Emerging Economies, Trade Policy, and Macroeconomic Shocks
This paper estimates the impact of aggregate fluctuations on the time-varying trade policies of 13 major emerging economies over 1989-2010. By 2010, these World Trade Organization member countries collectively accounted for 21 percent of world merc...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2013/01/17172402/emerging-economies-trade-policy-macroeconomic-shocks http://hdl.handle.net/10986/12178 |
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okr-10986-12178 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
ANTIDUMPING ANTIDUMPING CASES ANTIDUMPING DUTIES ANTIDUMPING FILINGS ANTIDUMPING POLICY APPLIED TARIFF BALANCE OF PAYMENTS BALANCE OF PAYMENTS DIFFICULTIES BANK POLICY BILATERAL EXCHANGE RATE BILATERAL IMPORTS BILATERAL TRADE BUSINESS CYCLE BUSINESS CYCLES CHANGES IN TRADE COMPETITIVENESS CONSUMERS CONTROL VARIABLE COUNTRY FIXED EFFECTS COUNTRY TARIFF CURRENCY CURRENCY APPRECIATION CURRENCY APPRECIATIONS CURRENCY DEPRECIATION CURRENCY DEPRECIATIONS CURRENCY PEG CURRENCY REGIME CURRENCY REGIMES DEPENDENT VARIABLE DEPENDENT VARIABLES DEPRECIATIONS DEPRESSION DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DOMESTIC CURRENCY DOMESTIC ECONOMY DOMESTIC UNEMPLOYMENT DUMPING ECONOMETRIC ANALYSIS ECONOMETRIC MODELS ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC GROWTH ECONOMIC RESEARCH EMERGING ECONOMIES EMERGING ECONOMY EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE INCREASES EXCHANGE RATE MANAGEMENT EXCHANGE RATE REGIME EXCHANGE RATE REGIMES EXPLANATORY VARIABLE EXPLANATORY VARIABLES EXPORTER EXPORTS FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FIXED EFFECTS FIXED EXCHANGE RATES FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIME FLOATING CURRENCIES FLOATING CURRENCY FLOATING EXCHANGE RATE FLOATING EXCHANGE RATE REGIME FLOATING EXCHANGE RATE REGIMES FLOATING REGIME FLOATING REGIMES FOREIGN FIRMS FUTURE GROWTH FUTURE RESEARCH GDP GLOBAL ECONOMY GLOBAL TRADE GROSS DOMESTIC PRODUCT GROWTH RATE HIGH-INCOME COUNTRIES IMPACT OF SHOCKS IMPERFECT COMPETITION IMPORT IMPORT BARRIERS IMPORT DUTY IMPORT GROWTH IMPORT PRODUCTS IMPORT PROTECTION IMPORT RESTRICTION IMPORT RESTRICTIONS IMPORT TARIFF IMPORT TARIFFS IMPORTS INCOME INDICATOR VARIABLE INDICATOR VARIABLES INSTITUTIONAL ENVIRONMENT INSTRUMENT INTERNATIONAL BANK INTERNATIONAL CURRENCY INTERNATIONAL ECONOMICS INTERNATIONAL ECONOMY INTERNATIONAL TRADE LIBERALIZATION MACROECONOMIC DATA MACROECONOMIC FACTORS MACROECONOMIC FLUCTUATIONS MACROECONOMIC SHOCK MACROECONOMIC SHOCKS MACROECONOMIC VARIABLES MARKET POWER MONETARY POLICY NEGATIVE SHOCK NEW PRODUCT OIL IMPORTS OPTIMAL TARIFFS OUTSTANDING STOCK PATENTS PEG POLICY RESPONSES POLITICAL ECONOMY PROTECTIONISM REAL APPRECIATION REAL APPRECIATIONS REAL DEPRECIATION REAL EXCHANGE RATE REAL EXCHANGE RATE APPRECIATION REAL EXCHANGE RATE APPRECIATIONS REAL EXCHANGE RATE MOVEMENTS REAL EXCHANGE RATES REAL GDP REAL IMPORT RECESSION RECESSIONS REGIME SWITCH RESPONSE TO SHOCKS RETURN ROBUSTNESS CHECKS SLOWDOWN SLOWDOWNS STANDARD DEVIATION STANDARD DEVIATIONS TARIFF DATA TARIFF INCREASE TARIFF INCREASES TARIFF LEVELS TARIFF POLICIES TARIFF POLICY TARIFF RATE TARIFF RATES TARIFF REDUCTIONS TRADE AGREEMENT TRADE AGREEMENTS TRADE BARRIER TRADE BARRIERS TRADE FLOWS TRADE LIBERALIZATION TRADE POLICIES TRADE POLICY TRADE POLICY INSTRUMENTS TRADE PROTECTION TRADE RESTRICTIONS TRADE VOLUMES TRADING TRADING PARTNER TRADING PARTNERS TRADING SYSTEM TRANSITORY SHOCKS UNEMPLOYMENT UNEMPLOYMENT RATE UNILATERAL LIBERALIZATION WELFARE GAINS WORLD ECONOMY WORLD TRADE WORLD TRADE ORGANIZATION WTO |
