Emerging Economies, Trade Policy, and Macroeconomic Shocks

This paper estimates the impact of aggregate fluctuations on the time-varying trade policies of thirteen major emerging economies over 1989–2010; by 2010, these WTO member countries collectively accounted for 21% of world merchandise imports and 22% of world GDP. We examine determinants of carefully...

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Main Authors:	Bown, Chad P., Crowley, Meredith A.
Format:	Journal Article
Language:	en_US
Published:	Elsevier 2015
Subjects:	Antidumping Safeguards Temporary trade barriers Emerging economies Tariffs WTO Business cycles Exchange rates
Online Access:	http://hdl.handle.net/10986/21413

id	okr-10986-21413
recordtype	oai_dc
spelling	okr-10986-214132021-04-23T14:04:02Z Emerging Economies, Trade Policy, and Macroeconomic Shocks Bown, Chad P. Crowley, Meredith A. Antidumping Safeguards Temporary trade barriers Emerging economies Tariffs WTO Business cycles Exchange rates This paper estimates the impact of aggregate fluctuations on the time-varying trade policies of thirteen major emerging economies over 1989–2010; by 2010, these WTO member countries collectively accounted for 21% of world merchandise imports and 22% of world GDP. We examine 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. We find evidence of a counter-cyclical relationship between macroeconomic shocks and new TTB import restrictions as well as an important role for fluctuations in bilateral real exchange rates. Furthermore, 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 and sensitive to real exchange rate shocks over time. Finally, we also present results that explicitly address 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. 2015-02-05T23:07:19Z 2015-02-05T23:07:19Z 2014-05-09 Journal Article Journal of Development Economics 0304-3878 http://hdl.handle.net/10986/21413 en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Elsevier Publications & Research Publications & Research :: Journal Article
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	en_US
topic	Antidumping Safeguards Temporary trade barriers Emerging economies Tariffs WTO Business cycles Exchange rates
spellingShingle	Antidumping Safeguards Temporary trade barriers Emerging economies Tariffs WTO Business cycles Exchange rates Bown, Chad P. Crowley, Meredith A. Emerging Economies, Trade Policy, and Macroeconomic Shocks
description	This paper estimates the impact of aggregate fluctuations on the time-varying trade policies of thirteen major emerging economies over 1989–2010; by 2010, these WTO member countries collectively accounted for 21% of world merchandise imports and 22% of world GDP. We examine 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. We find evidence of a counter-cyclical relationship between macroeconomic shocks and new TTB import restrictions as well as an important role for fluctuations in bilateral real exchange rates. Furthermore, 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 and sensitive to real exchange rate shocks over time. Finally, we also present results that explicitly address 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.
format	Journal Article
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	Elsevier
publishDate	2015
url	http://hdl.handle.net/10986/21413
_version_	1764448191171788800

Emerging Economies, Trade Policy, and Macroeconomic Shocks

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