Trade Liberalization and Industry Dynamics

This paper uses a large data set for 28 industries in 40 countries to examine the effects of trade liberalization on the number of firms, the average size of surviving firms, and markups. We extend previous studies by examining not only tariff changes in the liberalizing country but also trade reforms in the rest of the world. In addition, we look at whether these effects differ across industries depending on their degree of comparative advantage. The results show that a reduction in home tariffs decreases the number of establishments, firms average size, and markups. All of these three effects are found to be of lower magnitude for comparative advantage industries. In the case of foreign tariffs, our results show that a reduction in protection in the rest of the world is associated with an increase in the number of establishments (which is likely to be reflecting an increase in export profitability), a decrease in average size, while markups are mostly unaffected. As with home tariffs, these effects tend to be less pronounced in comparative advantage industries.     

Comparing Economic Interdependence and the Structure of Industry in the ASEAN-4: an International Input-Output Approach

Structural adjustment policies have been adopted in the ASEAN-4 countries. The policy changes were intended to shift manufacturing from import substitution to export promotion. We assess how successful this was using the Asian International Input-Output Tables for 1975 and 1985. The success of structural adjustment is verified, as the number of export-led industrial sectors increased in each of the ASEAN-4 countries. The 1-0 tables are used to evaluate the similarity of industrial technologies and input structures of the ASEAN-4, Japan, and other Pacific Rim economies. While there are some similarities in industrial technologies with Japan, input structures are dissimilar. Interdependence increased between the ASEAN-4, Japan and the United States. Increases in US final demand had a larger impact on ASEAN-4 textile exports, however, than did increases in Japanese final demand.     

印度经济自由化过程中尚待解决的问题

在实行由国家在经济政策中担任中心角色的对内发展战略超过四十年后（在此期间公共成分被视为经济增长的发动机），印度在1991年跨出了历史性的一步，它通过“结构调整计划”开始进行综合的经济改革，以加速融入世界经济。     

美国的金融自由化与经济虚拟化

本文阐述美国金融自由化政策与经济虚拟化的关系。美国经济虚拟化的核心是杠杆机制、金融创新机制,以及债务—美元体系下的国际资本自由流动。2008年美国金融危机是经济、金融去杠杆化的危机和美元危机,金融市场没有能力恢复对高杠杆机制的信心,美国经济和美元地位也就相对下降。政府在推行金融自由化政策时,要注重对高杠杆金融活动的管制,对虚拟经济发展进行更系统的干预。     

Interest Rate Liberalization and Economic Growth in Zambia: A Dynamic Linkage

Abstract: This paper examines the dynamic impact of interest rate reforms on economic growth in Zambia—using two models in a stepwise fashion. In the first model, the efficacy of interest rate liberalization is examined by regressing the interest rate on the level of financial deepening. In the second model, the causal relationship between financial depth and economic growth is examined by incorporating savings as an intermittent variable in the bivariate setting, thereby creating a simple trivariate model. Using the cointegration‐based error correction model, the study finds strong support for the positive impact of interest rate liberalization on financial deepening. In addition, the study finds that financial deepening, which results from interest rate liberalization, Granger causes economic growth. The results apply irrespective of whether the causality is estimated in the short run or in the long run. Other results show that: (1) lagged financial depth leads to further financial deepening; (2) savings and economic growth Granger cause each other; and (3) financial development Granger causes savings in the long run.     

Trade Agreements,Trade Liberalization and Economic Growth: A Selective Survey

Since 1950 there has been a massive liberalization of world trade taking various forms including the formation of free trade areas, customs unions, unilateral reductions in tariff barriers, and reductions in non‐tariff barriers to trade. To what extent has this liberalization contributed to the growth performance of countries, and what are the mechanisms through which faster export growth may impact favourably on economic growth? The paper first surveys the empirical literature which seems to show that countries that participate in regional trading agreements (RTAs) fare worse than countries which reduce tariffs unilaterally, and secondly comments on the theoretical literature relating to the mechanisms through which exports affect growth. It is argued that the orthodox neoclassical supply‐side argument is only half the story, and much more emphasis needs to be placed on the effect of export performance in relaxing a balance of payments constraint on demand. Depuis 1950, le commerce mondial a connu une libéralisation considérable qui a pris diverses formes: formation de zones de libre‐échange, d’unions douanières, abaissement unilatéral des barrières tarifaires et réduction des barrières non tarifaires. Dans quelle mesure cette libéralisation a‐t‐elle contribuéà la croissance des pays et par quels mécanismes une expansion plus rapide des exportations peut‐elle influencer positivement la croissance économique? Le document passe d’abord en revue le littérature empirique qui semble démontrer que les pays qui participent à des accords commerciaux régionaux (ACR) sont en pire posture que ceux qui abaissent unilatéralement les barrières tarifaires. Le document formule ensuite des observations sur la littérature théorique concernant les mécanismes par lesquels les exportations influent sur la croissance. Il soutient que l’argument néoclassique orthodoxe axé sur l’offre n’explique pas tout, et qu’un accent plus appuyé doit à tre mis sur l’effet que les résultats à l’exportation, en tant que facteur d’atténuation des problèmes de la balance des paiements, peuvent avoir sur la demande.     

贸易自由化、产业规模与地区工资差距

本文在新经济地理学框架下构建了非对称的三地区空间模型研究贸易自由化、产业规模与地区工资差距的关系。研究结果表明:贸易自由化可能扩大或缩小地区间收入差距,这主要取决于地区相对产业份额以及本地与国外市场接近程度。当本地接近于国外市场并且产业份额相对较小时,贸易自由化与区域间收入差距呈倒"U"型关系;否则,贸易自由化扩大区域间的收入差距。使用1992～2008年中国27个省份面板数据证实了该假说,这也解释了Egger et al.(2005)与Redding和Sturm(2008)研究结论迥异的原因。此外,贸易自由化有利于各区域工资水平的提高,对产业份额较小地区尤为明显。     

日本金融服务贸易自由化及其影响的实证分析

从日本经济的发展历程来看,金融服务贸易自由化对其化工产业及其电子信息行业的发展都起到了至关重要的作用。本文依据1985～2008年的日本相关数据,制度性量化指标量化金融服务贸易自由化程度以及估计金融服务贸易自由化程度对人力资本吸收程度、技术吸收程度以及日本经济增长的影响,结论发现金融服务贸易自由化程度越高,人力资本吸收速度越快,技术吸收速度增加对经济增长产生正效应。     

Trade Liberalization,Economic Restructuring and Urban Poverty: The Case of China*

Increased trade openness and rapid market-oriented transformation have largely altered the patterns of wealth accumulation and wealth distribution in post-reform China. In the present paper, with the help of Chinese provincial level data over the period of 1986 to 2000, simultaneous equations estimation and generalized method of moment techniques are applied to investigate the relationship between trade and poverty in urban China. Empirical results suggest that China's trade liberalization helps to reduce urban poverty both directly and indirectly through its favorable impacts on economic growth.     

Economic Freedom and Exercise: Evidence from State Outcomes

Exercise is an important part of a healthy lifestyle and influences a variety of health outcomes. Regions vary in their levels of exercise due to geography, climate, culture, and policy. The extent to which a country's policies are consistent with economic freedom has been found to be positively associated with greater participation in physical activity. We empirically investigate the relationship between economic freedom and exercise across U.S. states. Contrary to the cross-country results, we find that states with higher levels of economic freedom have lower rates of participation in exercise.