| spellingShingle |
ANTIDUMPING ANTIDUMPING CASES ANTIDUMPING DUTIES ANTIDUMPING FILINGS ANTIDUMPING POLICY APPLIED TARIFF BALANCE OF PAYMENTS BALANCE OF PAYMENTS DIFFICULTIES BANK POLICY BILATERAL EXCHANGE RATE BILATERAL IMPORTS BILATERAL TRADE BUSINESS CYCLE BUSINESS CYCLES CHANGES IN TRADE COMPETITIVENESS CONSUMERS CONTROL VARIABLE COUNTRY FIXED EFFECTS COUNTRY TARIFF CURRENCY CURRENCY APPRECIATION CURRENCY APPRECIATIONS CURRENCY DEPRECIATION CURRENCY DEPRECIATIONS CURRENCY PEG CURRENCY REGIME CURRENCY REGIMES DEPENDENT VARIABLE DEPENDENT VARIABLES DEPRECIATIONS DEPRESSION DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DOMESTIC CURRENCY DOMESTIC ECONOMY DOMESTIC UNEMPLOYMENT DUMPING ECONOMETRIC ANALYSIS ECONOMETRIC MODELS ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC GROWTH ECONOMIC RESEARCH EMERGING ECONOMIES EMERGING ECONOMY EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE INCREASES EXCHANGE RATE MANAGEMENT EXCHANGE RATE REGIME EXCHANGE RATE REGIMES EXPLANATORY VARIABLE EXPLANATORY VARIABLES EXPORTER EXPORTS FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FIXED EFFECTS FIXED EXCHANGE RATES FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIME FLOATING CURRENCIES FLOATING CURRENCY FLOATING EXCHANGE RATE FLOATING EXCHANGE RATE REGIME FLOATING EXCHANGE RATE REGIMES FLOATING REGIME FLOATING REGIMES FOREIGN FIRMS FUTURE GROWTH FUTURE RESEARCH GDP GLOBAL ECONOMY GLOBAL TRADE GROSS DOMESTIC PRODUCT GROWTH RATE HIGH-INCOME COUNTRIES IMPACT OF SHOCKS IMPERFECT COMPETITION IMPORT IMPORT BARRIERS IMPORT DUTY IMPORT GROWTH IMPORT PRODUCTS IMPORT PROTECTION IMPORT RESTRICTION IMPORT RESTRICTIONS IMPORT TARIFF IMPORT TARIFFS IMPORTS INCOME INDICATOR VARIABLE INDICATOR VARIABLES INSTITUTIONAL ENVIRONMENT INSTRUMENT INTERNATIONAL BANK INTERNATIONAL CURRENCY INTERNATIONAL ECONOMICS INTERNATIONAL ECONOMY INTERNATIONAL TRADE LIBERALIZATION MACROECONOMIC DATA MACROECONOMIC FACTORS MACROECONOMIC FLUCTUATIONS MACROECONOMIC SHOCK MACROECONOMIC SHOCKS MACROECONOMIC VARIABLES MARKET POWER MONETARY POLICY NEGATIVE SHOCK NEW PRODUCT OIL IMPORTS OPTIMAL TARIFFS OUTSTANDING STOCK PATENTS PEG POLICY RESPONSES POLITICAL ECONOMY PROTECTIONISM REAL APPRECIATION REAL APPRECIATIONS REAL DEPRECIATION REAL EXCHANGE RATE REAL EXCHANGE RATE APPRECIATION REAL EXCHANGE RATE APPRECIATIONS REAL EXCHANGE RATE MOVEMENTS REAL EXCHANGE RATES REAL GDP REAL IMPORT RECESSION RECESSIONS REGIME SWITCH RESPONSE TO SHOCKS RETURN ROBUSTNESS CHECKS SLOWDOWN SLOWDOWNS STANDARD DEVIATION STANDARD DEVIATIONS TARIFF DATA TARIFF INCREASE TARIFF INCREASES TARIFF LEVELS TARIFF POLICIES TARIFF POLICY TARIFF RATE TARIFF RATES TARIFF REDUCTIONS TRADE AGREEMENT TRADE AGREEMENTS TRADE BARRIER TRADE BARRIERS TRADE FLOWS TRADE LIBERALIZATION TRADE POLICIES TRADE POLICY TRADE POLICY INSTRUMENTS TRADE PROTECTION TRADE RESTRICTIONS TRADE VOLUMES TRADING TRADING PARTNER TRADING PARTNERS TRADING SYSTEM TRANSITORY SHOCKS UNEMPLOYMENT UNEMPLOYMENT RATE UNILATERAL LIBERALIZATION WELFARE GAINS WORLD ECONOMY WORLD TRADE WORLD TRADE ORGANIZATION WTO Bown, Chad P. Crowley, Meredith A. Emerging Economies, Trade Policy, and Macroeconomic Shocks |
| relation |
Policy Research Working Paper; No. 6315 |
| description |
This paper estimates the impact of
aggregate fluctuations on the time-varying trade policies of
