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A Measurement of Aggregate Trade Restrictions and Their Economic Effects

A Measurement of Aggregate Trade Restrictions and Their Economic Effects
Author: Julia Estefania-Flores
Publisher: International Monetary Fund
Total Pages: 65
Release: 2022-01-07
Genre: Business & Economics
ISBN: 1616359641
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We develop a new Measure of Aggregate Trade Restrictions (MATR) using data from the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. MATR is an empirical measure of how restrictive official government policy is towards the international flow of goods and services. MATR is simple, ad hoc, plausible, quantitative, easily updated, based solely on policy-relevant measures of trade policy, and covers an unbalanced sample of up to 157 countries annually between 1949 and 2019. MATR is strongly correlated with, but more comprehensive than, existing measures of openness and trade policy existing measures. We use MATR to show that trade restrictions are harmful for the economy and lead to significant contractions in output.

A New Measure of Aggregate Trade Restrictions

A New Measure of Aggregate Trade Restrictions
Author: Julia Estefania-Flores
Publisher:
Total Pages: 0
Release: 2023
Genre:
ISBN:
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This paper presents a new measure of aggregate trade restrictions (MATR) using data from the International Monetary Fund's Annual Report on Exchange Arrangements and Exchange Restrictions. MATR is strongly correlated with existing measures of trade restrictiveness but is more comprehensive in terms of country and time coverage. It is available for an unbalanced sample of up to 157 countries during 1949-2019. We use MATR to re-examine how trade restrictiveness varies with the business cycle, and how the macroeconomy looks in the aftermath of changes in trade restrictiveness. For the sample as a whole, MATR is typically a-cyclical but this average finding is heterogeneous across income groups: aggregate trade restrictions are a-cyclical in advanced economies but are counter-cyclical in emerging market and developing economies, especially in response to increases in unemployment. As to macroeconomic effects, increases in MATR are robustly associated with declines in GDP and in labour productivity (as well as being adverse for a range of other macroeconomic indicators).

Nontariff Measures and International Trade

Nontariff Measures and International Trade
Author: John Christopher Beghin
Publisher: World Scientific Publishing Company
Total Pages: 393
Release: 2016-11-28
Genre: Business & Economics
ISBN: 9813144416
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Nontariff Measures and International Trade includes 20 chapters authored by John Beghin and co-authors over the last 20 years on the economics of quality-standard like nontariff measures in the context of international trade. This book provides a coherent and comprehensive treatment of these nontariff measures, from their measurement to their effects on trade and welfare. In Part I, the authors use different perspectives to make the case that, unlike tariffs, quality-standard like nontariff measures are complex to measure and analyze and do not easily lead to general policy prescriptions. Then, Part II contains contributions on measurements of welfare and trade effects of nontariff measures, accounting for potential market imperfections. Part III presents chapters on the potential protectionism of nontariff measures when they are used to favor some economic agents over society. The last part presents cases studies of nontariff measures in different industries, markets, and countries.

Macroeconomic Consequences of Tariffs

Macroeconomic Consequences of Tariffs
Author: Davide Furceri
Publisher: International Monetary Fund
Total Pages: 57
Release: 2019-01-15
Genre: Business & Economics
ISBN: 1484390067
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We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines in domestic output and productivity. Tariff increases also result in more unemployment, higher inequality, and real exchange rate appreciation, but only small effects on the trade balance. The effects on output and productivity tend to be magnified when tariffs rise during expansions, for advanced economies, and when tariffs go up, not down. Our results are robust to a large number of perturbations to our methodology, and we complement our analysis with industry-level data.

A Practical Guide to Trade Policy Analysis

A Practical Guide to Trade Policy Analysis
Author: Marc Bacchetta
Publisher:
Total Pages: 0
Release: 2012
Genre: Political Science
ISBN: 9789287038128
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Trade flows and trade policies need to be properly quantified to describe, compare, or follow the evolution of policies between sectors or countries or over time. This is essential to ensure that policy choices are made with an appropriate knowledge of the real conditions. This practical guide introduces the main techniques of trade and trade policy data analysis. It shows how to develop the main indexes used to analyze trade flows, tariff structures, and non-tariff measures. It presents the databases needed to construct these indexes as well as the challenges faced in collecting and processing these data, such as measurement errors or aggregation bias. Written by experts with practical experience in the field, A Practical Guide to Trade Policy Analysis has been developed to contribute to enhance developing countries' capacity to analyze and implement trade policy. It offers a hands-on introduction on how to estimate the distributional effects of trade policies on welfare, in particular on inequality and poverty. The guide is aimed at government experts engaged in trade negotiations, as well as students and researchers involved in trade-related study or research. An accompanying DVD contains data sets and program command files required for the exercises. Copublished by the WTO and the United Nations Conference on Trade and Development

The Effects of Trade Barriers on Growth

The Effects of Trade Barriers on Growth
Author: Farrokh Kahnamoui
Publisher:
Total Pages: 92
Release: 2007
Genre:
ISBN:
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Although many economists believe that there is a negative correlation between trade barriers and economic growth, the issue is far from resolved. There are other studies that have obtained mixed results on the effect of trade barriers on growth. Such results could be due to model misspecification, erroneous methodology or country and world specific conditions. This paper investigates the impact of trade barriers under certain country specific conditions to help determine if such mixed results are at least partially due to different conditions in different countries. The country specific conditions to be investigated are market size, availability of export credits and technological spillovers due to trade. Chapter 1 "The Case of Large vs. Small Economies", investigates whether market size has any impact on how trade barriers affect economic growth. The focus of this chapter is a theory proposed by Grabowski (1994). In his theory he states that for import substitution strategy to be successful the domestic economy should be large enough to generate and sustain demand for the protected sector. This chapter attempts to test this theory empirically. Chapter 2 "The Case of Export Credits", looks at the impact of trade barriers on economic growth in the presence of export credits. Since export credits are extended by the developed countries to the developing ones to promote exports from the former to the latter, this may change the way trade restrictions affect economic growth in developing countries. This chapter attempts to find out if this is in fact the case. Chapter 3 "Do Potential Technological Spillovers Matter for How Trade Restrictions Affect Economic Growth?" focuses on the impact of technological spillovers on economic growth due to trade. Certain factors that contribute to technological spillovers are considered and their impact on how trade barriers affect growth is investigated.

Changing Patterns of Global Trade

Changing Patterns of Global Trade
Author: Nagwa Riad
Publisher: International Monetary Fund
Total Pages: 87
Release: 2012-01-15
Genre: Business & Economics
ISBN: 1463973101
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Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence of global supply chains and their increasing role in trade patterns allowed emerging market economies to boost their inputs in high-technology exports and is associated with increased trade interconnectedness.The analysis points to one important trend taking place over the last decade: the emergence of China as a major systemically important trading hub, reflecting not only the size of trade but also the increase in number of its significant trading partners.

Methodology for Impact Assessment of Free Trade Agreements

Methodology for Impact Assessment of Free Trade Agreements
Author: Michael G. Plummer
Publisher: Asian Development Bank
Total Pages: 194
Release: 2011-02-01
Genre: Political Science
ISBN: 9290921978
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This publication displays the menu for choice of available methods to evaluate the impact of Free Trade Agreements (FTAs). It caters mainly to policy makers from developing countries and aims to equip them with some economic knowledge and techniques that will enable them to conduct their own economic evaluation studies on existing or future FTAs, or to critically re-examine the results of impact assessment studies conducted by others, at the very least.

Quantitative Methods For Assessing The Effects Of Non-tariff Measures And Trade Facilitation

Quantitative Methods For Assessing The Effects Of Non-tariff Measures And Trade Facilitation
Author: Michael J Ferrantino
Publisher: World Scientific
Total Pages: 674
Release: 2005-04-26
Genre: Business & Economics
ISBN: 9814481726
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As tariffs have fallen worldwide, the increasing importance of non-tariff policies for further trade liberalization has become widely recognized. The methods for assessing the potential effects of such liberalization have lagged significantly behind those available for analyzing tariffs. This book is the first volume that comprehensively addresses this gap. It has been designed to be useful for both economists and policymakers, especially for those involved in communicating ideas and results between economists and policymakers.This indispensable book contains cutting-edge discussions of the full range of methodologies used in this area, including business surveys, summary statistics such as effective rates of protection and price gaps, time-series and panel econometrics, and simulation methods such as computable general equilibrium. It covers the entire spectrum of policies under discussion in current trade negotiations, including trade facilitation, services policies, quantitative measures, customs procedures, standards, movement of natural persons, and anti-dumping.Some prominent contributors to this book are Bijit Bora (World Trade Organization), John Wilson, Tsunehiro Otsuki and Vlad Manole (World Bank), Catherine Mann (Institute of International Economics), Alan Deardorff and Robert Stern (University of Michigan), Joe Francois (Erasmus University), Dean Spinanger (University of Kiel), Antoni Estevadeordal and Kati Suominen (Inter-American Development Bank), Thomas Prusa (Rutgers University), Thomas Hertel and Terrie Walmsley (Purdue University), Scott Bradford (Brigham Young University), Judith Dean, Robert Feinberg, Soamiely Andriamananjara and Marinos Tsigas (US International Trade Commission).