framework within which to do business, corruption will be encouraged and, crucially, talented people will find it more profitable to engage in the socially wasteful activity of lobbying the government for subsidies, protection, tax or regulatory relief. This socially wasteful lobbying is especially harmful because it attracts scarce entrepreneurial talent that would otherwise be devoted to helping the economy grow. First, there is the risk that the wrong industries will be identified. The market is a more reliable indicator of the industries that have comparative advantage than any economic model or theory. Over time this is particularly true, as comparative advantage changes with technological development. Moreover, targeting industries as "winners" will generate rent-seeking where industries will spend resources to obtain government subsidies rather than attempting to compete more effectively on the market. Governments often find it difficult to resist these pressures. And assistance that is designed to be temporary may become permanent. Thus, experience in most countries has shown that a government policy of attempting to "pick winners" is highly counter productive.

Competition Policy --- Competitiveness and Competition Policy --- Export Competitiveness --- Globalization --- Private Sector Development

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This paper summarizes the principal reform commitments that Russia has undertaken as part of its World Trade Organization (WTO) accession negotiations, providing detailed assessments in banking, insurance, and agriculture. The paper assesses the gains to the Russian economy from these commitments, based on a summary of several modeling efforts undertaken by the author and his colleagues. The author compares Russian commitments with those of other countries that have recently acceded to the WTO to assess the claim that the demands on Russia are excessive due to political considerations. He explains why Russian WTO accession will result in the elimination of the Jackson-Vanik Amendment against Russia. Finally, he discusses the remaining issues in the negotiations and the time frame for Russian accession as of the fall of 2007.

Accession Negotiations --- Debt Markets --- Economic Development --- Economic Theory and Research --- Emerging Markets --- Finance and Financial Sector Development --- Foreign Investors --- Free Trade --- International Economics & Trade --- Macroeconomics and Economic Growth --- Member Countries --- Poverty Reduction --- Private Sector Development --- World Trade --- World Trade Organization --- WTO --- WTO Accession --- WTO Members

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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. Sample Chapter(s). Chapter 1: Introduction and Overview (283 KB). Contents: Introduc

Commercial policy. --- International trade --- Computable general equilibrium models. --- CGE models --- Equilibrium models, Computable general --- General equilibrium models, Computable --- Econometric models --- Foreign trade policy --- International trade policy --- Trade policy --- Economic policy --- International economic relations --- Econometric models. --- Government policy --- Commercial policy --- Computable general equilibrium models --- E-books

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Foreign trade policy --- Russia