Once upon a time, most economists thought that tariffs, quotas and exchange controls were the alphas and omegas of trade policy. Hence their consensus recommendations: slash tariffs, eliminate quotas, float the exchange rate and commerce would blossom. Not quite so!
Trade facilitation matters!
Gary Clyde Hufbauer, Martin Vieiro, John S.Wilson, 14 September 2012
Openness to international trade causes growth in sub-Saharan Africa
Markus Brückner, Daniel Lederman, 2 May 2012
In recent years, sub-Saharan African countries have grown remarkably. According to data from the Penn World Table 7.0 (Heston et al. 2011), average annual real GDP per capita growth from 2005-9 has been over 2.5% (3.5% when excluding 2008 and 2009).
Does openness generate growth? Reconciling the experiences of Mexico and China
Timothy Kehoe, Kim Ruhl, 19 November 2011
Does opening to international trade and foreign investment generate economic growth? A large empirical literature employs regressions with a country’s growth rate as the dependent variable and some measure of openness among the independent variables.
The policy roots of finance
Giuseppe Bertola, Anna Lo Prete, 20 May 2010
Finance boomed for quite some time. And then it crashed. To understand what might happen as the world begins to emerge from the crisis, we need to try and understand where finance came from. At the global level, finance grew along with international economic integration at the turn of this century, as well as at the beginning of the 20th century.
Does openness increase volatility? Not if countries are sufficiently diversified
Mona Haddad, Jamus Lim, Christian Saborowski, 21 March 2010
The epicentre of the global economic crisis was the financial markets of the industrialised world, yet developing countries have felt the tremors. Many, including those without close financial ties to the developed world, were driven into recession as global demand plummeted and the largest drop in global trade volumes since the Second World War ensued.
How do governments react to globalisation?
Gino Gancia, Paolo Epifani, 28 March 2009
It is widely believed that governments of more open countries are forced to reduce taxes and public expenditure to attract foreign investment and human capital, or at least to prevent domestic firms from relocating abroad. Although this is certainly possible, the data tell a different story.
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