13 major emerging economies over 1989-2010. By 2010, these
World Trade Organization member countries collectively
accounted for 21 percent of world merchandise imports and 22
percent of world gross domestic product. The paper examines
determinants of carefully constructed, bilateral measures of
new import restrictions on products arising through the
temporary trade barrier (TTB) policies of antidumping,
safeguards, and countervailing duties. The approach
explicitly addresses changes to the institutional
environment facing these emerging economies as they joined
the WTO and adopted disciplines to restrain their
application of other trade policies, such as applied import
tariffs. The paper presents evidence of a counter-cyclical
relationship between macroeconomic shocks and new TTB import
restrictions in addition to an important role for
fluctuations in bilateral real exchange rates. Furthermore,
for the subset of major Group of 20 emerging economies, the
trade policy responsiveness coinciding with WTO
establishment in 1995 suggests a significant change relative
to the pre-WTO period; i.e., new import restrictions became
more counter-cyclical over time. Finally, the paper
documents evidence on changes to some of these empirical
relationships coinciding with the Great Recession. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Bown, Chad P. Crowley, Meredith A. |
| author_facet |
Bown, Chad P. Crowley, Meredith A. |
| author_sort |
Bown, Chad P. |
| title |
Emerging Economies, Trade Policy, and Macroeconomic Shocks |
| title_short |
Emerging Economies, Trade Policy, and Macroeconomic Shocks |
| title_full |
Emerging Economies, Trade Policy, and Macroeconomic Shocks |
| title_fullStr |
Emerging Economies, Trade Policy, and Macroeconomic Shocks |
| title_full_unstemmed |
Emerging Economies, Trade Policy, and Macroeconomic Shocks |
| title_sort |
emerging economies, trade policy, and macroeconomic shocks |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2013/01/17172402/emerging-economies-trade-policy-macroeconomic-shocks http://hdl.handle.net/10986/12178 |
| _version_ |
1764422163500105728 |
| spelling |
okr-10986-121782021-04-23T14:03:06Z Emerging Economies, Trade Policy, and Macroeconomic Shocks Bown, Chad P. Crowley, Meredith A. ANTIDUMPING ANTIDUMPING CASES ANTIDUMPING DUTIES ANTIDUMPING FILINGS ANTIDUMPING POLICY APPLIED TARIFF BALANCE OF PAYMENTS BALANCE OF PAYMENTS DIFFICULTIES BANK POLICY BILATERAL EXCHANGE RATE BILATERAL IMPORTS BILATERAL TRADE BUSINESS CYCLE BUSINESS CYCLES CHANGES IN TRADE COMPETITIVENESS CONSUMERS CONTROL VARIABLE COUNTRY FIXED EFFECTS COUNTRY TARIFF CURRENCY CURRENCY APPRECIATION CURRENCY APPRECIATIONS CURRENCY DEPRECIATION CURRENCY DEPRECIATIONS CURRENCY PEG CURRENCY REGIME CURRENCY REGIMES DEPENDENT VARIABLE DEPENDENT VARIABLES DEPRECIATIONS DEPRESSION DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DOMESTIC CURRENCY DOMESTIC ECONOMY DOMESTIC UNEMPLOYMENT DUMPING ECONOMETRIC ANALYSIS ECONOMETRIC MODELS ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC GROWTH ECONOMIC RESEARCH EMERGING ECONOMIES EMERGING ECONOMY EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE INCREASES EXCHANGE RATE MANAGEMENT EXCHANGE RATE REGIME EXCHANGE RATE REGIMES EXPLANATORY VARIABLE EXPLANATORY VARIABLES EXPORTER EXPORTS FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FIXED EFFECTS FIXED EXCHANGE RATES FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIME FLOATING CURRENCIES FLOATING CURRENCY FLOATING EXCHANGE RATE FLOATING