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The analysis in this report confirms the findings of previous studies that trade liberalization improves aggregate welfare and is in the long run associated with higher employment and wages. The analysis addresses a major gap in the literature, which has heretofore provided limited evidence about the trade-related adjustment costs faced by workers in developing countries and how they are affected by mobility costs. Labor market frictions reduce the potential gains from trade reform. For a tariff reduction in a given sector, the resulting change in relative prices raises real wages in some sect

Business cycles -- Developing countries. --- Developing countries -- Commerce. --- Labor market -- Developing countries. --- Labor mobility -- Developing countries. --- Wages -- Developing countries. --- Labor market --- Labor mobility --- Wages --- Business cycles --- Business & Economics --- Labor & Workers' Economics --- Developing countries --- Commerce. --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Mobility, Labor --- Employees --- Market, Labor --- Supply and demand for labor --- Economic cycles --- Economic fluctuations --- Supply and demand --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices --- Migration, Internal --- Labor supply --- Labor turnover --- Markets --- Cycles

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This paper studies growth patterns in Emerging Market Economies (EMs) from the perspective on clusters and taxonomies. First, it documents developments over the past five decades in EMs and uses a cluster analysis to better understand convergence and the investment-growth nexus. Second, it looks at the performance of EMs since 2000 and develops a taxonomy to classify countries according to their factor endowments as well as their real and financial external linkages. The taxonomy offers insights on growth dynamics pre and post the global financial crisis. Results highlight the high degree of heterogeneity in EMs and the need for more granular and targeted near and long-term policy advice.

Business cycles -- Developing countries. --- Economic development -- Developing countries. --- Income -- Developing countries. --- Industrial productivity -- Developing countries. --- Investments -- Developing countries. --- Exports and Imports --- Finance: General --- Macroeconomics --- Production and Operations Management --- Investments: Commodities --- Business Fluctuations --- Cycles --- Economic Growth of Open Economies --- Macroeconomic Analyses of Economic Development --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Macroeconomics: Consumption --- Saving --- Wealth --- Empirical Studies of Trade --- Financial Crises --- General Financial Markets: General (includes Measurement and Data) --- Commodity Markets --- International economics --- Economic & financial crises & disasters --- Finance --- Investment & securities --- Total factor productivity --- Consumption --- Terms of trade --- Global financial crisis of 2008-2009 --- Emerging and frontier financial markets --- National accounts --- International trade --- Commodities --- Financial crises --- Industrial productivity --- Economics --- Economic policy --- nternational cooperation --- Global Financial Crisis, 2008-2009 --- Financial services industry --- Commercial products --- China, People's Republic of --- Nternational cooperation