EXCHANGE RATE REGIME FLOATING EXCHANGE RATE REGIMES FLOATING REGIME FLOATING REGIMES FOREIGN FIRMS FUTURE GROWTH FUTURE RESEARCH GDP GLOBAL ECONOMY GLOBAL TRADE GROSS DOMESTIC PRODUCT GROWTH RATE HIGH-INCOME COUNTRIES IMPACT OF SHOCKS IMPERFECT COMPETITION IMPORT IMPORT BARRIERS IMPORT DUTY IMPORT GROWTH IMPORT PRODUCTS IMPORT PROTECTION IMPORT RESTRICTION IMPORT RESTRICTIONS IMPORT TARIFF IMPORT TARIFFS IMPORTS INCOME INDICATOR VARIABLE INDICATOR VARIABLES INSTITUTIONAL ENVIRONMENT INSTRUMENT INTERNATIONAL BANK INTERNATIONAL CURRENCY INTERNATIONAL ECONOMICS INTERNATIONAL ECONOMY INTERNATIONAL TRADE LIBERALIZATION MACROECONOMIC DATA MACROECONOMIC FACTORS MACROECONOMIC FLUCTUATIONS MACROECONOMIC SHOCK MACROECONOMIC SHOCKS MACROECONOMIC VARIABLES MARKET POWER MONETARY POLICY NEGATIVE SHOCK NEW PRODUCT OIL IMPORTS OPTIMAL TARIFFS OUTSTANDING STOCK PATENTS PEG POLICY RESPONSES POLITICAL ECONOMY PROTECTIONISM REAL APPRECIATION REAL APPRECIATIONS REAL DEPRECIATION REAL EXCHANGE RATE REAL EXCHANGE RATE APPRECIATION REAL EXCHANGE RATE APPRECIATIONS REAL EXCHANGE RATE MOVEMENTS REAL EXCHANGE RATES REAL GDP REAL IMPORT RECESSION RECESSIONS REGIME SWITCH RESPONSE TO SHOCKS RETURN ROBUSTNESS CHECKS SLOWDOWN SLOWDOWNS STANDARD DEVIATION STANDARD DEVIATIONS TARIFF DATA TARIFF INCREASE TARIFF INCREASES TARIFF LEVELS TARIFF POLICIES TARIFF POLICY TARIFF RATE TARIFF RATES TARIFF REDUCTIONS TRADE AGREEMENT TRADE AGREEMENTS TRADE BARRIER TRADE BARRIERS TRADE FLOWS TRADE LIBERALIZATION TRADE POLICIES TRADE POLICY TRADE POLICY INSTRUMENTS TRADE PROTECTION TRADE RESTRICTIONS TRADE VOLUMES TRADING TRADING PARTNER TRADING PARTNERS TRADING SYSTEM TRANSITORY SHOCKS UNEMPLOYMENT UNEMPLOYMENT RATE UNILATERAL LIBERALIZATION WELFARE GAINS WORLD ECONOMY WORLD TRADE WORLD TRADE ORGANIZATION WTO This paper estimates the impact of aggregate fluctuations on the time-varying trade policies of 13 major emerging economies over 1989-2010. By 2010, these World Trade Organization member countries collectively accounted for 21 percent of world merchandise imports and 22 percent of world gross domestic product. The paper examines determinants of carefully constructed, bilateral measures of new import restrictions on products arising through the temporary trade barrier (TTB) policies of antidumping, safeguards, and countervailing duties. The approach explicitly addresses changes to the institutional environment facing these emerging economies as they joined the WTO and adopted disciplines to restrain their application of other trade policies, such as applied import tariffs. The paper presents evidence of a counter-cyclical relationship between macroeconomic shocks and new TTB import restrictions in addition to an important role for fluctuations in bilateral real exchange rates. Furthermore, for the subset of major Group of 20 emerging economies, the trade policy responsiveness coinciding with WTO establishment in 1995 suggests a significant change relative to the pre-WTO period; i.e., new import restrictions became more counter-cyclical over time. Finally, the paper documents evidence on changes to some of these empirical relationships coinciding with the Great Recession. 2013-01-28T21:37:20Z 2013-01-28T21:37:20Z 2013-01 http://documents.worldbank.org/curated/en/2013/01/17172402/emerging-economies-trade-policy-macroeconomic-shocks http://hdl.handle.net/10986/12178 English en_US Policy Research Working Paper; No. 6315 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |